Home › Forums › Financial Markets/Economics › FNMA loans up to $546K available NOW !
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December 3, 2008 at 10:42 PM #311592December 3, 2008 at 11:07 PM #311602HLSParticipant
Waiting, Not sure what you are asking. Are you looking to buy a primary here OR refi your rental ??
With a rental you normally only get credit for 75% of rental income, and you may need to prove it with tax return schedule.
The low rates are for owner occupied properties only.
Any negative gets factored in to monthly debts.
***************************************Ralph, 3.5% down is still availble from FHA. Usually comes with 1.50% upfront fee and mortgage insurance for at least 5 years, regardless of LTV.
Similar to a subprime loan of a few years ago. Allows people with crappy credit and little money to buy a house, only difference is it’s full doc only, no stated income, and debt ratios in the low 30’s.
Courtesy of the govt. to build a “home ownership society”They have already determined that the best prediction of a future foreclosures is the % amount of a down payment, yet they continue with low down payment programs.
FNMA new program is different. I think 10% down is minimum.
Below $417K 5% down is possible if mortgage insurance is available.
So many guidelines, impossible to generalize.
Inmates in charge of the asylum. HLS
December 3, 2008 at 11:07 PM #311575HLSParticipantWaiting, Not sure what you are asking. Are you looking to buy a primary here OR refi your rental ??
With a rental you normally only get credit for 75% of rental income, and you may need to prove it with tax return schedule.
The low rates are for owner occupied properties only.
Any negative gets factored in to monthly debts.
***************************************Ralph, 3.5% down is still availble from FHA. Usually comes with 1.50% upfront fee and mortgage insurance for at least 5 years, regardless of LTV.
Similar to a subprime loan of a few years ago. Allows people with crappy credit and little money to buy a house, only difference is it’s full doc only, no stated income, and debt ratios in the low 30’s.
Courtesy of the govt. to build a “home ownership society”They have already determined that the best prediction of a future foreclosures is the % amount of a down payment, yet they continue with low down payment programs.
FNMA new program is different. I think 10% down is minimum.
Below $417K 5% down is possible if mortgage insurance is available.
So many guidelines, impossible to generalize.
Inmates in charge of the asylum. HLS
December 3, 2008 at 11:07 PM #311690HLSParticipantWaiting, Not sure what you are asking. Are you looking to buy a primary here OR refi your rental ??
With a rental you normally only get credit for 75% of rental income, and you may need to prove it with tax return schedule.
The low rates are for owner occupied properties only.
Any negative gets factored in to monthly debts.
***************************************Ralph, 3.5% down is still availble from FHA. Usually comes with 1.50% upfront fee and mortgage insurance for at least 5 years, regardless of LTV.
Similar to a subprime loan of a few years ago. Allows people with crappy credit and little money to buy a house, only difference is it’s full doc only, no stated income, and debt ratios in the low 30’s.
Courtesy of the govt. to build a “home ownership society”They have already determined that the best prediction of a future foreclosures is the % amount of a down payment, yet they continue with low down payment programs.
FNMA new program is different. I think 10% down is minimum.
Below $417K 5% down is possible if mortgage insurance is available.
So many guidelines, impossible to generalize.
Inmates in charge of the asylum. HLS
December 3, 2008 at 11:07 PM #311621HLSParticipantWaiting, Not sure what you are asking. Are you looking to buy a primary here OR refi your rental ??
With a rental you normally only get credit for 75% of rental income, and you may need to prove it with tax return schedule.
The low rates are for owner occupied properties only.
Any negative gets factored in to monthly debts.
***************************************Ralph, 3.5% down is still availble from FHA. Usually comes with 1.50% upfront fee and mortgage insurance for at least 5 years, regardless of LTV.
Similar to a subprime loan of a few years ago. Allows people with crappy credit and little money to buy a house, only difference is it’s full doc only, no stated income, and debt ratios in the low 30’s.
Courtesy of the govt. to build a “home ownership society”They have already determined that the best prediction of a future foreclosures is the % amount of a down payment, yet they continue with low down payment programs.
FNMA new program is different. I think 10% down is minimum.
Below $417K 5% down is possible if mortgage insurance is available.
So many guidelines, impossible to generalize.
Inmates in charge of the asylum. HLS
December 3, 2008 at 11:07 PM #311218HLSParticipantWaiting, Not sure what you are asking. Are you looking to buy a primary here OR refi your rental ??
With a rental you normally only get credit for 75% of rental income, and you may need to prove it with tax return schedule.
The low rates are for owner occupied properties only.
Any negative gets factored in to monthly debts.
***************************************Ralph, 3.5% down is still availble from FHA. Usually comes with 1.50% upfront fee and mortgage insurance for at least 5 years, regardless of LTV.
Similar to a subprime loan of a few years ago. Allows people with crappy credit and little money to buy a house, only difference is it’s full doc only, no stated income, and debt ratios in the low 30’s.
Courtesy of the govt. to build a “home ownership society”They have already determined that the best prediction of a future foreclosures is the % amount of a down payment, yet they continue with low down payment programs.
FNMA new program is different. I think 10% down is minimum.
Below $417K 5% down is possible if mortgage insurance is available.
So many guidelines, impossible to generalize.
Inmates in charge of the asylum. HLS
December 3, 2008 at 11:28 PM #311585CA renterParticipantHLS wrote:
They are VERY desperate to try and find a floor to housing.
——————
And they are avoiding the **very thing** that would get us there…allowing prices to fall to a point where buyers can comfortably afford it with 20% down and a max 28/33 DTI ratio. I’m leaning toward this being on net income, because the costs of everything else are so high now, and we need to factor-in self-funded retirement and high medical bills.
Either prices have to fall or wages have to rise.
They keep dancing around the real problem: too much debt!!!
December 3, 2008 at 11:28 PM #311700CA renterParticipantHLS wrote:
They are VERY desperate to try and find a floor to housing.
——————
And they are avoiding the **very thing** that would get us there…allowing prices to fall to a point where buyers can comfortably afford it with 20% down and a max 28/33 DTI ratio. I’m leaning toward this being on net income, because the costs of everything else are so high now, and we need to factor-in self-funded retirement and high medical bills.
Either prices have to fall or wages have to rise.
They keep dancing around the real problem: too much debt!!!
December 3, 2008 at 11:28 PM #311612CA renterParticipantHLS wrote:
They are VERY desperate to try and find a floor to housing.
——————
And they are avoiding the **very thing** that would get us there…allowing prices to fall to a point where buyers can comfortably afford it with 20% down and a max 28/33 DTI ratio. I’m leaning toward this being on net income, because the costs of everything else are so high now, and we need to factor-in self-funded retirement and high medical bills.
Either prices have to fall or wages have to rise.
They keep dancing around the real problem: too much debt!!!
December 3, 2008 at 11:28 PM #311228CA renterParticipantHLS wrote:
They are VERY desperate to try and find a floor to housing.
——————
And they are avoiding the **very thing** that would get us there…allowing prices to fall to a point where buyers can comfortably afford it with 20% down and a max 28/33 DTI ratio. I’m leaning toward this being on net income, because the costs of everything else are so high now, and we need to factor-in self-funded retirement and high medical bills.
Either prices have to fall or wages have to rise.
They keep dancing around the real problem: too much debt!!!
December 3, 2008 at 11:28 PM #311633CA renterParticipantHLS wrote:
They are VERY desperate to try and find a floor to housing.
——————
And they are avoiding the **very thing** that would get us there…allowing prices to fall to a point where buyers can comfortably afford it with 20% down and a max 28/33 DTI ratio. I’m leaning toward this being on net income, because the costs of everything else are so high now, and we need to factor-in self-funded retirement and high medical bills.
Either prices have to fall or wages have to rise.
They keep dancing around the real problem: too much debt!!!
December 4, 2008 at 5:54 AM #311626waiting for bottomParticipantThanks. Yes, I am looking to buy a primary residence (currently rent). I have a rental property for which I can doc income. But it is at 80% LTV. I thought FNM required 70% LTV on other properties to avoid the walk away and then buy scenario.
December 4, 2008 at 5:54 AM #311715waiting for bottomParticipantThanks. Yes, I am looking to buy a primary residence (currently rent). I have a rental property for which I can doc income. But it is at 80% LTV. I thought FNM required 70% LTV on other properties to avoid the walk away and then buy scenario.
December 4, 2008 at 5:54 AM #311646waiting for bottomParticipantThanks. Yes, I am looking to buy a primary residence (currently rent). I have a rental property for which I can doc income. But it is at 80% LTV. I thought FNM required 70% LTV on other properties to avoid the walk away and then buy scenario.
December 4, 2008 at 5:54 AM #311243waiting for bottomParticipantThanks. Yes, I am looking to buy a primary residence (currently rent). I have a rental property for which I can doc income. But it is at 80% LTV. I thought FNM required 70% LTV on other properties to avoid the walk away and then buy scenario.
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