Please Help!!! Refi Question…..

[paramount]

Anyone use Box Home Loans?

Are they any good?

[paramount]

http://www.boxhomeloans.com

[HLS]

Not sure what you are trying to find out.
Loan pricing depends on your specific situation.

Scenario I just checked with them for a 30yr. $400,000 loan is 4.50% today at no cost.
I can offer the same thing,no cost.

Do you think that they have something special to offer?

[EVSDCA]

Yes, I have closed my refi with boxhomeloans in 30 days (locked on April 30, and closed on May 31 when the rate started creeping up). Their rate was very good. I got 3.5% interest rate for 30 fixed loan with approximately $800 closing cost. At closing, there was home insurance cost of $160 being charge to me, and I found out that upon BHL’s request, my insurance company sent them the declaration page in which I still owed $160 (???)…somehow my insurance company increased by premium by $160. However, it was totally a separate issue between me and my home insurance company. At the time, I didn’t want to delay my closing, so I told BHL to go ahead and include $160 in my cost (This is to address some of the info. included in your original post).
David Mayne was my loan officer and he was very good at getting back to me and provide detailed information about certain requirements for high amount loan (over $600K) such as 3 recent sales within 90 days within 1 mile radius from our house for appraisal purposes. We jumped hoops but they were attainable. Overall, I am very happy with BHL as I got an incredibly low mortgage rate.

[HLS]

They still do have jumbo loans, but the pricing on the above loan that was 3.50% locked in April is 5.75% today.

There are ALWAYS hoops to jump through with EVERY loan, regardless of income, assets, credit score, equity, net worth or borrower’s attitude.

[skerzz]

I’ve closed two refinance transactions with Box and have been happy with them each time. They move fast compared to my experiences with other lenders/brokers.

[new to SD]

Will this lender lend to a FICO score below 600? I had a short sale and it is taking longer than planned to get my score up

[HLS]

How long has it been since your short sale closed ?
What have you done to improve your credit score ?
Score may only be part of your concern.

There are very specific guidelines regarding new loans after a short sale and I don’t know if any lender deviates from them.
The guidelines require proof of whether the short sale was voluntary OR a true hardship situation AND depends on what % your down payment is going to be on the new purchase.

[paramount]

I had posted some details on my loan, the bottom line is that they wanted me to do a cash-in refi. I close on my refi tomorrow, but overall I thought their costs were about the same as Wells Fargo.

[new to SD]

Thanks for the reply. I can put 20% – 25% down. I need to borrow $500k to $700k and my Short sale was finalized in September last year.

[EVSDCA]

To my understanding, you have to fix in the BOX which requires FICO above 700 or so

[HLS]

[quote=new to SD]Thanks for the reply. I can put 20% – 25% down. I need to borrow $500k to $700k and my Short sale was finalized in September last year.[/quote]

Guidelines are constantly changing, it has not even been a year yet, which is probably why your credit score is still low.

There are things that you can proactively do to raise your score.
You may need to wait 2 years from date of short sale to sign a contract to purchase again.
It could be difficult to qualify for a new loan for awhile, regardless of your down payment.

Your score is ALWAYS going to be a factor for a conventional loan. low 600’s is a huge difference in rate, you may need at least a 620 middle score.

I’d like to know what you are doing to raise your score. If you contact me privately I can discuss this with you in confidence.

It may also depend on whether your short sale was voluntary OR hardship.

General guidelines:
Short sellers normally have to wait at least two years after closing the short sale to qualify for a mortgage.

The minimum wait period and down payment requirements to get a conventional loan after a short sale are:
•Two-year wait with a 20 percent down payment.
•Four-year wait with a 10 percent down payment.
•Seven-year wait with less than 10 percent down payment.
Loans above $546,000 can be more difficult to qualify for too.

Lots of variables!

[Anonymous]

A friend of mine who had a short sale found property by searching the MLS, zillow and trulia for owner financing properties.

He found the property and the owner financed the home

Hope this helps

[Author]

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