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bake
ParticipantPurchase price of 530,000 in San Diego County gives you a number of different options Skerz, including doing a 78/12/10 and getting the first under the conforming limit of 417,000. Keep in mind if you decide to buy the property owner occupied and keep your present home you need to meet the following criteria, fannie and freddie’s underwriting guideline implemented a few years back to combat the buy and bail borrower:
Must be able to qualify with both mortgage payments unless the borrower has a LTV ratio of 70% on current home
-If 30% equity exists, 75% of the rental income may be used to offset the mortgage payment.
-Rental Income must be documented with a copy of the fully executed lease agreement
-Receipt of a security deposit from tenant and deposit into the borrower’s account must be documented.
-Reserves of six months PITI for both properties is required.If you’d like to talk more about it I’ll be happy to call you if you send me a direct message with your phone #, thanks!
ParticipantI think that’s too high of an ltv for non owner skerzz, but what county is the property located in and what’s the purchase price please?
ParticipantWhat do you think your loan to value is? If you’ve had some appreciation and your LTV is less than 80% you may be able get rid of the pmi by simply refinancing.
ParticipantThese are all standard pricing hits flu. What exactly are you trying to do?
ParticipantCondo loans are tougher to get these days Speaker, here is a summary of condo requirements:
You need to get an HOA certification on the complex that will give you all the information needed. If you are working with a lender they will be able to get the cert to you. If not send me a pm and I’ll be happy to advise you on what you need to do, thanks!
ParticipantNot exactly sure bg, but it appears the assessed value is based on what the county appraiser determines is fair market value, not sales price. Here’s something I found on the Travis County website:
If I buy a foreclosed property, and I bring in my closing statement, will the appraisal district’s market value be reduced to the purchase price?
If the foreclosed property was given an adequate exposure to the market, there was no attractive financing associated with it, the closing and repair costs were typical, and the sale is representative of its neighborhood, then it will. If the price it sold for is not consistent with the marketplace of a property with similar quality and condition, it will not.
Participant[quote=bearishgurl][quote=sdrealtor] . . .There is a difference between being off by 8% and being off by close 30%. Check the closed comps and show me anyone who spent anything close to that in his neighborhood recently. If no one is paying that there are no buyers in that price range for a house like and sorry to say it aint worth what he wants.[/quote]
Where can we get some “closed comps” for nearby houses of this size, sdr? This is why we need bake to help us. You are only speculating here …[/quote]
Texas is a “non disclosure” state bearishgurl, meaning they do not have to disclose selling price at close, so comps are hard to come by. Some people (real estate agents) support the policy citing “Texan’s fierce independent nature” but most of the people think it has something to do with protecting a monopoly?!
Property tax assessments are public record though, and are updated yearly. Try this link:
http://publicrecords.onlinesearches.com/Texas-Assessor-and-Property-Tax-Records-2.htm
Participantmy pleasure sir
ParticipantFHA monthly MI has increased significantly in the last three years, here are today’s rates:
■15-year loan term, loan-to-value > 90% : 0.50% per year
■15-year loan term, loan-to-value <= 90% : 0.25% per year ■30-year loan term, loan-to-value > 95% : 1.15% per year
■30-year loan term, loan-to-value <= 95% : 1.10% per year Check your current MI threadkiller, I think you are at .55%? Sounds like it would not make sense at today's rates unless you want to go into a 15 year or pay the loan down to get rid of MI.Participantdisclosure- mortgage broker writing…
Why take the chance? I don’t know what B of A’s turn times are right now, but they do have a reputation for not being able to perform. When they took over Countrywide there were tons of horror stories (I think you can find some on this site) about the loan process taking months, locks expiring, lack of communication, etc. etc.
One of the main reasons for using a broker vs. a bank like B of A or Chase is that the broker can submit your loan package to be underwritten by a couple of different lenders, something I do routinely on purchases. After 20 years in the business I am still amazed at how differently two underwriters can view the same loan. If you get a sticky underwriter (or declined) at B of A, you will have to start all over somewhere else and may not close on time. On the other hand, if your broker has submitted to two lenders and one doesn’t like your loan, you just go with the one who does and you haven’t missed a beat.
As far as pricing goes don’t forget that loan rates change every day, sometimes more than once during the day. If you want to compare apples to apples you need to call B of A, SDCCU, and your courteous, experienced, good looking mortgage broker and ask them to send you a rate quote, good faith estimate and fees worksheet (this is important – the new gfe doesn’t list all the fees as well as the old one did, so ask for the fees worksheet which breaks down all fees) on a 30 day close, at noon the next day (the same time and day for all quotes).
After you’ve picked your lender get ALL your documentation to them and get pre approved before you find a home and open escrow, and a 30 day close should be no problem.
Sorry if this post is self promoting, but I do believe a good broker can usually do a better job for their clients!
Participant[quote=desmond]There’s probably a tunnel all the way to TJ under each house.[/quote]
funny!
better be cash buyers – don’t think the appraisal will come in…
ParticipantIt’s not cut in stone but 6 months back on the job is good. The shorter the employment gap and stronger the reason for it(i.e. maternity, medical, school or training) the better, and of course the longer you have been back at work and the stronger the rest of the scenario the better…
ParticipantIt’s not cut in stone but 6 months back on the job is good. The shorter the employment gap and stronger the reason for it(i.e. maternity, medical, school or training) the better, and of course the longer you have been back at work and the stronger the rest of the scenario the better…
ParticipantIt’s not cut in stone but 6 months back on the job is good. The shorter the employment gap and stronger the reason for it(i.e. maternity, medical, school or training) the better, and of course the longer you have been back at work and the stronger the rest of the scenario the better…
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