[HLS]

TREE..

Honest homeowners will only get screwed because they screw themeselves.

Don’t know what your friend is paying in fees/cost, but todays rate for his loan should probably be 5.00%

Foolish homeowners will get screwed too.

HLS

[HLS]

TREE..

Honest homeowners will only get screwed because they screw themeselves.

Don’t know what your friend is paying in fees/cost, but todays rate for his loan should probably be 5.00%

Foolish homeowners will get screwed too.

HLS

[HLS]

FLU,
It’s a long answer to what should be a simple question…

First of all, FNMA guidelines now say that if you do not have at least 30% equity in your primary home, to be able to finance a non-owner purchase you will not get credit for any rental income from subject property.

You need to qualify, full doc, for both property loans, + taxes, ins, HOA etc.If you DO have 30% equity, you get credit for 75% of gross rental income….

This is to keep people from “buying and bailing”
They figure if you have 30% equity in your primary, you won’t walk away.

Per FNMA, you can buy a non-owner with 20% down, but you get better pricing with 25% down.

Assuming 25% down, Rate with 1pt today is 6.625%, but the buy-down options are VERY low…

By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.

What this means is that people who are getting no cost loans OR who don’t buy-down the rate are getting screwed royally in the long run, (assuming that they keep the loan)

Last thing is financing CONDOS primary OR non owner can be very difficult today..
Many associations are in huge financial trouble.

For a loan submission, it can cost upwards of $100-$200 up front just to get the documents that the lender wants to review regarding the association financials etc. Then the loan gets denied.

As always, rates subject to change 🙂

There is NO GOVT program at 4.5% today.
If it actually happens,
From what has leaked that I know, it will NOT apply to non owner or refi’s….only purchases.

HLS

[HLS]

FLU,
It’s a long answer to what should be a simple question…

First of all, FNMA guidelines now say that if you do not have at least 30% equity in your primary home, to be able to finance a non-owner purchase you will not get credit for any rental income from subject property.

You need to qualify, full doc, for both property loans, + taxes, ins, HOA etc.If you DO have 30% equity, you get credit for 75% of gross rental income….

This is to keep people from “buying and bailing”
They figure if you have 30% equity in your primary, you won’t walk away.

Per FNMA, you can buy a non-owner with 20% down, but you get better pricing with 25% down.

Assuming 25% down, Rate with 1pt today is 6.625%, but the buy-down options are VERY low…

By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.

What this means is that people who are getting no cost loans OR who don’t buy-down the rate are getting screwed royally in the long run, (assuming that they keep the loan)

Last thing is financing CONDOS primary OR non owner can be very difficult today..
Many associations are in huge financial trouble.

For a loan submission, it can cost upwards of $100-$200 up front just to get the documents that the lender wants to review regarding the association financials etc. Then the loan gets denied.

As always, rates subject to change 🙂

There is NO GOVT program at 4.5% today.
If it actually happens,
From what has leaked that I know, it will NOT apply to non owner or refi’s….only purchases.

HLS

[HLS]

FLU,
It’s a long answer to what should be a simple question…

First of all, FNMA guidelines now say that if you do not have at least 30% equity in your primary home, to be able to finance a non-owner purchase you will not get credit for any rental income from subject property.

You need to qualify, full doc, for both property loans, + taxes, ins, HOA etc.If you DO have 30% equity, you get credit for 75% of gross rental income….

This is to keep people from “buying and bailing”
They figure if you have 30% equity in your primary, you won’t walk away.

Per FNMA, you can buy a non-owner with 20% down, but you get better pricing with 25% down.

Assuming 25% down, Rate with 1pt today is 6.625%, but the buy-down options are VERY low…

By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.

What this means is that people who are getting no cost loans OR who don’t buy-down the rate are getting screwed royally in the long run, (assuming that they keep the loan)

Last thing is financing CONDOS primary OR non owner can be very difficult today..
Many associations are in huge financial trouble.

For a loan submission, it can cost upwards of $100-$200 up front just to get the documents that the lender wants to review regarding the association financials etc. Then the loan gets denied.

As always, rates subject to change 🙂

There is NO GOVT program at 4.5% today.
If it actually happens,
From what has leaked that I know, it will NOT apply to non owner or refi’s….only purchases.

HLS

[HLS]

FLU,
It’s a long answer to what should be a simple question…

First of all, FNMA guidelines now say that if you do not have at least 30% equity in your primary home, to be able to finance a non-owner purchase you will not get credit for any rental income from subject property.

You need to qualify, full doc, for both property loans, + taxes, ins, HOA etc.If you DO have 30% equity, you get credit for 75% of gross rental income….

This is to keep people from “buying and bailing”
They figure if you have 30% equity in your primary, you won’t walk away.

Per FNMA, you can buy a non-owner with 20% down, but you get better pricing with 25% down.

Assuming 25% down, Rate with 1pt today is 6.625%, but the buy-down options are VERY low…

By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.

What this means is that people who are getting no cost loans OR who don’t buy-down the rate are getting screwed royally in the long run, (assuming that they keep the loan)

Last thing is financing CONDOS primary OR non owner can be very difficult today..
Many associations are in huge financial trouble.

For a loan submission, it can cost upwards of $100-$200 up front just to get the documents that the lender wants to review regarding the association financials etc. Then the loan gets denied.

As always, rates subject to change 🙂

There is NO GOVT program at 4.5% today.
If it actually happens,
From what has leaked that I know, it will NOT apply to non owner or refi’s….only purchases.

HLS

[HLS]

FLU,
It’s a long answer to what should be a simple question…

First of all, FNMA guidelines now say that if you do not have at least 30% equity in your primary home, to be able to finance a non-owner purchase you will not get credit for any rental income from subject property.

You need to qualify, full doc, for both property loans, + taxes, ins, HOA etc.If you DO have 30% equity, you get credit for 75% of gross rental income….

This is to keep people from “buying and bailing”
They figure if you have 30% equity in your primary, you won’t walk away.

Per FNMA, you can buy a non-owner with 20% down, but you get better pricing with 25% down.

Assuming 25% down, Rate with 1pt today is 6.625%, but the buy-down options are VERY low…

By buying down with 1.7pts, you can save 1.375% in rate, down to 5.25%
OR
buying down with 2.3 pts saves you 1.63 in rate down to 4.99%

The buy-down takes you ahead after 15-16 months, previously unheard of on a 30 YR Fixed rate.

What this means is that people who are getting no cost loans OR who don’t buy-down the rate are getting screwed royally in the long run, (assuming that they keep the loan)

Last thing is financing CONDOS primary OR non owner can be very difficult today..
Many associations are in huge financial trouble.

For a loan submission, it can cost upwards of $100-$200 up front just to get the documents that the lender wants to review regarding the association financials etc. Then the loan gets denied.

As always, rates subject to change 🙂

There is NO GOVT program at 4.5% today.
If it actually happens,
From what has leaked that I know, it will NOT apply to non owner or refi’s….only purchases.

HLS

[HLS]

Mondays’ opening 30 YR rates today are well off last week’s lows. Dow up 250+ at the moment.

For a loan <$417K 20% equity, Credit score above 740, Rate is 5.25% with 1pt cost OR 5% with 1.5pts OR 4.875% with 1.875pts (+ closing costs) Loan amount between $417K-$546K Rate is 5.5% with 1pt OR 5% with 2 pts (+ closing costs) As always, subject to change. Lower credit scores have higher rates. HLS

[HLS]

Mondays’ opening 30 YR rates today are well off last week’s lows. Dow up 250+ at the moment.

For a loan <$417K 20% equity, Credit score above 740, Rate is 5.25% with 1pt cost OR 5% with 1.5pts OR 4.875% with 1.875pts (+ closing costs) Loan amount between $417K-$546K Rate is 5.5% with 1pt OR 5% with 2 pts (+ closing costs) As always, subject to change. Lower credit scores have higher rates. HLS

[HLS]

Mondays’ opening 30 YR rates today are well off last week’s lows. Dow up 250+ at the moment.

For a loan <$417K 20% equity, Credit score above 740, Rate is 5.25% with 1pt cost OR 5% with 1.5pts OR 4.875% with 1.875pts (+ closing costs) Loan amount between $417K-$546K Rate is 5.5% with 1pt OR 5% with 2 pts (+ closing costs) As always, subject to change. Lower credit scores have higher rates. HLS

[HLS]

Mondays’ opening 30 YR rates today are well off last week’s lows. Dow up 250+ at the moment.

For a loan <$417K 20% equity, Credit score above 740, Rate is 5.25% with 1pt cost OR 5% with 1.5pts OR 4.875% with 1.875pts (+ closing costs) Loan amount between $417K-$546K Rate is 5.5% with 1pt OR 5% with 2 pts (+ closing costs) As always, subject to change. Lower credit scores have higher rates. HLS

[HLS]

Mondays’ opening 30 YR rates today are well off last week’s lows. Dow up 250+ at the moment.

For a loan <$417K 20% equity, Credit score above 740, Rate is 5.25% with 1pt cost OR 5% with 1.5pts OR 4.875% with 1.875pts (+ closing costs) Loan amount between $417K-$546K Rate is 5.5% with 1pt OR 5% with 2 pts (+ closing costs) As always, subject to change. Lower credit scores have higher rates. HLS

[HLS]

1) The gooberment calls them homeowners.
They are in denial just like the house occupants.

2) You represent the majority that may need to revolt/riot

3) I’m on your side

HLS

[HLS]

1) The gooberment calls them homeowners.
They are in denial just like the house occupants.

2) You represent the majority that may need to revolt/riot

3) I’m on your side

HLS

[HLS]

1) The gooberment calls them homeowners.
They are in denial just like the house occupants.

2) You represent the majority that may need to revolt/riot

3) I’m on your side

HLS

[Author]

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