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HLS
ParticipantI could do that as a thread, however rates change every day and different lenders have different criteria.
There are hundreds of lenders and it’s impossible to know who is the absolute lowest on any given day…A 15 day lock is a better deal than a 30 day lock.
A PAR rate will come with a fee, while a “no cost” loan will have a higher rate.It’s also hard to know what someone actually qualifies for without about 20 pieces of information.
When people hear rates, they always assume that they can get that lowest rate, which isn’t true.The industry is built on misleading ads getting people to call in, only to find out that they don’t qualify, but are led to a higher product. Many times they aren’t even told about a higher rate until they are signing loan docs.
I’m sensitive to that and don’t like to quote a rate without knowing what someone can really qualify for, but I can post “general” rates any time.
Without knowing the fee to be able to get a rate, it’s hard to compare… A conforming ($417K max) 30 YR fixed is available today at 5.875%, but that’s with a 1 point buy down cost or 6.125% PAR…
30 YR Jumbo ($417K+) rates are about 7% at par or 6.375% for 5 YR ARMS.Let me know what else you need.
ParticipantI could do that as a thread, however rates change every day and different lenders have different criteria.
There are hundreds of lenders and it’s impossible to know who is the absolute lowest on any given day…A 15 day lock is a better deal than a 30 day lock.
A PAR rate will come with a fee, while a “no cost” loan will have a higher rate.It’s also hard to know what someone actually qualifies for without about 20 pieces of information.
When people hear rates, they always assume that they can get that lowest rate, which isn’t true.The industry is built on misleading ads getting people to call in, only to find out that they don’t qualify, but are led to a higher product. Many times they aren’t even told about a higher rate until they are signing loan docs.
I’m sensitive to that and don’t like to quote a rate without knowing what someone can really qualify for, but I can post “general” rates any time.
Without knowing the fee to be able to get a rate, it’s hard to compare… A conforming ($417K max) 30 YR fixed is available today at 5.875%, but that’s with a 1 point buy down cost or 6.125% PAR…
30 YR Jumbo ($417K+) rates are about 7% at par or 6.375% for 5 YR ARMS.Let me know what else you need.
October 12, 2007 at 7:38 AM in reply to: 4 bedroom houses in Mira Mesa going for $355K and $368K #88359ParticipantThe 2nd one is a short sale with the range pricing. It doesn’t mean that the lender will accept a low offer.
Most short sales don’t happen. It can take weeks to get a response from the lender. It’s a slow process, and some sellers have been misled into thinking that they can do a short sale.
If you have assets, it’s not considered a hardship.
The lender isn’t a partner in the property, and it had gone up, they aren’t in for any part of the rise, but they are exposed to the loss.Nobody knows how low prices will go. Many buyers will jump in way too early, but there is still a long way to go before we hit rock bottom. Each area will be different.
The end of next year is a good target, but I don’t think the bottom will be hit yet.October 12, 2007 at 7:38 AM in reply to: 4 bedroom houses in Mira Mesa going for $355K and $368K #88365ParticipantThe 2nd one is a short sale with the range pricing. It doesn’t mean that the lender will accept a low offer.
Most short sales don’t happen. It can take weeks to get a response from the lender. It’s a slow process, and some sellers have been misled into thinking that they can do a short sale.
If you have assets, it’s not considered a hardship.
The lender isn’t a partner in the property, and it had gone up, they aren’t in for any part of the rise, but they are exposed to the loss.Nobody knows how low prices will go. Many buyers will jump in way too early, but there is still a long way to go before we hit rock bottom. Each area will be different.
The end of next year is a good target, but I don’t think the bottom will be hit yet.October 12, 2007 at 7:19 AM in reply to: Why did it take so long to put a foreclosed house on a market? #88351ParticipantIt’s a long process and servicing companies are overwhelmed.
Do you when the trustee sale was ?The people working with these don’t have any/much experience in REO’s. There hasn’t been anything close to a need for this in over 10 years…it’s on the job training.
It’s hard to why/when a foreclosed home will come to the market, and at what price.
October 12, 2007 at 7:19 AM in reply to: Why did it take so long to put a foreclosed house on a market? #88358ParticipantIt’s a long process and servicing companies are overwhelmed.
Do you when the trustee sale was ?The people working with these don’t have any/much experience in REO’s. There hasn’t been anything close to a need for this in over 10 years…it’s on the job training.
It’s hard to why/when a foreclosed home will come to the market, and at what price.
ParticipantNO DOC is different than STATED INCOME….
I don’t know if anyone still does NO DOC investment…
With STATED you still need to prove source of income, either job or pension/retirement etc, but do not need to verify income.For Full Doc,
Safest thing to do is have the HELOC funds in their bank account for several months, so if lender wants to see 2 months bank statements, they can be produced without showing a large deposit on the first statement. The debt service will show on their credit report, and as long as they can qualify with DTI, should not be an issue. Create the seasoned assets. Additional liquid assets never hurt the file.Ya never know what a lender will ask for. Even with a FNMA approval, each lender can still ask for additional documentation, which isn’t known until an UW reviews the file…
I had a situation this week, a retired borrower has a new job, full time, but only for 8 months. One lender wouldn’t accept the income, as THEIR minimum is 2 years employment, even though it wasn’t a concern for FNMA. Another lender said full time would be OK.
Qualifying is on a case by case basis.With higher credit scores, 700+ there are still options.
One honest late mortgage payment can send a high earning, 780 score, with no other debt down 100 points or more…
It’s a crazy gauge. SCORE and LTV are big factors.ParticipantNO DOC is different than STATED INCOME….
I don’t know if anyone still does NO DOC investment…
With STATED you still need to prove source of income, either job or pension/retirement etc, but do not need to verify income.For Full Doc,
Safest thing to do is have the HELOC funds in their bank account for several months, so if lender wants to see 2 months bank statements, they can be produced without showing a large deposit on the first statement. The debt service will show on their credit report, and as long as they can qualify with DTI, should not be an issue. Create the seasoned assets. Additional liquid assets never hurt the file.Ya never know what a lender will ask for. Even with a FNMA approval, each lender can still ask for additional documentation, which isn’t known until an UW reviews the file…
I had a situation this week, a retired borrower has a new job, full time, but only for 8 months. One lender wouldn’t accept the income, as THEIR minimum is 2 years employment, even though it wasn’t a concern for FNMA. Another lender said full time would be OK.
Qualifying is on a case by case basis.With higher credit scores, 700+ there are still options.
One honest late mortgage payment can send a high earning, 780 score, with no other debt down 100 points or more…
It’s a crazy gauge. SCORE and LTV are big factors.ParticipantMajor lender Loans are only done with a permanent foundation, recorded with 403… (with some work, they can still be moved~)
When a manuf isn’t permanently affixed, it isn’t real estate, it’s personal property. (Chattel)
Rates for affixed are about 6.50%.. Those who do lend on them as personal property will charge 15%++
In a day, they can be picked up, packed up and through the border at San Ysidro crossing…headed for coastal views.
Hasta La Vista, Baby.
ParticipantMajor lender Loans are only done with a permanent foundation, recorded with 403… (with some work, they can still be moved~)
When a manuf isn’t permanently affixed, it isn’t real estate, it’s personal property. (Chattel)
Rates for affixed are about 6.50%.. Those who do lend on them as personal property will charge 15%++
In a day, they can be picked up, packed up and through the border at San Ysidro crossing…headed for coastal views.
Hasta La Vista, Baby.
Participantand there are others to choose from…
Participantand there are others to choose from…
ParticipantGoing to be a whole new breed of BOYZ IN DA HOOD.
This is the mentality that the govt wants to save.
It’s not their fault, and it’s their home !!After the damage is done, the lender should say “You’ve been Punk’d” or APRIL FOOLS, it’s really still your house.
You can move back in, and you still owe us $600K….ParticipantGoing to be a whole new breed of BOYZ IN DA HOOD.
This is the mentality that the govt wants to save.
It’s not their fault, and it’s their home !!After the damage is done, the lender should say “You’ve been Punk’d” or APRIL FOOLS, it’s really still your house.
You can move back in, and you still owe us $600K…. -
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