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April 20, 2009 at 6:45 PM in reply to: Help: 1 person owns the mortgage, 2 persons own the deed #385358April 20, 2009 at 6:45 PM in reply to: Help: 1 person owns the mortgage, 2 persons own the deed #385497
HLS
ParticipantI have never had ANY problem with someone being on the deed but not on the loan.
I see no advantage to having someone on a loan if their income is not needed to qualify.
The lower borrower’s credit score is used, not the highest. Having a spouse on a loan can end up costing a bunch of extra money.If you are on a loan, then you must be on the deed.
Being on the loan is financial responsibility.
Being on the deed is ownership.A spouse not on the loan will need to sign a few documents. Properties can be transferred in and out of trusts regardless of who is on the loan.
A foreclosure will only affect the person who is on the loan, not all who are on the deed.
*Consult your attorney for legal advice*April 9, 2009 at 8:15 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378334Participant[quote=LarryTheRenter]HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….[/quote]
Larry,
Depends on your specific situation. WIth 60% LTV, you may be better off in a different loan.
If you plan on keeping the loan for at least 3 years, it may pay you to buy the rate down to 4.375%, even on a rental.Some condos/townhomes do not qualify for any loans todat. doesn’t matter what the LTV is. They can be bought for cash only. Not a pretty future for those complexes…
If you want to know what you might qualify for contact me directly [email protected]
my office is in Carlsbad…. HLSApril 9, 2009 at 8:15 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378612Participant[quote=LarryTheRenter]HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….[/quote]
Larry,
Depends on your specific situation. WIth 60% LTV, you may be better off in a different loan.
If you plan on keeping the loan for at least 3 years, it may pay you to buy the rate down to 4.375%, even on a rental.Some condos/townhomes do not qualify for any loans todat. doesn’t matter what the LTV is. They can be bought for cash only. Not a pretty future for those complexes…
If you want to know what you might qualify for contact me directly [email protected]
my office is in Carlsbad…. HLSApril 9, 2009 at 8:15 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378793Participant[quote=LarryTheRenter]HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….[/quote]
Larry,
Depends on your specific situation. WIth 60% LTV, you may be better off in a different loan.
If you plan on keeping the loan for at least 3 years, it may pay you to buy the rate down to 4.375%, even on a rental.Some condos/townhomes do not qualify for any loans todat. doesn’t matter what the LTV is. They can be bought for cash only. Not a pretty future for those complexes…
If you want to know what you might qualify for contact me directly [email protected]
my office is in Carlsbad…. HLSApril 9, 2009 at 8:15 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378836Participant[quote=LarryTheRenter]HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….[/quote]
Larry,
Depends on your specific situation. WIth 60% LTV, you may be better off in a different loan.
If you plan on keeping the loan for at least 3 years, it may pay you to buy the rate down to 4.375%, even on a rental.Some condos/townhomes do not qualify for any loans todat. doesn’t matter what the LTV is. They can be bought for cash only. Not a pretty future for those complexes…
If you want to know what you might qualify for contact me directly [email protected]
my office is in Carlsbad…. HLSApril 9, 2009 at 8:15 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378964Participant[quote=LarryTheRenter]HLS – can I refinance a rental property?? 328K loan (no second)..which is 60% LTV…A townhome if that matters….What are the rates assuming good FICO and income etc etc.????? Maybe 0 or 1 point….30 yr fixed preferably….[/quote]
Larry,
Depends on your specific situation. WIth 60% LTV, you may be better off in a different loan.
If you plan on keeping the loan for at least 3 years, it may pay you to buy the rate down to 4.375%, even on a rental.Some condos/townhomes do not qualify for any loans todat. doesn’t matter what the LTV is. They can be bought for cash only. Not a pretty future for those complexes…
If you want to know what you might qualify for contact me directly [email protected]
my office is in Carlsbad…. HLSApril 9, 2009 at 8:09 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378329ParticipantEverything with FNMA is based on an automated approval. The auto findings will determine if a borrower qualifies for this program, including confirming that the existing loan is a FNMA loan.
In most cases, somebody with at least 20% equity will be better off using a different loan, however there may be some cases that even with 20%+ equity it may be easier to qualify for the 105% program.
It’s all new, it’s still complicated. Freddy loans don’t qualify yet.
I’m getting more info each day.
Don’t assume anything about this program.It’s a specific program that will allow some people to get a lower rate/payment.
This isn’t going to create a bubble. It’s not good for purchases…
Considering the alternative of higher foreclosures, as long as they don’t allow people to get out of the principal owed, what is wrong with allowing them to refi to a lower market rate & a lower monthly payment.
It’s better than throwing billions at AIG & Goldman Sachs so they can pay bonuses.The credit score model is still the big factor in cost of a loan, even with this program.
Many people just want an affordable payment. They don’t care how much they owe or what it’s worth.
Welcome to America. This is how cars have been sold for many decades…..HLSApril 9, 2009 at 8:09 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378607ParticipantEverything with FNMA is based on an automated approval. The auto findings will determine if a borrower qualifies for this program, including confirming that the existing loan is a FNMA loan.
In most cases, somebody with at least 20% equity will be better off using a different loan, however there may be some cases that even with 20%+ equity it may be easier to qualify for the 105% program.
It’s all new, it’s still complicated. Freddy loans don’t qualify yet.
I’m getting more info each day.
Don’t assume anything about this program.It’s a specific program that will allow some people to get a lower rate/payment.
This isn’t going to create a bubble. It’s not good for purchases…
Considering the alternative of higher foreclosures, as long as they don’t allow people to get out of the principal owed, what is wrong with allowing them to refi to a lower market rate & a lower monthly payment.
It’s better than throwing billions at AIG & Goldman Sachs so they can pay bonuses.The credit score model is still the big factor in cost of a loan, even with this program.
Many people just want an affordable payment. They don’t care how much they owe or what it’s worth.
Welcome to America. This is how cars have been sold for many decades…..HLSApril 9, 2009 at 8:09 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378788ParticipantEverything with FNMA is based on an automated approval. The auto findings will determine if a borrower qualifies for this program, including confirming that the existing loan is a FNMA loan.
In most cases, somebody with at least 20% equity will be better off using a different loan, however there may be some cases that even with 20%+ equity it may be easier to qualify for the 105% program.
It’s all new, it’s still complicated. Freddy loans don’t qualify yet.
I’m getting more info each day.
Don’t assume anything about this program.It’s a specific program that will allow some people to get a lower rate/payment.
This isn’t going to create a bubble. It’s not good for purchases…
Considering the alternative of higher foreclosures, as long as they don’t allow people to get out of the principal owed, what is wrong with allowing them to refi to a lower market rate & a lower monthly payment.
It’s better than throwing billions at AIG & Goldman Sachs so they can pay bonuses.The credit score model is still the big factor in cost of a loan, even with this program.
Many people just want an affordable payment. They don’t care how much they owe or what it’s worth.
Welcome to America. This is how cars have been sold for many decades…..HLSApril 9, 2009 at 8:09 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378831ParticipantEverything with FNMA is based on an automated approval. The auto findings will determine if a borrower qualifies for this program, including confirming that the existing loan is a FNMA loan.
In most cases, somebody with at least 20% equity will be better off using a different loan, however there may be some cases that even with 20%+ equity it may be easier to qualify for the 105% program.
It’s all new, it’s still complicated. Freddy loans don’t qualify yet.
I’m getting more info each day.
Don’t assume anything about this program.It’s a specific program that will allow some people to get a lower rate/payment.
This isn’t going to create a bubble. It’s not good for purchases…
Considering the alternative of higher foreclosures, as long as they don’t allow people to get out of the principal owed, what is wrong with allowing them to refi to a lower market rate & a lower monthly payment.
It’s better than throwing billions at AIG & Goldman Sachs so they can pay bonuses.The credit score model is still the big factor in cost of a loan, even with this program.
Many people just want an affordable payment. They don’t care how much they owe or what it’s worth.
Welcome to America. This is how cars have been sold for many decades…..HLSApril 9, 2009 at 8:09 AM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378959ParticipantEverything with FNMA is based on an automated approval. The auto findings will determine if a borrower qualifies for this program, including confirming that the existing loan is a FNMA loan.
In most cases, somebody with at least 20% equity will be better off using a different loan, however there may be some cases that even with 20%+ equity it may be easier to qualify for the 105% program.
It’s all new, it’s still complicated. Freddy loans don’t qualify yet.
I’m getting more info each day.
Don’t assume anything about this program.It’s a specific program that will allow some people to get a lower rate/payment.
This isn’t going to create a bubble. It’s not good for purchases…
Considering the alternative of higher foreclosures, as long as they don’t allow people to get out of the principal owed, what is wrong with allowing them to refi to a lower market rate & a lower monthly payment.
It’s better than throwing billions at AIG & Goldman Sachs so they can pay bonuses.The credit score model is still the big factor in cost of a loan, even with this program.
Many people just want an affordable payment. They don’t care how much they owe or what it’s worth.
Welcome to America. This is how cars have been sold for many decades…..HLSApril 7, 2009 at 6:23 PM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #377914ParticipantRefinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
As always, the pricing gets a bit complicated.Matrix table based on score & LTV…
This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..
People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.
Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
It should be successful, and the next program may be up to 125% (or more)April 7, 2009 at 6:23 PM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378094ParticipantRefinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
As always, the pricing gets a bit complicated.Matrix table based on score & LTV…
This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..
People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.
Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
It should be successful, and the next program may be up to 125% (or more)April 7, 2009 at 6:23 PM in reply to: HLS update: 105% REFI’s available now *NO mortgage insurance* FNMA #378136ParticipantRefinancing a rental property to 105% with a low credit score is not cheap.. huge pricing hits.
As always, the pricing gets a bit complicated.Matrix table based on score & LTV…
This is a desperate attempt to keep people from walking away, but VERY unfair to anyone currently with mortg insurance..
People need a place to live. If this makes payments cheaper than rent, people wont care what they owe. They will have a (mostly) tax deductible rent payment.
Considering the net cost to the taxpayer, this may be the most intelligent program of any so far.
It should be successful, and the next program may be up to 125% (or more) -
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