[HLS]

Refinancing 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)

[HLS]

Refinancing 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)

[HLS]

FHA purchase loans = 96.5%. Max loan = ?
FHA refinance loans = ? Max loan = ?

FNMA purchase loans = $417K @ 95%
FNMA refi loans = $417K @ 95%
High Balance has county limits. High balance program allows for 90% but MI companies only go to 85%.

I am not a fan of FHA nor do I personally work with them. I think that the limit is $729,500.
You pay an up front MI fee of approx 1.75%.
Mortg insurance is mandatory for 5 years.
It’s an option for ppl with lower credit scores that want to buy. I equate it to assigned risk for auto insurance. The govt is helping you, and you are going to pay for it. Usually lower debt ratios than FNMA.

With a higher credit score and 1.5% more down, FNMA is usually a better rate AND easier to qualify for and get closed up to $417K..
Above $417K you need 15% down for FNMA around here, but as little as 3.5% for FHA.

Realize without FHA, the price of houses would be much lower. Artificially keeps prices high through subprime type financing.

There are refi programs in the works that will allow up to 105% on refi’s,,,details expected any day.

With higher credit scores 680-700+ FNMA purchase loans are available with as little as 5% down, but it is harder to qualify than with 10% down.

Mortgage insurance additional on any single loan above 80%.

So many rules/guidelines/exceptions yet it is still possible to borrow more than one should be comfortable borrowing. Assets can make a difference. It’s all about getting approved.

I have seen FNMA approvals as high as 65% of gross income, but only on low LTV’s. Does that help ?…HLS

[HLS]

FHA purchase loans = 96.5%. Max loan = ?
FHA refinance loans = ? Max loan = ?

FNMA purchase loans = $417K @ 95%
FNMA refi loans = $417K @ 95%
High Balance has county limits. High balance program allows for 90% but MI companies only go to 85%.

I am not a fan of FHA nor do I personally work with them. I think that the limit is $729,500.
You pay an up front MI fee of approx 1.75%.
Mortg insurance is mandatory for 5 years.
It’s an option for ppl with lower credit scores that want to buy. I equate it to assigned risk for auto insurance. The govt is helping you, and you are going to pay for it. Usually lower debt ratios than FNMA.

With a higher credit score and 1.5% more down, FNMA is usually a better rate AND easier to qualify for and get closed up to $417K..
Above $417K you need 15% down for FNMA around here, but as little as 3.5% for FHA.

Realize without FHA, the price of houses would be much lower. Artificially keeps prices high through subprime type financing.

There are refi programs in the works that will allow up to 105% on refi’s,,,details expected any day.

With higher credit scores 680-700+ FNMA purchase loans are available with as little as 5% down, but it is harder to qualify than with 10% down.

Mortgage insurance additional on any single loan above 80%.

So many rules/guidelines/exceptions yet it is still possible to borrow more than one should be comfortable borrowing. Assets can make a difference. It’s all about getting approved.

I have seen FNMA approvals as high as 65% of gross income, but only on low LTV’s. Does that help ?…HLS

[HLS]

FHA purchase loans = 96.5%. Max loan = ?
FHA refinance loans = ? Max loan = ?

FNMA purchase loans = $417K @ 95%
FNMA refi loans = $417K @ 95%
High Balance has county limits. High balance program allows for 90% but MI companies only go to 85%.

I am not a fan of FHA nor do I personally work with them. I think that the limit is $729,500.
You pay an up front MI fee of approx 1.75%.
Mortg insurance is mandatory for 5 years.
It’s an option for ppl with lower credit scores that want to buy. I equate it to assigned risk for auto insurance. The govt is helping you, and you are going to pay for it. Usually lower debt ratios than FNMA.

With a higher credit score and 1.5% more down, FNMA is usually a better rate AND easier to qualify for and get closed up to $417K..
Above $417K you need 15% down for FNMA around here, but as little as 3.5% for FHA.

Realize without FHA, the price of houses would be much lower. Artificially keeps prices high through subprime type financing.

There are refi programs in the works that will allow up to 105% on refi’s,,,details expected any day.

With higher credit scores 680-700+ FNMA purchase loans are available with as little as 5% down, but it is harder to qualify than with 10% down.

Mortgage insurance additional on any single loan above 80%.

So many rules/guidelines/exceptions yet it is still possible to borrow more than one should be comfortable borrowing. Assets can make a difference. It’s all about getting approved.

I have seen FNMA approvals as high as 65% of gross income, but only on low LTV’s. Does that help ?…HLS

[HLS]

FHA purchase loans = 96.5%. Max loan = ?
FHA refinance loans = ? Max loan = ?

FNMA purchase loans = $417K @ 95%
FNMA refi loans = $417K @ 95%
High Balance has county limits. High balance program allows for 90% but MI companies only go to 85%.

I am not a fan of FHA nor do I personally work with them. I think that the limit is $729,500.
You pay an up front MI fee of approx 1.75%.
Mortg insurance is mandatory for 5 years.
It’s an option for ppl with lower credit scores that want to buy. I equate it to assigned risk for auto insurance. The govt is helping you, and you are going to pay for it. Usually lower debt ratios than FNMA.

With a higher credit score and 1.5% more down, FNMA is usually a better rate AND easier to qualify for and get closed up to $417K..
Above $417K you need 15% down for FNMA around here, but as little as 3.5% for FHA.

Realize without FHA, the price of houses would be much lower. Artificially keeps prices high through subprime type financing.

There are refi programs in the works that will allow up to 105% on refi’s,,,details expected any day.

With higher credit scores 680-700+ FNMA purchase loans are available with as little as 5% down, but it is harder to qualify than with 10% down.

Mortgage insurance additional on any single loan above 80%.

So many rules/guidelines/exceptions yet it is still possible to borrow more than one should be comfortable borrowing. Assets can make a difference. It’s all about getting approved.

I have seen FNMA approvals as high as 65% of gross income, but only on low LTV’s. Does that help ?…HLS

[HLS]

FHA purchase loans = 96.5%. Max loan = ?
FHA refinance loans = ? Max loan = ?

FNMA purchase loans = $417K @ 95%
FNMA refi loans = $417K @ 95%
High Balance has county limits. High balance program allows for 90% but MI companies only go to 85%.

I am not a fan of FHA nor do I personally work with them. I think that the limit is $729,500.
You pay an up front MI fee of approx 1.75%.
Mortg insurance is mandatory for 5 years.
It’s an option for ppl with lower credit scores that want to buy. I equate it to assigned risk for auto insurance. The govt is helping you, and you are going to pay for it. Usually lower debt ratios than FNMA.

With a higher credit score and 1.5% more down, FNMA is usually a better rate AND easier to qualify for and get closed up to $417K..
Above $417K you need 15% down for FNMA around here, but as little as 3.5% for FHA.

Realize without FHA, the price of houses would be much lower. Artificially keeps prices high through subprime type financing.

There are refi programs in the works that will allow up to 105% on refi’s,,,details expected any day.

With higher credit scores 680-700+ FNMA purchase loans are available with as little as 5% down, but it is harder to qualify than with 10% down.

Mortgage insurance additional on any single loan above 80%.

So many rules/guidelines/exceptions yet it is still possible to borrow more than one should be comfortable borrowing. Assets can make a difference. It’s all about getting approved.

I have seen FNMA approvals as high as 65% of gross income, but only on low LTV’s. Does that help ?…HLS

[HLS]

SD County jumbo loan limits are going back up to $697,500 on May 1st…

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0908.pdf

[HLS]

SD County jumbo loan limits are going back up to $697,500 on May 1st…

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0908.pdf

[HLS]

SD County jumbo loan limits are going back up to $697,500 on May 1st…

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0908.pdf

[HLS]

SD County jumbo loan limits are going back up to $697,500 on May 1st…

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0908.pdf

[HLS]

SD County jumbo loan limits are going back up to $697,500 on May 1st…

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0908.pdf

[HLS]

DRA,,
There is no magic number that is a guarantee.

It depends on what rate you choose. If you buy down the rate, your payment will be lower. It depends on property taxes and if there is mello roos. It depends on your insurance premium. Fire hazard areas have higher premiums. Depends on the source of income.

Loan approvals are a result of automated underwriting. Each borrower has a different scenario. The auto system factors in credit, income, assets, expenses, history and who knows what else. It is NOT a manual approval.
The info that you are providing cannot be entered to get an approval.

For a $546K loan at 4.50% 30 YR Fixed, A GENERAL answer to your question is probably at least $90K-$100K Could be more, could be less,documented straight salary…may need at least 2 years on the same job.
Income that includes bonus, commission or overtime may be viewed differently, as is self employment or other income.

People can still get approved to borrow more than they should be comfortable borrowing, but many times additional sources of income cannot be used, so the situation isn’t as crazy as it looks.

A real approval can be attempted for the cost of a mortgage credit report. $14 for 1, $22 for a couple. Without this exact info and an approval, general questions can only get general answers.
Even an underwriter doesn’t know what will get approved until they run the scenario.

Lots of people who think that they qualify for a loan today do not actually qualify.

[HLS]

DRA,,
There is no magic number that is a guarantee.

It depends on what rate you choose. If you buy down the rate, your payment will be lower. It depends on property taxes and if there is mello roos. It depends on your insurance premium. Fire hazard areas have higher premiums. Depends on the source of income.

Loan approvals are a result of automated underwriting. Each borrower has a different scenario. The auto system factors in credit, income, assets, expenses, history and who knows what else. It is NOT a manual approval.
The info that you are providing cannot be entered to get an approval.

For a $546K loan at 4.50% 30 YR Fixed, A GENERAL answer to your question is probably at least $90K-$100K Could be more, could be less,documented straight salary…may need at least 2 years on the same job.
Income that includes bonus, commission or overtime may be viewed differently, as is self employment or other income.

People can still get approved to borrow more than they should be comfortable borrowing, but many times additional sources of income cannot be used, so the situation isn’t as crazy as it looks.

A real approval can be attempted for the cost of a mortgage credit report. $14 for 1, $22 for a couple. Without this exact info and an approval, general questions can only get general answers.
Even an underwriter doesn’t know what will get approved until they run the scenario.

Lots of people who think that they qualify for a loan today do not actually qualify.

[HLS]

DRA,,
There is no magic number that is a guarantee.

It depends on what rate you choose. If you buy down the rate, your payment will be lower. It depends on property taxes and if there is mello roos. It depends on your insurance premium. Fire hazard areas have higher premiums. Depends on the source of income.

Loan approvals are a result of automated underwriting. Each borrower has a different scenario. The auto system factors in credit, income, assets, expenses, history and who knows what else. It is NOT a manual approval.
The info that you are providing cannot be entered to get an approval.

For a $546K loan at 4.50% 30 YR Fixed, A GENERAL answer to your question is probably at least $90K-$100K Could be more, could be less,documented straight salary…may need at least 2 years on the same job.
Income that includes bonus, commission or overtime may be viewed differently, as is self employment or other income.

People can still get approved to borrow more than they should be comfortable borrowing, but many times additional sources of income cannot be used, so the situation isn’t as crazy as it looks.

A real approval can be attempted for the cost of a mortgage credit report. $14 for 1, $22 for a couple. Without this exact info and an approval, general questions can only get general answers.
Even an underwriter doesn’t know what will get approved until they run the scenario.

Lots of people who think that they qualify for a loan today do not actually qualify.

[Author]

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