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Laura Said:

I cannot get a loan to save my life and we have perfect credit.?

We Answered:

I want to make sure I am understanding your information correctly.... You currently own a home with a mortgage of $500k you are looking at purchasing a new home putting $400k down and financing $800k.
Then you mentioned "income from my band" so I am assuming that means you are self employed. You will need to look at your last two years of tax returns and take the average of the two years to truly determine your gross monthly income. If that income does not support two mortgages (I am assuming the current home will not be sold before the purchase of the new home) then you may not qualify.
Now when you ask about putting cash down on your home to reduce your mortgage payment, are you not investing the money somewhere else or are you willing to invest that money in your home where you do not have easy access to it?
By the way - jumbo loans are still available, talk to another lender and be sure to take your tax returns to that you get a straight answer as to why you were turned down.

Zachary Said:

Anyone successful at Principal Writedowns to Help Underwater Borrowers?

We Answered:

And who writes down my principal when I am a person who pays their bills, took the idea of getting a mortgage very serious when considering what I could afford, and still pay that on time every month when my value has fallen as well?

Then the other reason O is so flawed in his thinking, what happens if you get YOUR principal "written down" and then our housing market recovers, your house is again worth your purchase price but this "write down" now gives you lots more equity? Gonna pay back the "write down".

Jumbo means you have a huge debt so how much do you wnat "written down"?

Sharon Said:

Home Loan options?

We Answered:

There are a couple of things you have to consider in this scenario that you presented.

#1 The builder is giving you a 15K concession ( I don't know where this fit in the overall scheme of things since I don't know the total consideration for the house

#2 you are getting a 10% second

#3 How much of out of pocket money did you have to come up with.

#4 The rate is important only if you can not make the monthly mortgage payment on the combined loans. You are not losing anything with the rate because the rate is a tax deductable item on your federal income tax, so you will get that back any way no matter the rate. Please check with your tax advisor.

If you go to another mortgage broker you will lose the 15K builder concession. You might be able to get a better loan, but your loan amount would be higher, thus you will be paying a little bit more in monthly payments.

The good thing about taking these loan since it is about 90% is that you will be able to refinace the first and second mortgage in about 6 months and still realize the builder concession of 15K thus having one mortgage payment and perhaps a lower interest rate. This is called a rate and term refinance.

The thing you must make aware to the lender is that you do not want to have a pre-payment penalty in your loan. If you refinace with the same company you might be able to avoid the prepayment penalty. There are 90% loans with excellent rates and does note require the dreaded PMI.

I have outlined the choices as I see them. You have to make a decison about the interest rate, and seller concessions.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Mary Said:

FHA mortgage loans & limits?

We Answered:

Since you did your homework and lender 1 basically confirmed what you found out, you know that lender 2 is pulling your chain. FHA county loan limits apply to any FHA loan so it's not something a lender can arbitrarily change or ignore.

Since you know that you are not in a high cost area, your loan will be capped at $417,000 for any conventional financing. This means you can buy at $435,000,00 and as long as you can put 5% (which is the minimum for a conventional mortgage) down you fall just under the $417,000 limit.

I have a question for you. You said you will have 3.5 to 4.5% available for a down payment after you pay closing costs. Are you talking about the closing costs on the home you're selling or the home you want to buy? If it's the home you want to buy, ask for seller concessions to cover your closing costs which frees up more money for your down payment.
If you have any assets that you can liquidate that may help cover your down payment as well.

Lonnie Said:

who does 100% Financing to 1.5 million?

We Answered:

My husband and I are in Title and I asked him (he's got more experience)- he says he's never seen a 100% over 500k and that every lender he's worked with would require at least some $ down on a 30year fixed for that amt (even with the great fico and income/assets)... 10-20k is fairly normal he said (considering that individuals with that kind of income/wealth could probably save 10-20k fairly easily). Have you checked with your underwriter to see what their general rules are regarding this? If you have an in-house title co then you might want to bring one of them on board to see what they've seen come across the table... Good luck to you!

Theodore Said:

who does $10,000,000+ mortgages for residential properties?

We Answered:

WOW! I hope you have money down and the credit (680 at least or better) to pull this off. I don't know who exactly is going to do $10M (that's ALOT for a residential property), but be prepared for the appraisal fees (at that price I KNOW they are going to request 2 appraisals) between $2k and $6k apiece. If this is not a one unit you may be able to do it as a commercial loan.

GOOD LUCK!