NLIC.org

Bernard Said:

I live in Florida, I am a mortgage broker. I need new investors who will allowance sales incentives.?

We Answered:

None. Those guidelines come straight from the agencies.

Sounds just like every new realtor that tries to get their client a $2000 carpet allowance. Don't know why they still teach that nonsense in real estate classes, but they do it.

Assuming that $20K is meant to buy furnishings (personal property), not actual items for the structure of the home, there's just no way to do it. If it were to go towards upgrades of appliances, finishes, etc..., they'd either have to do the work before closing, or perhaps you could escrow that money. But why would the client close on the home until it were finished to spec?

Albert Said:

Mortgage loan for first time homebuyer?

We Answered:

Congrats I am looking at buying my 1st home too. Lenders look favorably on taking some of those home buyer counseling workshops and it may even get you access to some additional funds (nothing wrong with free money).
Your lender will use alternate credit sources I am told so they will look at utility bills, letters from landlords stating when you pay your rent etc.

Good luck with the process hope I was at least some assistance.

Patrick Said:

Does any one know any "Concerned Citizen" group in Florida?

We Answered:

There are groups - depending on the particular problem.
http://www.secoenergy.com/advocacy.html
http://www.fldfs.com/ica/MajorInitiative…
http://www.oppaga.state.fl.us/profiles/5…
http://miami.indymedia.org/news/2004/11/…

Thelma Said:

what is the minimum amount that can be financed with Fannie Mae homepath in Florida?

We Answered:

If the property says that it qualifies for HomePath financing , there is no minimum. You can get the loan on that house. You have to verify with the listing agent that the property is approved for HomePath.

The problem is that many local lenders do not want to do a loan under $100,000. And they really don't want to do a loan of $50,000. So they want you to go somewhere else. You can not force them to do a loan (even tho the house is owned by the federal govt) so keep shopping.

Brad Said:

is it legal to change the terms of a mortgage after a loan commitment letter was issued?

We Answered:

Yes, a letter is not a loan and they find additional data during the loan process which can effect the loan. Terms can be changed at anytime prior to signing.