Posted by Jeff on June 13, 2007 at 18:53:52:
I have had 15 inq’s in the last 3 months and my score has dropped 15 points
Lots of hedaches financing this deal!! - Posted by Jeff
Posted by Jeff on June 13, 2007 at 12:02:53:
I was wondering if anyone else is having trouble with their financing!!! I was supposed to close on an owner occuppied duplex on June 1st, but I got caught up in a loan program change at Country Wide. I was pre approved with Country Wide for 100% financing and I was basically in line for underwriting and they changed their programs. They no longer have any 100% programs unless you have an 800 credit score or higher, so of course that resulted in my loan being denied. It then got switched over to an FHA loan through Polaris and again I was electronically approved but once I got to underwriting it was denied stating they will only do FHA on a duplex at 75% LTV. I have since missed another closing date and changed my loan again. I am now going through Country Wide Direct doing an FHA and I have an email from the director of underwriting stating what will and will not qualify and I fit. So hopefully I will be closing July 1 100% with a rate of 6.5.
Anyone else been running into this kinda stuff? Any insight you have would be greatly appreciated. Also I am looking for a new Mortgage broker in West Michigan if anyone has a ref please fell free to email me.
Jeff
Re: Lots of hedaches financing this deal!! - Posted by Rich-CA
Posted by Rich-CA on June 13, 2007 at 18:13:30:
I have started seeing all sorts of odd and nonsensical requirements. Is there any reason you’re using Countrywide? They aren’t the best of the best by a long shot. You need to shop the loan to other lenders: Washington Mutual, Wells Fargo, Bank of America, CitiMortgage, GMAC, and so on. There are a lot of smaller banks and credit unions that tend to be more flexible.
Re: Lots of hedaches financing this deal!! - Posted by MATT
Posted by MATT on June 13, 2007 at 12:14:20:
I was unaware that FHA was doing 100%? Better check that again, maybe it’s a clone. R U also aware of the PMI you’ll be paying VS an 80/20 loan.
Re: Lots of hedaches financing this deal!! - Posted by Jeff
Posted by Jeff on June 13, 2007 at 19:09:22:
This is my first investment prop and I have lost alot of sleep over it. I was pre approved and made my offer based on a GFE I was given. We are now on strike 3 and have past 2 closing dates. Any help would be greatly appreciated. The problem is I work on 100% commisssion and have only been at my job a year. I have a co siigner (my step dad) that owns 2 props out right (worth $400k) and he also has lots of $$ in the bank, CD’s and 401K, w/ a 750+ credit score. I have a great team with the exception of a mortgage broker. I have a great deal but I may as well have written my own loan at this point. PLEASE HELP!!
Re: Lots of hedaches financing this deal!! - Posted by michaela-CA
Posted by michaela-CA on June 13, 2007 at 18:32:14:
Rich,
shopiing a loan is credit suicide. Everytime he lets someone pull his credit, his score goes down. After a few months all those inquiries may be consolidated as 1 mortgage inquiry, but at the time that the inquiries happen it will kill his score.
Michaela
Re: Lots of hedaches financing this deal!! - Posted by Jeff
Posted by Jeff on June 13, 2007 at 12:29:34:
I am aware of the PMI, I have spoken with my accountant and he assures me that I can write it off. If you could point me in the direction of an 80/20 loan that has a decent interest rate, that would be great. I have checked and re checked the FHA loan, as I said I also have the FHA guidelines as interpreted by Country Wide Direct. They all seem to be in agreement this time.
Jeff
Re: Lots of hedaches financing this deal!! - Posted by Rich-CA
Posted by Rich-CA on June 13, 2007 at 20:11:59:
I normally use a mortgage broker, so he shops with a single set of documents. For example, we had a lender whose loan conditions included a max of 2% for seller paid closing costs. Contract was at 5%. Broker makes five phone calls to find a program that has no such limit, then submits the same package for the loan approval. I’m currently doing four loans and they all work from the one set of paperwork.