liverichly

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liverichly last won the day on October 13 2007

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About liverichly

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    Mortgage Broker
  • Birthday 07/31/1978

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    Mortgages, real estate, vacations, restaurants, wine, LA Lakers, SF Giants, deep sea fishing, movies
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    Mortgage Professional & Real Estate Agent

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    Orange County, CA
  1. This is a pretty old thread I see, but recently was responded to. When it comes to a Ch 13 BK, FHA just requires that at least 1 year of on time payments have elapsed and you have the trustee's permission to refinance. However in Bailey's situation the BK has already been discharged, and going by the time line references and when the original post was made, it certainly looks like 12 months of payments were made and my guess is that they were all made on time. At this point Bailey would be eligible to refinance their mortgage into an FHA mortgage assuming they qualify otherwise (debt ratio, credit scores, equity). The only issue that I see is that the mortgage is reporting 120 days late, did that get taken care of? Was the mortgage actually late at all, or were the payments maintained in full and on schedule? If it was late, and went 120 days late, then that is considered the same severity as a foreclosure. Fannie Mae JUST released guidelines that one needs to wait 7 years after a foreclosure (or having mortgage lates the same severity as a foreclosure) in order to obtain new financing from them, Fannie Mae just offers conforming loans though, they have zero to do with FHA mortgages. FHA requires 3 years from a foreclosure/mortgage lates of the same severity though. So it Bailey's situation really sounds like it's going to boil down to their mortgage payment history.
  2. Are the judgments still owing and if so, are you on a payment plan with them? If not, then they will most likely be required to be paid as a condition of the loan. Depending on your situation would determine if you should pay them now, before an underwriter would see your loan, or pay them as part of the loan approval after an underwriter would see your loan.
  3. You can wrap the closing costs into your loan if there is enough equity. I believe Pennsylvania is considered a high closing cost state (percentage of standard closing costs vs. loan amount), if so on a loan amount of $50k or below the max LTV is 98.75%, > $50k it's 97.75%.
  4. You can get seller participated down payment assistance through www.getdownpayment.com or www.ameridream.org. The down payment assistance provider gives you the down payment in trade for the seller reimbursing them the same amount (+ a processing fee) from the seller's sales proceeds.
  5. After going over income, monthly payments, credit, assets/reserves, and down payment... I usually start out with "What size home would accommodate your needs?", then I jump on realtor.com with the client over the phone, punch in their zip code or area, and start looking at homes that fit their requirements, figure out what a home that they would need goes for, and then start doing payment calculations based on that information. It all comes down to how much one can afford though. If the payments are not in the affordability range for the client, then we discuss alternatives, such as paying points to buy down the interest rate, putting more money down, selecting a different loan program, looking in less expensive areas, or looking for lesser accommodations.
  6. Most lenders offer prime loans these days.
  7. I'd tell the court house which is reporting the judgment to tell them that they need to report it correctly to the CRA's. It won't matter how it is reported when you qualify for a mortgage as long as you have the judgment satisfaction (the letter from the plaintiff or the plaintiff's attorney).
  8. It depends on many more factors than that. Just like any mortgage, you need a qualifying debt to income ratio, but more importantly on jumbo mortgages (over $417k on 1-units) you need good credit (660 and above, preferably 680 and above... middle credit score is used to qualify), a down payment (5-10% minimum, preferably 20%), and good reserves (2 months PITI in addition to any down payment/closing costs, some even want anywhere from 6-24 months PITI depending on how large the loan amount is). Someone making $8k/mo may qualify or they may not, depending on how much their consumer debt payments are and the mortgage amount they are looking to qualify for. There is a reason you don't go to your dentist for a pain in your leg, and you don't go to your mortgage broker for tax advice, and you don't go to your real estate agent for mortgage advice. Each professional is a specialist in their own field, if they give advice in another, it is good to listen, but please verify with a specialist on the subject they are talking about.
  9. Fannie Mae is bankruptcy friendly once you are 2 years from the filing date and it's been discharged. Freddie Mac is bankruptcy friendly 2 years from the discharge date.
  10. LOL yup, good ol' outpost. I come here to gain some "sanity"
  11. The other thing is, right now, FHA won't do that high of a loan amount (jumbo loan amount)... VA will though. I echo Charles' suggestion, get clean credit for 12 months and you'll have quite a bit of options. 10-20% down payment will help you qualify for the best jumbo rates for conventional (non-FHA & VA) options.
  12. FHA doesn't quote rates, so they'll have no clue if the rate you are being quoted is the "right" rate... but the individual you talk to might have an idea if the rate you are being quoted is way out of line (not sure if they are even legally permitted to give an opinion on that though). You can come here and bounce any information off us mortgage professional's though, we'll guide you in the right direction. FHA isn't score sensitive, although some lenders have a rate adjustment if your score is below a 550 or 580 (so that would be a good preliminary question to ask them).
  13. cld, like any difficult plan in life, you'll need to weight out your options... you obviously know how much living in your home is costing you now, but if you can weather out the storm (how long that'll be is tough to say) you'll maintain credit, and be able to refinance into a fixed rate at some point. The other option is to move to someplace closer to work, calculate the savings in housing expenses + the gas, your desire to own a home, and determine if staying in the home or moving will help accomplish your goals at a quicker rate.
  14. 6.875% seems high, but depending on your loan amount, score and the lender's policies & procedures, it could be on target... have you tried talking to other FHA approved lenders or brokers? Are you sure http://www.nchfa.com/ is the same thing as FHA? It appears it's a state sponsored program which has income limitations to be met (like can't make more than $XX,XXX) or geographic limitations (must buy in certain economically distressed areas), and not an FHA loan program (which doesn't have income limitations, only loan amount limitations).
  15. liverichly

    FHA loans??

    Each lenders FHA guidelines can be different. I'd say it's worth another try at talking with him, if it doesn't work out, it could just be a lender guideline, and then by talking to another lender who can do FHA you could get a different response.