| Author |
Previous Topic | Next Topic |
|
cfgoulart
17 Posts |
 Posted - 02/18/2008 : 1:06:42 PM
|
| Is anyone doing 100% purchase financing, owner occ, full doc in California right now? Had an approval, has to go back to underwriting, sounds like it is getting countered at 97%. Really need to hit 100% on this one, anyone have a line on someone doing 100% conforming purchase right now? It would be much appreciated! |
|
time101
172 Posts |
Posted - 02/20/2008 : 12:10:37 PM
|
105% HOME LOAN PROGRAM
• New conventional loan with interest-only feature
• Zero down payment required
• Variety of Loan types and terms to fit your individual needs
• You DON’T have to be a first-time homebuyer
• 1-and 2 unit properties are eligible
• No sale price limits
• Higher income limits than many down payments assistance programs
• Program is available in multiple states, CA, NV,OR, WA, CO, MO, AR ,UT, NM and TX
• Interest-only loan can lower payment
• Discounted Mortgage insurance(MI) option
• DON’T CARE ABOUT DECLINING MARKETS
CALL FOR MORE INFO
Dewayne McDaniel
909-888-7999 Office
562-688-8487 Cell
dewaynemcdaniel@yahoo.com
|
|
|
dkendall1979
10331 Posts |
Posted - 02/20/2008 : 12:19:44 PM
|
Not that I'm skeptical... But I am. Actually, I'm more than skeptical. What bank are you an AE for?
quote:
Originally posted by time101
105% HOME LOAN PROGRAM
• New conventional loan with interest-only feature
• Zero down payment required
• Variety of Loan types and terms to fit your individual needs
• You DON’T have to be a first-time homebuyer
• 1-and 2 unit properties are eligible
• No sale price limits
• Higher income limits than many down payments assistance programs
• Program is available in multiple states, CA, NV,OR, WA, CO, MO, AR ,UT, NM and TX
• Interest-only loan can lower payment
• Discounted Mortgage insurance(MI) option
• DON’T CARE ABOUT DECLINING MARKETS
CALL FOR MORE INFO
Dewayne McDaniel
909-888-7999 Office
562-688-8487 Cell
dewaynemcdaniel@yahoo.com
|
|
|
engrjon81
383 Posts |
Posted - 02/20/2008 : 12:22:33 PM
|
his email says dewayne mcdaniel but his name is maury glass?
|
|
|
engrjon81
383 Posts |
Posted - 02/20/2008 : 12:23:24 PM
|
| this advertisement is probably as real as pamela anderson's tah tahs.... |
|
|
cfgoulart
17 Posts |
Posted - 02/20/2008 : 1:03:57 PM
|
So I'm hearing that there isn't any 100% for CA right now? I've been calling around the past few days, kind of figured, but I don't do a lot of conventional, mostly hard money. Still, if someone has a good line on 100%, please let me know.
I'll call this guy and see what he's offering, will post back here to let you guys know the low down. |
|
|
engrjon81
383 Posts |
Posted - 02/20/2008 : 1:11:40 PM
|
(909) 888-7999 is Unpublished or Unavailable |
|
|
kkuehl
70 Posts |
Posted - 02/20/2008 : 1:14:32 PM
|
| Try HSBC. They still have a 100% program if your buyer/property fit the criteria :) |
|
|
bramous
973 Posts |
Posted - 02/20/2008 : 1:20:46 PM
|
quote:
Originally posted by engrjon81
his email says dewayne mcdaniel but his name is maury glass?
Look at some of his other posts. He is a broker in lenders clothing....trolling for business. Supposedly has a private contact doing 2nds to 105% @ 8% rate....hence his basis for 105% loan products. |
|
|
Travis Du Bois
589 Posts |
Posted - 02/20/2008 : 1:28:48 PM
|
Well the first struggle is the declining market issue in california. if you have a property located in what is considered most investors are reducing the max LTV/CLTV available by 5%. Now if you are not in a declning market FNMA should allow you to go to 100% no problem on the flex 100 or MCM program. I can offer both. If this is a non-conforming loan amount you're going to be hard pressed for a 100%.
I have some options for low cash contributions from the borrower in declining markets. check out my post here http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=199979
The other option is a little more strict but still a great program for those who qualify. USDA loans up to 102%LTV no MI. Check out the link below.
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=203463
e-mail me for some more details if you please. I look forwards to helping you out. |
|
|
cfgoulart
17 Posts |
Posted - 02/20/2008 : 1:36:26 PM
|
| Thank you, I will check it out. The markets are marked as declining, which has been my issue! |
|
|
JackGFG
1017 Posts |
Posted - 02/20/2008 : 2:18:20 PM
|
| That will not be an issue with Travis' USDA program |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 2:30:23 PM
|
Wow,Hello everybody
the loan program is a my community or flex 97 or 100 also it has to be full doc
the first would be 90% to 95% with a second covering the down and also the mi is discounted
feel free to call and ask how it works |
|
|
Travis Du Bois
589 Posts |
Posted - 02/20/2008 : 2:32:25 PM
|
| That is very true Jack and thank you for pointing that out. However after speaking with Chris I found that unfortunatly its a bay area home and not many of those will qualify on the rural program. ~`; } |
|
|
cfgoulart
17 Posts |
Posted - 02/20/2008 : 2:35:17 PM
|
| Yeah, I went on the web page to look it up, it is in an excluded area. |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 2:35:27 PM
|
To bad most people dont live on usda land
BUT I CAN HELP!! |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 2:38:28 PM
|
| ONLY COWS |
|
|
Travis Du Bois
589 Posts |
Posted - 02/20/2008 : 2:43:32 PM
|
Time you got to get out of CA.
In Wa probably 80% of the area qualifies. As long as you are not in a major city, ex. Seattle, Tacoma, Olympia ect. you are golden. California is just big city after big city and urban development after urban devolopement with strip malls inbetween and inflated prices.
but there are some places like in Vaccaville and some of the central valley that qualify you just got to go east of the ocean. ~`; }
|
|
|
forsociald
2140 Posts |
Posted - 02/20/2008 : 2:48:38 PM
|
quote:
Originally posted by time101
105% HOME LOAN PROGRAM
• New conventional loan with interest-only feature
• Zero down payment required
• Variety of Loan types and terms to fit your individual needs
• You DON’T have to be a first-time homebuyer
• 1-and 2 unit properties are eligible
• No sale price limits
• Higher income limits than many down payments assistance programs
• Program is available in multiple states, CA, NV,OR, WA, CO, MO, AR ,UT, NM and TX
• Interest-only loan can lower payment
• Discounted Mortgage insurance(MI) option
• DON’T CARE ABOUT DECLINING MARKETS
CALL FOR MORE INFO
Dewayne McDaniel
909-888-7999 Office
562-688-8487 Cell
dewaynemcdaniel@yahoo.com
take your BS spamming to another site or just stay off this one. |
|
|
stevedoesloans
64 Posts |
Posted - 02/20/2008 : 2:50:49 PM
|
| You mean Pamela Anderson's tah tah's are not real... ???? damn |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 2:52:35 PM
|
| You are right about that some places in california are usda |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 2:54:35 PM
|
| who cares if pams tah tahs are real they sure look very nice and i bet they feel great also |
|
|
Travis Du Bois
589 Posts |
Posted - 02/20/2008 : 3:11:10 PM
|
quote:
Originally posted by time101
who cares if pams tah tahs are real they sure look very nice and i bet they feel great also
Ah LOL
...running down the beach in a red bathing suit that should have been a 2 piece....
Baywatch flash back... |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 3:12:47 PM
|
| I used to get my best work out ever when that show was on the air |
|
|
jjdrury
29 Posts |
Posted - 02/20/2008 : 3:19:57 PM
|
| Have you tried it under Ameridream. You can do an FHA loan with a seller gift to Ameridream for the down payment and the seller can still pay closing costs. Also check to see if the property is in a Rural Housing Service area, you can do those 100% also. |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 3:23:02 PM
|
| this is a second we are not asking for a hand out from the seller also this is not long and hard fha |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 3:23:53 PM
|
| we covered rual already with travis |
|
|
jjdrury
29 Posts |
Posted - 02/20/2008 : 3:29:58 PM
|
| yeah I saw that wow that one guy 105% isnt there a strict policy on that crap! |
|
|
j_varo
58 Posts |
Posted - 02/20/2008 : 3:32:29 PM
|
Any way we can just get the "4 private money lenders you say you have"
Dont really want to just hand deals over to retail, Dwayne..
Or how about an 80% referral fee? |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 3:55:44 PM
|
sure if you have 6 deals ready to go
anything is possible
|
|
|
dkendall1979
10331 Posts |
Posted - 02/20/2008 : 3:58:13 PM
|
I wonder what the guy who lends money at 105% of property values wears to bed? I'M TALKING HUGE JUEVOS!
Of course, he goes to sleep with Wonder Woman so anything is possible. |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 3:59:55 PM
|
| LMAO |
|
|
jjdrury
29 Posts |
Posted - 02/20/2008 : 4:01:50 PM
|
| so I have to say I just joined but I am already laughing from some of these posts..... |
|
|
bbbbenny
231 Posts |
Posted - 02/20/2008 : 4:09:20 PM
|
Just signed docs w/ Wells on a Home Possible (Freddie product) 100% single loan w/ reduced MI of .58. As long as the appraisal is not checked "Declining" they will not cut the 5% ltv. This was no funny business. The appraiser uses a source (below) of recent sales data by zip along with her own research of comps and based on that, marked stable on the appraisal. Her decision, no pressuring from me-I told her if you can do it great, if you can't just let me know before we spend anyone's time/money.
She can stand behind her appraisal and more importantly, Wells reviewed and accepted it.
http://www.dqnews.com/ZIPLAT.shtm |
|
|
j_varo
58 Posts |
Posted - 02/20/2008 : 4:14:26 PM
|
I got 3 ready to go ..
But I want 90% plus rebate and the contacts,,,
If not - NO DEAL |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 4:58:33 PM
|
| At this point you got no loans and no lender so just send them over |
|
|
cfgoulart
17 Posts |
Posted - 02/20/2008 : 5:00:53 PM
|
| I just called my rep at Wells Fargo, they actually have a few different agency sponsored programs that can take me to 100% as long as the appraiser does not note a declining market. I had to ask about the program specifically to get a yes on 100%, but that's golden, thank you for the info! |
|
|
time101
172 Posts |
Posted - 02/20/2008 : 6:25:07 PM
|
good luck so your going to have the appraiser lie and get his lic. taken away from him
also wht city is this in? |
|
|
j_varo
58 Posts |
Posted - 02/20/2008 : 6:39:56 PM
|
Why would you say lying?
As long the appraiser backs up his value with comps its not a lie. |
|
|
cfgoulart
17 Posts |
Posted - 02/20/2008 : 8:01:19 PM
|
| Exactly. This is in the SF Bay Area. While the entire area is marked as declining, there are pockets that are holding value very well, especially in the Alamo area. Not all areas have seen a sharp decline, and there are niche markets that are stable. Much better way to do it than marking the whole area as a declining market. |
|
|
jjdrury
29 Posts |
Posted - 02/21/2008 : 06:30:13 AM
|
| Here in Florida almost all Lenders have stopped acknowledging the DU and Appraisal. In other words it didn't matter if the findings come back not in a declining area or that the appraiser did not indicate it either. That is the problem with this industry right now. The lenders are so gun shy they are taking the FNMA guidelines to an extreme. |
|
|
time101
172 Posts |
Posted - 02/21/2008 : 08:25:00 AM
|
| your loan is in the sf bay area,good luck everything in that area is a down market,and your appariser is going to lol at you |
|
|
time101
172 Posts |
Posted - 02/22/2008 : 11:06:34 AM
|
| bump |
|
|
engrjon81
383 Posts |
Posted - 02/22/2008 : 11:07:16 AM
|
| not as much as we are all lol'in @ you... |
|
|
marianryan
9 Posts |
Posted - 02/22/2008 : 11:13:59 AM
|
| I am also looking for 100% financing in Miami, FL. Does anyone still have those loans on conforming limits? |
|
|
cfgoulart
17 Posts |
Posted - 02/22/2008 : 11:17:46 AM
|
| Look up the thread, Wells Fargo has them, but depends on the market where the home is located. Give them a call, I've been looking for a couple weeks now, they are the only ones who seem to offer any hope. |
|
|
bbbbenny
231 Posts |
Posted - 02/22/2008 : 11:23:44 AM
|
Wells Fargo bulletin today:
Conforming~ At Risk Market Policy Clarification
There have been many questions regarding our At Risk Market Policy. This message addresses At Risk Market Policy for Conforming loans. See attached Newsflash for full details and for Non-Conforming (Jumbo).
No 5% LTV/CLTV Reduction:
If your loan meets the following requirements:
Conforming loan amount
Purchase or Rate Term
Primary residence
~~~~~~~AND~~~~~~~~~
Appraiser didn't mark or comment to:
An over supply
Declining market
> 6 months marketing time
Submit your 100% financing loans with confidence to Wells Fargo!
5% LTV/CLTV Reduction applies to properties on At Risk Market list & one of the following:
Investment/non-owner occupied transactions >75% LTV/CLTV
Second home transactions >75% LTV/CLTV
Cash-out refinance transactions >75% LTV/CLTV
If At Risk, appraiser can provide Enhanced Standards to waive the reduction. (Enhanced Standards are provided in the Newsflash if you need to pursue).
Property Characteristics Requiring LTV/CLTV Adjustments – Broker Guide Section 320B
A 5% LTV/CLTV reduction is required when the appraiser notes any of the following attributes:
Declining property values
An oversupply
Greater than 6 months marketing time
Note: This reduction is not required when the LTV/CLTV has already been reduced under the At Risk Market policy, however, this reduction does apply even if the property is not identified by Wells Fargo as an At Risk Market. Additionally, the Enhanced Standards may not be used to waive this reduction.
|
|
|
time101
172 Posts |
Posted - 02/23/2008 : 9:44:26 PM
|
| bump |
|
|
OneArmSteve
339 Posts |
Posted - 02/23/2008 : 9:53:56 PM
|
| Time101, just curious to you keep bumping this thread because you enjoy looking like an idiot? |
|
|
time101
172 Posts |
Posted - 02/24/2008 : 09:10:05 AM
|
| Please no name calling one arm bigger then the other steve |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
