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kellamtom
633 Posts |
 Posted - 03/20/2008 : 4:37:21 PM
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96K loam amt
95% ltv
oo
sfr
tx purchase
fico 647
dti 56
cant go fha loan now with her soon to be exhusband
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dwmordue
436 Posts |
Posted - 03/20/2008 : 4:45:34 PM
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| USDA if it meets the Income and Population criteria. I don't believe that USDA has a credit score requirement, but since the loans are first come first served, their is no guarantee that she wouldn't be passed over for someone more qualified. |
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smoothlid
419 Posts |
Posted - 03/20/2008 : 6:21:44 PM
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MY Community with us...we can go to 6% seller pd if LTV 97 or less.
even if declining mkt, would be 100% less 5% hit, so 95 is ok.
DTI ok as long as you stay under 65% & get approve/elig or EA1, same pricing.
Are you signed up with Freedom? |
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kellamtom
633 Posts |
Posted - 03/20/2008 : 6:26:00 PM
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they own a future rental and it's an fha loan her and future exhusband have a lease in place on current residence beginning on the 4-15,
Does this prevent the borrower from getting a community product. |
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smoothlid
419 Posts |
Posted - 03/20/2008 : 6:37:22 PM
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quote:
Originally posted by kellamtom
they own a future rental and it's an fha loan her and future exhusband have a lease in place on current residence beginning on the 4-15,
Does this prevent the borrower from getting a community product.
Sorry, no can do...see from Fannie Mae guidelines-unless she can come off deed to the future rental & qualify without ex husb for new purch
Eligible borrowers need not be first time homebuyers, but they cannot own multiple properties. Eligible borrowers who sell their existing property
must evidence the sale of their prior residence with a HUD-1 from that sale. |
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jvanpetten
2553 Posts |
Posted - 03/20/2008 : 7:07:32 PM
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| Yes, it is getting more and more difficult. FHA is only one I know of. |
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ML
3021 Posts |
Posted - 03/20/2008 : 8:38:46 PM
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quote:
Originally posted by kellamtom
they own a future rental and it's an fha loan her and future exhusband have a lease in place on current residence beginning on the 4-15,
Does this prevent the borrower from getting a community product.
You can get a 2nd FHA due to divorce. |
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smoothlid
419 Posts |
Posted - 03/21/2008 : 07:06:50 AM
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quote:
Originally posted by ML
quote:
Originally posted by kellamtom
they own a future rental and it's an fha loan her and future exhusband have a lease in place on current residence beginning on the 4-15,
Does this prevent the borrower from getting a community product.
You can get a 2nd FHA due to divorce.
I think the problem is they do not qualify FHA...DTI is a bit on the high side there... |
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Mandyvilla
3465 Posts |
Posted - 03/21/2008 : 07:23:31 AM
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FHA you have two issues......You can have a second max ltv loan if it's due to divorce/separation, payment history is in good shape, and the borrower you are working with can prove they have been out of the marital home for at least 6 months. FHA treats it as a co-signed liability and contingent liability documentation is required.
Issue two. Outside of that issue, you can only have 2 FHA loans and that requires proof that something has changed to warrant the 2nd loan. (job relocation, increase in family size, decrease in abilities to care for property, etc). Even then, one of the loans has to be at a 75% LTV.
Tough sell to have one FHA w/ ex and 2 other FHA loans. I think that would be pushing things....let us know if you find something......and then, where you found it. |
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