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dmj30064
236 Posts |
 Posted - 04/01/2008 : 4:29:31 PM
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Please let me know what lenders are left that has these programs. I really need some good looks, scenario is below:
Appraised Value:245000
Loan amount: 220500
LTV: 100
CLTV: 100
Occupancy: Owner Occupied
Loan Purpose: Purchase
Loan Type: Conventional
State: GA
Doc Type: FULL DOC
Middle Score: 704
Debt Ratio: 45
Seasoning: 24+ months RENT
Mortgage Lates: None
Foreclosure: None
Bankruptcy: None
Tradelines: 7
If you can do this loan or know of any lenders that would do this, please contact me ASAP by office at 678-395-8403. |
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AGreene00
2899 Posts |
Posted - 04/02/2008 : 12:25:20 PM
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| I think 100% is pretty much gone at this point. No MI companies are insuring it and no lenders are offering it. |
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jpr21
39 Posts |
Posted - 04/02/2008 : 12:27:29 PM
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| i do not believe 100% is out there anymore. whether LPMI or borrower paid MI. i think some spots have 80/20, but none of them will do the 20. so you would need to find a bank to do the 20 and guess what, they do not exsist either. at least that is my experience, if someone else knows better, prove me wrong. please, i beg you to. |
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cstlmtg
102 Posts |
Posted - 04/02/2008 : 12:29:28 PM
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| I spoke with client relations at Wells Fargo today and they indicated Freddie Mac 100 was still available. When I questioned them about PMI, they stated they were not aware of it being a problem. |
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dmj30064
236 Posts |
Posted - 04/02/2008 : 12:30:23 PM
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That's what Im afraid to tell myself. Someone has to offer it though, I can only assume that someone will step up the plate to service this niche & take advantage.quote:
Originally posted by AGreene00
I think 100% is pretty much gone at this point. No MI companies are insuring it and no lenders are offering it.
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mantixmortgage
2767 Posts |
Posted - 04/02/2008 : 12:31:05 PM
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95% max conventional
97%fha with 3% down payment assistance
pretty sure this is across the board |
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mortgage.monkee
83 Posts |
Posted - 04/02/2008 : 12:44:03 PM
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| restructure the contract as fha with dpa and your d-o-n-e. |
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dmj30064
236 Posts |
Posted - 04/02/2008 : 12:46:38 PM
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Thank you very much sir, you are definitely a problem solver. Anyone can identify issues, again I appreciate it.quote:
Originally posted by cstlmtg
I spoke with client relations at Wells Fargo today and they indicated Freddie Mac 100 was still available. When I questioned them about PMI, they stated they were not aware of it being a problem.
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goodguy1
1681 Posts |
Posted - 04/02/2008 : 12:51:03 PM
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beware of what Wells and other big companies tell you..ultimately it is still up to the MI companies to insure it.. with LPMI, it might only be a retail product, or will be gone sooner than you can say "boo"
I think other than AG loans and FHA+ DPA, it's a no-go. |
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dmj30064
236 Posts |
Posted - 04/02/2008 : 12:53:19 PM
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Will do, but I will definitely check them out. Thanks for the heads up!!
quote:
Originally posted by goodguy1
beware of what Wells and other big companies tell you..ultimately it is still up to the MI companies to insure it.. with LPMI, it might only be a retail product, or will be gone sooner than you can say "boo"
I think other than AG loans and FHA+ DPA, it's a no-go.
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cvm2
242 Posts |
Posted - 04/02/2008 : 1:27:21 PM
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preferred capital has 100% 10.39 par at 620 mid score
they had it last week
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dmj30064
236 Posts |
Posted - 04/02/2008 : 3:06:20 PM
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| Freddie Mac 100 is ALIVE. Par was 6.625% when I last looked. |
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cvm2
242 Posts |
Posted - 04/02/2008 : 3:38:46 PM
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Who is writing the MI
Doesn't it have MI |
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cvm2
242 Posts |
Posted - 04/02/2008 : 3:45:52 PM
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| I think Wells hasn't updated their system yet. I can't find any MI company that will give you the insurance. The lenders still offer it but we can't get it closed because of not being able to get PMI. |
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cvm2
242 Posts |
Posted - 04/02/2008 : 3:50:44 PM
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I got this from Wells Fargo, you have 2 days to get it locked.
Maximum Loan-to-Value (LTV) Changes
Effective April 7, 2008, Wells Fargo Wholesale Lending will accept a maximum LTV of 97% for all eligible products and
programs, regardless of automated underwriting system (AUS) response. Note: The Freddie Mac 100 program will no
longer be available.
Loans with LTVs greater than 97% must be locked on or prior to 8:00 p.m. CT, April 4, 2008, and funded by 5:00 p.m.
CT, on April 30, 2008, or by the lock expiration date, whichever is earlier. Lock extensions and relocks will not be
permitted.
The Broker Guide will be updated as appropriate. |
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bbbbenny
239 Posts |
Posted - 04/02/2008 : 3:53:56 PM
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This from a memo just rec'd from Wells rep, effective April 7th:
Effective April 7, 2008, Wells Fargo Wholesale Lending will accept a maximum LTV of 97% for all eligible products and
programs, regardless of automated underwriting system (AUS) response. Note: The Freddie Mac 100 program will no
longer be available.Loans with LTVs greater than 97% must be locked on or prior to 8:00 p.m. CT, April 4, 2008, and funded by 5:00 p.m.
CT, on April 30, 2008, or by the lock expiration date, whichever is earlier. Lock extensions and relocks will not be
permitted.
The Broker Guide will be updated as appropriate.
<
quote:
Originally posted by dmj30064
Will do, but I will definitely check them out. Thanks for the heads up!!
quote:
Originally posted by goodguy1
beware of what Wells and other big companies tell you..ultimately it is still up to the MI companies to insure it.. with LPMI, it might only be a retail product, or will be gone sooner than you can say "boo"
I think other than AG loans and FHA+ DPA, it's a no-go.
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dmj30064
236 Posts |
Posted - 04/02/2008 : 4:07:45 PM
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Unsure.
quote:
Originally posted by cvm2
Who is writing the MI
Doesn't it have MI
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jpr21
39 Posts |
Posted - 04/03/2008 : 07:54:51 AM
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i will have to check on that FHA-DPA program. i have not worked on FHA much and had not heard of that. i was told FHA did not go that high. thanks.
ps- i would not trust wells fargo on anything. they are one of the worst spots i ever dealt with on getting loans done. |
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cvm2
242 Posts |
Posted - 04/03/2008 : 07:58:05 AM
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| the DPA program to 100% with FHA is still working |
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msancheznj
2243 Posts |
Posted - 04/03/2008 : 08:00:49 AM
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| Do this FHA at 97% with a 3% DownPaymentAssiatnce (DPA program) and you got it done!!!! |
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dmj30064
236 Posts |
Posted - 04/03/2008 : 10:19:14 AM
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Thanks, looks like thats what I have to do.
quote:
Originally posted by msancheznj
Do this FHA at 97% with a 3% DownPaymentAssiatnce (DPA program) and you got it done!!!!
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toddblue
2522 Posts |
Posted - 04/03/2008 : 10:23:31 AM
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| It's a long shot, but if the area the home is in qualifies USDA RD you can still do 100% with a 2% funding fee and no MI. Awesome program for areas that qualify based on population. |
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dmj30064
236 Posts |
Posted - 04/03/2008 : 10:38:18 AM
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Not too familar with the program, but I will definitely learn it today.
quote:
Originally posted by toddblue
It's a long shot, but if the area the home is in qualifies USDA RD you can still do 100% with a 2% funding fee and no MI. Awesome program for areas that qualify based on population.
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