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Kaci2782
25 Posts |
 Posted - 05/04/2008 : 10:27:58 PM
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| I have a borrower with a mid of 648 and she is looking for 97% financing with 6% seller contribution. The property is located in Texas and is a 1 unit townhouse. Is there any lenders still offering this kind of financing? All helping responses is appreciated. |
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Kaci2782
25 Posts |
Posted - 05/05/2008 : 10:26:30 AM
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| I guess we have all these LOs and noone can help. Thanks anyway:) |
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csmith51
295 Posts |
Posted - 05/05/2008 : 11:25:40 AM
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| FHA would probably be way to go in order to get 97% LTV. I have not seen that high of LTV with conventional lenders for awhile now. Also, most PMI companies will not cover that high of LTV these days, so FHA might be only way you can get 97% ltv. |
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Kaci2782
25 Posts |
Posted - 05/05/2008 : 3:01:15 PM
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| Can they use the Nehemiah program with Homepossible? |
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swtrnsassy1
59 Posts |
Posted - 05/07/2008 : 6:23:43 PM
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quote:
Originally posted by Kaci2782
I have a borrower with a mid of 648 and she is looking for 97% financing with 6% seller contribution. The property is located in Texas and is a 1 unit townhouse. Is there any lenders still offering this kind of financing? All helping responses is appreciated.
FHA will allow for the 6% seller contributions, if you put the down through nehemiah, and they will do the 97% plus the MI is a lot lower than regular conventional. But isn't texas limited to 80% for owner occ? or i might be wrong. its been a while. |
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Kaci2782
25 Posts |
Posted - 05/08/2008 : 01:19:48 AM
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| FHA doesnt have MI, that have a one time fee at closing. No Texas owner occupied goes up to 97%, thats the highest that MI companies will cover. |
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aspiring1
1220 Posts |
Posted - 05/08/2008 : 11:53:06 AM
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quote:
Originally posted by swtrnsassy1
quote:
Originally posted by Kaci2782
I have a borrower with a mid of 648 and she is looking for 97% financing with 6% seller contribution. The property is located in Texas and is a 1 unit townhouse. Is there any lenders still offering this kind of financing? All helping responses is appreciated.
FHA will allow for the 6% seller contributions, if you put the down through nehemiah, and they will do the 97% plus the MI is a lot lower than regular conventional. But isn't texas limited to 80% for owner occ? or i might be wrong. its been a while.
Texas is limited to 80% owner occupied if the prospect has EVER done a cash out refinance on the property. (once a cash out always a cash out in Texas - *****)
Yes, FHA is the way to go for that scenario. |
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