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sfentress2
246 Posts |
 Posted - 05/22/2008 : 11:03:39 AM
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| I was told by a fellow broker that you can get a FHA cashout to 95% Is that the case? Hook me up. |
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misteryu
60 Posts |
Posted - 05/22/2008 : 11:04:39 AM
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yes you can
if it's a 2 unit, u can cashout only to 85% |
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sfentress2
246 Posts |
Posted - 05/22/2008 : 11:05:45 AM
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| Thanks msteryu! |
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lunarhamster
4035 Posts |
Posted - 05/22/2008 : 11:06:01 AM
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| Yes, 95%. Also, if you have a non occ co brw, only 85% |
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sfentress2
246 Posts |
Posted - 05/22/2008 : 11:11:25 AM
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| Thanks for the help, I have had 3 lenders only give me 85%. TBW, INDYMAC, and CITI |
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PMFMike
222 Posts |
Posted - 05/22/2008 : 11:11:30 AM
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| Just closed a 93% cashout. Definitely, the way to go. |
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lunarhamster
4035 Posts |
Posted - 05/22/2008 : 11:14:13 AM
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quote:
Originally posted by sfentress2
Thanks for the help, I have had 3 lenders only give me 85%. TBW, INDYMAC, and CITI
FHA guidelines allow 95% cash out, there must be something else we don't know that is limiting you to 85%.
I will tell you that TBW do not know their own guidelines, I have to call and argue with them all the time, it used to be 85% cash out, guidelines changed in 2005 to 95%. |
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Miraclemario
16 Posts |
Posted - 05/22/2008 : 11:18:53 AM
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quote:
Originally posted by Boner in Sweatpants
Besides the usual 580 minimum, do lenders have any additional credit score minimums for 95% cash out?
FHA requires a 600 Fico for cash out. |
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sfentress2
246 Posts |
Posted - 05/22/2008 : 11:20:33 AM
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| The property is in DC, I was just told that I would be limited to 90 because it is considered declining!? That doesn't sound right. The scenario is 589 score 95% cashout, DC, 0x30 loan amount $513K. DC is a high value area I am sure it meets the loan amount allowed. What is the catch that I am missing here? |
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Xanthan Gum
953 Posts |
Posted - 05/22/2008 : 11:28:11 AM
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| 95% is right for cashout FHA. It is a great product. |
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nowbroker
1385 Posts |
Posted - 05/22/2008 : 11:38:23 AM
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With a 589 score you would have some good explaining to do for a 95% cashout.
They also have to have lived in the home for the last year to get a 95% C/O on a 1-2 unit property. |
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Nikmyt
62 Posts |
Posted - 05/22/2008 : 11:41:27 AM
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quote:
Originally posted by lunarhamster
Yes, 95%. Also, if you have a non occ co brw, only 85%
I found that one out the hard way this past fall. |
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sfentress2
246 Posts |
Posted - 05/22/2008 : 11:48:57 AM
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| thankfully they have lived there for over 3yrs |
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lunarhamster
4035 Posts |
Posted - 05/22/2008 : 11:51:11 AM
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quote:
Originally posted by sfentress2
The property is in DC, I was just told that I would be limited to 90 because it is considered declining!? That doesn't sound right. The scenario is 589 score 95% cashout, DC, 0x30 loan amount $513K. DC is a high value area I am sure it meets the loan amount allowed. What is the catch that I am missing here?
That is weird, FHA doesn't look at the declining market. Never heard of that. |
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sfentress2
246 Posts |
Posted - 05/22/2008 : 11:53:44 AM
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| Kathy you think you know what you are doing until you talke to people who don't. I feel dumber today due to some of the stupidity. I even started questioning what I know. |
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closer31
269 Posts |
Posted - 05/22/2008 : 11:56:38 AM
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| who's the best lender for this? |
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sfentress2
246 Posts |
Posted - 05/22/2008 : 12:03:11 PM
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| I joined yesterday because of **** like this LOL. And hopefully to find new lenders and/or acct reps who don't avoid your phone calls and tell you what you want to hear. Since the crash all of the good reps are gone as are my relationships with lenders. |
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closer31
269 Posts |
Posted - 05/22/2008 : 12:03:54 PM
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| 90% LTV 790 fico full doc 594k loan amount cash out what's ther best rate and program?? |
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lunarhamster
4035 Posts |
Posted - 05/22/2008 : 12:06:06 PM
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quote:
Originally posted by sfentress2
Kathy you think you know what you are doing until you talke to people who don't. I feel dumber today due to some of the stupidity. I even started questioning what I know.
Scott, I know exactly how you feel.
I was shopping a loan last week, I called my rep, called HUD and was completely confident in what I was doing, I submit the file and was told by a DE Underwriter at TBW that I could only to go to 75% cash out on an FHA because I was adding a non occ co-brw, I argued with the underwriter until she hung up on me, it was to late to get ahold of anyone else, so I went to bed and layed there questioning myself all night.
Remember this, there are very few people that have a frickin clue what they are doing, there are many in the BO who know their job, but more that don't. You will get a different answer from every person you ask. You cant ask the underwriters because they are as stupid as they come, you better hope your AE knows what the hell they are doing.
It takes many phone calls to many different people to find the real answer.
I do know Scott that FHA goes to 95% cash out, fico hit's are at the lenders discretion, so always ask. Declining market should not be a factor.
Hang in |
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sfentress2
246 Posts |
Posted - 05/22/2008 : 12:08:48 PM
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| Thanks Kathi, I will get a hug from my wife later LOL. They say the crash has weeded out the people who never belonged in this business to begin with, I am not so sure. |
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jpar994
874 Posts |
Posted - 05/22/2008 : 12:15:45 PM
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PPL you cannot go over 417k to 95% FHA Cash out Tranactions are capped to 85% over 417k and you need two appraisals with most lenders
I just was infromed this last week from HUD |
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jpar994
874 Posts |
Posted - 05/22/2008 : 12:16:18 PM
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PPL you cannot go over 417k to 95% FHA Cash out Tranactions are capped to 85% over 417k and you need two appraisals with most lenders
I just was infromed this last week from HUD |
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lunarhamster
4035 Posts |
Posted - 05/22/2008 : 12:28:22 PM
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| Ahh, I didn't see the loan amount. I haven't heard that, but they are changing everyday. |
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jordanfsl
24 Posts |
Posted - 05/26/2008 : 12:29:45 PM
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Kathi,
You cannot cash-out with non-occupany co-borrowers....that's a HUD rule. |
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davidfr
1172 Posts |
Posted - 05/26/2008 : 6:06:56 PM
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quote:
Originally posted by jordanfsl
Kathi,
You cannot cash-out with non-occupany co-borrowers....that's a HUD rule.
No Jordan, it is nota HUD rule. You are dead wrong. You certainly can do an FHA cash out with a non occupant co borrower. |
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laxkeepa11
30 Posts |
Posted - 05/26/2008 : 8:18:44 PM
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FHA guidelines are changing everyday........the latest revision they have made to their insuring guidelines is as follows:
when a non-occupying co borrower is present on a loan, FHA will only insure cash out loans up to 75 ltv. they were getting swamped with these scenarios up to 95 ltv and made a business decision to limit to 75 ltv for obvious reasons.
what is happeneing is FHA is insuring the loan when it is shipped but then kicking back the loans once it is underwritten by HUD......it is a very tough time for DE underwriters on what loans to approve and what not to approve.
i think it might be time to sell toasters
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nowbroker
1385 Posts |
Posted - 05/26/2008 : 9:13:49 PM
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| FHA has not changed the refinance guidelines for non-occupying co borrowers. There may be specific lenders that impose this rule, but I have seen nothing in writing from HUD- have you? |
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laxkeepa11
30 Posts |
Posted - 05/26/2008 : 9:47:07 PM
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| Well I have 2 loans sitting on my warehouse lines that have been kicked back from hud after it was audited by hud..if u broker ur fha loans u have nothing to worry about.its the de lenders that are getting kickbacks...trust me on this, when non occ coborrower is present anything over 75 ltv must be rate and term |
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