| Author |
Previous Topic | Next Topic |
|
jfink46
297 Posts |
 Posted - 07/30/2008 : 12:12:55 PM
|
I got a call from a past client that is desperate to refinance her house, even though she owes about $70,000 more than it’s worth. The current value is about $250,000 and she owes $320,000 and is 60 days past due. The current lender won’t do anything except freeze her current rate at 7.70% for the next 5 years.
Her father is willing to pay down the loan and co-sign for her on the new mortgage.
Would we be able to do an FHA loan for her at 95% of the value of the house?
The property is in Henderson, NV (89074) and I don't have a FICO score for my borrower yet, just checking if this is possible.
Thanks. |
|
jtm7332
500 Posts |
Posted - 07/30/2008 : 12:16:22 PM
|
| Cant the dad step in and purchase the property for her and sell it back to her on contract terms? |
|
|
jfink46
297 Posts |
Posted - 07/30/2008 : 12:18:21 PM
|
| Maybe, but then it would be N/O/O for dad and need 20-25% down. |
|
|
jfink46
297 Posts |
Posted - 07/30/2008 : 2:22:31 PM
|
| Any other ideas? |
|
|
EquitySmart
1240 Posts |
Posted - 07/30/2008 : 2:25:39 PM
|
| Perhaps the best solution is getting money from the father to catch up on the mortgage (and put some money in a savings account as reserves to make sure all payments are made on time for the next X months) then refinance when her credit has improved? |
|
|
jfink46
297 Posts |
Posted - 07/30/2008 : 2:39:31 PM
|
| Thanks for the reply. I suggested something like that, but she wants to get out of this ARM really bad. Any other ideas??? |
|
|
nowbroker
1386 Posts |
Posted - 07/30/2008 : 5:40:18 PM
|
| If the rate went up due to the ARM, what about an FHA secure with dad giving a gift to pay down the loan? |
|
|
jfink46
297 Posts |
Posted - 07/30/2008 : 5:49:47 PM
|
| will she qualify with recent mortgage lates? if anyone has the link for FHA secure, please post... |
|
|
dtabar
768 Posts |
Posted - 07/30/2008 : 5:54:45 PM
|
| You may want to wait for the bill to take effect. She may be able to lower her balance to 90% of the current value then refinance it into an FHA loan. Don't quote me on this, no one has any solid details yet. But this is the jist of it. |
|
|
247lender
56 Posts |
Posted - 07/30/2008 : 6:31:31 PM
|
Here's FHA's Fact Sheet on FHASecure: http://portal.hud.gov/portal/page?_pageid=73,1827972&_dad=portal&_schema=PORTAL
I've heard Taylor Bean does them, but if you can't hook up with them, good luck finding a lender that'll actually work the program.
|
|
|
nowbroker
1386 Posts |
Posted - 07/30/2008 : 6:43:52 PM
|
| I believe First Horizon also does the FHA secure, they allow lates that were caused by an adjusting ARM with provisions. |
|
|
Ruby2sdae2
293 Posts |
Posted - 07/30/2008 : 6:53:10 PM
|
| Suntrust also does FHA Secure. Though I did just get one approved with TBW and it was rather easy to do so. 2.5% hit for Secure though so the rate will have to be at the top of the chart. I locked her at 7.25% though so I am saving her a lot of money because her rate just adjusted again to 11.125% |
|
|
kdwall
242 Posts |
Posted - 07/30/2008 : 6:59:38 PM
|
| See if they can hold off tell fha implements the forclosure bailout in a month or so. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
