Which lenders should I look at, Already had some doors slammed. Trying not to stress!

[drowning123]

I totally understand, tobee. My parents are older, and I actually do want to be closer to them, just not THAT close. I truly wish you all the best with everything.

[tobee43]

well drowning, i don't want to be that close either!! i also have my mom in her 90's that i'm responsible for, as well and that is another story LOL!!

that's for wishing us the best...we have truly bless this year, so we consider everyday a blessing! we will not be living with them...no way, but close just in case. so i hear you, a 20 minute drive will be just perfect

[Logan]

in today's market even those with excellent scores and not getting mortgages, simply because banks are not lending, even direct lenders are not lending. i know people that never had a bk or bad mark on their credit and their scores in the 800's and still cannot get a mortgage. it's just the sign of the times.

If you have the income and assets to qualify for a mortgage you'll get a loan. If you don't have the income and assets then you don't get a loan. I personally think that's a good thing since there were many people getting loans they shouldn't of qualified for and that's a big reason why this economy tanked.

[tobee43]

If you have the income and assets to qualify for a mortgage you'll get a loan. If you don't have the income and assets then you don't get a loan. I personally think that's a good thing since there were many people getting loans they shouldn't of qualified for and that's a big reason why this economy tanked.

unfortunately, that's simply not the case. i know someone had the approval, a credit score in the 800's a 49% downpayment, assets, jobs and a mortgage approval, a closing date.....packed up the house for the move, 2 hours before the closing the bank backed out. this was last spring, hopefully things are going to change. however, i disagree with you on this completely, right now i'm working with a four way partnership just attempting a refi with total incomes of well over 2million dollars they are attempting to refi 200k on some investment property. all have perfect credit and equity in their personal homes...the banks will not touch them.

[Logan]

unfortunately, that's simply not the case. i know someone had the approval, a credit score in the 800's a 49% downpayment, assets, jobs and a mortgage approval, a closing date.....packed up the house for the move, 2 hours before the closing the bank backed out. this was last spring, hopefully things are going to change. however, i disagree with you on this completely, right now i'm working with a four way partnership just attempting a refi with total incomes of well over 2million dollars they are attempting to refi 200k on some investment property. all have perfect credit and equity in their personal homes...the banks will not touch them.

Tobee, I was in the mortgage business for a while and my friends that are still in the business are getting loans closed without much problem. Anyone putting 49% down with good assets and income have a moron for a mortgage broker if they can't get the loan closed or your friends aren't telling you the whole story.
Houses are selling like hotcakes where I live in Florida so obviously the banks are giving out loans in Naples where I live. In fact, I'm in the market and when a good property comes available it will be gone in days.
Logan

[Logan]

i disagree with you on this completely, right now i'm working with a four way partnership just attempting a refi with total incomes of well over 2million dollars they are attempting to refi 200k on some investment property. all have perfect credit and equity in their personal homes...the banks will not touch them.

What kind of investment property? My buddy just bought 2 homes in the Vegas area with 20% down on each at a rate of 5%. He makes about 130K, the houses were 90K each and they both have renters in them.
Logan

[tobee43]

What kind of investment property? My buddy just bought 2 homes in the Vegas area with 20% down on each at a rate of 5%. He makes about 130K, the houses were 90K each and they both have renters in them.
Logan

they are really nice condos located in a premium area in florida....i'm wondering if your friend could help them??? i don't want to disclosed very many details publicly, i'm certain you understand.

yes, naples, venice that area is still going...just like st. augustine. so there are a few places i know are moving slowly but surely, but really not here as yet in the middle of the state. i'm certain it's as picnic table full of goodies for investors with money and those that have money to spend.

[Logan]

they are really nice condos located in a premium area in florida....i'm wondering if your friend could help them??? i don't want to disclosed very many details publicly, i'm certain you understand.

yes, naples, venice that area is still going...just like st. augustine. so there are a few places i know are moving slowly but surely, but really not here as yet in the middle of the state.

Condos in FL with multiple parties is a different ball game than an individual buying a family home. Vacancy rates in FL Condos have been the problem with getting loans and that's something that is impossible to get around. Not sure if that's their problem?
My mortgage buddies are all in California and not licensed in FL. I'm working with a loan officer with RBC mortgage recommended by our Real Estate agent. I haven't closed a loan with RBC yet but I'm confident in their ability to get loans closed.

Logan

[tobee43]

Condos in FL with multiple parties is a different ball game than an individual buying a family home. Vacancy rates in FL Condos have been the problem with getting loans and that's something that is impossible to get around. Not sure if that's their problem?
My mortgage buddies are all in California and not licensed in FL. I'm working with a loan officer with RBC mortgage recommended by our Real Estate agent. I haven't closed a loan with RBC yet but I'm confident in their ability to get loans closed.

Logan

well what i found out about these investment geniuses ( and NOW they come for help) is they took out interest only loans thinking the market was was going to continue to go up and up and then flip them. well, i don't know why they didn't decide to refi when money was free?

i told them first go back to the original lender, see if they will do an DIL or attempt a refi...problem is, it's one of the majors and they haven't been lending, and as we know of course the properties are not going to appraise out. although, the banks are suppose to HELP those mortgages. it's at least a starting place for them, for now.

[Logan]

well what i found out about these investment geniuses ( and NOW they come for help) is they took out interest only loans thinking the market was was going to continue to go up and up and then flip them. well, i don't know why they didn't decide to refi when money was free?

i told them first go back to the original lender, see if they will do an DIL or attempt a refi...problem is, it's one of the majors and they haven't been lending, and as we know of course the properties are not going to appraise out. although, the banks are suppose to HELP those mortgages. it's at least a starting place for them, for now.

I remember a guy calling me for a loan for a 5 unit building and wanting 100% financing and expected to break even or cash flow right off the bat. That's just nuts for a bank to lend on an investment property without putting more risk on the borrower but it was happening and that's a big reason why we're in te mess we're in.

Logan

[tobee43]

I remember a guy calling me for a loan for a 5 unit building and wanting 100% financing and expected to break even or cash flow right off the bat. That's just nuts for a bank to lend on an investment property without putting more risk on the borrower but it was happening and that's a big reason why we're in te mess we're in.

Logan

you hit the nail right on the head. these are not "bad" or badly intended people here, they just tried to take advantage of the market at the height of the market, or at least that is what they thought. my only troubling thought is they are also, what i on most normal situation would consider extremely smart people, so that's a bit confusing.

[pathfinders]

I found a portfilio Lenders, will do Our loan they have a program where you have to be 2 years past discharge we were( 7) and only 1 year of the home being out of our name, ( FHA is 3 years) you need 20% down recovered credit scores ours is FICO 700 and 702 and of coure reserves in the bank 3.25 rate 6-1 Arm after 1 year the loan is of course seasoned and we can refi into a 30 year fixed : Ome more thing as far as your fourclousure yu can not have just not walked away has to be a reason yiu lost the Home Job etc:

[JasNH]

I just wanted to update everyone. I found a lender that would approve me and we CLOSED on Jan 16th on the house!!! We financed through Citizens Bank and got a 3.125 % Interest Rate.

If you have put in the hard work to rebuild after a chapter 7 dont let anyone tell you you cant do it or nay say you. You will have to put in quadrupal the amount of paperwork but if you stay on top of EVERYTHING and EVERYONE involved in the process it is doable.

Stay organized. Scan everything you can. I used my little epson multifunction scanner for all of it and it saved me so much time. I only had to Fax 1 document to one party. Everything else was through email. Until the closing and we had to do that part in person.

Get a home inspection before you CLOSE.

[tobee43]

I just wanted to update everyone. I found a lender that would approve me and we CLOSED on Jan 16th on the house!!! We financed through Citizens Bank and got a 3.125 % Interest Rate.

If you have put in the hard work to rebuild after a chapter 7 dont let anyone tell you you cant do it or nay say you. You will have to put in quadrupal the amount of paperwork but if you stay on top of EVERYTHING and EVERYONE involved in the process it is doable.

Stay organized. Scan everything you can. I used my little epson multifunction scanner for all of it and it saved me so much time. I only had to Fax 1 document to one party. Everything else was through email. Until the closing and we had to do that part in person.

Get a home inspection before you CLOSE.

conrats!!! wish we could have a "BELL" go off from here on in when someone that comes of their BK gets a mortgage loan!! good advise! and thanks for sharing!

best of luck in your new home!