With the recent subprime mortgage craze is there anyone who will still give a 100% ltv loan with ok

To be more specific our mid score is a 538. Please someone tell me they can help. We already have an accepted offer and the industry crashed now we are searching for alternate financing.

With the recent subprime mortgage craze is there anyone who will still give a 100% ltv loan with ok credit?

I wish I knew where to tell you to look, but with a credit score of 538, I would be very surprised if you could find 100% financing anywhere.

One of the problems that the sub-prime lenders had was a lot of appraisers that were saying the houses were worth more than they really were. Add that to people signing up for adjustable rate mortgages and the housing market turning flat and you have a lot of people that thought they could refinance at a later date at a flat rate due to their home being worth more money. It did not happen and now thousands of people are losing their homes.

Don't get me wrong, the sub-prime market will never go away, it will just pull back a little and demand more money down and better appraisals.

With the recent subprime mortgage craze is there anyone who will still give a 100% ltv loan with ok credit?

With a credit score like 538, probably not. But, if you can get your credit score up to the mid or upper 600s, then you can try to get an 80/20 loan. 80% of the money in the form of a 1st Mortgage, conventional loan and 20% from a 2nd mortgage, usually a home equity loan.

With the recent subprime mortgage craze is there anyone who will still give a 100% ltv loan with ok credit?

Hi

the best thing to do with that is try for FHA where the buyer may have to pay 5 or 3 % of their funds try Ideal mortgage bank . com good luck also delta funding

With the recent subprime mortgage craze is there anyone who will still give a 100% ltv loan with ok credit?

I know a hardmoney lender that can likely help you. Fill out the free evaluation form at the source website. Good luck.

Should I switch from part repayment/part interest only mortgage & surrender endowments to pay of

I have a mortgage which is part repayment/part interest only. I am thinking of switching to full repayment as there is a big shortfall on the endowments...%26amp; then cashing in the endowments to pay off credit card %26amp; loan debts. I will be then debt free but have bigger mortgage repayments a month.But by doing this I will save 鎷?00 a month by not paying loans etc.Also it ensures my mortgage will be fully paid off in the 12 years I have left to run on it, instead of having to try %26amp; make up the shortfall from my own funds (which I don't have). But is this the right thing to do? Should I switch to full repayment %26amp; do all this or not? I know I will have to take out a life insurance policy to cover mortgage for death (as death cover on endowments will no longer be there if I cash them in).

Should I switch from part repayment/part interest only mortgage %26amp; surrender endowments to pay off loans etc?

I done this two years ago and dont regret it .

go to full repayment mortgage look for best fixed rate deal for 2to 3 years then re mortgage again for best deal every 2 years . surrender endowment .

Should I switch from part repayment/part interest only mortgage %26amp; surrender endowments to pay off loans etc?

i dont knooow

Should I switch from part repayment/part interest only mortgage %26amp; surrender endowments to pay off loans etc?

You sound like you have thought this through enough to find your own answer. You know your own situation better than others.

I write down every financial fact of my life, add it all up, see how it looks both short-term and long-term, and then go from there. I try to draw a picture of my total worth, and what's often made a very big difference is reducing debt.

Should I switch from part repayment/part interest only mortgage %26amp; surrender endowments to pay off loans etc?

Seek Legal advice.!!!!!!

Should I switch from part repayment/part interest only mortgage %26amp; surrender endowments to pay off loans etc?

Ask your bank for an amortization schedule for each type of loan. That may be a real eye-opener. You're correct that your current scheme leaves a balloon payment at the end - and that's never a good idea. Go for the full repayment; you'll be glad when you see how much you really saved (compare the amortization schedules). Also be sure to get a fixed rate of interest - not adjustable.

Should I switch from part repayment/part interest only mortgage %26amp; surrender endowments to pay off loans etc?

It seems a very reasonable thing to do, especially if you're going to be 鎷?00 per month better off. It's always a good idea to get rid of unsecured loans and credit cards as these are often an expensive form of borrowing. In addition, to convert your mortgage into a repayment mortgage is again a good idea to ultimately get rid of it. I'm not a financial advisor but on the info you've provided personally I'd go for it.

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up

I have over a year to wait until this happens but since int. rates are still reasonably low, I wanted to check my options. At first he's telling me to wait, I told him I didn't want to wait in case rates go up so asked him to tell me what he found out. It seems he can lock me in at a decent rate for 30 yrs. %26amp; I will be paying less per month than I am right now?? What's up with this guy?? Is he too busy to deal with my loan?? Please no soliciters of your mortgage business, just looking for insight please?? Should I not trust him now?

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

Find someone else.

If he isn't gung-ho for your business, there will be 100 others right now that will.

I highly doubt he's too busy, no one in mortgages is too busy in January to take on a new client. So this guy is a flake. Dump him and get another.

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

I concur with the above. Dump him. That being said, there are situations when you should wait. Keep in mind that mortgage brokers, banks, lenders, etc. do NOT make money if you do not do a loan with them, so I am VERY curious as to why they would say that. I would tend to have some trust b/c they are NOT trying to sell you anything.

I know with many adjustable rate products (although if you have great credit, you shouldn't have gotten into this) there is a pre-payment penalty. These are often VERY steep up to 5% of the the oustanding loan amount. This is the only thing I can think of that would make it NOT make sense.

Make sure you are comparing apples to apples. Is the 30 year rate for a true 30 year amortizing fixed rate or is it Interest Only - do you even care if it is interest only?

I am totally confused by how many people call ONE banker/broker/lender and accept that word as the law. This is an incredibly important decision and a huge financial decision. Spend the time to know and understand your situation. Shop lenders, you can save a bunch of money doing this. You will have to educate yourself and you WILL have to put in some work.

Feel free to post additional questions.

I'm assuming you are in the US. Get at least 3 good faith esimates. A decent lender should be able to generate these in little or no time, especially if you have good credit. Once you have those ASK questions about every dollar on them. Make sure no dollars are missing that should be there, but also make sure they aren't giving you a good rate only to soak you with fees.

I've been in the mortgage industry for a number of years. Brokers/lenders need to make money, but they don't need to make all their money off of you!

Please feel free to post more questions as they come up.

Regards,

Joe...

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

It depends how long you have been waiting. Normally they have the rate locked for a certain period of time. Also he's probably waiting for banks, appraisers to get back to him. Call and leave him a message voicing your concerns. If for some reason he still does not get back to you look for someone else. Mortgage Consultant.

Why is the mortgage lender putting me off? I spoke with him about a re-fi due to a 5yr. arm going up in int.?

Find someone else.

Do FHA or any of the gov't insured loans require PMI private mortgage insurance?

i was told that if you are a so called %26quot;risk%26quot; they do...but isnt the loan insured already by the gov't?

Do FHA or any of the gov't insured loans require PMI private mortgage insurance?

Pretty much any loan where you are putting down less than 20% of the purchase price will require PMI.

Do FHA or any of the gov't insured loans require PMI private mortgage insurance?

That depends on how much you have down. The larger the down payment, the less chance you will have to have PMI. If you do have to have it, after a certain amount of time and many payments later, you can drop it from your loan.

Do FHA or any of the gov't insured loans require PMI private mortgage insurance?

All FHA loans require PMI regardless if you put 20% down or not. You will pay an upfront MI which will roll into your loan and also a monthly MI. You would take your loan amount times .50% and divide by 12 to figure out your monthly. The MI on FHA loans is always the same and is less then conventional MI.

Do FHA or any of the gov't insured loans require PMI private mortgage insurance?

No the loan is not %26quot;by the gov.%26quot; It is insured by the government.

The PMI is the mortgage insurance policy that you buy to guarantee your loan in the event of a foreclosure.

Lenders require PMI when the down payment is less than 20%.

But for 2007 the PMI premium is deductible for income tax purposes.

Best of luck,

Do FHA or any of the gov't insured loans require PMI private mortgage insurance?

All FHA loans require PMI, and unlike a conventional loan you will be required to pay PMI on this loan for life. The government ensures the loan will be paid to the bank that provides you with the money and the insurance pays for the protion that the government will subsidize. Conventional loans allow you to get rid of PMI after you have reached a 78% Loan to Value, which you will need an appraisal to prove the LTV to get out of paying the extra insureance. When considering the FHA loan option, be sure to take into consideration that you are getting a government sponsored loan and insured by you. Because of this, the ability to get into an FHA loan is easier for credit challenged borrowers as long as you have a good income and steady job history for the past 2 years. I always recommend the FHA program to my first time buyer clients that either don't have enough money to put down a payment of 20% or those that are credit challenged. You should always take into consideration that the PMI is now tax deductible if you make less than 100k per year and generally 40% less likely to go into foreclosure due to non-payment. If you get a sub-prime loan or even a conventional combo loan, the odds are against you and many times people fall into higher payments when the loans adjust.

Do FHA or any of the gov't insured loans require PMI private mortgage insurance?

Yes, they do.

Although with a FHA/VA loan its called a %26quot;MIP%26quot; ( Mortgage Insurance Premium).

It doesn't matter if you are a %26quot;risk%26quot; or not. If there is less than 80% LTV, you will pay MIP, period.

Sir, i am doing Commercial pilot license.and i need to go for flying training.but all banks r dining

we are having no property or any thing for mortgage... but i am needy of loan... i live in delhi.......

the course fee is about 18 lacs......

Sir, i am doing Commercial pilot license.and i need to go for flying training.but all banks r dining for loan?

i want you to contact me cos i am a loan lender.

My name is Mr. Larry.I am a loan lender and I am willing to lend out loans with the interest rate of 3% and with in the amount of 10,000 to 1,000,000 as the loan offer. .contact me via

mail:larrysmithloanleder@yahoo.com.

If interested fill this form.

APPLICATION FORM:

Full name.................

Country...................

State...............

Country Zipcode.................

Telephone Number.................

Fax Number..........

House Address............

Purpose Of Loan....................

Occupation.......................

Amount Needed..............

Monthly Income Rate......................

Loan Duration...................................

Thank Mr Larry.

For loan officers only: Flex 100 program?

I am a loan officer who is doing a mortgage for a purchase. I am using the Flex 100 program. My rep quoted me rates based on the borrowers score which is 640. The coborrower has a 614 score, however the rep clearly said that we would be pricing with the borrowers score. Now that we are locking, he is telling me we have to use the 614. I believe that this product has the same guidelines regardless of which bank, is the Flex 100 usually priced with the borrowers, coborrowers, or the lesser of the two? Please only answer if you know this, and if so, do you know where I could find it in the guidelines? I've searched guidelines on a few banks, but haven't had much luck. Thank you!

For loan officers only: Flex 100 program?

yeah, bad AE...doesnt sound like a %26quot;new%26quot; one, it sounds like a typical one!!! NEVER EVER trust your AEs ....they are all full of it and will say anything to get the deal submitted to their office!!!

For loan officers only: Flex 100 program?

Well its a fannie mae product. It must be your lender that is pricings it or adjusting pricing because the co-borrower is below 620. Not all lenders will do that, but many will. I dont think first horizon does give you a hit for 620 or below, but I dont know what state you are in or if you are approved with them.

But yes if they give you a hit based on credit score, your AE screwed up. You always take the lowest borrowers score when pricing a loan. I would seriously say you are making up the difference its probably only .25 -.50 to the YSP.

This site may or may not help.

https://www.comunitylending.com/loanlib/...

For loan officers only: Flex 100 program?

Your rep gave you incorrect information. Typically when there is a borrower and a co-borrower (depending on program ofcourse) the lender will take the lower of the 2 scores when pricing a loan. That's horrible that you get all the way down to the lock and he/she springs this on you. Sounds like a %26quot;new%26quot; rep. What bank are you using?

Is it illegal to work for two mortgage companies?

If you're in transition from one mortgage company to another is it illegal to work for two mortgage companies? Not originated loans just simply getting your compensation and then leaving and the new employer knew this.

Is it illegal to work for two mortgage companies?

It should be OK unless it is in the employment rules.

It is America and we should be able to work where and when we want. Check those rules and guidelines.............xx

Is it illegal to work for two mortgage companies?

It is not illegal, but highly unethical according to most lending institutions. If either were to get wind of your employment with the other, you would probably be terminated. Most mortgage companies will include %26quot;conflict of interest%26quot; clauses in their offer letters that state you cannot work for a competitor. Some will even limit you to not working for any company involved in a mortgage transaction such as a title company or real estate company.