Mortgage Market Update/Purchase and Refinance Mortgage info

[Tamalewagon]

Scott, are the lenders ordering 2075 Drive-By's on those no LTV loans? The 2075 is the "no value" drive-by. They are basically used to make sure the property is not damaged etc. I've been seeing these orders again lately but the lender does not tell us the loan program. We're pretty much kept in the dark now

At this point, we do not know if they will be ordering a full appraisal or just the drive by. Most likely, the wholesale world will be sticking to the full appraisal. This program will be mainly geared towards purchases.

 

[Tamalewagon]

What are banks requiring for down payments these days? With the standard 20% I would assume it is challenging to come up with that kind of coin these days.

On primary residences, we can get away with as little as 3% on some portfolio products. On non-owner occupied products, 20% is standard but pricey. 25% will get you much better pricing. :thumbsup

 

[Outnumbered]

At this point, we do not know if they will be ordering a full appraisal or just the drive by. Most likely, the wholesale world will be sticking to the full appraisal. This program will be mainly geared towards purchases.

I was actually referring to the no or unlimited LTV loans we were talking about earlier, not the no fee loans.

 

[Tamalewagon]

I was actually referring to the no or unlimited LTV loans we were talking about earlier, not the no fee loans.

Oops... The lenders are doing full appraisals for those loans still.

 

[Rvrluvr]

What are banks requiring for down payments these days? With the standard 20% I would assume it is challenging to come up with that kind of coin these days.

I was told 20% and 6 months worth of payments in bank acct

 

[Tamalewagon]

I was told 20% and 6 months worth of payments in bank acct

Incorrect. You are only required to have 2 months of payments in the bank and you can go with 3%+ down payment. Your credit scores must be stellar though.

 

[Outnumbered]

Oops... The lenders are doing full appraisals for those loans still.

Interesting. Good for me, bad for you and the borrower

 

[jesco]

I was told 20% and 6 months worth of payments in bank acct

I just sold my house and the buyer, first time buyers, young couple, put 3% down and had co-signers. We put down 20% on the new place and had to show 1 year reserves. Not sure if thats because Im self employed or not. Luckily before I went into biz for myself I had a 401k at the company I was with and had some good money in there. I think we had to show that due to loan amount above $417k or some kind of bullshizz like that.

 

[drew_built]

What are banks requiring for down payments these days? With the standard 20% I would assume it is challenging to come up with that kind of coin these days.

Im in the process of buying a house and my lender said you can get away with 10-20% down on a conventional loan which is a standard loan and if you go FHA is about 3% down

 

[Tamalewagon]

Im in the process of buying a house and my lender said you can get away with 10-20% down on a conventional loan which is a standard loan and if you go FHA is about 3% down

Again...we have options as low as 3% down - non FHA.

 

[Tamalewagon]

Good stuff here campers...www.scottwenhe.com

 

[Tamalewagon]

Interesting read:

Fannie Mae and Freddie Mac will allow borrowers who are current on their mortgage payments to qualify for short sales, provided they fit the hardship criteria.

Story:

http://blog.title365.com/2012/09/04/fannie-freddie-ease-short-sale-rules-in-hardship-cases/

Your credit will be damaged for several years but you now have an avenue to take if you're on the verge of BK or going late on the payments.

 

[Tamalewagon]

Good rates today folks...

www.scottwenhe.com

 

[Tamalewagon]

A good read:

http://www.bloomberg.com/news/2012-09-27/u-s-30-year-mortgage-rates-fall-to-record-low-of-3-4-.html

 

[tony]

I never thought rates would be so low is it possible they will even drop further???

 

[Tamalewagon]

I never thought rates would be so low is it possible they will even drop further???

Hard to say Tony. You know the old saying "A bird in the hand..."

 

[BajaWarrior]

Just closed at 3.5 for primary home and 4 % on a rental. They could go lower but not by much. It would break the banks if it went lower.

 

[Tamalewagon]

Just closed at 3.5 for primary home and 4 % on a rental. They could go lower but not by much. It would break the banks if it went lower.

The banks are doing just fine. With the large purchase of mortgage backed securities and bonds by the feds, the banks just promptly increased their profit margins by quite a bit. Currently, 3.125% is at par for 30 year conforming fixed rates.

Next time, give us a try. =)

 

[tony]

The banks are doing just fine. With the large purchase of mortgage backed securities and bonds by the feds, the banks just promptly increased their profit margins by quite a bit. Currently, 3.125% is at par for 30 year conforming fixed rates.

Next time, give us a try. =)

Just talked to my bank wells fargo 3.65% no closing cost I'm at 4.00 flat not quite good enough yet.:grumble:

 

[Tamalewagon]

Just talked to my bank wells fargo 3.65% no closing cost I'm at 4.00 flat not quite good enough yet.:grumble:

What product was this for? FHA, VA or conforming?

 

[tony]

What product was this for? FHA, VA or conforming?

The loan is for 244,000 at 3.65 for 30 yr regular loan no closing he also said I could pay closing [around 2,500] for a rate of 3.375% for a 30yr.

 

[Tamalewagon]

The loan is for 244,000 at 3.65 for 30 yr regular loan no closing he also said I could pay closing [around 2,500] for a rate of 3.375% for a 30yr.

That's not bad. We're lower.

 

[Weekend Therapy]

The loan is for 244,000 at 3.65 for 30 yr regular loan no closing he also said I could pay closing [around 2,500] for a rate of 3.375% for a 30yr.

Not trying to be a dick here, but if you plan on keeping the asset for that duration or any extended period why would you not pay closing costs and save the interest to be paid? Maybe I'm not looking at the entire picture here.

 

[Tamalewagon]

They are down today. www.scottwenhe.com.

 

[Nord]

They are down today. www.scottwenhe.com.

Where are they at? 3% fixed 30 year?

 

[Tamalewagon]

Where are they at? 3% fixed 30 year?

Yup. =)

 

[AZKC]

What would my payment drop to from $940 PTI on 106k balance @ 5 1/2% with the latest rate?

 

[Tamalewagon]

What would my payment drop to from $940 PTI on 106k balance @ 5 1/2% with the latest rate?

Principle and interest would drop to $446 per month. However, loan to value will have a large say as to what the fees would be. I don't know what your monthly impounds are per month so I cannot give you that payment figure at this time.

We have almost zero overhead because we offer wholesale pricing and our office is at our house so we can afford to beat almost any pricing.

 

[Tamalewagon]

PM sent. Every scenario is different due to loan to value and credit score.

 

[AZKC]

What would my payment drop to from $940 PTI on 106k balance @ 5 1/2% with the latest rate?

Principle and interest would drop to $446 per month. However, loan to value will have a large say as to what the fees would be. I don't know what your monthly impounds are per month so I cannot give you that payment figure at this time.

We have almost zero overhead because we offer wholesale pricing and our office is at our house so we can afford to beat almost any pricing.

Wow. Are 15 year rates about the same? May go that route.

 

[Tamalewagon]

Wow. Are 15 year rates about the same? May go that route.

Negative. 15 year fixed rates are around 2.5%.

 

[AZKC]

Negative. 15 year fixed rates are around 2.5%.

PM Sent. Lets get together next week.

 

[Tamalewagon]

PM Sent. Lets get together next week.

PM returned.

 

[Tamalewagon]

El Chingon please verify you received my PM. Thx.

 

[Nord]

LOL, I'm sure he got your PM. BTW, I finally used the Ruth's Chris gift card on Saturday. Thank you very much
Great guy here for refi's and loans :thumbsup

 

[CampbellCarl]

Mine musta got lost in the mail................

 

[Nord]

Mine musta got lost in the mail................

LOL GEEZE. I think you made a comment a while back.................

 

[Tamalewagon]

QUOTE=Nord;1232413]LOL, I'm sure he got your PM. BTW, I finally used the Ruth's Chris gift card on Saturday. Thank you very much
Great guy here for refi's and loans :thumbsup[/QUOTE]

My pleasure Dave. Thanks for the help with the Eliminator. :thumbsup

 

[rampgirlll]

Here we go again. Rates on the way back down. Check our hourly rates at www.wenhemortgageandrealty.com. You can also fill out a secure loan application on that site for a faster turn around.

I'll be in Parker this week but I will have my computer handy for locks. I will (depending upon wireless reception in the Keys) be available via email.

:thumbsup

How about some info on a refinance? My house is in Texas and my interest rate is 6% currently.

 

[Tamalewagon]

How about some info on a refinance? My house is in Texas and my interest rate is 6% currently.

Unfortunately, I do not lend in TX. However, you should be able to greatly reduce your payment and rate. I would seek a local lender immediately to get the job done. :thumbsup

 

[El Chingon]

El Chingon please verify you received my PM. Thx.

I Got your pm Scott. Thanks

 

[Tamalewagon]

I Got your pm Scott. Thanks

Roger that Steve.

 

[79schiada]

Hey Scott, does brown indoor/outdoor carpet count as a finish floor in a kitchen ? If it does, I can be ready for an appraisal pretty quick! LOL! But seriously, if it counts...

 

[DILLIGAF]

Just wanted you to know that I got a HARP done on that investment property of mine

 

[Tamalewagon]

Just wanted you to know that I got a HARP done on that investment property of mine

That's fantastic. Glad I count point you in the right direction. :thumbsup

 

[Tamalewagon]

Hey Scott, does brown indoor/outdoor carpet count as a finish floor in a kitchen ? If it does, I can be ready for an appraisal pretty quick! LOL! But seriously, if it counts...

It should. Depends on the appraiser remarks. :rolleyes :headscratch:

 

[Tamalewagon]

Rates are down recently. www.scottwenhe.com

 

[djunkie]

Whats the going rate for a new 30 year on a income property? 20%down.

 

[Tamalewagon]

Whats the going rate for a new 30 year on a income property? 20%down.

Single family residence or units? You planning to reside there Dave?

 

[djunkie]

Single family residence or units? You planning to reside there Dave?

Long story. LOL. Loan not for me. Single family residence. I believe they already have it set up but i'm curious on the rates from you.