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Old 08-18-2010, 08:43 PM   #41
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talk to me about va loans.. what all is involved that differs from regular
VA loans are great. 100% finacing. You need to pay a funding fee which goes to the goverment. I believe it is 3% of the purchase price. Rates are very close to conventional fannie mae rates. I have only done maybe 3-4 VA loans, so I can find out all the guidelines if you are intrested.
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Old 08-18-2010, 08:48 PM   #42
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any info would be great .. i just want to make sure I know a little bit as I am about to jump into this process for the first time
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Old 08-18-2010, 08:48 PM   #43
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Those number are all before taxes. I do alot of 150-200k loans. Then maybe 2-3 a month above 300k.
how many loans a month on average? must not be that easy or else everyone (including F2B) would be doing it.
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Old 08-18-2010, 08:51 PM   #44
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I'm in the wrong line of business.
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Old 08-18-2010, 10:14 PM   #45
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how many loans a month on average? must not be that easy or else everyone (including F2B) would be doing it.
I average 10-15 loans a month. It is not easy to build your book of business.
Once you have investors as clinets it makes things easier.
I also have a telemarkerting staff of 5 people that bother you at dinner to ask for business.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 10:18 PM   #46
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I'm in the wrong line of business.
This business was great up to 07, then it slowed. I lost alot of money as my business began to fail since my emloyees were not producing, and looking for more stable jobs. So, I was paying around 16k a month to keep my doors open. Then another 9k for in house employees. But had minimal positive income. On top of the fact I had a loan officer write a bad loan that I had to buy back for 325k. It is very up and down. Now I had to change my focus and am moving forward again.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-18-2010, 10:26 PM   #47
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any info would be great .. i just want to make sure I know a little bit as I am about to jump into this process for the first time
here is the government website to check out.
http://www.benefits.va.gov/homeloans/

Here are my companies guidlines.

Credit Score Requirements
• 620 – 640 on VA loans; max DTI 45%; 1 month reserves of PITI. Gifts are acceptable.
• > 640 with DU approval and loan amounts less than $417,000 (not including VAFF) no
max DTI. DTI as determined by DU.
• 660 minimum for VA Jumbo; max DTI 50%; 2 months reserves PITI; max loan amount
$650,000.
• 720 minimum for VA Jumbo; max DTI 55%; 2 months reserves PITI; max loan amount
$650,000.


Income Documentation
When the loan approval condition calls for “paystub(s) covering at least the most recent
30 day period” or “paystub(s) covering one full month of employment”, MWF requires the
most recent consecutive 30 days worth of paystubs reflecting year to date, bonus and
overtime information.
To Demonstrate:
If the borrower is paid: Obtain:
Monthly At least (1) paystub covering the most recent month
Bi Weekly (every 2 weeks) At least (3) consecutive paystubs
Twice a Month (15th & 30th) At least (2) consecutive paystubs
Weekly At least (5) consecutive paystubs

Asset Documentation
Two consecutive monthly bank statements OR a verification of deposit AND one month’s
bank statement is the minimum documentation required to document the Borrower’s
assets. A written verification alone is not acceptable in documenting the borrower’s
assets. At least one month’s bank statement is required to cross validate the information
if a verification of deposit is used. Bank statements must be dated within 45 days of the
loan application. Quarterly bank statements dated greater than 45 days and less than 90
days are acceptable with verification that the funds are still available
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-19-2010, 12:10 AM   #48
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you have PM T.I.A.

oh and how the hell do i get in the home loan business
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Old 08-19-2010, 12:26 AM   #49
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you have PM T.I.A.

oh and how the hell do i get in the home loan business
PM responded.

1st off. Decide if you want to do real estate or loans. Take classes to learn business. If you have any sales experience, that is a plus. Depending on the company you want to work for you will need a DRE license or starting next year you will need a NMLO (National Mortgage Loan Originator) license.
Get on board with a company that will give you leads or help you to develop your book of business. Take very good care of your clients. They are your income, but most important your friends. I know it sounds corny, but without your clients; you have no business and you will fail. Feel free to let me know if you have other questions.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-19-2010, 01:07 AM   #50
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PM responded.

1st off. Decide if you want to do real estate or loans. Take classes to learn business. If you have any sales experience, that is a plus. Depending on the company you want to work for you will need a DRE license or starting next year you will need a NMLO (National Mortgage Loan Originator) license.
Get on board with a company that will give you leads or help you to develop your book of business. Take very good care of your clients. They are your income, but most important your friends. I know it sounds corny, but without your clients; you have no business and you will fail. Feel free to let me know if you have other questions.
got it ill make sure to clear up pm space for tomorrow as well.
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Old 08-19-2010, 01:10 AM   #51
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Are there any benefits for a buyer who is putting down 20%+ with opting for an FHA vs. a conventional loan (i.e. lower rate, higher DTI, etc)?
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Old 08-19-2010, 01:13 AM   #52
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Why does my penis become erect when I touch my best friend. Whenever he gives me a handshake or fistbump I always blush and get hard.
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Old 08-19-2010, 01:16 AM   #53
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you should come down to San Francisco, and meet me
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Old 08-19-2010, 07:20 AM   #54
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My LTV is now probably 100+% thanks to values sinking. I know that's temporary but my issue is the private loan I used rather than freddie or fannie. Gov't is assisting with refi's on fannie and freddie loans if you have a ARM. No such assistance with a private mortgage (initially Homebanc now EMC, backed by Wells Fargo ??). Without enough cash to bring the mrtgage down to the 80% level, do you have any recommendations for a possible 30 yr fixed refi?
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Old 08-19-2010, 09:11 AM   #55
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Quote:
Originally Posted by GRIFFIN View Post
here is the government website to check out.
http://www.benefits.va.gov/homeloans/

Here are my companies guidlines.

Credit Score Requirements
• 620 – 640 on VA loans; max DTI 45%; 1 month reserves of PITI. Gifts are acceptable.
• > 640 with DU approval and loan amounts less than $417,000 (not including VAFF) no
max DTI. DTI as determined by DU.
• 660 minimum for VA Jumbo; max DTI 50%; 2 months reserves PITI; max loan amount
$650,000.
• 720 minimum for VA Jumbo; max DTI 55%; 2 months reserves PITI; max loan amount
$650,000.


Income Documentation
When the loan approval condition calls for “paystub(s) covering at least the most recent
30 day period” or “paystub(s) covering one full month of employment”, MWF requires the
most recent consecutive 30 days worth of paystubs reflecting year to date, bonus and
overtime information.
To Demonstrate:
If the borrower is paid: Obtain:
Monthly At least (1) paystub covering the most recent month
Bi Weekly (every 2 weeks) At least (3) consecutive paystubs
Twice a Month (15th & 30th) At least (2) consecutive paystubs
Weekly At least (5) consecutive paystubs

Asset Documentation
Two consecutive monthly bank statements OR a verification of deposit AND one month’s
bank statement is the minimum documentation required to document the Borrower’s
assets. A written verification alone is not acceptable in documenting the borrower’s
assets. At least one month’s bank statement is required to cross validate the information
if a verification of deposit is used. Bank statements must be dated within 45 days of the
loan application. Quarterly bank statements dated greater than 45 days and less than 90
days are acceptable with verification that the funds are still available
Thanks.. I'll try and decipher all this and let you know if I have any other questions
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Old 08-19-2010, 09:21 AM   #56
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Are there any benefits for a buyer who is putting down 20%+ with opting for an FHA vs. a conventional loan (i.e. lower rate, higher DTI, etc)?
Benifiets with the different loans yes, dollar amount not so much.

FHA minimum 3.5% down. Can go up to 95% LTV. DTI is more forgivable to higher ratios, credit score can go down to 620.
But you have required mortgage insurance.

Conventional required 20% down, No mortgage insurance if at 80% LTV or lower. In order to have a good rate, credit score will need to be 680 or higher.

The funny thing is rates between the 2 loan programs are pretty close. Difference of maybe.25%-.50%.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-19-2010, 09:34 AM   #57
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Why does my penis become erect when I touch my best friend. Whenever he gives me a handshake or fistbump I always blush and get hard.
The bond between you and your best friend is very deep. There is so much emoitonal and feelings that you get hard. It is a way your body is controling the overflow of emotional. Perfectly natural, but talking wiht someone could help control how often it happens.

Or you're gay.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!

Last edited by GRIFFIN; 08-19-2010 at 10:38 AM.
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Old 08-19-2010, 09:37 AM   #58
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you should come down to San Francisco, and meet me
I don;t normally go down to the bay area. Plus my girl would find it odd, if I said I was going to meet someone I talk to on the internet.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 08-19-2010, 09:38 AM   #59
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Thanks.. I'll try and decipher all this and let you know if I have any other questions
If something doesn;t make sense let me know I will break it down into English. Some of that stuff can be confusing.
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Old 08-19-2010, 09:42 AM   #60
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tell me about it.. I have 30 days to close bank accepted our offer today
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