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Old 08-19-2010, 09:47 AM   #61
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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?
If you still have some equity you can refi and pay off the private loan.
Get yourself into a FHA loan. You can go up to 95% LTV, there is mortgage insurance which is required on this loan.

If you are above 100% you can pay the loan down, to reach below the 95% mark. Private mortgage companies will modifiy but not as likely as other companies. Even though Obama told lenders they must modify, a lot of them are not playing ball. Have you tried to modify with your lender. Government programs are modifying arms and fixed.
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Old 08-19-2010, 09:48 AM   #62
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tell me about it.. I have 30 days to close bank accepted our offer today
Any lender that is worth a sh!t can close a loan in 3 weeks. VA loans are pretty easy so it should be no issue. Do you have someone you are working with out there? I cannot do loans in FL, but I can consult if you would like assistance.
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Old 08-19-2010, 10:06 AM   #63
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I'm looking to buy a house in Tucson, AZ...could I use your assistance with that?
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Old 08-19-2010, 10:15 AM   #64
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1.Based on your experience, what do you advise your clients on how many percent off their take home income should they invest in a home (after the mortgage, property tax, mortgage insurance) are factored in before there in over their head and go over board on a home.

2. Would you recommend Scottsdale or Sedona area in Arizona or wait for more market correction and allow the market to stabilize a bit more.

3. I know you cover most of the west coast, if you know anything about the Miami market would you advise avoiding the Miami market
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Old 08-19-2010, 10:30 AM   #65
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Any lender that is worth a sh!t can close a loan in 3 weeks. VA loans are pretty easy so it should be no issue. Do you have someone you are working with out there? I cannot do loans in FL, but I can consult if you would like assistance.
Yea we have a very good lender.. my wife is working with her and we should be good, I just wanted to get a better idea of how the va stuff works as this is our first home purchase
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Old 08-19-2010, 10:38 AM   #66
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For all the people asking if it is the right time to buy a house. It is never a bad time to buy a home that you intend to use it for what it was made for. To live in it. Houses are not investments, do not go into a house thinking you it will rise in value anytime soon, this is the wrong reason to purchase a house. A house is shelter for you and your family, nothing more, nothing less. If you need a house, buy it. Who cares what the market is doing.

Who knows what is going to happen with RE prices in this country. But the thing about RE is that trends are very long and either up or down, quite smooth actually. Unlike stocks/commodities/currencies etc...housing usually follows a trend for a long period time, it is either on its way up, or down...for extensive periods of time.

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Old 08-19-2010, 10:39 AM   #67
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I'm looking to buy a house in Tucson, AZ...could I use your assistance with that?
Yes. I am acutally working on a purchase now in Pima.
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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, 10:40 AM   #68
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Yea we have a very good lender.. my wife is working with her and we should be good, I just wanted to get a better idea of how the va stuff works as this is our first home purchase
Fully understandable. It is best to do your homeowrk when it comes to real estate. Don;t be hesitant to ask your LO 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, 10:44 AM   #69
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1.Based on your experience, what do you advise your clients on how many percent off their take home income should they invest in a home (after the mortgage, property tax, mortgage insurance) are factored in before there in over their head and go over board on a home.

2. Would you recommend Scottsdale or Sedona area in Arizona or wait for more market correction and allow the market to stabilize a bit more.

3. I know you cover most of the west coast, if you know anything about the Miami market would you advise avoiding the Miami market
To be safe you should not exceed 35-45 of your monthly income on your mortgage payment. Anything over that and you will feel straped.

I feel Scottsdale is a better area. But prices are so cheap over there now you could purchase and rent it out if need be. It is best to buy when it is low.

I do not know much about the Florida area, but I can research it.
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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, 12:05 PM   #70
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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.
I do it all the time.


people on here are cool enough
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Old 08-19-2010, 12:05 PM   #71
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What are my chances to finance a second home for rental. It's ~$130,000 and I have more than 20% for a down payment. I would do a 30 year and the loan would be ~$105,000. My primary residence I just refinanced for 10 years at 4.375%, so my payments a month are ~$1100 including taxes and insurance. Is the potential income considered from renting this second home?
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Old 08-19-2010, 12:18 PM   #72
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What are my chances to finance a second home for rental. It's ~$130,000 and I have more than 20% for a down payment. I would do a 30 year and the loan would be ~$105,000. My primary residence I just refinanced for 10 years at 4.375%, so my payments a month are ~$1100 including taxes and insurance. Is the potential income considered from renting this second home?


It can be, normally it is an exception. Requiring an underwritters approval. Also, a completed rental agreement ready to go.
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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, 12:19 PM   #73
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I do it all the time.


people on here are cool enough
I agree peopel on here are cool. But I am in my 30's.
It would be odd to drive to San Fran to hang out with a teenage guy/girl/hermaphridite/transexual. it would be one thing if there was a car show or something and we met.
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Old 08-19-2010, 12:20 PM   #74
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It can be, normally it is an exception. Requiring an underwritters approval. Also, a completed rental agreement ready to go.
How much different are the rates on second home/investment property then the current rates?
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Old 08-19-2010, 12:27 PM   #75
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I agree peopel on here are cool. But I am in my 30's.
It would be odd to drive to San Fran to hang out with a teenage guy/girl/hermaphridite/transexual. it would be one thing if there was a car show or something and we met.
Yeah screw those teenage fanatics. Us ppl in the 30s should get together and reminisce about cassette tapes, beta-max and wooden tricycles.
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Old 08-19-2010, 12:29 PM   #76
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I'm in my 20's but okay
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Old 08-19-2010, 12:31 PM   #77
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im 12, and is this a gangbang?
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Old 08-19-2010, 12:36 PM   #78
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How much different are the rates on second home/investment property then the current rates?
rates on 2nd homes and investment properties are normally higher.
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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, 12:36 PM   #79
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Yeah screw those teenage fanatics. Us ppl in the 30s should get together and reminisce about cassette tapes, beta-max and wooden tricycles.
I still have my Vanilla Ice casingle.
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Old 08-19-2010, 12:37 PM   #80
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I'm in my 20's but okay
well, I wasn;t sure. See what I am talking about.
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