usctrojancpa
Well-known member
Cares said:
I thought the clawback period for commissions is 3 months or is it 6 months?
How low can we go? 30 yr fixed at 3.75% with no fees...
- Thread starter ps99472
- Start date
I thought the clawback period for commissions is 3 months or is it 6 months?
Cornflakes
Active member
Is there such a thing as 90% LTV jumbo loan? Or 80-10 (jumbo+HELOC) for purchase?
sgip
Well-known member
Yes.
89.9% LTV purchase loans are for the most part capped at $1.5m ($1.66m PP), require 6-12 months cash reserves (50% of reserves must be savings, not IRA 401k or stocks) and a 720 FICO is about the lowest they will allow.
If a person is a medical professional, there are exceptions to the general information shown here.
PMI is built into the rate. Impounds are often, but not always required.
89.9% LTV purchase loans are for the most part capped at $1.5m ($1.66m PP), require 6-12 months cash reserves (50% of reserves must be savings, not IRA 401k or stocks) and a 720 FICO is about the lowest they will allow.
If a person is a medical professional, there are exceptions to the general information shown here.
PMI is built into the rate. Impounds are often, but not always required.
Irvinehomeseeker
Active member
Who is the lender?
The Motor Court Company
Well-known member
for conforming loan (< $548k) in HCOL areas, what is the LTV that appraisal can be waived? 40%?
Does it require the reserves to be in cash? can it be in stocks? thinking about doing a refi in one of our houses but we are a little cash strapped after the recent plunging.
Does it require the reserves to be in cash? can it be in stocks? thinking about doing a refi in one of our houses but we are a little cash strapped after the recent plunging.
The California Court Company said:
There isn't an example formula to get appraisal waiver. I've gotten waivers in situations where I would never think it would happen and vice versa. Generally I would say, low LTV, good reserves, and value used is within Fannie/Freddie's tolerance level.
sgip
Well-known member
Just as Experian/Equifax/Transunion do not disclose FICO adjustment factors, the Agencies do not clearly spell out what rules grant or deny an appraisal waiver. Gaming the system would follow, causing value and other property related problems. What we do know about FICO's and Appraisal Waivers today is based on aggregated experience only. As noted, YMMV when trying to get a waiver.
Your LO needs to input a clean application. Provide the Year Acquired, Year Built, Original Cost, and any existing lien information. Property type is also key. Just because your home is detached doesn't mean it's an SFR - most Irvine area detached homes are Detached Condos. Just because the home is attached does not mean it's a Condo - some are PUD's and underwritten as SFR's. The application may say detached, but Agency info may have the property as a detached condo, so you'll need an appraisal given the property type mismatch.
I ran into a situation where a frustrated realtor was having a terrible appraisal problem. The only way around it was to get an appraisal waiver. The property was in Coto De Caza. I recommended changing the city from Coto De Caza to "Trabuco Canyon" and Zip! Appraisal Waiver granted. This applies as well to the Baker Ranch area. Baker Ranch may be listed as Foothill Ranch. Foothill Ranch may be listed as Lake Forest. Take a look at your last loan's Deed of Trust or Note. If your Baker Ranch home says the city is Lake Forest, your LO should input Lake Forest first and see if the Waiver is granted.
A 65% Loan To Value refinance with a 43% debt to income on a 30 year fixed rate loan with 3 months of cash reserves (not 401k....) and 2 years only of employment is not as likely to get a PIW (Property Inspection Waiver - AKA Appraisal Waiver) as an 80% Loan To Value refinance with debt to income at 33% on a 20 year loan with 3-5 years of cash reserves, 1-3 credit tradelines with balances, and 5-7 years of employment.
Hope this helps.
Your LO needs to input a clean application. Provide the Year Acquired, Year Built, Original Cost, and any existing lien information. Property type is also key. Just because your home is detached doesn't mean it's an SFR - most Irvine area detached homes are Detached Condos. Just because the home is attached does not mean it's a Condo - some are PUD's and underwritten as SFR's. The application may say detached, but Agency info may have the property as a detached condo, so you'll need an appraisal given the property type mismatch.
I ran into a situation where a frustrated realtor was having a terrible appraisal problem. The only way around it was to get an appraisal waiver. The property was in Coto De Caza. I recommended changing the city from Coto De Caza to "Trabuco Canyon" and Zip! Appraisal Waiver granted. This applies as well to the Baker Ranch area. Baker Ranch may be listed as Foothill Ranch. Foothill Ranch may be listed as Lake Forest. Take a look at your last loan's Deed of Trust or Note. If your Baker Ranch home says the city is Lake Forest, your LO should input Lake Forest first and see if the Waiver is granted.
A 65% Loan To Value refinance with a 43% debt to income on a 30 year fixed rate loan with 3 months of cash reserves (not 401k....) and 2 years only of employment is not as likely to get a PIW (Property Inspection Waiver - AKA Appraisal Waiver) as an 80% Loan To Value refinance with debt to income at 33% on a 20 year loan with 3-5 years of cash reserves, 1-3 credit tradelines with balances, and 5-7 years of employment.
Hope this helps.
usctrojancpa
Well-known member
akula1488 said:
You can get a new refinance started the day after your purchase loan or your refi loan closes (with another lender), no current requirement to wait to make your first payment.
USCTrojanCPA said:
Yea so there is no loan that you have to wait unless you specifically agree to a prepayment penalty which would be disclosed in your Closing Disclosure. But I personally would never take a loan for someone who just refinanced within 6 months because I wouldn't want it happening to me. I have them go back to their previous lender to check that it is okay. I think you should always give your previous lender a shot if rates drop significantly within a 6 month period rather than just going to another lender off the bat.
Unless of course you had a terrible experience with the previous lender don't feel obligated to do them any favors.
sgip
Well-known member
Ditto to @Cares post.
Some lenders will have a blanket policy on refinancing loans that are not seasoned (3-6 payments). FreddieMac also is not buying refinance loans that are not seasoned. Before moving forward with anyone, get in an e-mail a commitment that the lender does not have a seasoning requirement, nor do their investors (other than FreddieMac). The refinance market has stalled in some spaces and LO's are weaving some pretty tall tales today. Owning for example is trying to make the phones ring with a 15 year purchase loan at a very low rate. Because of this growing climate of nonsense you're better to get promises in writing than you are by phone.
If you close on a Monday with a non-bank, your loan will more than likely be parsed out to a servicer by the following Monday. Yes, you have your First Payment Notice with the original lender, but you need a payoff demand from the loan servicer. If you're going to flip from lender A to lender B, expect a 45 to 60 day process, delayed primarily because of the difficulty in getting a payoff demand from the servicer.
My .02c
Some lenders will have a blanket policy on refinancing loans that are not seasoned (3-6 payments). FreddieMac also is not buying refinance loans that are not seasoned. Before moving forward with anyone, get in an e-mail a commitment that the lender does not have a seasoning requirement, nor do their investors (other than FreddieMac). The refinance market has stalled in some spaces and LO's are weaving some pretty tall tales today. Owning for example is trying to make the phones ring with a 15 year purchase loan at a very low rate. Because of this growing climate of nonsense you're better to get promises in writing than you are by phone.
If you close on a Monday with a non-bank, your loan will more than likely be parsed out to a servicer by the following Monday. Yes, you have your First Payment Notice with the original lender, but you need a payoff demand from the loan servicer. If you're going to flip from lender A to lender B, expect a 45 to 60 day process, delayed primarily because of the difficulty in getting a payoff demand from the servicer.
My .02c
