Mortgage questions for a local Professional??

NEW -> Contingent Buyer Assistance Program
J

JP BofA_IHB

New member
I work for Bank of America Home Loans in Irvine. Please feel free to ask me any questions you may have about current rates, down payment requirements and other questions you may have.
 
Where did bk put that?

Aha... here it is:

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Welcome to the IHB... but be warned... it will not be easy even if you're legit.
 
Wow the banks have joined the discussion?

What is that smell? OMG I really smell CHANGE!

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BofAJPIrvine said:
I work for Bank of America Home Loans in Irvine. Please feel free to ask me any questions you may have about current rates, down payment requirements and other questions you may have.
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Why the hell you lenders not allow buyer's agents to contribute a portion of their commissions to their buyers escrow?
 
It will take you about 6 months to build a reputation on this board before you can possibly make money slinging your mortgages. The peanut gallery needs to get a feeling about you before we trust you. Otherwise we'd just use soylent green....I'm not even sure if he even is selling mortgages, but he seems to know a lot.
 
zubs said:
It will take you about 6 months to build a reputation on this board before you can possibly make money slinging your mortgages. The peanut gallery needs to get a feeling about you before we trust you. Otherwise we'd just use soylent green....I'm not even sure if he even is selling mortgages, but he seems to know a lot.
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+1 Solyent is a good guy. A few of my buyers are chatting with him. He seems to know his stuff and doesn't give you the typical mortgage broker BS either. I know for a fact that he hasn't offered his services to the forum, but I figured contacting him would be beneficial to get a few questions answered.
 
Many thanks to all for your high compliments.

As to Garrison's question, Agency Jumbo Conforming has a posted 45% DTI limit. That can be 22/45 or 45/45. Automated Underwriting allows for higher DTI and most of those pesky human underwriters bow to whatever the automated underwriting results say. If the robot says you can qualify with a 47/47 DTI then you're approved! Anything with a 50 in it is usually verboten.

My .02c

Soylent Green Is People
 
Soylent Green Is People said:
Many thanks to all for your high compliments.

As to Garrison's question, Agency Jumbo Conforming has a posted 45% DTI limit. That can be 22/45 or 45/45. Automated Underwriting allows for higher DTI and most of those pesky human underwriters bow to whatever the automated underwriting results say. If the robot says you can qualify with a 47/47 DTI then you're approved! Anything with a 50 in it is usually verboten.

My .02c

Soylent Green Is People
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So if your LTV is 70% or even lower than the black box known as the automated underwriting will allow for a 49% back-end DTI? Basically, is it true that the lower your LTV the higher the system lets you go on back-end DTI? What are the DTIs for the regular $417k agency conforming loans?
 
Each company has their own conforming loan overlays that either expand or contract guidelines. Automated Underwriting can be fooled into giving a false positive at 65% DTI in some cases, but our company for example has a 52% max DTI limit.

I can get 49/49 DTI approved given very strong compensating factors. It's all in how the mortgage professional prepares their case before submitting a package. A 52/52 would be near to impossible to obtain without papal blessing.

My .02c

Soylent Green Is People.
 
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