All Forum Posts by: Caroline Gerardo

@Brett Costantino The bank was most likely unable to go to court in the past months. Courts are backed up more than two months since moratoriums here is what MAryland court says - it's still closed and imagine every case from February goes first

http://www.baltimorecitycourt.org/are-you-an-attorney/court-divisions/civil-case-status-due-to-covid-19-emergency/

Bank is not going to lets make a new deal with you, they will take someone else's money. Typically a foreclosure is offered at the court steps and the bank cures the losses (taxes, insurance liens) if there is equity then they sell it often in bulk 

@David A.  Unless you are a licensed lender or broker title companies are not going to give you free resources. Also getting the report without paying for insurance doesn't give you any protection as most tax liens, bankruptcy proceedings, lis pen dens and the millions of types of clouds can show up in the afternoon after the report was run. Only reliable source is to date down at closing and pay for the title insurance.

A conventional lender will use a licensed independent appraisal (which you pay for) which uses closed sales of like kind square footage in close proximity in prior three months. That valuation is an opinion. Cost valuation sometimes is used by a hard money lenders but not by conventional lenders.  

Single family non owner occupied you may get 70% of appraisal but there are HUGE pricing adds for a cash out refinance. Although the base rate might be low, you will pay .5 for a refinance and 2.75% for nonowner occupied and 1% for the cash out today thus converts to rate of about 4.875 APR 4.908 if your FICO is above 764. To get a conventional loan you have to qualify with your IRS taxes 2018 2019 and 2020 income. Before you apply ask what their ins and outs of rules are. Rates change several times a day and this is not a commitment to lend nor is it a rate commitment. Everyone has equal opportunity to apply for a loan.

You need down payment of minimum of 20% of sale price

Owner occupied primary residence with middle FICO 721 you can go conventional or FHA 30 year fixed

FHA rate 2.75 APR 3.099 has 1.75 mortgage insurance for life of loan

Conventional 4.375 APR 4.498 has MI coverage until you get to 79.99% loan to value in time, or paying down

This is not commitment to lend. Rates change hourly. 

Conventional looks at the three rentals differently than FHA County loan limit applies.

Debt to income ratios different on FHA than Conventional as well

Lenders will pass on the .5 cost to borrowers in the form of interest rate or points. Rates are going to stay low. The cost to do a cash out refinance is going to increase as the financial markets seek stability. You can get credit for amount paid plus remodel costs if the appraisal has comparables in past three months. Get your FICO perfected, show net income on your IRS taxes to do a qualifying loan. Other loan products are available without the taxes but rates jump to next risk level

All the partners need income and good credit.  Bank statement loan might be an option if you show enough deposits in 12 or 24 months

No seasoning is required. There are cash out pricing adds at every place you go. Just Friday FHFA added a .5% point add to pay for what they expect to be Fannie and Freddie's struggles coming out of Covid-forbearances. 

And the other "things" ? This story is getting good.

Getting renters insurance is done online and takes four minutes. It's the cost they are balking about. Send a letter, and email stating they need to provide the proof in five days. -Geico does this in most states about $18-20 a month unless they want lots of property coverage