All Forum Posts by: Jesse Gonzalez

No

@William Donaldson the rates are high if you were pricing it on today's rate sheet, I don't know the day you got pricing for your loan so its difficult to say if they were competetive that day or not. In general you'll be charged for the cash out and loan to value/credit rating that you have. Basically fannie mae, and freddie mac for that matter, assess charges to the borrower based on risk factors. These charges are straight across the board with almost every lender. You'll be "hit" for your credit rating and loan to value along with the cash out option. You may also be getting dinged for the loan amount because it appears to be low too. The best idea is to call 3 lenders the same day, typically the same time of day too, and get competing rates/fees and see if it makes sense financially.

A short list of things you'll need to provide are(assuming your not self employed),

1. W2's for the last two years

2. most recent one months worth of pay stubs

3. hazard insurance dec page

4. Two months most recent bank statements, all pages, even if they're blank

Typically real estate notes will be due on the first, if payment is received more than 15 days after the due date you'll be assessed a late penalty which is usually 5% of the payment, this will be clearly spelled out in your note which you have a copy of. For credit reporting purposes you'll receive a "late" on your credit if the payment is receive one month late, so more than 30 days late. For instance, a monthly payment that has a due date of June 1 will not carry a late fee if you pay by the 15'th, but anytime after that you will be assessed a penalty of 5% of the principle and interest payment, if your payment is not received until July 1 then they will hit your credit report for a 30 day late payment. I'm sure you know this already, but remember that your mortgage payment is made in arrears, meaning that the June 1 payment actually pays for the month of May.

Sent

@Jon Holdman yes I do, and here it is.

https://www.fanniemae.com/content/guide/sel041514.pdf

That goes to fannie mae, the page is 487 that has the table

Holy crap, that formatted crazy.

BK can be anywhere from 2-4 years, foreclosure can be 2-7 years, and short sale can be 2 years. PM me with your email and i'll send you the correctly formatted table, sorry all.

I agree with the previous responses, the MI is going to be much higher on the FHA and stick with the life of the loan, if that's worth it to you then the leverage is nice. Aside from that please be aware of the maximum loan to values on multi unit properties compared to single family residences

1 Unit owner occupied 95% LTV maximum

2 Unit owner occ 85% LTV

3-4 Unit owner occ 75% LTV

I'm not an attorney and can't speak directly to your issues without looking at the contract so I'm not giving you legal advice. The way I see it and the way I'd handle it would be to sue for specific performance regarding the deposits and if they don't perform I'd probably go after them for damages because you've paid for inspections, etc. It's not OK to agree to something in writing and then not perform. Having said that, if you like the deal and can get past getting screwed on the deposits then you may just want to close and eat the loss.

This is what the fannie mae selling guide says about foreign income. and you can direct the loan officer to page 356 of the 2014 selling guide to reference this material.

Foreign Income

Foreign income is income that is earned by a borrower who is employed by a foreign corporation or a foreign government and is paid in foreign currency. Borrowers may use foreign income to qualify if the following requirements are met.

Verification of Foreign Income

Copies of his or her signed federal income tax returns for the most recent two years that include foreign income.

The lender must satisfy the standard documentation requirements based on the source and type of income as outlined in Chapter B3–3, Income Assessment.

Note: All income must be translated to U.S. dollars. If the borrower is not a U.S. citizen, refer to B2-2-02, Non–U.S. Citizen Borrower Eligibility Requirements, for additional information.