All Forum Posts by: Shaun Weekes

Just to be clear your primary will always be 2 months of reservers and every home after that will be at least 6 months up to 12 depending on your personal situation. 

 If it's a jumbo loan reserves can go all the way up to 36 months

Hello Mina,

You're looking at a minimum of 6 months reserves on the new purchase ( 2nd home ) and 2 months on your primary.

I hope this helps :)

@Manuel Sarabia 

The initial approval should only take 2-4 business days the 24-48 for conditions ( Items that the UW is asking for ) 24 hrs for CTC ( Clear to close which means that all PTF ( prior to funding) conditions have been signed off ) 24-48 hrs for funding.

The other main factor is how fast can the buyer Loan officer or broker put the file together.  This is the x factor that I can't help you with unfortunately.

In my opinion all gov loans and conventional loans can be done in 30 days unless the buyer has a lot of items on the approval that need to be addressed or credit report issues or boarder line with reserves or something like that. 

I would have your realtor call the buyers agent and ask what items still need to be completed in order to get this file to CTC.  When you use this type of language you might have a better shot at getting an answer faster.  If the items required are just simple bank statement updates and things of that nature then you should be fine. 

In your position ( seller ) the thing I always hear is that the communication is horrible so just make sure your Realtor talks the other realtor and no matter what the issue is have them tell you.  You're paying a lot of money to both realtors so they need to be working for you. 

I hope this helps.

@Eric Jackson 

15% is the minimum you can put down and this would be through Fannie Mae on an SFR only. When you get into 2,3 and 4 unit propeties you're looking at a minimum of 25% down. So your LO was correct but she just didn't give you the entire story.

I hope this helps and have a great night. 

@Joe Impagliazzo

Hello All,

Joe is 100% accurate as fannie mae will take 1 day of experience.  I work for a huge bank ( I'm not advertising ) and we follow Fannie mae guidelines.  You have to find a bank that doesn't have any OVERLAYS, once you do this you'll notice that programs will be easier to obtain. 

Again Fannie Mae has zero land lord history requirements and Freddie Mac needs 2 years.  If you bought the property this year then you'll need lease agreements.  If you bought any other year you'll need to go off of schedule E and you can add back lines 9,12,16,18 and then use a calculation to get your income.

I hope this helps everyone and have a great day :)

Welcome to BP and you'll have a lot of helpful information on here.  Good luck and have a great time here on BP.

Ally,

It just sounds like your broker didn't take the time to put together a full understanding of how a VA loan works.

Hello Ally,

With a VA Loan you can't credit more than the borrower is putting down. I'm assuming you got a 100% loan but what was the VA funding fee on your loan? The most it could be is 2.15% so if you multiply that by whatever your loan amount was that would be the max you could get back in rebate.

From what I'm gathering your broker told you to ask the escrow officer why the rebate was cut.  Your broker should have been able to answer that question.  What was your rate and when was the loan locked?  Do you have a copy of the actual lock form to confirm when and what the price was when the loan was locked?

4)  Hawaii isn't what we call a wet state.  So when you sign your docs the broker and escrow and the lender still have to complete PTF's ( Prior to funding conditions )

If it was Texas for example when you sign your documents you would be done and get the keys same day or next.

5)  Technically the only thing you've paid for per your hud-1 is daily interest so the insurance policy can't be paid for until the loan has funded unless you paid all of your closing costs outside of the loan?

I hope this helps out and have a great weekend.

Hello Reid,

If this was a primary residence then you could put down as little as 15% on a 2 unit property.  Unfortunately you're looking at 25% down for both Fannie and Freddie.

You need to have your realtor look over the contract because you don't want to lose your EMD ( Earnest Money Deposit ) because of all of this.

@Lorenzo Harkins 

Welcome to bigger pockets and I'm sure you'll love networking on here.