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About FHALoanOfficer

  • Birthday 12/12/1979

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    New York
  1. I worked for them at my last job. Make sure to get all the info on the approval and a letter stating that you are indeed approved. Simply make the owners an offer or the real estate contact. Bid below the sales price and make sure the seller is paying some closing costs. I would ask the seller to pay 4-5k - this is just less money the seller gets at closing. Click here to read some examples Seller Paid Closing Costs
  2. If you have no credit score or a very low one you can expect to have those cancelled rent checks ready. From what I have seen people above a 580 fico most of the time do not have to produce them. In your case I would ask the Loan Officer what documents you need to produce before you move forward. Most of the time they will require statements on all asset accounts, paystub, and W2 for full doc loans. I am guessing they will not care about the rent checks in your case. You have some assets, and that always makes the approval easier. Hope this helps
  3. I have often seen the downpayment gift added to the loan. Most sellers will not gift you that much, often they will raise the price so their net is the same. But it does get you into the house.
  4. You might want to try an FHA loan. They are often very forgiving of past credt and have better rates then sub-prime loans. It can be trickly but I think it is worth a try - most lenders will not charge for the pre-approval. Good luck!
  5. You are going to have to delay the closing, I would guess by 2 weeks. I also think your mortgage company is being unreasonable. 24mo is unheard of. And you should be in a No Ratio loan not a Stated loan.
  6. You can ask them that you want to buy down to 6.5% - there would be I am guess a 1 point fee. -Dave
  7. 7% would be the zero point rate for an FHA loan today. ANYTHING lower then that and you will be paying points. Guessing from the rates I would say there are two points in there. So you would see a fee of 2% the loan amount as a FEE at closing. Can be very nasty. Low rates should be a warning that somewhere in there points are hiding. They dont even have to tell you about it as long as you agree to the total closing costs. -David FHA LO
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