All loan originators

[RevoL]

she's going to get you for 5 in the front and 5 in the back, a 10 yr pre-payment penalty, and a 8.75% rate on your 1st

i can refer you to a top producing agent in that area of texas if you aren't working with one already...

 

[og MS]

save that $1500 to put towards the closing costs....

get 100% financing if you aint got at least 10-20% for Down payment

80% on the 1st and a 20% 2nd.... the 2nd will be a high rate...

lemme run a scenario for ya.... but important things to know are your income... and if you can go full doc or if you'll have to go stated.

 

[AC Transit]

lemme run a scenario for ya.... but important things to know are your income... and if you can go full doc or if you'll have to go stated.

with credit around a 600 or lower, he'll probably have to go stated. I don't think i've ever done a full doc loan.

 

[og MS]

$185,000 w/ an 80/20

$148,000 on the 1st and $37,000 on the 2nd

$925 on the 1st @ 7.5% for 40 yrs (2/38) and $409.29 on the 2nd @ 13% for 30 due in 15. This is a high worst case scenario.... plus you'd have the impounds for taxes and insurance.. not sure how much and if they have Property Taxes in Texas.

Closing costs w/ 1% origination around $5500-$6000 depending on the title fees and other costs on their end. Could be a lil higher or lower

 

[og MS]

never know.. depending on how much he makes and what his DTI is. If he's a Wage Earner with the W-2's / Bank Statements to prove his income.

 

[og MS]

oh yea you have to have at least a 580 mid FICO and go full doc to get an 80/20. Stated Self Employed is 620 in most cases.

 

[og MS]

with the seller's 3% contribution to the closing costs you'd pretty much not have to come in with much

 

[Dana Dane]

Go to bed, Skrill!!!

 

[crazy707]

You could always go with a interest only loan.

 

[og MS]

with an I/O option on the 1st and the 2nd the overall payment would probably drop by about $300 a month...


the best for lowest payment would be an option arm but you gotta have at least a 660 in most cases on a purchase for an 80/20 w/ an option arm on the 1st

 

[Dana Dane]

Yeah, a lot of companies won't do a Neg Am on 100% financing because of the potential that you are gonna end up owing more than the property is worth.

Sav- Shoot me your number on the PM and I'll give you a call with a few more questions I have for ya.

 

[og MS]

Usually depends on the area the property is in.

Sav if things don't work out and you wanna look my way... holla.

 

[og MS]

or you could go with a Subprime loan too
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With a low 600 FICO, it's gonna be subprime product

 

[Sav Scorcese]

So what I see so far is I should go 100% financing on this one. Interest only looks good but it's not good for the long term right ? After 5 years or so what do people do with interest-only loans, refinance to an adjustable rate ?

 

[AC Transit]

After 5 years or so what do people do with interest-only loans, refinance to an adjustable rate ?

Interest only loans are adjustable loans - you refinance before the rate adjust and hopefully your property has increased in value to offset any change in the interest rate.