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Profile picture for victoryorange

Is it possible to have a mortgage loan "arranged" like described? what would be the closing cost?

Home Total:
$493000
VA loan $400000
FHA $160000
the rest would be used for savings, car payment, home depot type home installation items
  • September 12 2012 - Leesburg
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Answers (6)

Profile picture for Go Huskers
" Also, with what your income would need to be to qualify for this home, I am pretty sure you make too much to qualify FHA"

Hmmm! Makes you wonder what one needs to get a RE license these days. With the popularity of FHA mortgages there should be a mandatory class I think!

Unqualified, unlicensed advice seems to run in the Van Pelt family!

 
  • September 12 2012
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No, it is not possible to "arrange" a mortgage like that.  That concept is "deranged".
  • September 12 2012
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I am pretty sure you make too much to qualify FHA  
===========================
I'm unable to locate the income maximum for FHA loans, could you cite the appropriate guidelines reference number for us?
  • September 12 2012
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The bottom line is you are not allowed to receive any money from the transaction above what you might have put into it, such as earnest money.  This is for sure with FHA, VA, USDA, not certain about conventional, but pretty sure (ask a  lender.  Also, with what your income would need to be to qualify for this home, I am pretty sure you make too much to qualify FHA :-)
  • September 12 2012
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Both loan programs that you referenced are government loans that sit in first position (not to be mistaken as a first with a second position-type loan setup).  I'm not certain, if you added an extra 0 by mistake on the FHA, but those numbers won't work (if they're not done by mistake) because it will exceed the value of the home (per your Home Total, assuming it meant estimated home value).

I'm assuming you are looking to cash out from equity you may have in your residence to pay off some other bills.  You can potentially do a few different scenarios (depending upon your qualifications):

VA: cash-out  up to 95% of the appraised value; or 100% depending upon Lender or Investor's overlays

FHA: cash-out up to 85% of the appraised value

Conventional: cash-out up to 75-80% (depending upon Lender/Investor overlays).  You may also (possibly) add a second loan or home equity line of credit (HELOC), if you need more money.  Every Lender will be a little different upon how much they will allow, but typically, you may find them to allow you to go to 90% with the combined (first and second) loan amounts of your appraised value.

Hope this helps with your scenario.  Best of luck!
  • September 12 2012
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Hello victoryorange,
Both VA and FHA allow for only first trusts.
Best wishes, Jim
  • September 12 2012
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