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Answers (24)
Best Answer
- Andrew Adams, "203K Specialist"
- Contributions:9349
Last I checked a link to Hud's website is not a person.
I personally have been doing 203K and Renovation loans for more than 13 years. I do not lend in Texas. If you are looking for a person with experience contact wells fargo and find out who their renovation specialist is. Wells does not allow every loan officer to write 203K loans they require the loan officers to go through additional and on going training.
- Jody Walker, "Jodelle"
- Contributions:5
Thanks all.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Jonathan is Tina Lasagne still the national trainer?
- Jonathan Blackwell, "JonathanBlackwell"
- Contributions:19
You need to ask for a Certified Reno Specialist as Wells. I'm one in Georgia and just moved over from being a mortgage broker who specialized in 203K. I can say without doubt that Wells is the lender to go with. When I was working as a broker I had a lender that did a good job servicing, but took forever to underwrite, I also had lenders who underwrote faster, but sold to Countrywide to service and CW would take 45 days to disperse draw #1.
Wells underwrites efficiently and disperses 7-10 days after close, which is the best combination out there.
Whoever you use, my strongest advice is to make 100% sure Countrywide is not servicing that loan.
Wells underwrites efficiently and disperses 7-10 days after close, which is the best combination out there.
Whoever you use, my strongest advice is to make 100% sure Countrywide is not servicing that loan.
- Jody Walker, "Jodelle"
- Contributions:5
Thanks guys, What a lively group you are. At first I thought I'd asked the wrong question. I did go to the HUD web site and FHA. I have called all the lenders on their lists. I guess I just could not believe there were't more lenders out there and then those that use to write them could not tell me why they did not write them any longer.And your right Ken I don't want to be a guinea pig. And more than anything I hate someone that tries to talks about something they really aren't qualified to. And Andrew thank you, I have talked to Wells Fargo, but like I found out and now understand, the LO did not know much about it. Too bad you are where, Calif? or I would go thru you. I am in Texas. Ok I quess it is Wells Fargo. Thanks to all, I'll be back, I love people that think outside the box and that communicate.
Bump ... Still waiting Rudi.
Thanks in advance.
Thanks in advance.
- samjay18
- Contributions:28
National City Bank. They are awesome
"You know that I no longer participate it this type of discussion on another's thread."
I love it when you try and play the "Im above this card" when a simple scroll down shows your true petty and misleading colors.
Just so I am clear, you actually believe a 3/1 IO ARM is better for all of these preople, most if not all in declining markets, than the 30 year fixed rate they asked for?
Your nonsense does not factor in the potential and probable rate increases, the cost of a refi in 3 years, the security of a 30 year fixed, which if you look at the rates now you will see are offered at exactly the rate you are offering on a 3/1 and it completely ignores what they asked for.
Is this what your years of experience as a licensed agent has taught you Rudi?
I apologize for hijacking the thread, but I really want Rudi to step up and explain why he believes what he is doing is "ethical" as he so likes to say, and moral. Duping someone into a 3/1 based on fuzzy math is snake oil and deserves to be most publicly outed!
I love it when you try and play the "Im above this card" when a simple scroll down shows your true petty and misleading colors.
Just so I am clear, you actually believe a 3/1 IO ARM is better for all of these preople, most if not all in declining markets, than the 30 year fixed rate they asked for?
Your nonsense does not factor in the potential and probable rate increases, the cost of a refi in 3 years, the security of a 30 year fixed, which if you look at the rates now you will see are offered at exactly the rate you are offering on a 3/1 and it completely ignores what they asked for.
Is this what your years of experience as a licensed agent has taught you Rudi?
I apologize for hijacking the thread, but I really want Rudi to step up and explain why he believes what he is doing is "ethical" as he so likes to say, and moral. Duping someone into a 3/1 based on fuzzy math is snake oil and deserves to be most publicly outed!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Gregorio,
You know that I no longer participate it this type of discussion on another's thread. You know you can contact me personally, as you have done previously, with your foul and vicious verbal attacks. But, I will do this, one more time.
With any I/O loan, when a higher payment than required is made, the borrower states or cuts two checks (which I would suggest) that the overage is to be applied to principal. Thereby, the principal balance has been reduced.
The following month's payment is based on the now lower principal balance, which results in a lower payment. This will continue as long as an over payment is made the month before..... So, if the borrower paid the same overage as the month before, even more would be applied to principal. .... The point being, since the average 30F loan is retired in less than 5 years, by refinance or sale of property, a person could make identical payments as what a 30F is to pay down their princial balance far beyond what an fully amoritized 30F principal balance would be in that time-frame.
On a all fixed loans the overage would also be applied to the principal balance, but the payment would not change. .... Rudi
You know that I no longer participate it this type of discussion on another's thread. You know you can contact me personally, as you have done previously, with your foul and vicious verbal attacks. But, I will do this, one more time.
With any I/O loan, when a higher payment than required is made, the borrower states or cuts two checks (which I would suggest) that the overage is to be applied to principal. Thereby, the principal balance has been reduced.
The following month's payment is based on the now lower principal balance, which results in a lower payment. This will continue as long as an over payment is made the month before..... So, if the borrower paid the same overage as the month before, even more would be applied to principal. .... The point being, since the average 30F loan is retired in less than 5 years, by refinance or sale of property, a person could make identical payments as what a 30F is to pay down their princial balance far beyond what an fully amoritized 30F principal balance would be in that time-frame.
On a all fixed loans the overage would also be applied to the principal balance, but the payment would not change. .... Rudi
Please continue Rudi and answer the question ... don't run away now that I have your attention.
And what does this statement in your quotes mean?
"I'm quoting a 3/1 Interest Only Arm. The reason is it gives you the lowest required payment. In today's economy, no one knows for sure what tomorrow will bring. Every dollar you pay above the I/O payment reduces your principle and your following month's payment."
Do I understand this to mean that if they make a payment for more than the IO payment in May, then in June they can make a payment lower than the IO payment? You asked me a question and I answered, why won't you do the same?
- Andrew Adams, "203K Specialist"
- Contributions:9349
Gregorio Slams people that deserve to be slammed!
Explain why you would be recomending a 3/1 IO Arm when fixed rates are at all time lows and inflation and higher rates are guaranteed in the future?
Explain why you would be recomending a 3/1 IO Arm when fixed rates are at all time lows and inflation and higher rates are guaranteed in the future?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
I'm appling your method, per your statements, as when you slam others on these theads, Gregorio.
Only you and a couple others do that. Everyone else just answer the OP's question. ... Yes, it's petty! And, it does not become me to do so. I will stop immediately. ..... Rudi
Only you and a couple others do that. Everyone else just answer the OP's question. ... Yes, it's petty! And, it does not become me to do so. I will stop immediately. ..... Rudi
Rudi, you know very well what that message means as does every licensed agent in California. It means I have until that date to finish the required classes to switch from a conditional license (the conditions being the classes) to the standard license. As I said, It's handled. You also know that you can do loans in California without a license as I was for years prior, so your "AHA" moment is silly and petty. If it's your goal to point out that I have not been licensed very long, ok, and then what?
Sorry you get angry that I point out that you are offering up garbage loans to people who have no need for them. It's a shame you have had your license for so long and you disrespect it with offering up disgraceful products for people who have no need for it. It's a shame you want to sell 3/1 interest only ARMS to people who can qualify for much better financing and the worst part is that you try to sell it with BS. EXAMPLE
Explain that one please.
I knew you would respond eventually! Thanks for that! Now try responding to why you keep quoting this product to everyone ... or don't you have a comment on that? :)
Sorry you get angry that I point out that you are offering up garbage loans to people who have no need for them. It's a shame you have had your license for so long and you disrespect it with offering up disgraceful products for people who have no need for it. It's a shame you want to sell 3/1 interest only ARMS to people who can qualify for much better financing and the worst part is that you try to sell it with BS. EXAMPLE
Explain that one please.
I knew you would respond eventually! Thanks for that! Now try responding to why you keep quoting this product to everyone ... or don't you have a comment on that? :)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Gregorio,
Your CA Real Estate License is not up for renewal. You need to complete the requirements or it will be suspended. You have not had it even 1 Year.
Your Educational Requirements are not "handled" or the statement would not be there. Sorry, can't help you with the other. .... Rudi
- Big Johnnie
- Contributions:47
[off-topic comment, removed by moderator]
Awww Rudi, don't get mad, just trying to help you with the 3/1 ARM blitz you are on. As for my educational requirements, I truly appreciate the offer but's it's handled, but thanks for thinking of me anyway Rudi.
But, can you help me with my Paramedic CEs, that is up for renewall too and I could use your help there. Call me!
But, can you help me with my Paramedic CEs, that is up for renewall too and I could use your help there. Call me!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Maybe someone could also help Gregorio meet his CA State Licensing Requirement? LINK.
Jody, take Andrew's advice, he knows the 203k scene better than anyone.
As for Rudi, he specializes in 3/1 interest only ARMS for anyone and everyone regardless of situation. If you need one of those, call him!
As for Rudi, he specializes in 3/1 interest only ARMS for anyone and everyone regardless of situation. If you need one of those, call him!
- Andrew Adams, "203K Specialist"
- Contributions:9349
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Smart A,
On the same link a person can find approved agents. LINK. You just have to look. .... Good luck Jody, Rudi
On the same link a person can find approved agents. LINK. You just have to look. .... Good luck Jody, Rudi
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Jody,
Here's a link where you can get a better understanding or to forward to your client. LINK. .... Good luck, Rudi
Here's a link where you can get a better understanding or to forward to your client. LINK. .... Good luck, Rudi
- Andrew Adams, "203K Specialist"
- Contributions:9349
- George Haughton, "integrusloans"
- Contributions:48
- Ken Kopper
- Contributions:1578
Jody, I would suggest going up to the Directory and specifying Texas lenders and start at the top of the list calling the local lenders. You are absolutely right in not wanting to be someone's guinea pig for their 1st 203k loan. A reputable lender will tell you that they are not comfortable with the 203k and maybe they will have a referral for you.
Who is doing 203 K and 203 Streamline loans right now?
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