Profile picture for Brian Johnson

Brian Johnson

Lender

Branch Manager (23 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
Purchase Renovation Loans

Advice

  • (22 Contributions,
  • 1 Best Answers,
  • 3 Helpful)

Contributions are sorted newest to oldest.

Renovation Loan - 203K - When does repayment begin?

Answer

On a streamline 203k  ($35,000 or less in renovations) the payments typically start aproximately 30+ days after the loan closes. On a full 203k (renovations above $35,000) you can add up to 6 months of payments into the loan.  However the payments are supposed to start once you occuppy the property.  

  (0)
SHOULD A SELLER PAY THE BUYERS CLOSING COSTS? What you need to know...

Response

Dan the country_hick, The point I was trying to make on VA loans is people have bought homes with no down payment for years.  Consumers buy everything without a down payment.  You can buy a $100,000 auto and drive it to Canada. There was only one main change in mortgage underwriting 5 years ago.Consumers were not required to prove they had enough income to handle the payments.  

  (0)
SHOULD A SELLER PAY THE BUYERS CLOSING COSTS? What you need to know...

Response

Dan the country_hick, The point I was trying to make on VA loans is people have bought homes with no down payment for years.  Consumers buy everything without a down payment.  You can buy a $100,000 auto and drive it to Canada. There was only one main change in mortgage underwriting 5 years ago.Consumers were not required to prove they had enough income to handle the payments.  

  (0)
SHOULD A SELLER PAY THE BUYERS CLOSING COSTS? What you need to know...

Response

If I was selling my house I'd offer to pay closing costs and send the buyers family to disney world if needed.  All a seller needs to be concerned with is his bottom line.  In this market the seller should be doing everything he can to incourage a buyer to come take a look at his house including offering higher commisions to the selling broker.  Bottom line what ever works.People who think down payments had anything to do with the housing market meltdown are out of touch with the market.  VA has offered no down payment no closing costs to veterans since WWII.  Which lead to an economic boom in the 1950's.Lack of documented income is what caused the recent meltdown.

  (2)
SHOULD A SELLER PAY THE BUYERS CLOSING COSTS? What you need to know...

Response

If I was selling my house I'd offer to pay closing costs and send the buyers family to disney world if needed.  All a seller needs to be concerned with is his bottom line.  In this market the seller should be doing everything he can to incourage a buyer to come take a look at his house including offering higher commisions to the selling broker.  Bottom line what ever works.People who think down payments had anything to do with the housing market meltdown are out of touch with the market.  VA has offered no down payment no closing costs to veterans since WWII.  Which lead to an economic boom in the 1950's.Lack of documented income is what caused the recent meltdown.

  (0)
How to refinance if under water?

Answer

FYI Its a new program and the guidelines maybe different than a standard FHA program but ussually in order to do a new FHA loan your condominium development has to be FHA approved or approvable?Which means it needs to be less than 50% investor units (rentals).  and  one person can't own more than 10% of the units in the condominium development.  Brian

  (0)
How to refinance if under water?

Best Answer

FHA has a new program coming out in September.  That might work for you.Its designed specificaly for people in your situation. When FHA makes changes and anouncements they notify everyone through mortgagee letters.  The one I'm referring to is 2010-23 google "mortgagee letter 2010-23" 

  (0)
How to refinance if under water?

Answer

I want to make sure your not letting an oppurtunity pass by.Your correct that NHHFA doesn't do any refinances.Even though its called it a first time buyer program doesn't mean it wasn't also an FHA loan.  The majority of the NHHFA are done in combination with something else.  Four years ago most of the NHHFA were done in combination with FHA.  

  (0)