don bro's Q&A

The value of the property is the sales price in this case and not the appraisal, There is no equity, equity is a figment of your imagination until it is realized. For loan purposes if the loan is $400,000 and the sales price is $500,000 with the appraisal justifying the sales price then the loan to value ratio will be 80%.

If your  loan is currently being serviced by TBW. Where do I send my payment?You will not be affected at this time. You should continue making your mortgage payment at its normally scheduled time. However, your payment should be sent to:BAC Home Loans Servicing, LP Payment Processing PO Box 10334 Van Nuys, CA 91410-0334this is from an update at ginnie mae:  http://www.ginniemae.gov/media/TBW_consumer_grid.pdf 

I doubt that when escow is given to an agent that agents would even think about explaining the whole process of escrow.It is something given in good faith, if the seller does not feel that you have held up your end of the deal then the can contest it, what was the reason?There are a lot of laws about escrow, do you want me to tell you all of them?You might have to wait for the money but it is a good honest process in florida.

Fair is better than bad, what is the score? For most sites fair is good enough to get a loan.

It is a purchase, robgil says "Paid by Seller".I was trying to get the buyer to understand that a change of wording doesn't change the facts as to who is paying for certain items.

There isn't any room for semantics when dealing with the real estate transaction, the items listed and who they are paid by is actual. The items come from that person/companies own funds. What would be deceptive is if they listed you as paying for everything since you are getting financing your are not paying for everything the lender is paying for most of it, when you have paid off the loan then you could say "I paid for it" Although it is unlikely that you will ever pay off the loan, it will either be refinanced or you will sell the home, if you sell it for equal to higher value than what you paid then wouldn't it be fair to say that the future buyer paid for your closing cost on this transaction.Now since we have moved past that, the items listed on your GFE should be an accurate portrayal of what it will cost you to purchase the home and how much you need to bring to closing. It is not deceptive.After looking at the GFE do you think the broker has given you a good estimate of what you need to bring to closing and the fees that will need to be paid in advance?

20% down payment is required for all loan programs that I use for second homes.

What is this in reference to?

I think that you should apply for a loan if you were told by a mortgage broker that you could not get a loan. The reason that I say this is because we do not underwrite mortgages, I think you should at least have the oppertunity to get a loan, package everything neatly together and let the underwriter decide.

Here is an example of the same loan with the exeption of primary or second home.30day lock1% YSP720 FICO80% LTV$400,000 loanBroward county FL31% DTIOwner Occupied is 5.25% Interest RateSecond home is 5.375 to 7.25 depending on the lender There are other factors on rate:Lock today with some and there could be a .25 lower rate fico above 740 could have lower rate depending on the lenderThe whole package must be considered when talking about rates.