Hi Michelle,The minimum down payment would be 30% with our bank. I would recommend discussing with a lender to see if you can include rental income to improve your DTI.Best,Bryan
1. Your picture is amazing2. Do a bit of research on 580-620 lenders. FHA allows it, but there are some additional overlays which can make it challenging to acquire. Also, as many will bring up, they may have less favorable rates/fees than a normal FHA loan. But, if you are stuck and need to buy, there are certainly lenders out there who offer this.
This is not a 30 year fixed correct? This is an adjustable?
You will not need to bring the additional cash to close. You will NOT have an appraisal if you are using HomePath Financing. Your offer will be approved by Fannie Mae, who is the owner of the property. When Fannie accepts the offer, they will be holding the note on a HomePath loan so will not have issues accepting for above listing.Best,Bryan
Hi Dirayami,This is completely impartial advice as I lend in CA at a smaller boutique lender...You should work with whoever YOU know, like and trust. The agents below mentioned why THEY like to work locally, but you might like the convenience that an online lender offers. Mortgages can be tedious and complications can arise. Work with someone who you trust to stand in your corner during the tough times and get you what you want. If you think that your Quicken Loans banker is that person, then stick with them.Also, online lenders request local appraisals through appraisal management companies. I am always confused by this myth that lenders would pull in an appraiser from a different market to appraise a home. That would be a terrible business decision. This would lead to very few closed deals, and the business spending a fortune bringing loans in just to deny them in process.So, follow your gut. Talk to a few lenders and work with the one that you would like to work with.Best of luck in the home buying process,Bryan
Hi Psumel91,How much are you looking to put down on the new home?Best,Bryan
Hi Austin,No 100% Conventional High Balance options that I am aware of. Seems like a lot of risk that I doubt investors are willing to take.If you find something, please share. :)Best,Bryan
If you were not to get any seller/lender concessions, you would be looking at about 3-4% out of pocket. So, if the purchase price is $350,000, the estimated total costs would be $14,000. As mentioned below, often the funding fee will be financed and VA loans can offer competitive lender credits. Often, you will be able to come to close with nothing out of pocket.Feel free to reach out through my profile if you have any further questions.Best,Bryan
Yes you can. If you have the equity available, you can take cash out 6 months after closing. Feel free to reach out directly through my profile if you have any further questions. Best, Bryan
Hi lkwdsean9, How much would you like to take out? You can either look at a cash out refinance (standard mortgage), or a Home Equity Line of Credit (HELOC). Feel free to contact me through my profile. Best, Bryan