christopher Burns's Discussions

Mick - Did you perhaps acquire the property under market value when you bought it? What do you think the current value of the home is right now?

Okay based on your savings you will not have the $60K required to put 20% down on your $300K purchase. That means that if you go conforming you will pay private mortgage insurance. The amount you pay will depend on how much you put down. In my opinion the safest bet will be the FHA loan. The mortgage insurance cost on $300K is $125/month. Don't forget that that is now also tax deductible. Your rate should be the same on an FHA loan as it would be for a conforming loan but the PMI will be about 1/3 the cost of a conventional loan. I don't recommend seeking 80/10 type financing as the 2nd mortgage will be at a much higher rate if you can even find it. PMI is only required for five years if you can get the LTV below 80% FHA. It's your best option in my opinion based on the info your provided. Best of luck to you on your new purchase!

A land loan will carry a higher than normal interest rate, but it may be your only way of getting the financing your looking for.

Stated Income 100% loans? There is a whole gaggle of lovely people in my neck of hte woods I"m competing with. I guess I'm out of the loop on those 100% stated income programs with rates in the mid 6's.....  

I know what the loan request says. The borrower can show income but the co-borrower can't document his income. There is no way you are going to go full doc with only the borrower income with the loan amount they are asking for at 100% LTV. How do you explain?

Okay first of all if I have made an erroneous quote I have made every attempt possible to fix it quickly so there is no confusion for the borrower. Since you want to continue to try to suggest I dont' know what I'm talking about with regards to this 100% stated loan your quoting on...A. This is a purchaseB. They are requesting 100% LTVC. They can verify $45K year in incomeD. They are asking for a loan of over $220K Tell me which lender you have that will do that to 97.75% with a rate in the 6's, please I'm all ears. And you can always feel free to call me out in public. If I made a mistake I will admit it and try to correct it and do my best to ensure it doesn't happen again. I won't come here and make bogus threats and try to defend my bad quotes. 

Even if he's quoting FHA... FHA does not go to 97.75% on a purchase. it's 97%. There is no mention of DPA in any of the quotes for the people quoting on this loan request. The front end DTI alone is not going to be within FHA guidelines.

And Tammy is correct I do not have ADD or ADHD. I do have a DAD though!

Hey Martin, Just hoping for some more rain! We finally had a little but it's so crazy that with the massive flooding in other parts of the country we had a nice droubt going for a wile there. I'm in Lake Mary often, I'll stop by and say hi one day.

Randy, How are you getting around the DTI exceeding FHA guidelines?