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Gulf StatesFinancial wrote:

Looking for a 5% down conventional to buy a condo in Miami FL.

Answer
Below is a list of approved projects.  Click on Florida.  As of 6/3/2013 a handful are eligible for conventional financing with Fannie Mae in Miami. Keep checking this list as it keeps growing.https://www.fanniemae.com/singlefamily/project-eligibilityHere is the link for FHA:https://entp.hud.gov/idapp/html/condlook.cfm
June 06 2013
(0)

3 Year Income Continuance issues with Stipend

Answer
If you want to see what the lender is most likely referring to go to: https://www.fanniemae.com/content/guide/sel040913.pdfSee the General Income section starting on pg291.  At a glance, I didn't find anything specifically referring stipend income but this section references the continuance you are speaking of.  If you turn to pg 319 under Other Sources of Income, I did not see stipend income as an allowable type.  This does not mean it is not allowed or you are out of luck but this is a good starting point.  Also if you search all 1275 pages for the word stipend or stipends, it returns 0 results.I haven't closed a deal with stipend income so I can't speak from experience but I hope that info helps. 
June 06 2013
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Is it possible to get a 90% LTV in HI with the following?

Answer
Conventional and FHA both stop at 85% LTV on a cash out refinance. If you are okay with a partial consolidation search for what the FHA max loan size is for where you are, see if that is still a second option, and compare costs. Aside from any niches only a VA allows 90% for cash out.
May 27 2013
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How does changing my student loan repayment plan affect my back-end ratio for an FHA loan?

Answer
Lenders will calculate the DTI off whatever shows up on the credit report.  They will not look back at the previous payment but they do look back at the history of payments.  If you modify and it doesn't show up on the report, you can provide documentation of the new payment. I have personally done this with Sallie Mae through their website, the documentation is 100% automated, and I received it in just a few days.Is your lender telling you that the DTI has to be below 43%?  Because we deal with direct lenders, our back end DTI requirement is typically higher than this. 
May 27 2013
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don't want to pay PMI

Answer
This is an excellent question.  Ask your loan officer about their conventional loan products with LPMI (lender paid), single premium BPMI (borrower paid mi), or Split 50 PMI and he/she can explore those alternative options and costs with you.     
May 27 2013
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We own our 2 story home and 9 acres outright. We need A home equity loan or line of credit. We havef

Answer
We are licensed in AL but don't have the ability to do lines of credit at this time.  If you are sure that is the product you want versus a traditional mortgage, we would suggest Coosa Pines, Heritage South, or Mutual Savings in Sylacauga or Alex City.  If none of them can do a line, get their rates and costs and contact us for a quote too. 
May 27 2013
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can you refi under harp while in bankruptcy and if not how long do you have to wait?

Answer
Assuming you fit all other parameters for HARP, you can refinance if you've filed bankruptcy as long as it was discharged more than 12 months ago and you've been staying current on your mortgage payment since. 
May 27 2013
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Are there any specific rules for homeowners who have filed bankruptcy over 2 years ago?

Answer
Not sure if you still own a home and are looking at refinancing or are looking to buy a new home after the bankruptcy.  Either way mortgage guidelines for bankruptcy go off three main ideas: 1) the type of bankruptcy (i.e. Chapter 7), 2) the date of discharge (versus the filing date), and 3) if a foreclosure was involved in the bankruptcy.  The wait time is typically 2 years after the discharge date without a foreclosure, 3 with a foreclosure.  There are exceptions to this so you would want to speak with a licensed originator about your scenario to be sure.There is a lot more that goes into the story but ultimately you would want to make sure that you have a few tradelines (3 major lines) open after the bankruptcy and you would want to pull your own credit to see if any old discharged accounts are still looming and bringing down your score.  If they are you can dispute it online with each bureau, provide them copies of your discharge paperwork, and get it cleaned-up in 30-60 days if you are diligent with them.Although it is not required your goal is to get have your score above 640 for FHA financing or 660+ for Conventional. I hope this answers your question.   
May 27 2013
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What can I do to get more (or better) quotes for my loan request ZR-NVTRVDY?

Answer
Assuming prices on the new home stay at or below $1.159M into 2014, the real question is will jumbo rates hang at around or below 4% for that long?  Not sure any of the 40 who quoted you will offer to predict jumbo rates much further beyond 60 days.
May 17 2013
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Fixed rate or 7/1 ARM for 5-6 year residence?

Answer
You are asking if the rate spread between the 7/1 ARM and the 30YR is worth it and the answer is highly specific to your score, LTV, occupancy, etc.  You can contact any lender and they can calculate the spread based on your specific scenario.  If you are in the 700s and have 20%+ to put down my guess is this spread will be less than 0.5% in the rate.  You ultimately have to determine if that spread over 5 years (say 2.5%) is worth the risk to you.  My advice is similar to Barb's, if you don't have the reserves to pay it off completely with your own assets, play it safe and go fixed while rates are this low.
May 17 2013
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