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Joe Cafiero's Advice

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  • 4380 Contributions
  • 56 Best Answers
  • 870 Helpful

Joe Cafiero wrote:

Mortgage down-payment %'s for my situation?

Answer
I agree with Justin.  You should be fine with just a 5% down payment provided you stay at or under a $417k loan amount.
16 hours ago
(0)

Can my Lender lowball Closing Cost?

Answer
Not sure what options you have at this point since it has been 6 months since closing.  To be honest with you, the LO did a crappy job of estimating the costs.  However based on the GFE guidelines #1-4 are all areas that an LO is not held to any tolerance.  Should he known about all of that and been accurate, yes.On number 5, I am guessing you did not lock in the rate until 12/14.  Rates probably got worse over that time frame and thus the lesser lender credit.  Based on his track record for estimating fees, I imagine he gave you some reason to hold off locking in.  No reason why you could not do that on 11/10 if you were closing on 1/5.  On #6, I do not think you have any recourse.  That should have been addressed from the start.
2 days ago
(0)

Is this Lender ok and the GFE honest? Is this a bad FHA loan deal overall??

Answer
The APR is in line due to the mortgage insurance being in place for the life of the loan.  The amount of that insurance is also correct.  Unfortunately with your credit scores and down payment, FHA is your only option.  The question really comes down to whether the $11,000 the builder is giving you is contingent on you using that particular lender.  The rate the lender is giving you is too high for the amount of credit they are providing.  However as it is in most cases with new construction, the builder and lender are affiliated with each other and the $11000 the builder is giving you is really coming from the higher rate you are being given.  If you would like to contact me through my profile, we can discuss this further.
3 days ago
(1)

Is this Lender ok and the GFE honest? Is this a bad FHA loan deal overall??

Answer
What is the adjusted origination charge on the GFE (Box A) and most importantly is the Builder's credit of $11000 contingent on you using this lender
3 days ago
(0)

Underwriter after title report and MI certificate?

Answer
The process is normal...Typically everything is given to the UW for final clearance when everything is in.  Looking at stuff one at a time takes time and is not efficient.  The MI Certificate is issue at the end and a lot of times in instant.  You may want to ask the LO how they handle the MI though to make sure it is not going to take extra time.  Sounds like the main thing you are waiting on is the title work.  That is coming from your attorney (assuming it is a purchase).  Give them a call and see when that is going to be available.
4 days ago
(0)

Is it possible to get a Jumbo for a 2nd home with 10-15% down?

Answer
I have an outlet that will allow for 20% down.  Can not find anything less at that purchase price.
4 days ago
(0)

FHA Loan

Answer
Couple of other factors come into play but I would say you are off to a good start.  If you would like to contact me through my profile, we can discuss further.
4 days ago
(0)

Should I refinance Harp 2.0 with current lender

Answer
who is the PMI provider.  At that loan amount you should look at rolling the costs into the loan amount.  That is why the rate you are being offered is so high
5 days ago
(0)

What is a typical deposit to put down on a new house in a new development?

Answer
5-10% of a deposit is usually standard.  I would also be prepared to be pre-approved from a lender. Obviously 10 months is a long ways off so things will need to be rechecked closer.  However the builder will want to make sure you are at least somewhat in the ballpark of being approved.  The other thing to think about is an extended rate lock.  Lenders can offer an extended rate lock with the ability of renegotiating the rate should they drop as you get closer to closing.  Happy to help if you would like to contact me through my profile
5 days ago
(1)

Jumbo Mortgage with 90% LTV on Vacation Home in NY

Answer
How much is the purchase price.
5 days ago
(0)