Martin Wareing's Q&A

This is a cut/paste excerpt from a typical FNMA lender.  I removed the name because it does not matter the name and also, the majority of the reasoning or seasoning is directly from FNMA herself:We  require a minimum two year period from the bankruptcy filing to the loan application date. In addition all bankruptcies must be discharged at the time of loan application. We will accept the AUSapproval to confirm the discharge dates however we typically will also review the credit report to reflect re-established credit.Hope that helps and sorry if it splashes cold water on your plans.  Good luck.

Jadd,Only you can really decide if you can"pay" a mortgage of $3,000/month.  These calculators do not consider Cellphone bills, Internet/Direct TV bills, health ins... etc..  If you are not paying anywhere close to that housing expense and are not "saving" the difference each month, you would be very "shocked" if you signed for a mortgage payment of that magnitude.  All "expenses" associated as an owner are then yours as well. (roof, AC, etc)..  The old school rules of 30% of gross for mtg payment and no more than 45% of gross for ALL payments is a feasible debt ratio.  Hopefully you will find a home and a mortgage that is desired with a payment you are comfortable with and that will be a WIN WIN.  Good luck.

If the rates were the same, compare the LINE 800 items..  If they are not, get the rate you want and have them all resubmit their costs according to that rate...  revert back to 1st sentence... Line 8oo items:  The costs that the LENDER and Originator "charge" to arrange your loan.  All other fees are not charged by the lender and therefore are not controlled by them either (meaning they will all be the same at the closing table).If 1 of the GFE's is from a local (liver person) to you... and it is the best or very close to it... strongly consider that person... 1) you can go "see them" if you need to and 2) that person will "spend" some of his/her wages locally in your local economy... It is the financial circle of life.Good luck.

PMP,I am not aware of a 99.25% (($417K owed (home worth $420K)) Cashout REFIS.  MHA is not for cashout refis the last time I checked.

Teacan,The major hurdle:  The 2nd mortgage. You can't combine the 2 currently (and I doubt ever will) with this program.  You could get the 1st redone (with approvals from Both lenders).  Unufortunately, America is finding out that the 2nd mortgages that we were all advised were great, have some drawbacks.  Hopefully it will work out, but it will be 2 separate agreements.  Each lender can help... It will just be:  will they?  Good luck.

spoon,In most cases, the "terms" (length of mortgage and the interest rate) of the mortgage would be the same regardless of the occupancy;  however, the costs for the same rate are dramatically different if the property will not be a primary or 2nd home.  Downpayment minimums can vary as well as MI companies are unwilling in most areas of the country to provide MI on a purchase.  This translates into 20% or higher down payment requirements.  The price hits for INV loans worsen or get more expensive the closer you get to 80% LTV.  Good luck.

Glory,2 appraisals.... already.... It is what it is in the REFI.. doomed without putting money into it...  Your servicer holds the key. All of this "talk" is chatter.  Start dialing and the dialogue.Sunny,  no one will rip you for the MOD callout. No worries

bjqq,I would accurately guess that the Lender will require "proof" that the townhouse would be a 2nd home more now than ever verus leaning on the 2nd home same as primary thing.  When your "tenant" loaded with furniture opens the door for the appraisal  (INVESTOR)... when the Hazard Insurance is a landlord policy  (INVESTOR).. if the property is within 50 miles of your home.. (INVESTOR).. If your last 2 years of 1040's show Schedule E (Rents)... INVESTOR....  The cost for INV is in the pricing for the exact same rate... and yes it can have a little sting to it, but it is a 1 time cost and then you are done.  In an attempt to avoid such pain, have you inquired with your servicer?  Perhaps they hold the magical key to getting a fixed rate with the least costs.  If they are a NO GO, then I would urge you to see what is ready right now.  The reasons:  Your property value may still be slightly decreasing... and who knows what rates will be in 90 days, but they have really been right around where we are since last DEC give or take .25% lower to .375% higher... than what is on the board... That is like saying a stock is $22 today... a yr ago ... $20   2 months ago  $25....  but really very close...Check your options and pull the trigger... By the way... you know it is INV... and so will we.. :)  Good luck.

bh 86,My recommendation about mortgages is to ask about the "rules" of borrowing prior to making the decision to pay cash.  I am not scolding you, but educating you.  The situation may have been that you had to pay all cash for the home, but you also should have known upfront to make the best decision as to how long the money is tied up, etc.  I hope it is your primary as well.....  another can of worms.. With so many LO's and Realtors gasping for biz, it seems highly unlikely you could not have easily accessed this info.  I wish you well.

Mornin Clay and 4 PINK in NY,As Clay answered, it is not that lenders will not lend, but how much and which lenders are tehy.  I do not have a national residential in my group that offers raw land lending. In most cases, it is a local lender in scope and most would want and hope (mostly require) building in the not too distant future.  SunTrust used to have a program and did not require a large down payment, but there were restrictions to it and it had a balloon rider on the loan as well. Try local and I think you will find your best and clearest answer.