Profile picture for Steve Felty

Steve Felty

Lender

Sr Mortgage Banking Officer (19 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Jumbo Loans, Unique income

Advice

  • (457 Contributions,
  • 13 Best Answers,
  • 82 Helpful)

Contributions are sorted newest to oldest.

Rumors of 5% down on jumbo?

Answer

Our bank provides 95% for purchase prices of just under $1,200,000 using a combo (1st and 2nd) both Fixed rates are available; no PMI. 

  (0)
what constitutes the difference between the interest rate and the APR?

Answer

The APR was designed to facilitate comparing otherwise identical loans by including the costs of the loan as a %- in short giving you more infomation about the loan.   However it is my experience many lenders make 'accidental' mistakes when calculating their APR - which makes (in my opinion) the APR irrelevant.   A common misconception is that all loan costs are included in the APR (which is why lenders who want to 'win' an APR comparison have been known to make mistakes....Since the APR of an ARM is lower than the interest rate, and fixed Rate loan APR higher than the Interest Rate; it is impossible to compare APRs of Fixed to ARMs.   To answer your question.  The difference between the interest rate and the APR is what your lender tells you it is...  and not much else.

  (0)
Is there any way to get a new comp taken into consideration on my appraisal?

Answer

It is my understanding the home 'down the street' could only be considered by your appraiser if the sale closed on or before the effective date of your appraisal - which from your comments seems unlikely.    Although likely not what you want to hear, in my experience when an appraiser returns a valuation below the purchase price, they feel strongly the home does not warrant the sale price.  Keep in mind the appraiser is required to review the purchase agreement for purchase appraisals; so the selling price is known.   Many times in situations like this, my clients have been able to use the "low" appraisal to negotiate a reduction in the selling price.The best people to identify more appropriate comparable sales are the real estate agents.    Since your agent should be expected to represent your best interests, I encourage you to ask them to submit a list of more appropriate comparable sales for you to provide to your lender.    Your lender can they submit the information to the appraiser for them to consider.   But unless the appraiser made a really big mistake (which would in theory jeopardize their license), you should expect the appraiser to stand by their valuation.    

  (0)
Joint Customer on Mortgage Application

Answer

I concur with Clay, but suggest you list all paid positions going back 2 years on the application.   Your lender is certain to order Tax Transcripts, so even if qualifying income is $0; it will be easier for underwriting if a complete employment history is provided.    Time as a Student (including unpaid Student Teaching) can fill-in employment gaps.

  (0)
Looking for a Jumbo Loan in North Carolina

Answer

As Clay stated 80/5/15 in your scenario are widely available, are you curious about certain loan programs such as 15 & 30 Year Fixed or ARMs?  I am unclear what suggestions you seek.

  (0)
Jumbo or 80/20 piggback relocation loan?

Answer

Congratulations on the new job.  You should have little problems with the binding employment letter being accepted as long as your start date is within 60 of closing, and the jump in pay makes sense.    Presuming you expect to sell your current home before buying in Westchester County; it appears you could comfortably make a 20% down-payment; which would be helpful since few Jumbo programs allow over 80% LTV with loans over $1M.   Perhaps I'm missing something, but if you are guaranteed $375k/year, then shouldn't your 2 year income be $750k (or more)??  Since twice you mentioned the 2 year would exceed $500k, it causes me wonder how long the 'guaranteed' $375k will last.I have helped many move-up buyers with similar situations and as long as your scenario makes sense for underwriting; I'm confident you'll be successful too.

  (0)
Home for Dad

Answer

A program that might suit your situation is a Family Opportunity Mortgage.  The program is quite simple and would allow funds from your father to make the down-payment, yet have the loan and Title in only your name (to avoid the tangled mess).    The loan rate/pricing is the same as Primary/Second residence, so there is not a Pricing adjustment for Non-Owner Occupied.  Our company has a informational flyer about the product that I would be glad to email to you if you contact me through Zillow.   

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