Jonathan Yokley, CMPS's Discussions

Please also keep in mind that the APRs quoted on Zillow are created by Zillow's automated system.  We (as lenders) do not figure the APR when we quote on Zillow.... 

Technically the acronym is:  "DAP" ,  as in:  Downpayment Assistance Program....   And there are plenty of them out there:  I have had a lot of success with Ameridream, and Genesis Foundation...   The DAP accompanied with FHA is about the best option for a 100% (or close to) mortgage. I've also recently done a CDMP loan for a borrower which is 100% financing, no PMI, and very little reserve requirements...  The pricing is based off of par rate (I got them 5.875% with 1 discount point)....  The main hitch is the income requirements. The Fannie Mae and Freddie Mac 100 programs are priced so high they aren't even worth it. If anyone has questions regarding the REAL benefit to utilizing the FHA loan program with the DAP program let me know...  I closed 5 loans in April that were worked up to be 100% financing FHA loans. Thanks,

Please remember that we are experiencing historically high foreclosure rates...  The banks that own these properties are so "bogged down" they can barely keep up.   Once you submit an offer on a REO (bank owned) property, it could sit for weeks before someone looks at it. My real estate investment company put an offer on a property (held by Countrywide) in February, we didn't get the accepted offer until end of April.....  But, we got an amazing deal !!! My advice to anyone bidding on a REO property is to have patience-  they will get to you- the banks want their money back.....  but those asset managers are WAAAAAAY behind.

It's very simple...  The banks have a very specfific dollar amount they need to "get back" from the sale of any of their REO properties.  The bank will accept an offer that has the highest NET dollar amount.... i.e.... $150k w/ no seller concessions, straight up.vs.$155k w/ 3% contribution towards closing costs.... Remember.... these properties are owned by banks.... they're all about numbers, numbers, numbers....  that's it.

My advice would be to contact a mortgage professional and take a serious look at it-  the forum is a good place to start.... but there is too much opinion and joking going around.... [content removed by moderator for being self promotional]

Unfortunetely there is nothing you can do now....  The real estate market is very similar to the stock market, it has ups and downs....  It will drive you crazy if you take a look at the values every day.  The beautiful thing about a market is it always corrects itself- though somtime it takes time. When you closed on your loan, you and the lender agreed to the value at the time based off the appraised value.... So right now you have a declining asset....  best thing is to wait and watch it pick back up (over the end of 2008 and through 2009 hopefully).....   You won't have any real tangible effects unless you have to sell the home and "bail out".... then you will have to take the loss.

This can easily be avoided by working with a reputible mortgage bank.  While mortgage broker's often have attractive rates- they tend to make up for it with fees.  My advice would be to go straight to the source, start with the bank.

About the only way to acheive 100% financing is to go with an FHA loan with a 3% Down Payment Assistance Program. You can only use the FHA loan on a primary residence though....  You'd have to sell or rent out your existing home.

I agree Tammy.  What happend to professionalism?

John, I agree.... A time/date stamp on all quotes with a disclaimer would be FANTASTIC ! ! !