Profile picture for Cameron Harper

Cameron Harper

Lender

Mortgage Consultant

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (16 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Septic Tank Cert situation

I was recently involved in a transaction where the underwriter conditioned for a septic tank cert to be ordered (home is on private water well and septic.) This ended up taking 10 days and delayed the closing. It appears to me this requirement from the underwriter was in the best interest of the buyer as septic tanks can be quite expensive to replace or repair.My question is for anyone with experience with this situation, but mainly for selling agents:If a house has a septic tank, do you reccomend to your buyer up front they get a septic tank cert in addition to the traditional inspection?

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Prequalification vs. Preapproval

Answer

What Dave said. Find a lender that can give you a letter signed by an underwriter. Let me know if you want further help.

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cash-only condos? (non-FHA cannot get conventional mortgage?)

Answer

user813424,I understand that your concern is more the ability to sell the property down the road to a wider range of buyers to maximize sales price. The main factors for a condo to be approved are: owner occupancy rate, HOA delinquencies, one entity owning more than 10%, complex budget, and litigation issues. A couple things:1) You can request a "condo questionnaire" to be filled out by the HOA. Have a lender look at it. As others have mentioned you could work with them to submit it to HUD to get it FHA approved if it meets the criteria. It could simply be that no one has taken the time to get it approved for FHA.2) If the loan does not meet Fannie/Freddie guidelines a buyer can still get a conventional loan backed by Fannie/Freddie if they put 20% down or more and it is a primary residence or 2nd home. The reason why is this triggers in the AUS (automated underwriting systems) a "limited" review that allows for things like occupancy ratios to be a non-issue.

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Stay or Move?

Answer

When you say a bit larger, how much larger?If you love the home and the neighborhood is it possible to do a remodel to expand the size of your current home? With such a low rate, maybe you are able to save money each month to put towards a renovation. You could also look into a home equity line of credit depending on the equity in your home and your current fico score and debt to income ratios.The modification you received is an amazing deal. You are basically borrowing money for nothing after the tax deduction of mortgage interest.Not only will the mortgage rate on the new loan be higher than you have now, but the property taxes will be higher most likely.I make my living on providing loans to buy homes, but I would say STAY in my opinion :)

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Where to go if only interested in condos?

Answer

Talk to an agent in your area. There may be agents familiar with your area that have many positive reviews on Zillow.They can set you up on a custom search that only filters for condos.Be cautious with condos. HOA dues can be high and continue to rise. Also, it is at times difficult to get financing on a condo. Contact me if you want to learn more on condos from the "loan" side of things!

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want 10% downpayment loanl <720 K

Answer

I am a direct lender located in San Diego.If you are eligible for a VA loan, that is a great option. FHA is good for low down payment, but expensive PMI.One option would be a 1st and 2nd mortgage. 1st with a loan amount of $546,250 AND a 2nd mortgage with the rest. This only needs 10% down. We would need to get your score up to 700 though.There are several options I could help you look at. Contact me if you would like!

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VA Financing possible?

Answer

As other's have mentioned you can get a VA loan with credit scores MUCH lower than 620. That is simply the guideline that Veteran's United follows, also called an "overlay."However, with your credit score the VA AUS (automated underwriting system) used by lenders may require a "manual" underwrite. This just means you will be required to submit more documentation than a borrower that receives electronic approval. The biggest thing will be you will probably need to document is a 12 month rental history of payments.Contact me if you have any questions.

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Will I be approved

Answer

If you are paid a salary, or hourly and full time you will be fine.Lender will need to verify your 2 year history though.So be prepared to show College Degree, transcripts, and pay stubs.If a significant portion of your income is commission or bonus, that could be an issue.Contact me if you have more questions!

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