ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
Something to remember is that you'll need 6 months reserves for both payments (old home and new home) after your down payment. This is required with a departure residence.
If you have 30% equity...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
Rules are very strict. You can't report rental income unless you have been doing it for a year and can document it via tax return as additional income. If your income levels won't meet the mark...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
Thanks so much for taking the time to help me with this. It is so hard to get a mortgage loan officer with good information on the phone.
Here is what I have in response to what you are asking:
...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
The appraisal shouldn't be much different between FHA or regular loan as it is compared to regular market rates not a government chart. This would be new to me unless doing a special FHA like 203K....
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
Thanks everyone. Sallie Mae said I could defer student loans for a year, so that might help. Also, I thought 401k money counted as having cash reserves. No one has brought up needing cash reserves...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
In process of trying to buy a 2nd home to live in and renting first home out. Can only put5% down, but want to avoid pmi if possible. Also need a 50% debt to income ratio. House for purchase is...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
I just bought a house and there is no way to avoid PMI without putting 20% down. Believe me, I tried!
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
They have really strict rules now, and almost all banks are going to require either PMI, or points to pre-pay the PMI.
So you could do this, pre-pay the PMI in the form of points or interest...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
Regarding your wife's Sched C, if she is a borrower and is currently continuing to earn income from that line of work it can be utilized. IN fact, if she writes off any depreciation that can be...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
401k is counter as reserves. 70% on conventional, 60% on FHA.
In respect to counting rental income, be very careful. If just dealing with a loan officer they may not fully comprehend guidelines....
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
OP, Fannie Mae limits their ratios to 45% and while Freddie Mac will go to 50% you need to be very careful not to go over. Are you using proposed rental income in those ratios? Be careful as there...
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
The way the appraisal was explained to me was that it was not ordered, but someone estimated the value of your house in the underwriting process. No way to no for sure what value they came up with....
ISO mortgage 95%, no pmi, 50% dti
Expired
Thread created 10-11-2012 by Final Quest
0 Score
12 Replies
2,034 Views
I was in a similar situation as the OP and didn't have to have six months of reserves. No one brought that up.
