-
Hey John, Sorry it took a few days to get back to you. I've been slammed over here which definitely isn't a bad thing by any means. I emailed you my friends info as well. I played ball for K College but I don't mind helping out a flying dutchmen. Mike
-
John, Even though I reside in Chicago these days, I'm originally from Grand Rapids (born and raised). A good friend of mine actually works for an investment bank in Grand Rapids(Cascade area) and I'd be happy to make an intro for you if you'd like. They've been able to help another MND member with a similar project in Central America
-
He asked about the housing ratio, not the debt ratio exceeding 46%. Jeff I have encountered that issue several times in the last two months. While I've gotten approvals on several loans with 46%+ debt ratios all the way to 56%, I have yet to get an approval for an FHA loan over 46% on the HOUSING RATIO.
-
The answers to your questions are yes, and yes. The term "required" can be debatable but the liability for them not to is far to great in todays lending world. See my previous post for a more detailed explination.
-
I've been following this conversation and it has been interesting to say the least. Since I just returned from 3 straight 12 hour days to complete my continuing education I can add the following. Because of 1st payment defaults and defaults in general, the government now requires by law as part of a provision for the SAFE ACT that a bank, lender
-
Some interesting readings Appraisers aren't happy either http://www.beaumontenterprise.com/news/local/new_rule_could_affect_quality_of_appraisals__local_appraisers_say_05-05-2009.html http://www.insidebayarea.com/business/ci_12265664 Same perspective but not from an appraiser http://www.huliq.com/1/80461/hvcc-appraisal-regulations-bad-real-estate
-
[quote user="ed l"]Im in IL with close to 800 score and LTV of 80%. Does anyone know of a broker who can offer 4.5% 0 point like what the blogs say? [/quote] Ed, thanks for your post. However, both the Mortgage Rate Watch and MBS Comentary blog say that the rates offered come with atleast 1 origination point and standard closing costs. The
-
I might have a connection for you. Give me a few days and I will get you some more contact info.
-
May I step in and ask what type of business this is. Some lenders will prohibit loans to any persons working for a company involved in the Lending Industry i.e. Mortgage Company, Bank, appraisal office, title office, etc. owned by a family member. If this is not the case than what happened sounds completely unreasonable.
-
The more I read, research, and do my best to think objectively and critically for myself about our current financial situation the more dots I find myself connecting. Here is one such reading/video that connects a lot of dots. Just wanted to share http://www.pbs.org/moyers/journal/04032009/profile.html