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S1CEM
Joined: 11 Mar 2008
Posts: 3
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| Posted: Tue Mar 11, 2008 10:07 pm Post subject: Need help with a loan in GA! |
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Hi guys (and gals)!
My wife and I are in the process of selling our home (under contract as of yesterday) and are looking to make another purchase closing on May 16th (same day as our home is closing).
Here are the details:
State: GA
Loan amount: $178,000
Property Type: Single-Family
Other Documentation:
Full doc
FICO Score: 749 (me), 750+ (spouse)
LTV Ratio: 100%
Occupancy: Owner-Occupied
Loan Purpose: Purchase
We are the borrowers. We have our current home on an FHA that we did not come out of pocket on 2 years ago when we opened it. Now, it appears that FHA will end up being the only option for us for doing a 100% loan and then there's the problem of the seller-funded down payment assistance. The seller has about 3-4k of equity, if that, thus no room to really ask him to pay for closing...especially since we're not planning to offer full price on the home. This causes our 178k loan to look something like a 183-184k loan which is really hitting the barrier of what we can do.
Does anyone know of any other programs out there that can offer a really good rate without out-of-pocket costs and without asking a great deal from the seller (since he already stands to potentially lose money). Just FYI, we are breaking even on our own home, so we just don't have the funds to put down.
Additionally, does anyone here have any idea about the way rates will look in the next week?
If you have any ideas or suggestions, please offer. If I've missed any info, let me know!
Thank you! |
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liverichly
Joined: 10 Feb 2005
Posts: 195
Location: Orange County, CA
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| Posted: Thu Mar 13, 2008 9:20 am Post subject: |
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| Unfortunately you are in a pickle because 100% financing is going way of the dodo bird. Not that lenders aren't doing 100% financing, it's the mortgage insurance companies which are requring 3% down. Do you have family that can gift you the 3% down payment that is needed for conforming or FHA financing? Rates are trending downwards at the moment, they can make a switchback at any time though. |
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S1CEM
Joined: 11 Mar 2008
Posts: 3
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| Posted: Thu Mar 13, 2008 12:38 pm Post subject: |
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Yes, I've seen the trend with 100% mortgages going out the door. I think I've found my solution though. As I initially figured, the FHA program is my best bet. I'll simply have to raise the selling price to cover the 3% down payment assistance. Fortunately, the seller has agreed to contribute to closing, so we'll see how it goes.
Thank you for the info! |
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S1CEM
Joined: 11 Mar 2008
Posts: 3
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| Posted: Thu Mar 13, 2008 12:39 pm Post subject: |
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| Oh, and to answer your question, it's a "no" on the gift. We don't have anyone who can fund that. |
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Jason Hall
Joined: 07 May 2008
Posts: 10
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| Posted: Thu May 08, 2008 9:55 pm Post subject: |
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| How did everything work out for you guys? |
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