I've been missing your posts! Here's an interesting article about how corrupt appraisers, in this case the ones who worked for Daniel Sadek & Quick Loan Funding, are finally being brought before a judge: http://www.housingwatch.com/2010/02/01/ca-appraisers-in-cahoots-with-subprime-predator-head-to-court/
Nice swing X. You maintained your spine angle and stayed connected with your arms out in front. I'd like to see your weight just a tad more over your left foot. ;^)
Top 5 Riskiest Cities For Homeowners1. Las Vegas, Nev.Number of loans 90 or more days delinquent: 33,985Percent of loans 90 or more days delinquent: 9.86%Number of homes in foreclosure: 29,991Percent of homes in foreclosure: 8.70%2. Riverside, Calif.Number of loans 90 or more days delinquent: 62,158Percent of loans 90 or more days delinquent: 9.71%Number of homes in foreclosure: 30,816Percent of homes in foreclosure: 4.81%3. Stockton, Calif.Number of loans 90 or more days delinquent: 8,853Percent of loans 90 or more days delinquent: 9.40%Number of homes in foreclosure: 4,459Percent of homes in foreclosure: 4.73%4. Modesto, Calif.Number of loans 90 or more days delinquent: 6,529Percent of loans 90 or more days delinquent: 8.83%Number of homes in foreclosure: 3,224Percent of homes in foreclosure: 4.36%5. Bakersfield, Calif.Number of loans 90 or more days delinquent: 9,011Percent of loans 90 or more days delinquent: 8.55%Number of homes in foreclosure: 3,987Percent of homes in foreclosure: 3.78%
I have a friend who wants to buy a home in the 400~450k price range. He is currently renting the home and the seller is in pre-foreclosure. My friend has enough income and down payment, he can go 10% or even 20% down if he must. He tried for a 3% down loan for first time buyer, but that fell apart because (they say)he works from home and is self employed. Does anyone know of a loan broker or program that might have experience working with foster care homes? It seems regular loan officers/programs do not understand his business. Please do not suggest hard money lenders, my friend can not afford their terms, unless it is a loan with terms pretty similar to conventional bank loans.
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Martin, Going 3% down means FHA and that makes things much harder for any kind of unusual income. They are better off going with a conventional lender but they will need to put at least 10% down. If the loan amount is over $417k they will need at least 15% down. I don't think foster care income should have any bearing. That income can be documented just like regular income. As long as they can fully document the income, have a couple of years of taxes and the credit scores are good they should be able to get a loan. Most lenders are going to want to see some reserves too. So if they are trying to get a house and spending every penny they have chances of getting a loan are not good. They will need to have a good DTI. If they have a boat load of other debt and a high DTI then forget it.
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