FHA 100% Financing For Some - 09.07.10 | Vincent K. Mohr : First Priority Financial, Inc. : Fairfield, CA

metloans: (September 15, 2010 2:30pm)

First Mortgage will do FHA with a 530 FICO for a 1.25 hit. To 560 for .750 FICO. To 619 FICO for .5 They also still do Manufactured homes for .875 add.

reauctioneer: (September 11, 2010 10:58am)

STOP THE DARN VIDEO NOTIFICATIONS......I AM BEING SPAMMED TO DEATH ON MY CELL PHONE............STOP STOP STOP STOP STOP...............SO I NEED TO CALL A LAWYER.........STOP STOP SSSTTTTTOOOOOOPPPPPPPPPPPPP

LeeHand: (September 11, 2010 8:00am)

LeeHand: (September 11, 2010 7:58am) I hope the lenders do not let history repeat. Yes, you guys (lenders) are forced by fed to make certain loans with certain criteria, without discrimination. What a shame. Isn't this how we got here in the first place? And it is not a partisan thing; it's an American thing. So many Americans feel entitled. Especially those who are not (in my opinion) entitled to anything. Waaahhhh. Waaahhh. In fact, poor people are poor for a reason. Their track record is that they have shown lack of ability to save, budget, and plan. Why is it that the government thinks these people will suddenly do better if given a jump start that costs them nothing?? I won't say let them eat cake; but I say, Let them rent.

LeeHand: (September 10, 2010 7:27am)

In this economy, any change would be welcome, especially if the government spending could be curtailed and the actual tax payers got some press and attention. If you do not contribute, you should not receive. Some jobs would certainly be created if builders and other tradespeople who are unemployed at this time were hired to repair vacant homes so they can be occupied. I sold homes for Freddie Mac last year and they only allowed me to use their hand-picked contractors... which amounted to about 5 people. That is stingy and does not spread the wealth or stimulate job growth. It does not help the houses to get repaired quickly so that they can qualify for loan options and appeal to buyers. All in all, I think we should give Republicans a try. Anything is better than what we have now. Maybe someone would then listen to professionals.. after all, that is what we are paid for. Lenders, brokers, and taxpayers have solutions...but if it's not the bright idea of some politician..u know

Bono Vox: (September 08, 2010 5:30am)

For political reasons, BofA and Wells will do max LTV, low score loans

jumbo loan godess: (September 07, 2010 5:33pm)

always have had a Bat Phone, number ends in 9111, I often answer: "loan emergencies"..... just saying ;-)

Valuequestor: (September 07, 2010 5:15pm)

Maybe not the Full Monty 500/100....but close.

Valuequestor: (September 07, 2010 5:13pm)

Frank & Brian. Well boys.....either half your posters work for imaginary lenders or your poll is full of beans. Seems plenty are willing, able and actively "doin it".

Valuequestor: (September 07, 2010 5:11pm)

I meant FIDO not FICCO. Good boy....sit!

Valuequestor: (September 07, 2010 5:08pm)

Dear 780 Credit, Why not go for the FHA loan?. Obviously the banks really don't want to lend money at the incredibly low teaser rates. So they always find a way to deny you. FICCO scores are a joke. There are plenty of former 780 scores in the unemployment lines, plenty who have walked away from there homes for "strategic" or real reasons. The only safety left is good collateral accurately appraised. Buy good neighborhoods at a good price. Collateral is King. We need to save the good appraisers. You need us more than ever.

Pathwaysrealst8: (September 07, 2010 4:13pm)

Free Bat Phone lines can be given out at www.google.com/voice :-)

twesely: (September 07, 2010 3:58pm)

Great Idea with the "Bat Phone" Thx, Tim at Keller Williams

Clulessdad: (September 07, 2010 3:24pm)

Mike V-you are not alone in this scenario. FNMA and Freddie should have a streamline refi program, similar to FHA. But it is not good politics to help the people who pay their bills ontime. Let's throw the money at the banks and dishwashers who bought a $700K house using stated income of $150K per year, no money down.

APRAYZR: (September 07, 2010 2:47pm)

Many years ago, before I became an appraiser, when I applied for my first refi, I was lowballed by an inhouse appraiser. A subsequent appraisal by an independent fee appraiser secured me a loan. The latter's comps were more similar and proximate in location than the former's which made me understand what was happening. Since then I have had many lenders instruct me over the years to be "conservative" with refi appraisals. I also witnessed lawsuits where the lenders (and appraisers) were called on their lowballing and were penalized by the courts. One judge in particular who ruled in favor of the plaintiff (borrower) made a statement that the owner is entitled to enjoy every dollar of value of his equity and it is not in the best interest of justice to deny the peoperty owner that right. I learned from that judgment. I hope that some of you lapdog appraisers learn too. That is why I encourage frustrated borrowers to file suit when they complain. It is a great cure for complacency.

rkeller: (September 07, 2010 2:05pm)

Embrace Home Loans routinely funds FHA loans with max financing for 580 fico score borrowers. The guidelines also allow for 540 fico borrowers but the pricing isn't all that great. but for a 580-619 borrower, a zero point interest rate for a 30 year fixed would have been between 4.5% and 4.75% depending on the loan amount. (APR 5.08 - 5.33%)

SteveB: (September 07, 2010 12:04pm)

Mike, FNMA guide clearly indicates Dividends and Interest income is usable in their most recent seller guide. 2 year average assuming you still have those assets that generated the income. Investment income, should also follow same rules, 2 year average. Chase has some inexperienced LO's at the time, you may have received incorrect info. Check with another lender, if your in FL, send an email to [email protected] and I'll be happy to assist.

Mike V: (September 07, 2010 11:31am)

Forgot to ask for my Snowballs. I have a stomach ache from how blind these lenders are. Apparently Fannie & Fredie no longer accept dividend income, (according to Chase)or investment income on mortgage apps. Funny the IRS stills accepts taxes on that income. Who's correct?

PatSG: (September 07, 2010 11:27am)

just incase email me at [email protected]

Mike V: (September 07, 2010 11:27am)

These programs are crap. My wife and I have 800 credit scores and want to refinance our$989K home. No cash out. Current loan is 6% fixed, no lates, not in default EVER! Offered 4.5% 30 year fixed by current lender, (Chase) and turned down due to lack of income. Loan amount 349K. Oct 1 I start receiving SSI. No one will touch our loan. Oh...did I mention we have enough cash to pay the house off 2-1/2 times over?

PatSG: (September 07, 2010 11:26am)

First Mortgage based out of Diamond Bar California is still closing loans with Fico's between 500-580. We are Direct Lender with over 2 bilion in servicing. Minimal overlays apply. We have Retail and Wholesale available options. Please inquire... Established in 1975.

MortgageOnMain: (September 07, 2010 10:47am)

We routinely close FHA 96.5% financing with a 580 score Nationwide (even no score if we can build some credit). The borrower has to bring something to the table..employment is stable, etc. DTI is reduced somewhat and it has to make sense, but it's real. Love the show. First time Poster, long time Viewer. Mark - Platinum Home Mortgage ([email protected])

mrusga: (September 07, 2010 10:42am)

Who are the 9% that said yes. Please identify yourselves, So I don't Hire you.

tmyke0977: (September 07, 2010 10:11am)

HUD is an acronym for "Hardly Understanding the Dilemma"

kidcadwell: (September 07, 2010 9:09am)

another great bat phone tool is google voice.

gobucks: (September 07, 2010 9:01am)

I love Hostess Snow balls.

W.R.Buchanan: (September 07, 2010 8:47am)

Question? who came up with the low credit scores loans again. Was it Barney Franks again?

Mr.: (September 07, 2010 8:42am)

irresponsible what a great word, I hear this word all the time an it is directed to individuals homeowners that have lost or going to loose they homes. We never seen to put in on the people that credit this problem, The Federal Reserve Banking System, look folks, that controll the money and we suckers just go along with it. Ok and for your information Credit Scores are a bunck of crap to controll us as individuals, Cash is king (Gold) and we better start using it and tell the Credit Card Companies to lump it and take there 20+ percent interest rate and do the same, in fact if you are paying more than 9.75% you should call and tell them to reduce the rate on your card or you will not pay the card off,

Evil Genius: (September 07, 2010 8:33am)

F & B: I'm off to take the NMLS this a.m. I want to blog about it's idiocy later but Marbles is still down. Any ETA. Me page isn't right nor is Marbles. Thanks, I'll check here later. Don't know how to get Ben either.

Clulessdad: (September 07, 2010 7:45am)

First Mortgage does LT 620 FICO scores in CA. Must be DU Approve/Eligible and have some DTO max. I won't use them as their system is real bad-real bad.

SteveB: (September 07, 2010 7:29am)

FHA is part of their own problem. Credit scores below 580 is just irresponsible lending. Credit Scores even below 620 is questionable. Home ownership is great for some, but if you can't manage your credit, you won't be able to manage a home and the responsibilities that come with it. The main thing is actually repaying your mortgage payment as agreed. Come on FHA. Wake up. Enourage responsible home ownership to responsible individuals! Nobody's perfect, but really, some wanna be buyers need to be told they should stick to renting.

barbara: (September 07, 2010 6:40am)

I used to work for Troy & Nichols in the old days. We did alot of outreach to underserved areas, but did receive criticism from HUD when our Del. ratios ran a little high. That was before credit scoring. Think of the FHA loans that LP and DU were approving. If we had denied those loans, we could have been accused of discrimination. Damned if you do, and damned if you don't.

amylee1115: (September 07, 2010 6:36am)

No matter where you go, there you are. Even with a bat phone. If you are avoiding your phone now, eventually, you will even avoid that one.

panhandlenan: (September 07, 2010 6:09am)

I think all lenders should adhere by FHA score guidelines. However they should also be exempt from prosecution from HUD when the loans go into default. No lender should be held the responsible party on an FHA deal. Maybe then HUD WILL GET REAL.

panhandlenan: (September 07, 2010 6:08am)

I think all lenders should adhere by FHA score guidelines. However they should also be exempt from prosecution from HUD when the loans go into default. No lender should be held the responsible party on an FHA deal. Maybe then HUD WILL GET REAL.

TD Hawk: (September 07, 2010 6:07am)

A lender is being picky at sub-600 scores? Puh-lease. I'd like to see picky start at 680. Not everyone deserves home ownership. Aside from those who suffered medical misfortune, those with bad credit have proven they probably aren't entitled to so much as a gas card.

barbara: (September 07, 2010 5:45am)

We broker to several sources who take FHA down to 580, but they are really picky. If you don't follow their guidelines to the max, you're toast.

rob: (September 07, 2010 5:39am)

Google Voice can do what you want except the GPS. And the best part is FREE You can forward it up to 5 phones at once, you can schedule when certain phones ring. It has a log of all calls

Robertp123: (September 07, 2010 5:22am)

Huntingdon Valley Bank writes loans everyday with a 580+ credit scores at max ltv - however - we are geographically limited to the state of Pennsylvania. email [email protected] for details.

screamingwheelie: (September 07, 2010 4:18am)

How cool! That was my wife mud wrestling! Hey Frank & Brian, I'll trade you a topless photo of my wife for a TBWS shirt. XXL, please. Thanks in advance! ~ The Rockstar Realtor®

plato222: (September 07, 2010 4:14am)

Bank of America retail routinely does 580 credit score at 96.5% ltv. Lowest I had seen was 572 at max ltv.

oscar.theodros: (September 07, 2010 2:35am)

Nice video.