I'm calling it.

williewilliejuan said:
VA loans go to 100% LTV. Loans through the USDA Rural Housing Services program also go to 100% LTV. FHA loans typically go to 96.5% LTV, but some borrowers can get a community second through a Household Finance Agency (often forgivable) that would let you go up to 110% CLTV and roll in all of your closing costs. Both USDA and HFA loans have income limits, though.
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Ahhh i get what you're saying now :D thanks for the clarification lol.
 
Orlando_Eagles said:
It’s been a long while for me, so I’m out of the loop on current but I did have FHA before and I want to say we did 2-3%.

But, they also tacked a fee on top of the monthly payment for mortgage insurance or something Iike that since they get you in with such little personal skin on the mortgage.
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Ooh yea thats another nice one for VA i dont pay PMI
 
Orlando_Eagles said:
To be fair….this is an ingredient in the shit stew as well. Supply chain is struggling with supply and what they can sell is sold higher due to things like this.

Personally, if this were the only thing and prices were up a tick or so as a result I would be fine with it. It’s just happening at an inopportune time.
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Nobody has been impacted harder by minimum wage then the service industry. And at the same time, they have changed wages for waiting tables. An increase from $2.30 an hour plus tips to $15.00 per hour is a direct assault on that industry. Add in now the burger flipper is also getting $15 per hour, everyone who isn't paying $15 an hour lost an employee. Like I said, there are a lot of closed doors here still.

Unfortunately, the supply chain is heavily vested in the low income worker too. We don't pay warehouseman much unless they require special licensing. And those that got that pay are the people who were getting the $15 per hour. From garden to the dinner table and from shoveling the mines, through the assembly line to industry, the majority are non-union, minimum wage hires and mid level working leaders. Now everyone needs a bump. From lumpers on up...everyone is getting a raise. Most companies have consolidated or gone away. Those that survived were only able to do so because they had the equipment paid for, laid off workers and increased their pricing.

This happened so mcdonalds workers could get $15 per hour.

And yeah...end a pandemic, start a war, find the most important thing in life is the J6 committee....we end up with nothing worthwhile being accomplished again in DC.
 
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williewilliejuan said:
But you probably paid a Funding Fee unless you’re exempt.
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There were funding fees, but we managed to get the seller to cover closing costs and not sure but think part of that was wrapped in. What i did find out is that funding fee is allowable between a certain percentage and fuck rocket mortgage they tried raping us but luckily we had a stellar realtor who was literally the "i know a guy" and man did his guys rock took the funding fee down to like a third of what rocket wanted! closing costs ended up being a good bit cheaper after switching servicers. I dont think we were/are exempt tho
 
NU_FTW said:
There were funding fees, but we managed to get the seller to cover closing costs and not sure but think part of that was wrapped in. What i did find out is that funding fee is allowable between a certain percentage and fuck rocket mortgage they tried raping us but luckily we had a stellar realtor who was literally the "i know a guy" and man did his guys rock took the funding fee down to like a third of what rocket wanted! closing costs ended up being a good bit cheaper after switching servicers. I dont think we were/are exempt tho
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You’re talking about a different thing. You’re talking lender fees. VA requires a “funding fee” for its loans in most cases. The amounts are set by VA, so the lender can’t change them. If it’s 100% LTV, the fee is 2.3% of the loan amount for the first time use and 3.6% for subsequent use. The amount goes down if you make a down payment of 5% or more. Veterans with service-related disability are exempt from the funding fee.
 
williewilliejuan said:
You’re talking about a different thing. You’re talking lender fees. VA requires a “funding fee” for its loans in most cases. The amounts are set by VA, so the lender can’t change them. If it’s 100% LTV, the fee is 2.3% of the loan amount for the first time use and 3.6% for subsequent use. The amount goes down if you make a down payment of 5% or more. Veterans with service-related disability are exempt from the funding fee.
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gotcha, yea im not an expert lol i get the feeling you work in this space ;)

Not exempt here. All i do know is i got everything wrapped up into either closing costs or the loan itself so all i had to do was pay moving expenses and then started investing in the house and property which was great for us.
 
NU_FTW said:
gotcha, yea im not an expert lol i get the feeling you work in this space ;)

Not exempt here. All i do know is i got everything wrapped up into either closing costs or the loan itself so all i had to do was pay moving expenses and then started investing in the house and property which was great for us.
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I’ve managed credit in the mortgage space for 25+ years.
 
williewilliejuan said:
I’ve managed credit in the mortgage space for 25+ years.
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it shows lol you're usin acronyms i have no idea the meaning of :D (without using the google or making assumptions)

i just am happy and fortunate to have had all my ducks in a row at just the right time.
Found a house in perfect neighborhood , house with more space than we needed, 2.25% locked in, closing costs covered by seller, no money down. Ive had to put in some money and sweat equity to get things where i want them because builder grade paint was trash and such. Everything is coming along nicely after spending all winter daydreaming about working on the outside/landscaping
 
moxie said:
Happy Chris Pratt GIF

Just biding my time and hoping I can buy when it bottoms out.

i was in title & escrow from about 2000 to 20008 when it all finally cratered. But even my dumb ass saw it coming. All these asshole, fast talking mortgage brokers putting together fucking idiotic, liar, predatory lending bullshit deals. Selling the payment (what was the bank in texas that let you do two mortgage payments a month, splitting them equally, just to sell the payment? :headscratch: ) It was insane, and as escrow personnel, I had to be "a neutral third party" and couldn't tell Juan & Maria that their agent, Jose was fucking them over with this ARM (and the origination fees). I'd see the 1003 with Juan making $20k a month as a "landscape architect" and Maria making another $15k as the owner of a cleaning company, when in reality, they were living hand to mouth as a laborer and a house cleaner. The asians preyed on the asians and the iranians did the same. It was disgusting. There were a few people that caught on when I'd point specific things out in the loan documents (trying my hardest not to wink & nod), but most were lulled by the phony "i'm your buddy! I'm one of you!" tactics the brokers used. But sure as shit, they'd default in a few months! There was one escrow officer at one of the companies I worked at that ended up doing jail time for mail & wire fraud for colluding with the mortgage brokers on deals with straw buyers.
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Title or Escrow side?
 
beardown07 said:
Title or Escrow side?
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Both - this part of california is title & escrow (not done through a separate attorney's office) . Ex: worked for Old Republic Title. R.E. Agent (or mtg broker) opens the escrow, we'd run the title report then process the rest of the escrow transaction through recording.
 
NU_FTW said:
Wana bet? This is absolutely an incorrect statement right here. VA loan bro
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Yawn. I’m taking the majority of borrowers on Conventional loans. And on what loan amount? VA Jumbo loans are capped at 647k.
 
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