Sorry to hear about your circumstance. There may be some relief for you, however, there are a few more questions that need answering. Can you please contact me when you have a minute or two? I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund, in-house, FHA (w/a 580 score), 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725... more
Yes, there are some specialized programs for certain employment fields. Feel free to contact David Krushinsky, Branch Manager of Amerifirst Financial @ 602-456-2195 to discuss your options. At that point, I would be glad to assist you in your search of the right home.
Please don't hesitate to give me a call @ 623-203-2264 with any questions and my website: http;//www.MetroPhoenixAgent.com has full MLS search capabilities for you as well.
Hope to hear from you soon.
RE/MAX Preferred Choice... more
I highly doubt any hard money lender will shoulder 100% of the financial risk in this economic and lending climate. Most hard money lenders will require at least a 30% down payment and require full repayment within 12 months. If you don't have money to put down, you should probably wait until you do.... more
Need a little more info Aaron.
Do you live in the condo or is it a rental or vacation home?
How much is the balance on your current mortgage?
Are you looking to just lower the rate or did you want to take cash out?
Why is it non-warrantable? Is it the investor concentration or something worse like the association being bankrupt or sued.
Those answers will help narrow things down a little bit. My company offers options, but I just need to know specifics so we can have an idea of rate/programs.
Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
Fax (248) 945-4842
The USDA Loan program has a number of qualifiers, none that I'm aware of are employment by USDA. Most are income, debt limits and then also the home needs to be in a certain area.
If you are looking for a very low out of pocket loan we have a couple of other sources that are very attractive. One is a grant program, forgivable in time and no restriction on the area.
USDA might be the best option for you, we can explore that option and then potentially explore the other avenues to determine the best fit for your needs.... more
There's no set rule. You should check your credit scores to see how they've recovered. If they're already back into the 660+ range, then you should be able to get a good refinance rate. If not, then you should continue waiting. You can always speak with a loan originator to confirm your current situation.... more
To refinance you will most likely need to be 80% or less Loan To Value. So the value would be the current appraised amount. You would need to know what your current appraised value is to see where you stand.
A good loan officer can advise you on the current loan programs available to you base on your LTV.
Best of luck!... more
Everything that governs the deal between you and the seller is in your contract and note/deed of Trust or whatever was used and would be in writing.
This is really a legal question and should be directed at your attorney or CPA.
All the best!... more
Go onto both the Fannie mae and Freddie Mac homepages and follow the steps to see if they own your loan. If they do you should be able to go to 105% of the value, and your original lender should be able to go to 125%. If they do not, you may be stuck.... more