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Old 05-08-2012, 09:31 PM
Posted in reply to 63chevyll's post starting "Maybe my statement came out wrong. As..."
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Originally Posted by 63chevyll View Post
Maybe my statement came out wrong. As far as I know you are allowed 1 gift of money toward a purchase. Now where the money came from is kept from the bank.

If you have cash, they will hound you of where the cash came from. If its a gift, they take it as it came from the other persons piggy bank, or what ever.

What I'm saying is give your money to someone else to give back to you as a gift.
NP. I just know the recent experience I had, they asked me seemingly endless questions about every dime, bill, and payment. They asked me about a 17 year old lien I had that was still on my credit report (that was paid 17 years ago). They will ask you where the money came from, they will probably accept that it was a gift. But if you had the cash and give it away they will ask about that. The paper trail will be followed.
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Old 05-08-2012, 09:45 PM
Posted in reply to hammermachine's post "Home"
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63chevyll
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Oh I hear ya, I went through the same thing.

Don't let those dudes even know you have cash, unless your paying a huge down with it.

Now, 1st time he prob won't have a lot of cash to put down, so keep it a secret.
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Old 05-08-2012, 10:04 PM
Posted in reply to 63chevyll's post starting "Oh I hear ya, I went through the same..."
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considering how many tens of billions the large mortgage originators have lost in the last 5 years, it's not all that surprising that they are finally checking into potential-borrowers finances. The alternative is the 'give everyone loans no matter what plan'...and we saw how well that worked!
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Old 05-08-2012, 10:07 PM
Posted in reply to jekbrown's post starting "considering how many tens of billions..."
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Now its more like give noone loans. Maybe they will find a nice moderate stance next...
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Old 05-08-2012, 10:22 PM
Posted in reply to gotblazers's post starting "Now its more like give noone loans...."
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that is certainly the plan right now...most big banks want to reduce their exposure to mortgage risk. My company is still making lots of loans, but there are rules to qualify 'n' stuff.
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Old 05-08-2012, 10:29 PM
Posted in reply to gotblazers's post starting "Now its more like give noone loans...."
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There is a program for rural development though the USDA. It is a 100% financing 0 down program. I just bought my new house with the USDA program. It saved me the 20% down payment cash. I also got 3.79% interest rate. Just ask your mortage broker about the USDA rural development progam. It may not be right for you, but it won't hurt to check into it.

I hope this helps.
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Old 05-08-2012, 10:53 PM
Posted in reply to C/Kjunkie's post starting "There is a program for rural..."
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Not to hi-jack but does anyone have any experience with investment propertys in the current market. More specifically single family rental homes...
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Old 05-08-2012, 11:17 PM
Posted in reply to C/Kjunkie's post starting "There is a program for rural..."
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Quote:
Originally Posted by C/Kjunkie View Post
There is a program for rural development though the USDA. It is a 100% financing 0 down program. I just bought my new house with the USDA program. It saved me the 20% down payment cash. I also got 3.79% interest rate. Just ask your mortage broker about the USDA rural development progam. It may not be right for you, but it won't hurt to check into it.

I hope this helps.
Yeah I've been checking in to that. They did approve the area I'm looking to buy in but the applications are backlogged 4 to 6 months. How did that process go for you?
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Old 05-09-2012, 07:55 AM   #39
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If you can get 3.x%, it'd be worth the wait. Its highly likely that inflation will greatly outpace your mortgage interest over the life of the loan with a rate that low...
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Old 05-09-2012, 05:31 PM
Posted in reply to jekbrown's post starting "If you can get 3.x%, it'd be worth the..."
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Ok I can't say too much right now because I'm in the process myself, but this is what I have learned so far

First: Don't get your hopes up!

Second: Take your w-2s from last year, and your last two pay stubs to lender(bank etc) and get pre approved this will make everything easier on finding things in your price range

My wife and I went through chase. They have the best rate in my area, for the amount we are putting down. ~ 25%. Oh thats another thing banks do not deal in cash numbers its all percent to them. Found that one odd. Having a pre approval gets you a skip the front of the line on offers if you play your cards right.

Third: Call a relator and have a meeting. Send them out to find the house you want(features and price) Go look at a few but do not offer right away unless its exactly what you want.

Fourth: If you can put down more than 20% that means you do not have to pay dpi(mortgage insurance) for the first 5 years of your loan.

fifth: Get a good inspector !!!!! I got burned on this one. Lost a house because of a stupid inspector. Also have a lawyer look at the purchase agreement(lots of big words)

Sixth: There is no such thing as a quick closing
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