Comments on: New Mortgage Program for Helping Out Family Members http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/ Seattle's Leading Resource for Real Estate Information Fri, 19 Mar 2010 19:36:54 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Jim Frey http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-184525 Jim Frey Mon, 24 Sep 2007 18:05:05 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-184525 Thanx Rhonda for keeping us in the "loop" (as they say!) LOL! Thanx Rhonda for keeping us in the “loop” (as they say!) LOL!

]]> By: Rhonda Porter http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183288 Rhonda Porter Fri, 21 Sep 2007 21:39:14 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183288 David, check out Mr Snappy on comment 13. David, check out Mr Snappy on comment 13.

]]> By: David Young, #510-LO-34429 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183286 David Young, #510-LO-34429 Fri, 21 Sep 2007 21:36:02 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183286 Is this a Fannie/Freddie program? What banks carry it? Is it a manual or automated Underwrite? Thanks! Is this a Fannie/Freddie program? What banks carry it? Is it a manual or automated Underwrite?

Thanks!

]]> By: Rhonda Porter http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183275 Rhonda Porter Fri, 21 Sep 2007 21:12:26 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183275 Oopps! Just goes to show you how much our guidelines are always changing. :) No problem, David. You made me double check my guidelines too and there's nothing wrong with that! Oopps! Just goes to show you how much our guidelines are always changing. :) No problem, David. You made me double check my guidelines too and there’s nothing wrong with that!

]]> By: Rhonda Porter http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183274 Rhonda Porter Fri, 21 Sep 2007 21:11:26 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183274 Trust me, David. This is two different programs. I just closed a purchase with a non-occ and my borrower (the occ.) had to invest 5% last week--Flagstar. Not being vested or on the deed is a huge difference in itself. Maybe the borrower does not want the parent or child to be in title for estate or other financial planning reasons. If the borrower were to purchase a property for family and not have the parent or child they are buying the property for on title (w/o this program) it would most likely be considered NOO. Trust me, David. This is two different programs. I just closed a purchase with a non-occ and my borrower (the occ.) had to invest 5% last week–Flagstar.

Not being vested or on the deed is a huge difference in itself. Maybe the borrower does not want the parent or child to be in title for estate or other financial planning reasons. If the borrower were to purchase a property for family and not have the parent or child they are buying the property for on title (w/o this program) it would most likely be considered NOO.

]]> By: David Young, #510-LO-34429 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183273 David Young, #510-LO-34429 Fri, 21 Sep 2007 21:10:00 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183273 Ok, this hurts. I'm wrong. Interfirst apparently changed their guidelines. "Non-Occupying Co-Borrowers are allowable up to 95% LTV; with Accept Risk Classification from Loan Prospector or Approve/Eligible from Desktop Underwriter. The occupying borrower MUST have 5% of their own funds invested into the transaction FOR ANY LTV OVER 80%." Excuse me while I go eat humble pie. Thank you Rhonda for that info. Ok, this hurts. I’m wrong. Interfirst apparently changed their guidelines.

“Non-Occupying Co-Borrowers are allowable up to 95% LTV; with Accept Risk Classification from Loan Prospector or Approve/Eligible from Desktop Underwriter. The occupying borrower MUST have 5% of their own funds invested into the transaction FOR ANY LTV OVER 80%.”

Excuse me while I go eat humble pie. Thank you Rhonda for that info.

]]> By: David Young, #510-LO-34429 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183266 David Young, #510-LO-34429 Fri, 21 Sep 2007 21:00:56 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183266 Rhonda, Thank you for that input. However, the Non-Occ option (Freddie Mac specialty) allows for the downpayment to be from the non-occupant (full gift). The occupant does not need to contribute the downpayment. This at least is what Oda Egeland from Interfirst (now CITI) was advising me on about 2 months ago...she's a very good account exec. In regards to the occupant being on title or the deed, I'm don't know enough to comment here..... Rhonda,

Thank you for that input. However, the Non-Occ option (Freddie Mac specialty) allows for the downpayment to be from the non-occupant (full gift). The occupant does not need to contribute the downpayment. This at least is what Oda Egeland from Interfirst (now CITI) was advising me on about 2 months ago…she’s a very good account exec.

In regards to the occupant being on title or the deed, I’m don’t know enough to comment here…..

]]> By: Rhonda Porter http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183265 Rhonda Porter Fri, 21 Sep 2007 20:54:02 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183265 David, There are differences between this program and a "non-occupant co-borrower". This program does not require the occupant to contribute to the down payment and it does not require that the occupant be on the title or deed of trust. David, There are differences between this program and a “non-occupant co-borrower”.

This program does not require the occupant to contribute to the down payment and it does not require that the occupant be on the title or deed of trust.

]]> By: David Young, #510-LO-34429 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183256 David Young, #510-LO-34429 Fri, 21 Sep 2007 20:36:43 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183256 uberdubersalad, This program's been around for awhile. They simply haven't trademarked it like they have now. It's simply a "Non-Occupant Co-Borrower" program that's been highlighted. Interfirst was doing them at least 2 years ago. uberdubersalad,

This program’s been around for awhile. They simply haven’t trademarked it like they have now. It’s simply a “Non-Occupant Co-Borrower” program that’s been highlighted.

Interfirst was doing them at least 2 years ago.

]]> By: Rhonda Porter http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183199 Rhonda Porter Fri, 21 Sep 2007 17:58:49 +0000 http://raincityguide.com/2007/09/19/new-mortgage-program-for-helping-out-family-members/#comment-183199 Yes, Mr. Snappy. We are correspodent with many lenders... Chase is just one of them. Looks like you are too if you're linking onto their b2b site. Are you? Yes, Mr. Snappy. We are correspodent with many lenders… Chase is just one of them. Looks like you are too if you’re linking onto their b2b site. Are you?

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