Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98327 times)

smiley face · « **Reply #100 on:** March 24, 2014, 04:33:13 PM »

Quote from: MarkS on March 24, 2014, 03:41:30 PM

You need to sign a form saying that it will be your primary residence and they can send someone to your door to verify that.

Do I have to move in immediately?
Has the program been extended in the past?

MarkS · « **Reply #101 on:** March 24, 2014, 04:40:29 PM »

Quote from: bubble347 on March 24, 2014, 04:11:20 PM

Source?

They don't count rental income. Basement, Main floor or attic.

I heard someone saying that they may count rental income on an existing home with existing tennants and that the whole issue that they made when they stopped counting it was with a house under construction with proposed rental income but I don't know if this is true.

Quote from: smiley face on March 24, 2014, 04:33:13 PM

Do I have to move in immediately?
Has the program been extended in the past?

Within 60 days of closing. This is the first I've heard of an expiration date on it so who knows.

AI-TRAVEL · « **Reply #102 on:** March 24, 2014, 05:19:35 PM »

Quote from: MarkS on March 24, 2014, 04:40:29 PM

They don't count rental income. Basement, Main floor or attic.

I heard someone saying that they may count rental income on an existing home with existing tennants and that the whole issue that they made when they stopped counting it was with a house under construction with proposed rental income but I don't know if this is true. Within 60 days of closing. This is the first I've heard of an expiration date on it so who knows.

that's what llrc told me

MosheP · « **Reply #103 on:** June 20, 2014, 07:53:26 AM »

Anybody here been through the process lately that wouldn't mind answering a few questions I have?

PlatinumGuy · « **Reply #104 on:** June 22, 2014, 02:41:58 AM »

Can you get a TD Mortgage in California? Not managing to load the application

MarkS · « **Reply #105 on:** June 22, 2014, 02:55:30 AM »

Quote from: PlatinumGuy on June 22, 2014, 02:41:58 AM

Can you get a TD Mortgage in California? Not managing to load the application

TD bank is only in the Maine-Florida region

Deal Guy · « **Reply #106 on:** June 22, 2014, 03:19:25 AM »

Letoeles Harabim

For anyone that is floating on this loan type with TD, or is about to start the application:

On Friday, they dropped their first time homebuyer rate to 2.625 (if you have a TD checking account) for no specific reason. During 2014, it has only been this low for about 2 weeks before Shavuos when 10 year US treasury bonds dropped to the 2.4 range (an 11 month low), and most mortgage companies were offering rates about 4%. That is not the case currently, since most companies are averaging 4.25 on mortgage rates, and the 10 year treasury rates are back to 2.61. Yet for reasons behind my comprehension, TD lowered their advertised rate http://www.tdbank.com/mortgages/default.html (4.312%/4.377% APR), which in turn lowered their first time homebuyer rate to 2.625, (as opposed to TD 4.5% APR translating into 2.75.)

My gut tells me that unless something drastic knocks down the 10 month treasury bond yield, (thus knocking down the rates of all mortgage companies), this TD rate will not last past Monday, or the latest Tuesday morning.

Of course who am I to know, but this is the cheapest rate they have had in 2014, and usually mortgage rates run parallel to the 10 year US Treasury bond.

The decision is yours to make, just trying to share to the best of my understanding

.

AI-TRAVEL · « **Reply #107 on:** June 22, 2014, 03:44:19 AM »

Quote from: Deal Guy on June 22, 2014, 03:19:25 AM

Letoeles Harabim

For anyone that is floating on this loan type with TD, or is about to start the application:

On Friday, they dropped their first time homebuyer rate to 2.625 (if you have a TD checking account) for no specific reason. During 2014, it has only been this low for about 2 weeks before Shavuos when 10 year US treasury bonds dropped to the 2.4 range (an 11 month low), and most mortgage companies were offering rates about 4%. That is not the case currently, since most companies are averaging 4.25 on mortgage rates, and the 10 year treasury rates are back to 2.61. Yet for reasons behind my comprehension, TD lowered their advertised rate http://www.tdbank.com/mortgages/default.html (4.312%/4.377% APR), which in turn lowered their first time homebuyer rate to 2.625, (as opposed to TD 4.5% APR translating into 2.75.)

My gut tells me that unless something drastic knocks down the 10 month treasury bond yield, (thus knocking down the rates of all mortgage companies), this TD rate will not last past Monday, or the latest Tuesday morning.

Of course who am I to know, but this is the cheapest rate they have had in 2014, and usually mortgage rates run parallel to the 10 year US Treasury bond.

The decision is yours to make, just trying to share to the best of my understanding .

What is the biggest mortgage you can get with this program?

EJB · « **Reply #108 on:** June 22, 2014, 10:31:51 AM »

Quote from: AI-TRAVEL on June 22, 2014, 03:44:19 AM

What is the biggest mortgage you can get with this program?

and are there income requirements

churnbabychurn · « **Reply #109 on:** June 22, 2014, 10:50:30 AM »

see wiki

MarkS · « **Reply #110 on:** June 22, 2014, 11:53:03 AM »

Wow, this may be a game changer...

https://mediaroom.tdbank.com/index.php?s=30379&item=135267

In April the program changed to only require 3% down and they eliminate d the hard rule of lower than 80% of median household income. Sounds like $77K may not be the limit anymore....

bubbles · « **Reply #111 on:** June 22, 2014, 11:56:31 AM »

Seems to say that it goes after the area no?

dk · « **Reply #112 on:** June 22, 2014, 02:24:40 PM »

Any way to lock in this rate?

MarkS · « **Reply #113 on:** June 22, 2014, 02:27:12 PM »

Quote from: dk on June 22, 2014, 02:24:40 PM

Any way to lock in this rate?

Apply for a mortgage and sign a rate lock form...

The rate lock would expure in 60 days so unless you'll be ready to close by then that wont help you.

Deal Guy · « **Reply #114 on:** June 22, 2014, 03:00:32 PM »

Quote from: dk on June 22, 2014, 02:24:40 PM

Any way to lock in this rate?

Call Dennis and start an application, even today and tell him to lock you in. They usually change their rates in the 11am hour on business days, but technically they can change it at any given moment.

MosheP · « **Reply #115 on:** June 22, 2014, 03:03:57 PM »

I spoke to Dennis last week and he said the program is capped at 77K for Ocean County.

AI-TRAVEL · « **Reply #116 on:** June 22, 2014, 03:32:01 PM »

At 77k what's the biggest mortgage you can get?

MarkS · « **Reply #117 on:** June 22, 2014, 03:40:39 PM »

Depends on interest rate and property taxes. See wiki for an example and play around with the numbers here: http://www.mortgagecalculator.org

With a cap of 77k, the most your monthly payments (including tax and insurance) can be is $2,138

77,000/12 months=6,416 income a month /3 = 2,138

bubble347 · « **Reply #118 on:** June 22, 2014, 03:54:42 PM »

Is Dennis the go to guy for all locations along the east coast or is he NJ specific?

AI-TRAVEL · « **Reply #119 on:** June 22, 2014, 03:57:38 PM »

Quote from: MarkS on June 22, 2014, 03:40:39 PM

Depends on interest rate and property taxes. See wiki for an example and play around with the numbers here: http://www.mortgagecalculator.org

With a cap of 77k, the most your monthly payments (including tax and insurance) can be is $2,138

77,000/12 months=6,416 income a month /3 = 2,138

didn't see the wiki. Thanks.

Topic Wiki

Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98327 times)