Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98243 times)

Deal Guy · « **Reply #160 on:** June 26, 2014, 12:11:24 PM »

Since I updated this thread with the lower rate earlier this week, the 10 year treasury note has been dropping nicely, even hitting 2.51 at some point today. That in turn has kept this nice td rate going all week.

schneury · « **Reply #161 on:** June 26, 2014, 03:34:45 PM »

I bought a house a year and a half ago with FHA and paying a high pmi, is this program able to kinda refinance so I dont need to pay the pmi?

MarkS · « **Reply #162 on:** June 26, 2014, 03:35:49 PM »

Quote from: schneury on June 26, 2014, 03:34:45 PM

I bought a house a year and a half ago with FHA and paying a high pmi, is this program able to kinda refinance so I dont need to pay the pmi?

No, you're no longer a first time homebuyer. How much longer do you need to pay PMI for?

AI-TRAVEL · « **Reply #163 on:** June 26, 2014, 04:33:50 PM »

Not sure if this belongs here..... Is there anyway for me and my wife to each get the first time home buyer on 2 separate houses? We are legally married but the names are still different. Obviously not right away bec you have to live there but let's 5 years apart.

bubble347 · « **Reply #164 on:** June 26, 2014, 04:54:40 PM »

Quote from: AI-TRAVEL on June 26, 2014, 04:33:50 PM

Not sure if this belongs here..... Is there anyway for me and my wife to each get the first time home buyer on 2 separate houses? We are legally married but the names are still different. Obviously not right away bec you have to live there but let's 5 years apart.

in theory probably yes, but it does not seem like this will be around in a year from now.

MarkS · « **Reply #165 on:** June 26, 2014, 04:59:30 PM »

Quote from: bubble347 on June 26, 2014, 04:54:40 PM

in theory probably yes, but it does not seem like this will be around in a year from now.

I've heard that some banks do care and some don't if your spouse has already bought a home.

I've heard that supposedly Santander will still let you get a first time homebuyer loan even though your spouse already did.
That may mean that you could get TD bank now and then in a few years your wife could get Santander for example.

Keep in mind though that for you to get the mortgage now without your wife as a co-signer I assume your individual income will need to be enough to qualify.
I don't know what TD would say if you yourself have enough to qualify and you want to apply by yourself - but your household income (including your wife) is over 77K.

AI-TRAVEL · « **Reply #166 on:** June 26, 2014, 05:03:12 PM »

I was just trying to figure out what is the pros of having my wife as a co signer. Besides income obviously, which could go either way.

bubble347 · « **Reply #167 on:** June 26, 2014, 05:16:44 PM »

Do I have to give them my wife's info? the income is all from me but I am worried since her credit is really messed up now?

smiley face · « **Reply #168 on:** June 26, 2014, 05:52:15 PM »

Anyone know of any other similar program for first time homebuyers? Or is there away to lock in at this rate?
Signed on a house but it's not being ready for another year.

schneury · « **Reply #169 on:** June 26, 2014, 06:06:43 PM »

Quote from: MarkS on June 26, 2014, 03:35:49 PM

No, you're no longer a first time homebuyer. How much longer do you need to pay PMI for?

5 years

notanonymous · « **Reply #170 on:** June 26, 2014, 06:27:22 PM »

Quote from: bubble347 on June 26, 2014, 05:16:44 PM

Do I have to give them my wife's info? the income is all from me but I am worried since her credit is really messed up now?

IDK about this particular program, but for loans in general, only the applicant needs to be approved. If you have the income by yourself, you can keep your wife out of it.

Deal Guy · « **Reply #171 on:** June 28, 2014, 11:56:47 PM »

Anyone knows what TD ends up basing your "taxes" on? Do they go with what the appraiser assumes? Is there anything to do if the appraiser values the house at higher than cost, thus them telling TD that your taxes will be more than expected?

churnbabychurn · « **Reply #172 on:** June 29, 2014, 12:09:13 AM »

Quote from: Deal Guy on June 28, 2014, 11:56:47 PM

Anyone knows what TD ends up basing your "taxes" on? Do they go with what the appraiser assumes? Is there anything to do if the appraiser values the house at higher than cost, thus them telling TD that your taxes will be more than expected?

Taxes are based on whatever the assessor assess them at. It doesn't make a difference what you pay for the house, and the amount of tax that you owe is public record.

Deal Guy · « **Reply #173 on:** June 29, 2014, 12:40:42 AM »

Quote from: churnbabychurn on June 29, 2014, 12:09:13 AM

Taxes are based on whatever the assessor assess them at. It doesn't make a difference what you pay for the house, and the amount of tax that you owe is public record.

Let me clarify. I could not care less what the tax assessor will assess it at, right now. I am concerned with TD, as first they figure out your taxes and insurance, and then they decide how much they can give for your Principle and Interest. The higher they think your taxes will be, the less money they will give you. On a new construction there are no taxes for them to look up, so they must use a formula to base the projected taxes on.
So again, im asking for anyone that has already dealt with TD, to please tell me if they know what TD uses to determine what they think your tax will be. Do they go with what their appraiser estimates your taxes to be? In my case, the number the assessor wrote is $10k more than the selling price, and about 50k more than all my existing neighbors were assessed by the township.
If TD, does in fact us their appraisers number is there anything I can do? Can I call and ask him to lower his assessment of my house?

pear · « **Reply #174 on:** June 30, 2014, 12:43:45 PM »

If my house is under my name, can my wife buy the house off me for a first time home buyer rate?

Deal Guy · « **Reply #175 on:** July 03, 2014, 03:01:21 AM »

The last 2 days were not good for mortgage rates or 10 year treasury bonds. My gut tells me that by 11:00-30 am it will probably be re-priced to 2.75, unless the jobs report later today comes in much weaker than expected, and causes bonds to go back down.

Deal Guy · « **Reply #176 on:** July 03, 2014, 12:18:06 PM »

I am wrong again. I believe the cheap rate is still there.

bingit · « **Reply #177 on:** July 09, 2014, 11:51:00 AM »

Quote from: Deal Guy on July 03, 2014, 12:18:06 PM

I am wrong again. I believe the cheap rate is still there.

anybody knows where the rates are holding these days? and is there anyway to get this program besides going to the LRRC? Thanks!

churnbabychurn · « **Reply #178 on:** July 09, 2014, 12:28:59 PM »

Quote from: bingit on July 09, 2014, 11:51:00 AM

anybody knows where the rates are holding these days? and is there anyway to get this program besides going to the LRRC? Thanks!

From the wiki:

Quote

Call 1-800-822-6761 for general details or Dennis @ 609-444-7534 for more specifics or if you are ready to apply.
It is all done by phone/email/internet.

bubble347 · « **Reply #179 on:** July 09, 2014, 12:31:02 PM »

According to Dennis you must attend the LRRC in order to get started with the process.

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Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98243 times)