Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98277 times)

SPGDUDE · « **Reply #340 on:** December 19, 2015, 10:54:56 PM »

Sometimes inverstors pays the pmi for you....

MarkS · « **Reply #341 on:** December 19, 2015, 11:00:44 PM »

Quote from: SPGDUDE on December 19, 2015, 10:54:56 PM

Sometimes inverstors pays the pmi for you....

I forgot to add, Investors gives $2K cash toward closing costs but PMI is more than that. Are you sure that they sometimes pay PMI? When and why only sometimes?

rs242 · « **Reply #342 on:** December 20, 2015, 12:10:29 AM »

Quote from: MarkS on December 19, 2015, 11:00:44 PM

I forgot to add, Investors gives $2K cash toward closing costs but PMI is more than that. Are you sure that they sometimes pay PMI? When and why only sometimes?

inversters pays pmi if your credit score is over 720

rs242 · « **Reply #343 on:** December 20, 2015, 12:11:38 AM »

Quote from: MarkS on December 19, 2015, 10:01:14 PM

From what I know the 2 best options are TD Bank and Investors.

TD: No PMI (that's huuge), rate a bit below marlet, 5%down
Investors: PMI, rate a bit below market, 3% down

Not sure about all the details but for starters call the 2 banks and please post more details here...

also a big difference is Investers allows you to use a co signer on a first time home owner loan. Now that's really huge

rs242 · « **Reply #344 on:** December 20, 2015, 12:12:46 AM »

And Investers the rate was 3.50 just went up to 3.65

smurf · « **Reply #345 on:** December 20, 2015, 10:43:22 AM »

What's the highest DTI ratio you can have for the investors program?

smiley face · « **Reply #346 on:** December 20, 2015, 11:00:34 AM »

I believe it was 40%.

JoeyShmoe · « **Reply #347 on:** December 20, 2015, 11:00:56 AM »

Quote from: MarkS on December 19, 2015, 10:01:14 PM

From what I know the 2 best options are TD Bank and Investors.

TD: No PMI (that's huuge), rate a bit below marlet, 5%down
Investors: PMI, rate a bit below market, 3% down

Not sure about all the details but for starters call the 2 banks and please post more details here...

I just got a first time home buyer loan from TD, they actually offer as low as 3% down and interest rate 0.25% lower than the average and no PMI. You need to have impeccable paperwork in order to be able to get it, the underwriting departments are very very strict.

TD's DTI ratio I believe is 33%-38% and they'll be happy with a credit score of 660+.

Also, keep in mind that those banks only offer these rates for small loans (under $417k), IINM anything bigger and you'll need a mortgage broker of you want to put down less than 20%

MosheD · « **Reply #348 on:** December 20, 2015, 11:35:13 AM »

Quote from: JoeyShmoe on December 20, 2015, 11:00:56 AM

I just got a first time home buyer loan from TD, they actually offer as low as 3% down and interest rate 0.25% lower than the average and no PMI. You need to have impeccable paperwork in order to be able to get it, the underwriting departments are very very strict.

TD's DTI ratio I believe is 33%-38% and they'll be happy with a credit score of 660+.

Also, keep in mind that those banks only offer these rates for small loans (under $417k), IINM anything bigger and you'll need a mortgage broker of you want to put down less than 20%

Mazel tov!
Much hatzlacha in your new place

JoeyShmoe · « **Reply #349 on:** December 20, 2015, 11:41:25 AM »

Quote from: MosheD on December 20, 2015, 11:35:13 AM

Mazel tov!
Much hatzlacha in your new place

Thanks

MarkS · « **Reply #350 on:** December 20, 2015, 12:03:18 PM »

I updated the wiki somewhat based on this info. If people who recently got investors and TD can add in more details to the wiki that would be great.

bubbles · « **Reply #351 on:** December 20, 2015, 12:22:10 PM »

Any income guidelines? Can't be making over a certain amount to qualify?

JoeyShmoe · « **Reply #352 on:** December 20, 2015, 12:24:51 PM »

I didn't have any maximum, as a matter of fact I had to show income of ~$100k to get a $400k+ loan

AI-TRAVEL · « **Reply #353 on:** December 20, 2015, 12:50:16 PM »

Quote from: JoeyShmoe on December 20, 2015, 12:24:51 PM

I didn't have any maximum, as a matter of fact I had to show income of ~$100k to get a $400k+ loan

What do you mean by impeccable paperwork?

JoeyShmoe · « **Reply #354 on:** December 20, 2015, 01:21:16 PM »

Quote from: AI-TRAVEL on December 20, 2015, 12:50:16 PM

What do you mean by impeccable paperwork?

Income for the last few years needs to make absolute sense (ie there needs to be regular growth in the W2 and tax returns), and bank statements have to match. You can't do Shtik and they dig much more if you're self employed

rs242 · « **Reply #355 on:** December 20, 2015, 02:14:21 PM »

I am in the process with Investers if u have any questions maybe I can help

avrumy22 · « **Reply #356 on:** December 20, 2015, 03:03:02 PM »

Quote from: JoeyShmoe on December 20, 2015, 01:21:16 PM

Income for the last few years needs to make absolute sense (ie there needs to be regular growth in the W2 and tax returns), and bank statements have to match. You can't do Shtik and they dig much more if you're self employed

.

how many years do they look at? more then 2?

JoeyShmoe · « **Reply #357 on:** December 20, 2015, 03:03:39 PM »

Quote from: avrumy22 on December 20, 2015, 03:03:02 PM

.

how many years do they look at? more then 2?

2 years

churnbabychurn · « **Reply #358 on:** December 20, 2015, 04:59:22 PM »

How does the cosigner help? Lower income requirements?

MarkS · « **Reply #359 on:** December 20, 2015, 05:08:43 PM »

Quote from: churnbabychurn on December 20, 2015, 04:59:22 PM

How does the cosigner help? Lower income requirements?

Say you make 60K (5K a month) with a 40% DTI requirement. Your monthly payment including tax and insurance needs to be below $2K. If your dad makes another 120K and he cosigns, you now have combined income of $180K (15K monthly) and can have monthly payments up to 6K a month.

(Good luck paying that on your $5K a month salary

)

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Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers (Read 98277 times)