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TD Bank:
Call 1-800-822-6761 for general details
John Kussmaul
732-241-7249
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It is all done by phone/email/internet.

> 3% down
>Interest rate 0.25% lower than the average
>No PMI
>The total monthly housing costs including Mortgage, Taxes and Insurance cant exceed 33% of your monthly GROSS income
>Total monthly payments including the above plus car payments and CC payments cant exceed 38% of your monthly GROSS income
>You need to have a credit score above 660 (no difference between a 661 and an 850)
> For first time homebuyers primary residence only (no refinance or investment houses, no cosigner)
>Basement Rental does not count as income
> You need to to take a few hours of new homebuyer counseling which LRRC offers for $30- contact them for when their next class is

You need to have impeccable paperwork in order to be able to get it, the underwriting departments are very very strict.

Investors Bank
Domenick  Luccarelli
DLuccarelli@myinvestorsbank.com
732-639-3309
> 3% down
>Interest rate lower than the average
>There is PMI unless your credit score is above 720 and then no PMI
>The total monthly housing costs including Mortgage, Taxes and Insurance cant exceed 40% of your monthly GROSS income
> For first time homebuyers primary residence only (no refinance or investment houses
>You CAN have a cosigner


Santanders Bank
Santander has a first time homeowners mortgage that you can have up to 45% DTI ratio. plus they give you $5k towards closing (to be able to get the 5k closing grant you have to make almost no money, i think its around 43k limit for a family of 2) costs plus your rate is .25 lower then the going rate

Author Topic: Lakewood: Awesome Mortgage program for 1st time buyers  (Read 70719 times)

Offline NMB

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #135 on: June 22, 2014, 11:10:29 PM »
The question is legitimate.
What happens if the mortgagor needs to move after a couple of years?

For most primary residence mortgages, you need to sign that you will be living in the house for 12 months. I would assume banks understand that there are certain circumstances which necessitate an earlier move, but to move in with the intent of never living in the house would constitute fraud. To move after a couple of years, even after a year (with most mortgages) would probably be ok, but double check with the bank.

Online Deal Guy

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #136 on: June 23, 2014, 01:09:39 PM »
The rate is still there today.

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #137 on: June 23, 2014, 01:48:24 PM »
The rate is still there today.
did you speak to Dennis? Is there any other information you can provide?
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Offline MosheP

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #138 on: June 24, 2014, 12:33:43 PM »
Where can I see the updated rates online?

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #139 on: June 24, 2014, 08:14:19 PM »
Rates have stayed at 2.625 today.

As for the 10 year treasury note bonds, it closed lower at 2.57-2.58, thus giving mortgage rates a reason to stay lower.

Offline MarkS

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #140 on: June 25, 2014, 11:12:57 AM »
I spoke to Dennis. Story is as follows.

The income limit for the Lakewood area is still $77K. That is not changing.
The 5% down payment with 1.5 off the regular interest rate still exists as always.

There is now an additional new option to put down just 3% and have an interest rate of 1% off the standard rate.

For example, today's standard rate is 4.312.
You can put down 5% and get a rate of 2.812. On a $300K house you would put down $15K, Borrow $285K and you pay a total of $137K in interest over 30 years.
or
You can put down 3% and get a rate of 3.312. On a 300K house you would put down $9K , Borrow $291K and you pay a total of $168K in interest over 30 years.

Basically you would put down 6K less upfront and end up paying $31K in higher interest payments.

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #141 on: June 25, 2014, 12:54:37 PM »
Does anyone know how the proof of income works for a newly self-employed individual? (Was a student until a couple of months ago)
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Offline MarkS

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #142 on: June 25, 2014, 01:03:49 PM »
Does anyone know how the proof of income works for a newly self-employed individual? (Was a student until a couple of months ago)
Typically they need proof of income for 2 years. The fact that you were a student works in your favor because it explains why you weren't working. They'll probably want transcripts to prove you were a student. If you were working toward a degree that is in the line of business you are now in that would probably be even more favorable as it explains a typical normal career path.

That being said - self employed people typically have a harder time coming up with proper documentation of their income. While an employee would just provide paystubs and be done, they'll require more documentation from a self employed person to verify their income.  Call them to find out what exactly a self employed person needs to provide.

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #143 on: June 25, 2014, 01:06:52 PM »
Typically they need proof of income for 2 years. The fact that you were a student works in your favor because it explains why you weren't working. They'll probably want transcripts to prove you were a student. If you were working toward a degree that is in the line of business you are now in that would probably be even more favorable as it explains a typical normal career path.

That being said - self employed people typically have a harder time coming up with proper documentation of their income. While an employee would just provide paystubs and be done, they'll require more documentation from a self employed person to verify their income.  Call them to find out what exactly a self employed person needs to provide.
thanks that was insightful.
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Offline AI-TRAVEL

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #144 on: June 25, 2014, 01:41:47 PM »
Does anyone know how the proof of income works for a newly self-employed individual? (Was a student until a couple of months ago)
I was told if your significant other has the 2 years and you have most of the income that's also fine.

Offline bubble347

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #145 on: June 25, 2014, 01:44:52 PM »
I was told if your significant other has the 2 years and you have most of the income that's also fine.
Thanks, but we were both students :)
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Offline churnbabychurn

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #146 on: June 25, 2014, 01:53:47 PM »
How does the income work over two years. Say last year we made 45 this year 60, that good?

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #147 on: June 25, 2014, 01:57:00 PM »
How does the income work over two years. Say last year we made 45 this year 60, that good?
if I recall it's average of both unless it's a considerable amount different.

Offline MarkS

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #148 on: June 25, 2014, 02:01:37 PM »
I could be wrong but I believe it goes by current income level with the 2 year income requirement just in place to give them comfort that it's long term and that you know how to hold a job etc.

I believe in your case they would go with 60K.
Now if you just got a raise to 60K this month and were at 45K for the last 23 you would have a harder time.

Offline churnbabychurn

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #149 on: June 25, 2014, 02:07:56 PM »
So it sounds like the income rules are not hard coded...  Thanks