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John Kussmaul
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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 97470 times)

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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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.

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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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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.

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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.

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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

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #150 on: June 25, 2014, 02:11:28 PM »
So it sounds like the income rules are not hard coded...  Thanks
It's all about how confident the underwriters are with your stability. Keep in mind there is no PMI so they really need to protect themselves.
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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #151 on: June 25, 2014, 05:17:09 PM »
How long does it take to hear back from them if they are satisfied with your documents or not? They have all my docs for 2 weeks and I haven't heard anything from them. Does that mean everything is great?

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #152 on: June 25, 2014, 05:21:45 PM »
How long does it take to hear back from them if they are satisfied with your documents or not? They have all my docs for 2 weeks and I haven't heard anything from them. Does that mean everything is great?
Not necessarily. It could mean they are just sitting around on it and will wake up in a week with requests for more documentation.
I found I had to chase after them for updates and to find out that they have more requests....

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #153 on: June 26, 2014, 01:02:45 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.
Let me get this straight - the bank is lending you 97% of the home value?
״וזה כלל גדול: שישנא אדם כל דבר שקר. וכל מה שיוסיף שנאה לדרכי השקר – יוסיף אהבה לתורה.״ - אורחות צדיקים

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #154 on: June 26, 2014, 01:28:47 AM »
Let me get this straight - the bank is lending you 97% of the home value?
yes

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #155 on: June 26, 2014, 01:29:55 AM »
Let me get this straight - the bank is lending you 97% of the home value?
Maybe the have gov guarantees or something..

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #156 on: June 26, 2014, 01:59:59 AM »
And the chiddush is that there's no PMI too.

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #157 on: June 26, 2014, 09:48:24 AM »
And the chiddush is that there's no PMI too.
That's the chidush. Every bank is required by Fannie and freddie to have FHA program, typically 5%, with PMI. Here you save the PMI, plus get subprime rates
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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #158 on: June 26, 2014, 09:57:43 AM »
if I recall it's average of both unless it's a considerable amount different.
THEY DO NOT look at AVG. I was excited to get  this deal however even though my AVG was lower then 77k over 2 years they looked at my last years income ONLY.

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Re: Lakewood: Awesome Mortgage program for 1st time buyers
« Reply #159 on: June 26, 2014, 11:05:25 AM »
I spoke to Dennis. Story is as follows.

The income limit for the Lakewood area is still $77K. That is not changing.


Why not? Isn't it changing in other areas?