No more 10% down payments...

[Tariq B.]

I know I'm late to the show here, but just found out that there is no more Homepath funding, so that means no more 10% down payments with no PMI.

How do y'all feel abou this?

[Dan Marriggi]

Not so easy to accomplish. The property needs to be seasoned, 6 months or so and the bank will make you jump through hoops of fire to refi. They especially love hiring inexperienced appraisers -- low prices. 

Also, if you do happen to find a home for 50-60 % of ARV, the bank will question it.

Be especially mindful of debt to income ratios. Banks hate the ratio too tight. 

And if you do get an institution to finally complete the refi, it could be a 2 to 3 month painful process.

Be careful.