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All Forum Posts by: David Kelly

David Kelly has started 4 posts and replied 349 times.

Post: Can I get a loan zero down?

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

Yes, you can have them message me to see if they qualify.  Contact info is in my profile. 

Post: Can I get a loan zero down?

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

@Allen Lopez

It is a real grant program. It’s available once a year for a short period of time. 

Post: Best Local Banks/Credit Unions in Baltimore for Cashout Refi

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

PM sent.  Delayed Financing rule with Fannie/Freddie

Post: Can I get a loan zero down?

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

There are some grant programs available that offer significant money towards closing costs and down payment.  One that I am utilizing lately is the WISH program.  Its a 4 to 1 match on whatever the borrower can bring to closing.  Gift funds are available as well for their portion of the down payment.  Completely forgivable after 5 years, and no added payment to the mortgage.  

Post: Delayed Financing question

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

Hello, as a lender I can give my input. Delayed financing allows you to cash out refinance within that 6 month period. If you paid cash (or some cash and some from a HELOC or other form of financing), you can only get a cash out based on the normal LTV's but no more than what the home was purchased for including closing costs. Any borrowed money needs to be paid off first.

For example:

100k purchase price, 5k closing costs.  

for a primary residence LTV is 80% cash out refinance

80% of 105,000 is $84,000 cash out amount (minus closing costs)

If for example you paid 50k cash and 55k heloc to pay for it, then that would result in us first paying off the 55k heloc, and leaving $29k and a zero balance on the HELOC


"The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value)."

Hope this helps!

Post: Financing without W2 income when you are retired?

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

DSCR loan. Yes, there are lenders doing this. Typically the rate is slightly higher, but it can be done.

Hi Cynthia, 

If you are refinancing, what is the money down for?  Are you looking to buy down the rate, or reduce your balance to remove mortgage insurance?  If you are not using this as an investment currently, there is no issue on calling it your primary residence.  Even if you "hope" to turn it into a rental later.  That may end up not happening.

Post: Interest rate predictions throughout the 6 to 12 months?

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

@Ray Watkins

My prediction!

I think they will stay low for some time throughout this year. In the near short term I think it will get even better, but not too the lows we saw recently back in August.

Post: Investment property cash out refinance

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

PM sent.  There are still lenders available for this!  Just much harder to find.

Post: Is it possible for refi rate to change after lock?

David KellyPosted
  • Lender
  • Nationwide Lender
  • Posts 391
  • Votes 140

When a rate is locked, you have "x" amount of days to finish the loan or extend the lock.  First, look back at your initial lock and see how many days it was.  If you extend the lock, the rate does not change you just get charged more for each day that it is extended.  However, this could be the case where the lender did not extend and if this was the case they would have needed to wait 30 days before they could relock.  This could be good or bad depending on where the rates are at on that second lock.  It sounds like this may have been the case if they took forever to close this.  They were buying time so they could relock possibly.  

At any point, you can change your rate based on the time that the lock was done. For example: You lock and get the appraisal ordered. The appraisal come back low and the cost for your current locked rate is much higher based on LTV. You have the option to choose a higher rate for less cost. THis is not relocking the loan, you are just choosing another rate based on that time you locked originally. Let me know if any of this is confusing.