All Forum Posts by: Michael Cohen

Hi Cassandra J. - items you CAN shop for are title related charges, which do vary greatly. The lender is giving you an estimate of what title charges will be but don't compare that between lenders. You and your agent will decide which title company to use. Also, the rate isn't locked until there is a ratified contract so any rate you're quoted is meaningless. I hope that was properly explained to you by your lender. Ultimately, the lender you choose should be the one you feel most comfortable with. Ask your realtor for some recommendations and interview them. Focus on service and performance; not rate or closing costs.

First I've heard of this too. Would love to get the source so I can learn more. Thanks!

if they're in a lease, they can't be forced out.

@Jason Breaux As you said, it has to be owner occupied so if there isn't a vacant unit you can live in, it wouldn't be eligible.

I'm jumping on the bandwagon here:

1) The lender clearly didn't do his/her due diligence ensuring the buyer was qualified. Something popping up at underwriting should have been small enough to be addressed within a day or two, or know that flat out it wasn't going to happen. The fact that they're dragging on is very concerning.

2) I'm concerned about your agent being less than aggressive. S/he should know exactly what the issue is and get a good ETA. "A couple more days" is not acceptable.

Justin Lichtle absolutely no borrower work. Even if you are license for that particular work.

James O'Leary deferring the student loans would certainly help with cash flow, however, be aware that the payments will still have to be calculated and counted against your DTI

203k does not take multiple months to close. 45 days is standard.

James is correct. You must live in one of the units for at least 12 months

@Gwen St. Pierre Actually, yes 401K does count as reserves. When used for reserves, 100% of the value of the assets (as determined above) may be considered, and liquidation is not required.

https://www.fanniemae.com/content/guide/selling/b3/4.3/01.html