All Forum Posts by: Paul Cordero
Paul Cordero has started 1 posts and replied 69 times.
Post: Homepath Homes
- Scottsdale, AZ
- Posts 70
- Votes 17
Originally posted by Wayne Brooks:
FNMA doesn't give you a discount becauese you use Hopmepath financing. They provide Homepath financing because recently their asking price is above FMV, so you can't finance it, since it won't appraise, with other lenders. Homepath has no appraisal requirement for FNMA homes, and will finance FNMA overpriced REO's.
Makes sense Wayne, and kind of my point. I wouldn't give a discount in purchase price to someone I am loaning money to purchase my collateral. That doesn't make sense.
Post: Homepath Homes
- Scottsdale, AZ
- Posts 70
- Votes 17
Originally posted by Mehran Kamari:
They wouldn't be getting it off their books if they are going to give another loan on it.
Post: 2013 - Smaller Downpayment on Investment Properties?
- Scottsdale, AZ
- Posts 70
- Votes 17
Unlike commercial lending (correct me if I am wrong), I don't know of any conforming lender that will use future rents as income. So this would be excluded.
Post: 2013 - Smaller Downpayment on Investment Properties?
- Scottsdale, AZ
- Posts 70
- Votes 17
Not sure about other lenders, but we wouldn't be able to use the "boarder" rent income you are trying to use. I am not sure how another lender might use it.
Post: 2013 - Smaller Downpayment on Investment Properties?
- Scottsdale, AZ
- Posts 70
- Votes 17
Every lender is different, but for conforming, we don't go over 45% DTI without an exception.
Post: 2013 - Smaller Downpayment on Investment Properties?
- Scottsdale, AZ
- Posts 70
- Votes 17
True, 2 years rental income is required as well. Is this your only income?
Post: Mortgage was sold to Ocwen--what to expect?
- Scottsdale, AZ
- Posts 70
- Votes 17
You can call Ocwen, request a manager and they should tell you. You can also use the FNMA or Freddie Mac Lookup Tools.
FNMA lookup tool
https://www.knowyouroptions.com/loanlookup
Freddie lookup tool
https://ww3.freddiemac.com/corporate/
If your loan is not owned by either, Ocwen should tell you.
Post: 2013 - Smaller Downpayment on Investment Properties?
- Scottsdale, AZ
- Posts 70
- Votes 17
Still 25% on our end
Sourcing rental income from renting out rooms in your primary home may be hard to use as income. Do you have rental contracts?
Post: Mortgage was sold to Ocwen--what to expect?
- Scottsdale, AZ
- Posts 70
- Votes 17
I worked for Green Tree for 5 years in default servicing (Client Manager for FNMA book, SS & REO Facilitator), and just to clear things up, Ocwen most likely did not buy your mortgage. Ocwen is a special servicing company. They may have earned a servicing contract for your mortgage from the investor, but my bet is that your mortgage is either owned by FNMA or Freddie. Probably FNMA.
You should find out who the investor that owns your note is. Ocwen has to answer to the investor ultimately. If you are experiencing bad service from Ocwen, then go directly to a contact for the investor. They have special escalation proceedures to make sure that Ocwen services according to their contract.
Let me know if you have any questions about mortgage servicing.
Post: Request for Multi Unit Loan Advice & Credit Score Issue
- Scottsdale, AZ
- Posts 70
- Votes 17
Ryan,
Do you mind sharing why the FHA and USDA loans were denied? Your credit score doesn't seem to be the issue.
Thanks,