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Ignore lotr1978
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In United States
Registered Oct 14, 2010

lotr1978's most recent comments:

• On 24 Feb 2013 in Drop-off in first-time homebuyers, lotr1978 said:

  E-man says
  

  I think the market is trying to fill avoid here. I'd call it a niche market. I don't know the all the details on that loan program, but here in the Bay Area, stated income is back. 40% down at 5.5% interest rate for a 5/1 ARM are being done all day long. In 2-3 years when your credit score is improved, you can refinance to 3.5% at 30 years fixed.

  I work with a loan officer that can get you a loan at prime rate if you make just $8/hour and have a FICIO score greater than 720. There's another loan program with 5% down at 4% interest rate with no PMI. Pretty crazy if you tell me. Here's the catch. You'd have to get in contract first before you can implement one of these programs.

  The question for me is post-FC seasoning. My credit never tanked after a FC in May 2011, it did take a hit but 6 months later FICO was in the 690 range. Now I imagine it must be over 700 though I haven't bothered paying the 20 bucks to find out. I know FHA is 3 years seasoning for FC (2 for BK, now that makes sense). The real estate Sunday talk show on the radio said you can actually do conventional is you have a large downpayment (40-50%). I have yet to verify this.

• On 23 Feb 2013 in Drop-off in first-time homebuyers, lotr1978 said:

  Goran_K says
  

  lotr1978 says

  I was told by a mortgage broker than there is now a loan program that is portfolio based that will give people a loan the day after foreclosure if they have a 600 FICO. 6.99% 3 year ARM, must stay in for 1 year to avoid a pre-pay penalty of 6 months interest. As someone who lost big last time its very hard to mentally weigh the feeling of missing out with the feeling of becoming a 2 time sucker.

  That's lunacy.

  Which part, just curious? I am paying 1500 a month in rent sitting on a 6 figure down payment earning .02% interest with not enough gumption to invest the cash in anything else. The 6.99% rate is 3 points higher than the norm I guess but the mat actually make sense, despite how bad it feels.

• On 23 Feb 2013 in Drop-off in first-time homebuyers, lotr1978 said:

  Popped into a model home today in Gilbert near the curve in the 202. Madness, had free popcorn, soda, hotdogs and brats, even bottled coke. Place was filled with people (the single model home they bothered to build). Opened one week, sold 12 of 46 lots. I told the salesperson it felt like 2005 all over again. She smiled and shrugged a bit in slight disbelief. Roberto, what on earth is going on here? I was told by a mortgage broker than there is now a loan program that is portfolio based that will give people a loan the day after foreclosure if they have a 600 FICO. 6.99% 3 year ARM, must stay in for 1 year to avoid a pre-pay penalty of 6 months interest. As someone who lost big last time its very hard to mentally weigh the feeling of missing out with the feeling of becoming a 2 time sucker.