Puako Home Sales / Kohala Coast Properties

 

I am going for my first time buyer loan and I got confused on all of the options. Thank you Lynn for helping me understand the different options. Jonathan

 From Lynn Karlson of Point Financial, Inc.

Questions should be forwarded to her address.

 Lynn Karlson [lynn@ptfinancial.com]

 808-329-0900

 http://loanlookup.fanniemae.com/loanlookup/

First Off…..  These programs are two separate programs so please be careful when switching mindset between one and the other!!  EverBank will be offering the Fannie Mae product and the below information is in regards to the Fannie Mae DO Refi Plus!!  I have also attached the handout many have already received from me.

FAQs:  Q: Does the loan have to be refinanced through the same company that currently is servicing the loan?A: No, The Fannie Mae product allows their loans to be refinanced by any wholesale lender offering the program

 Q: Is there a $2,500 restriction of fees on the Fannie Mae Program?A: No, that only applies to the Freddie Mac Program, please approach a DO Refi Plus the same way you would a regular rate/term refinance.  The borrower’s cash back can be equal to the lesser of 2% or $2,000. 

Q: Is there a max DTI requirement for EverBank?A: No, there is no max that we add to the product.  We will take as high of a DTI that DO allows regardless of the change in payment.  In fact, we have no overlays on this product!! 

Q: Do you have a maximum amount of financed properties?A: No, unlike our other Conforming Products, there is no maximum amount of financed properties on this product.

 Q: Is there a minimum FICO score?A: In April there is a minimum FICO required for LTVs over 80% of 580.  Starting in May there will be no minimum FICO required for all LTVs!! 

Q: Can the LTV exceed 105%?A: No, in April it is maxed to 95% for owner occupied and 80% for second home and investment.  Starting in May the max will be 105% for all occupancies. 

Q: Are appraisals never required?A: No, you need to make sure the findings allow for an appraisal waiver if you want to avoid an appraisal.

 Q: Have the Jumbo Conforming Limits reverted to last years limits on this product?A: Not yet, while we do anticipate these limits increasing, there is not an exact date of the change. 

Q: Is Mortgage Insurance required? A: Depends on the current position the borrower is in.  If they do not have MI now, then they should not need MI regardless of the LTV.  Make sure that the findings are not requiring the MI and if the borrower currently has MI they will e able to refinance in May while maintaining their current MI coverage.

Post a comment

Name: (required)

Email Address: (will not be published) (required)

URL:

Comments: