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Old 01-16-2007, 10:54 PM
 
199 posts, read 366,957 times
Reputation: 66

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Hello,

I have found your posts helpful and have a question for you about mortgages.

I am down in Florida currently working for the school district as is my fiancée.

We have a combined income of 75,000 and looking for a loan in the 175,000 range. We have enough for around 10% down pmt. We also have very good credit.

Could we get a loan for that amount?

We hope to buy something fall 2007, but probably not moving until summer 08 (if we can land jobs, if not we would stay in Fl until we do so).

Since we are employed in Fl. and looking to buy in NC, where do we start?

Can we get a mortgage in Fl?
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Old 01-17-2007, 07:43 AM
 
567 posts, read 1,530,200 times
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It depends what your other debts are, and therefore what your debt-to-income ratio is.

If you put down less than 20%, you get into paying PMI (private mortgage insurance) and that is quite expensive.

You can definitely get a mortgage at a distance. Perhaps your current lender can broker mortgages in NC. If not, perhaps your realtor can recommend someone locally in NC.
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Old 01-17-2007, 03:00 PM
 
Location: Durham, NC
1,232 posts, read 2,649,215 times
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Quote:
Originally Posted by lukeb321 View Post
Hello,

We have a combined income of 75,000 and looking for a loan in the 175,000 range. We have enough for around 10% down pmt. We also have very good credit. Could we get a loan for that amount?
YES! We have a one hundred percent financed loan with NO PMI! Yes, NO PMI. It took some researching, but I found a great program. There are, in fact, income limitations (you might be right around the max) and home price limitations (you might there too), but it is a great program. It's a 30 year fixed rate mortgage too.

So, save your down payment for something else. If you can qualify, I would recommend this mortgage (and if you're savvy enough, you might be able to find other programs like we did). We also came from CA, and secured the loan from there, even though we came here to handle the paperwork, just to be sure.

I can PM you if you're interested. Let me know, and I will send you the name of our loan person (even though I doubt she would mind us posting her name, it's probably not proper form).

Best!
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Old 02-10-2007, 09:19 AM
 
1 posts, read 1,337 times
Reputation: 10
CaliBoy,

Do you have a little more information on that mortgage program? I am currently looking to buy in the Charlotte area with good credit history but a higher debt ratio. I was looking to use money to pay off all my other debt and eliminate my credit card debt. So I was looking for a good zero down mortgage program, preferably with no PMI.
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Old 02-10-2007, 09:40 AM
 
889 posts, read 2,140,147 times
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Whould you just obtain an 80-20 then? I know my son did 100% financing with an 80% first, 20% second( interest rate is higher than normal) so no PMI.Plus he already owned another home on top of that. If there is a will, there is a way.
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Old 02-10-2007, 03:29 PM
 
Location: Durham, NC
1,232 posts, read 2,649,215 times
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Quote:
Originally Posted by Mvn2nc View Post
Whould you just obtain an 80-20 then? I know my son did 100% financing with an 80% first, 20% second( interest rate is higher than normal) so no PMI.Plus he already owned another home on top of that. If there is a will, there is a way.
That's usually the way around the PMI issue. However, you will also find that the 20% is at an enormously higher interest rate. Still better than paying for the PMI that, in of itself, can be expensive. Our situation worked perfectly for this loan we searched high and low for, and really, got lucky finding it. But then again, it really wasn't luck. We did a LOT of research and when the opportunity presented itself, we jumped on it.

I guess it's the same as looking for good real estate opportunities... it's always better to look, look and do more looking to better understand the market. Then when that great home presents itself, you can make an offer on it knowing that you are making a wise decision. And remember, your home is also an investment. We looked at renting vs. owning, and after computing the numbers for the house we were considering, owning was more advantageous. But, it doesn't always work out that way. Sometimes renting is better.
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Old 02-10-2007, 03:33 PM
 
Location: Durham, NC
1,232 posts, read 2,649,215 times
Reputation: 585
Quote:
Originally Posted by mattnc View Post
CaliBoy,

Do you have a little more information on that mortgage program? I am currently looking to buy in the Charlotte area with good credit history but a higher debt ratio. I was looking to use money to pay off all my other debt and eliminate my credit card debt. So I was looking for a good zero down mortgage program, preferably with no PMI.
Hey Matt, PM me and I can give you the name of the loan person we used. She's chatty, but very very professional.

Remember, there are income caps and home price caps, but it seems that if a lot of people fit into the scenario. Otherwise, if you don't fit, then the next thing would be to look for, in fact, those 80/20's (or 70/30's, or 85/15's, etc). Just remember too look at all the interest rate factors and points, if applicable. I balk at points. Avoid them if you can including origination fees (basically points, or prepaid interest, in disguise).

I'll go look up my loan person's name for you, in the meantime. <<< P.S. Just PM'd you and another community member with the info. I hope it helps. Let me know how it all works out and if I can be of any help. You know how it is, scratching each other's backs. I might need advice someday too. It's all a team effort. Take care.

Last edited by CaliBoy; 02-10-2007 at 04:37 PM..
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Old 02-12-2007, 02:24 PM
 
9 posts, read 18,847 times
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Hello everyone I am new to this site and was reading all your questions. Maybe I can help I am from Florida and just moved to North Carolina. I am also a loan officer here.NOT SURE HOW I TELL YOU TO GET AHOLD OF ME
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