90% mortgage for non-residents?

[eolicom]

As bluedog mentionned. you can get 90-95%mortgages @ 5.125% but all lenders now require 780+ credit score.
No credit score: forget it or try to get a time machine.

[KB4]

Originally Posted by DonnaReed

It can actually be significantly higher than $100 - 200.

My response was from almost two years back. Nowadays PMI has become quite rare.

[znycgirl]

I was "qualified" for a loan (of much more than I actually wanted) with 10% down (and excellent credit scores with a super-stable job for a private residence)...letter and all...made some bids & went into contract.

All of this changed sometime in January about when the following article was printed...at multiple sources...but I found it online here (my broker sent this to me when we no longer could get this loan through his bank):
GLT » House Hunting Center

So what happens...when you are qualified, have submitted a binder, and your bank says one thing...and later they say another? Well...this...
http://www.nytimes.com/2009/03/22/re...ref=realestate

Yep...you LOSE your binder. This can be quite a bit of $$...especially if you have saved for a few years for the down payment for your dream home.

I'm sure some banks are still doing 80-10-10. I think Sovereign is one that is (they offered me something like that when I called and spoke to a rep...it's a small bank)...but this is today (as I learned, tomorrow can hold something different).

I'm sure it all depends on how much $$ you get the mortgage for...as well as a million other factors.

Bluedog: I hope your friend is near closing, locked at that rate & really got a great deal. For all the rest of us...

My piece of advice: make sure you have a mortgage contingency in your contract that will extend to the time that you can secure the mortgage itself...with a rate lock and even to closing.

I hope I can save someone the headache & anxiety...

[clevedark]

Nightmare. Thanks for sharing. I hope that lawyers and realtors are up to speed on this one.

[bluedog2]

Originally Posted by znycgirl

I was "qualified" for a loan (of much more than I actually wanted) with 10% down (and excellent credit scores with a super-stable job for a private residence)...letter and all...made some bids & went into contract.

All of this changed sometime in January about when the following article was printed...at multiple sources...but I found it online here (my broker sent this to me when we no longer could get this loan through his bank):
GLT » House Hunting Center

So what happens...when you are qualified, have submitted a binder, and your bank says one thing...and later they say another? Well...this...
http://www.nytimes.com/2009/03/22/re...ref=realestate

Yep...you LOSE your binder. This can be quite a bit of $$...especially if you have saved for a few years for the down payment for your dream home.

I'm sure some banks are still doing 80-10-10. I think Sovereign is one that is (they offered me something like that when I called and spoke to a rep...it's a small bank)...but this is today (as I learned, tomorrow can hold something different).

I'm sure it all depends on how much $$ you get the mortgage for...as well as a million other factors.

Bluedog: I hope your friend is near closing, locked at that rate & really got a great deal. For all the rest of us...

My piece of advice: make sure you have a mortgage contingency in your contract that will extend to the time that you can secure the mortgage itself...with a rate lock and even to closing.

I hope I can save someone the headache & anxiety...

Sorry to hear about your bad experience . That's really awful.Did you actually lose a downpayment?

Am not sure of all your circumstances or the circumstances of the people in the Times article but I do know that there have always been problems and misunderstandings around the differences between being "pre-qualified" for a hypothetical loan amount and actually having a commitment for a specific amount at a specific purchase price . Many people seem to think that being pre qualified or pre approved is a commitment and it is not.

I noticed that it says the people in the Times article signed the agreement to purchase in 2005 and yet were just ready to close in Sept of '08 ! God only knows why they did this but if they had a lawyer he should be shot for letting them sign it . I mean,that is ridiculous.The building was new construction by Toll brothers(known shysters) and the market had turned by then.I will bet anything that the reason why the banks wanted more $$$ was because the value of the apt had dropped precipitously between 05 and Sept 08.Did they think they could get the bank to give them 125% financing? Because that's probably what the situation was.

Luckily,my friend has a firm written commitment and the apt has been appraised.Her lawyer had her convert her pre qualification to a commitment before she actually signed the contract. It's not an 80-10-10 thing either .It is a plain , straight forward 90% coop purchase loan from one bank.

I have also heard that many banks,including Sovereign are steering clear of all new buildings unless at least 80% of the units have actually sold and steering clear of condo's and coops where less than 80% of the units are owner occupied or where anyone in the building is even behind in their maintenance.The appraisers have to get a sworn affidavit from the managing agent that no one is even 1 month behind and it is attached to the appraisal! Things are definitely tight.

My advice would be 1) do all your homework and know everything about a building,it's finances and it's residents finances before you even make an offer 2) deal directly with a bank re financing,not a mortgage broker( they are as bad as RE brokers!)3) have a good lawyer watching what is going on and 4) get a firm commitment and appraisal before you sign.There is plenty of time to be careful.You don't have to worry too much about a bidding war.

I have a feeling it is a great time to buy though.

[LJB99]

My situation has changed since the first post - I can now afford 30% down.

I'm wondering if there are still 70% LTV non-status mortgages available for non residents?

[jpcallow]

I have 50% to put down...on property cost $275000.......am non res in USA...but have partner who is born bread USA,,,I have assets UK and Australi and wish to build house on the lot.....can you help,,Thanks Jono