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The Three Biggest Lies that Lenders Tell

August 8th, 2018 6:59 PM by DANIEL POULOS



  1. You Need 25% Down to Finance a Condo.

    • Many major lenders restrict condo financing BUT…

      • Although FHA financing is generally not available, conventional loans with as little as 1-3% down can be used to purchase most condos as a primary residence

      • The condo association must carry adequate insurance for replacement value, have no major pending litigation against the association and have collect reserves of 10% of gross revenue in their yearly budget.  Other less likely restrictions may also apply.

 

  1. You Need a 660 Credit Score for Mortgages with Less than 20% Down

    • It’s not unusual for many lenders to set higher credit score requirements BUT…

      • Conventional financing is available with 5% down with a 620 credit score

      • FHA financing with 3.5% is available with a 580 score

 

  1. You Need to Wait 4-7 Years after a Bankruptcy, Short Sale or Foreclosure

    • Conventional and FHA loans require those waiting periods BUT…

      • Non-Prime loans require no waiting period with 20% down

      • With 10% down the waiting period is only 12 months

      • Rates are higher but it’s a perfect loan to buy now before prices go higher and refinance later

The lesson to be learned is "Do not take NO for an answer" before speaking with Danny Poulos and the Elite Lending Team at Milestone Mortgage!

Posted by DANIEL POULOS on August 8th, 2018 6:59 PM

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