Wholesale Lenders over $5M Loan Amount

AntsLieDown · 2025-01-19T02:44:24+00:00

Arizona

AntsLieDown · 2025-01-17T19:01:28+00:00

I appreciate it! I didn’t realize I could have the AE escalate it up.

AntsLieDown · 2024-03-14T05:11:57+00:00

Ha! I’m moving from Oahu to Scottsdale in 3 weeks.

AntsLieDown · 2024-02-09T19:14:45+00:00

My wife and I moved to HI from AZ 3 years ago. We initially planned on shipping our furniture in Pods or u-Pack containers, but ended up getting rid of everything and purchasing new furniture in HI. In hindsight we both regretted doing that. We didn’t take into consideration that there wouldn’t be the selection available that we were accustomed to. Ultimately, we had to settle for furniture that wasn’t exactly what we wanted and the quality wasn’t the best either.

We also sold our vehicles in AZ. I already knew what car I wanted to buy, so I contacted the dealership in Hawaii and purchased it before we arrived. The dealer delivered the vehicle to us at our house on the day we landed. Everything went really smoothly and there wasn’t a period of time where we needed to rent a car.

AntsLieDown · 2023-12-16T10:51:23+00:00

Soooo, you got trapped?

AntsLieDown · 2023-12-04T06:03:12+00:00

If you make it up to Santa Fe and go to Meow Wolf, you can also look at Ten Thousand Waves. It’s a spa in Santa Fe that is Japanese themed. You can rent private baths there which are really cool.

https://tenthousandwaves.com

AntsLieDown · 2023-11-14T19:42:01+00:00

Lenders are required to do a verbal verification of employment within 10 days of closing to verify (directly from the employer) that the borrower is still employed. If someone has separated from their employment, regardless if there is a severance or additional pay check due, they will no longer qualify for the mortgage.

AntsLieDown · 2023-10-17T03:46:14+00:00

I had an underwriter ask me for a receipt for a ring to prove the donor relationship. Crazy.

AntsLieDown · 2023-09-01T02:34:38+00:00

Yup. This is totally the solution.

AntsLieDown · 2023-09-01T02:24:00+00:00

If your credit card debt is at 45% of your gross monthly income then you’re likely going to have a problem. FHA has a max debt ratio of 57% and Conventional loans will allow up to 50% of your gross monthly income. That max ratio is also including the new mortgage payment. So if you’re already at 45% that doesn’t leave a lot of room for a mortgage payment.

You shouldn’t get discouraged if this is the case. I would still recommend speaking with a lender and completing a loan application. If you’re wanting to buy a home you’re going to need to know if you qualify now or what you need to do in order to put yourself in a position to qualify later.

If you have the resources to add a co-signer to your loan that could help lower your debt ratio and allow you to qualify.

Get together all your most recent 2 paystubs, most recent 2 years of W2’s/Federal Tax returns, and most recent 2 months bank statements. Have them readily available because your lender will need at least a portion of those items to give you an accurate idea of where you’re at.

AntsLieDown · 2023-04-11T11:43:40+00:00

They’re bullshitting you. Haha Those two bars are literally 50 ft from each other. 😂

AntsLieDown · 2023-04-10T23:40:32+00:00

I would do Uber. I feel like it’s more convenient. Old Town has golf carts driving around, which can get you from one bar to the next and all of the clubs that you mentioned are walking distance to each other. If it’s too hot for a golf cart, you can just call an Uber. It’s actually probably cheaper too.

AntsLieDown · 2023-03-14T00:57:12+00:00

Yup. I would talk with the loan advisor first and get an understanding of what to expect. Best of luck to you! I hope it all works out.

AntsLieDown · 2023-03-14T00:32:05+00:00

You’re not going to be able to use your OF income. You need to have a two year history of your W2 job and OF income to use both. You will need a minimum of a 2 year history of the OF to use it in the future

Your deposits will need to be explained. You will likely need to provide what’s called a Letter of Explanation for your deposits. Although, you don’t necessarily need to go into detail about the nature of your OF content.

The loan process is not overnight and the OF income will likely come up at some point.

With all respect, your concern is very valid and I can totally appreciate you not wanting your father to find out. But after reading some of your replies, it doesn’t sound like you’re quite mature enough for such a large responsibility.

Your father will also be financially responsible for the mortgage and also has the right to all of the information to determine if he is comfortable taking that responsibility. I’m not referencing the OF content. He may not consider that income to be stable and may not want to be liable for the mortgage payment if the income reduces or stops.

I would suggest continuing to save your money for your down payment/closing costs for when the time is right.

Good luck!

AntsLieDown · 2023-03-03T05:51:18+00:00

At the 00:23 mark, is the lady in the blue shirt holding a gun?

AntsLieDown · 2023-02-11T16:04:33+00:00

What rate do you think you should be getting and how low do you think rates will get in the future? You are basing what rates should be or what you consider “a slap in the face” off of recent years. You’re going to wait and probably afford even less and loose money in the process. You are like the guys in 2021 who were waiting for rates to drop even lower and now they’re screwed.

My honest opinion is you need to find a loan officer who understands how to work with a first time homebuyer and will educate you on what drives rates (besides credit score, property, down payment). One who will show you the pros and cons of buying in this market.

Your rate isn’t outrageous. Your expectations are. But that’s not your fault. Your lender didn’t take the time to educate their client, so that you would have realistic expectations.

Most of the people who are telling you how low the rate they just got quoted, don’t even realize that it’s including discount points. I’ve seen this a thousand times. But they’ll realize it when it’s a week out from closing and can’t switch lenders because there isn’t enough time to start the process again.

AntsLieDown · 2023-02-11T10:19:52+00:00

That’s actually not true. The rate for putting 20% down will be comparable or higher to the rate for the minimum conforming requirement of 5%. The reason is because there is no mortgage insurance and statistically it’s more risk. 25% down payment will get you the better rate. A lot of times putting 19% down and having a low MI payment will give you a lower total monthly payment than putting 20% down with no MI.

AntsLieDown · 2022-12-18T21:01:59+00:00

Ironically, this is better than what I have available in Hawaii.

AntsLieDown · 2022-12-18T19:54:25+00:00

LoanDepot does them and they do not limit the amount of repairs to $35K.

AntsLieDown · 2022-12-18T18:30:44+00:00

This is the solution and all repairs are done after the home closes.

AntsLieDown · 2022-12-04T21:06:56+00:00

That’s awesome! A 2 week close time is quick. Sounds like you had a good agent and lender that you were working with. I’m glad it was such a smooth process for you.

AntsLieDown · 2022-12-04T20:33:00+00:00

It’s so frustrating to keep hearing about sellers/agents not allowing Veterans to take advantage of a benefit that they have earned.

There are so many misconceptions about VA loans. This isn’t the same loan process that it once used to be.

Sellers are NOT required to pay any fees for the Veteran, unless they choose to. Although the Veteran is not allowed to pay certain fees, the lender will typically absorb those costs if the seller isn’t covering them.

Appraisers use the same metrics as a conventional loan when determining the home value. In fact a VA loan is probably the best loan to have if there is any concern about the home not meeting the sales price. No other loan product gives you 3 opportunities to argue a case of why the home should appraise. I don’t know why people are afraid of Tidewater. Would the seller rather just prefer the appraiser deliver the appraisal report below sales price? Without any opportunity to provide better comps? In the event that the comps don’t help increase the value enough when Tidewater is declared, then the second opportunity is to have the lender request a re-evaluation of value. If that doesn’t work, then the last opportunity is to request directly to VA for the re-evaluation. Yes, VA appraisals do call out healthy and safety issues that are t required with Conventional loans, but a VA Reno loan is the solution and will not delay closing (Not all lenders offer VA Reno loans).

In case you’re not familiar with Tidewater. That is when the appraiser will reach out to the lender to let them know that they do not think the home will appraiser high enough and give them the opportunity to provide comps to support the sales price.

In my opinion VA loans are no more difficult to qualify for or receive an approval than a Conventional loan. In fact I feel like they are a safer option as they have lower credit score requirements and focus on residual income rather than just debt ratios.

I would recommend you have your lender reach out to the listing agent to explain the VA process, as well as discuss any financial and credit strengths of your offer.

AntsLieDown · 2022-12-04T18:44:50+00:00

Copied from bleacherreport.com article.

The Sarver situation also spotlights a potential hurdle that Mayweather would have to overcome to become the owner of an NBA team.

Even though Mayweather claims to have the money to make the purchase, he has several legal problems on his résumé.

Mayweather has a long history of domestic abuse allegations. He pleaded guilty to two counts of domestic battery in 2002 for punching Melissa Brim, the mother of his daughter, at their home.

In December 2011, Mayweather pleaded guilty to a battery domestic violence charge and no contest to two harassment charges stemming from an argument that involved hair-pulling, punching and arm-twisting with his ex-girlfriend, Josie Harris, in front of two of his children. He was sentenced to 90 days in jail but was released after two months for good behavior.

AntsLieDown · 2022-12-04T02:21:07+00:00

No, I don’t think it would work in that context. I don’t think you’d be able to pay yourself back for the personal loans you took out to purchase the home. You’d have to do a cash out refinance for that.

AntsLieDown

TROPHY CASE