| HawthorneVillager.com http://www.hawthornevillager.com/phpbb/ |
|
| New Rules for Government Secured Mortgages http://www.hawthornevillager.com/phpbb/viewtopic.php?f=3&t=24511 |
Page 1 of 1 |
| Author: | MrBig [ Sun Mar 07, 2010 10:49 am ] |
| Post subject: | |
Am I getting from your post that if I purchased a rental property before the April deadline I won't be impacted? even if I don't get a pre-approval? |
|
| Author: | Farhan [ Wed Mar 17, 2010 9:42 am ] |
| Post subject: | |
Just need to understand it completly.... Let say if I book a House through a Builder Today and get pre-approved within a week or before April 19. but the closing of this house would be after a year. Would i be required to oay 20% with the new law or I can still do 5% as I signed the deal before April 19... What about the ammortization? can it be 30 or 35 years or that is also a maximum of 25 years? |
|
| Author: | christinajackson [ Wed Mar 17, 2010 11:10 am ] |
| Post subject: | |
Mr Big - if you entered into the purchase agreement prior to the April deadline (regardless of whether or not you have a pre-approval) then it is likely that the lender would underwrite using existing guidelines (5% down) Farhan - you may want to prepare to put 20% down if you are an investor. You may be able to get away with the 5% down if you are purchasing prior to the deadline but it depends on how far out the closing date is. |
|
| Page 1 of 1 | All times are UTC - 5 hours |
| Powered by phpBB® Forum Software © phpBB Group https://www.phpbb.com/ |
|