coltboostin

Just waiving that magical mortgage brokers wand around and getting shit done...

 

If the LTV was under 80% verified by an appraisal...it wasn't HARP. If an appraisal waiver was used, then in the system you marked the LTV as above 80% using an artificially lower value. It's that simple.

-Marc

If the LTV was under 80% verified by an appraisal...it wasn't HARP. If an appraisal waiver was used, then in the system you marked the LTV as above 80% using an artificially lower value. It's that simple.

-Marc

To clarify we are not a broker. We sell direct to Fannie, and service our own loans. . Only the 1% of super wacky shit goes broker.

If the AUS offered an appraisal waiver, why would it be verified by an appraisal? LTV with the waiver was under 80%. I admit it was a unusual scenario (California, super equity but could not HARP previously due to a BK) but it happened, and it closed.

https://www.harp.gov/Eligibility

 

Yes it is technically true that you don't need to be underwater (you can have an LTV of 81-99% and not be considered underwater but qualify), in this particular situation he doesn't qualify because his first lien LTV would be below 80%.

I can show you closed loans that went through HARP that were under 80% LTV. In most cases, it was because an appraisal waiver was given vs. in the most recent example a similar rate and term refinance underwritten though Freddie Mac that did not offer the waiver. I am saying with confidence there is no hard LTV floor with HARP.

I stand corrected. My man.

Its a spelling Nazi level correction really. Most people that can HARP have HARP'd. There are still a few stragglers out there though.

Correct. You don't qualify.

That is not correct. Being underwater is not a acquirement for HARP. There may not be a benefit to a refinance in his particular situation, but to clarify that does not mean he does not qualify for it.

Even if you have equity you may very well qualify and be able to save money and *possibly* be able to do it all with no appraisal needed through HARP. Even if you dont qualify for HARP and you have that much equity, you may still be able to refi with no appraisal and save $$ or reduce term. At 4.5 in a 30yr today though, your likely good unless you need to reduce term or cash out.

The only people that DO qualify for HARP or HAMP (the modification end of the roll out) are people that have a loan that was purchased or originated by Fannie Mae or Freddie Mac (the GSEs) prior to June 1 2009. Roughly 75% of conventional loans are purchased by the GSEs.

If you dont fit that since criteria, than no mater what the guy on the other end of the line is telling you, your not signing up for a HARP refinance

If it was easy everyone would do it....

true of many things in life!

The New Junk. #AlltheCam

One knock on the vette is that you can’t tell whether it’s a base model ‘15, a stingray, a grand sport, a z06, z07, or zr1. Aside from ricey wings, diffusers and badging.

Agree 100%

Admit it or not, when you paying for and driving a Supercar, you want everyone to know it. Only "car guys" can distinguish a Zr1 from a base model if both passed in normal traffic.

Even my 4 year old will see a Huracan from a mile away.

https://www.google.com/search?q=focus+rear+wheel+drive

Nono! Would not swap!

Fro whatever reason when I was in HS I thought the Focus and Contour SVT were both the cats pajamas.

Registered... It's been 8 years since my last event.

 

Calling out Coltboostin!

Hard for me to make a 3.5 one way trip for one day of drag racing.

915rwhp.

 

149.1 MPH

Impressive, but Jesus! They cant make these things any lighter?

Great car. I agree best true DD (winter included) compared to your list.

Also agree with DD'ing a barge and being super bored. I swapped my BMW with my Buddies Escalade for a week Nice car, but it was mind numbly boring.

Portfolio lending?! What is this magical lending unicorn you speak of? Please tell me more about what a broker/mortgage bank can do with their stellar NOO products/rates/costs?!

 

The OP is well versed in portfolio lending and has taken advantage of it more than once...

-Marc

We (Nations Lending) have some portfolio products that are great for investors in this scenario. Also we lend correspondent with Angel Oak, Velocity, and several others whom offer 100% asset based (literally can have zero income) lending, as well as cash flow calc for S/E borrowers who's tax returns dont allow them to DTI with Fannie/Freddie/Ginne.

Just because it does not fit your box doesn't mean there is not a box for him somewhere else.

How snug are the alignment dowes for the front sub frame? Many cars I have seen are always a little off on reinstall and need alignment

great work BTW!

Going to seriously hurt your ability to continue financing new properties and growing your portfolio.

-Marc

Not if you have portfolio lending options.

Do it, especially considering the upside and "unlimited ceiling" of real estate. You already have your foot int he door, may as well be knee deep. I do mortgage financing for several investors that have made similar jumps- not one of them regrets it. One now has a portfolio of over 200 properties and is 34 yrs old. 100% self made.

Another started a management company. Got to about 800 properties under his care, THEN got his license. I helped him market to his tenants to make sure anyone making the jump to being an owner went though him (he was previously missing most of this business). Not we see 2-3 closed units each and every month JUST off what he services. Its genius.

You love the C6Z partially because of the deal you got on it. It's part of the overall feeling with me and my cars; WE'RE THE SAME, YOU AND I.

 

My love for the Corvette is that it's still a looker, performer, handler...yet not exotically-priced. I'd NEVER pay sticker for a 'Vette, but 10-year old ones still offer a ton of car for the dough.

Stock vs. Stock it would not even be a conversation, so my observation is quite skewed I admit.

It’s not too hard to find decent C6 ZR1s in the low 50s now, C6 Z06s are low 30s and occasionally 20 for a crack head deal

:gabe:

I got to drive a new Z06. Very, very nice! But, I could feel the depreciation leaving the tailpipe. His car payment is also more than my PI mortgage payment.

As nice as it was, it didn't leave me wanting "more". I think a lot of the niceness of newer cars is all the gadgets that used to be luxury-only options-likely to make people ok with having it as our only car? IDK. Also as well as the auto worked, I still want a clutch in my "toy" car.

Very nice, but I was very happy waggin' tail in my c6z leaving his place.

Stock trans? Impressive either way.

I tried like hell to race one yesterday in the Z. Wanted nothing to do with me. Even had a custom plate! TRK HWK. I mean, I understand if you just wanted a fun DD, but with the custom plate ya' better be ready to do the Mexican 2 step sucka!

King of the budget build has entered the discussion....all others pay attention

Ha!

I live the idea of the low stroke big bore high revving LS. You just have to spend good $$$ on the top end to make it all work. Cant cut cornerns there.

Would be cool to see an 8 to1 header'd Destroked Ls7 at 8k

Good luck! What a jump!

Hope to have some wet brisket at the next track day