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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] MI & PMI Posted by New on June 04, 2010 at 11:13 PM Has anyone else been having major difficulties getting MI for conventional loans less than 20%? I thought that FHA was going to be the real problem, but since they repealed the flip rule, we have been able to get them through escrow. We have had two properties that have been a problem though. Both were 10% down and denied mortage insurance by thier new vague made up rules that serve no real purpose other than to make investors look like the villians and the cause of all the worlds problems. I cant help blaming the mortgage brokers/loan officers, it seemed like they were suprised by these rules. One of the lenders after 10 days of working on a second differnt loan finally emailed to say "They wont do it because its a flip". That was the explanation for 10 days of waiting by us, the buyers, escrow, everybody. I actually went to the mortage insurers website and just started reading. In the underwriting guidelines, it clearly said that they would not insure mortgages where the seller owned the property for less than 90 days. I emailed the mortgage broker and asked why they did not see that, again I got a vague answer that really didnt say anything. Several other problems have come up that are similar but I digress.. I would like to be able to control the lending process as that seems critical to the sucess of our new business. I cant do it myself though and too many of the buyer's lenders are not being successful, even with a fully qualified willing buyer. Is it a bad idea in general for the seller to request of the bueyr on the purchase agreement that they use or try out the seller's lender first? It seems like a general mortgage broker wont do, we need a specialist that is familiar all that is requred to do these types of transactions. Does anyone have a recommendation for a good mortgage broker in Orange County? As of now with my limited experience I just plan on avoiding conventional offers unless than can do the full 20% down or we can find a lender that knows what they are doing. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Has anyone else been having major difficulties getting MI for conventional loans less than 20%? I thought that FHA was going to be the real problem, but since they repealed the flip rule, we have been able to get them through escrow. We have had two properties that have been a problem though. Both were 10% down and denied mortage insurance by thier new vague made up rules that serve no real purpose other than to make investors look like the villians and the cause of all the worlds problems. : I cant help blaming the mortgage brokers/loan officers, it seemed like they were suprised by these rules. One of the lenders after 10 days of working on a second differnt loan finally emailed to say "They wont do it because its a flip". That was the explanation for 10 days of waiting by us, the buyers, escrow, everybody. I actually went to the mortage insurers website and just started reading. In the underwriting guidelines, it clearly said that they would not insure mortgages where the seller owned the property for less than 90 days. I emailed the mortgage broker and asked why they did not see that, again I got a vague answer that really didnt say anything. Several other problems have come up that are similar but I digress.. : I would like to be able to control the lending process as that seems critical to the sucess of our new business. I cant do it myself though and too many of the buyer's lenders are not being successful, even with a fully qualified willing buyer. : Is it a bad idea in general for the seller to request of the bueyr on the purchase agreement that they use or try out the seller's lender first? It seems like a general mortgage broker wont do, we need a specialist that is familiar all that is requred to do these types of transactions. Does anyone have a recommendation for a good mortgage broker in Orange County? As of now with my limited experience I just plan on avoiding conventional offers unless than can do the full 20% down or we can find a lender that knows what they are doing. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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