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Lisa's Forum Posts: 122
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By Lisa in Groveland, FL on 2/27/2007


Phil or Anyone who may be able to help,

We have just landed in a major Catch 22 situation.  We were pre-approved no worries with CPT loans, great people.  We have great credit, lots of equity in the land, been in the US 5 years now.  We were about to go to the next level, delaying it due to loads of delays in putting the plans into permitting.  However we have just found out that both IndyMac and CPT Loans cannot help us because we are not US Citizens (yet).  We were stunned as we had no problem getting a lot loan 4 years ago and if we were going for a permanent loan there would not be a problem???  However for the Construction Loan there is (even though we only want it for a year and are IN status presently until Sept 2008 (and in the meantime we will hopefully have the green card, but the cogs of bureaucracy turn slowly.))

Does anyone know of a company who could help us (ideally without ripping us off which happens to loads of immigrants sadly).  We need an Interest Only Permanent Loan, for self employed, stated income loan for an OB not using a GC.

Any ideas would be greatly appreciated.  I don't want to have to put this baby on ice for the next 9 months (min.)

Thank you so much for all and any ideas.

Lisa.


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By Lisa in Groveland, FL on 2/28/2007


After lots of (slightly panicking) calls yesterday and scouring this site's Finance section I called Bismark.  They cannot help us direct we need to go through a broker, but they do have a product which we fit (as in they deal with immigrants who are here completely legally, Yay!)  They gave me a couple of names of people who have recently closed in this area with them one in Tampa and one in Ocala.  The guy from Tampa was gracious but also thought it would be a good idea to use his construction company for a mere 5% and was trying to convince me I could not do this. (Err… do I attract these people or what???).  Been there, done that, talk so many times now.  After doing all the work for this stage I don't want to hand it over and then pay someone $20K+ for the privilege. 

The second guy was purely a broker with "Anchor Mortgage Services"; surprisingly he did not run for the hills and advised us he may be able to help us but thinks another company does a better product for us.  Has anyone heard of "Transland"???  I found their website, so filled out the application last night.  They do Construction through to Permanent Loan (for us).  Bismark only do the construction loan (no perm mortgage) and the thought of paying to “close” again at the end of build, I don’t want to do that if I can avoid it.  Bismark are very competitive with their interest rates but they do charge higher costs at outset to close.  Apparently that is not the case with Transland.

I also called Ken Duffie, yesterday, a lovely guy, recommended on this site by another OB.  He explained IndyMac cannot help us see the  PDF below, as supplied by CPT loans who tried to help us with IndyMac as my contact was slow and lax.  It has no logic, I would understand more if they were worried about the Perm loan for 30yrs, but not the Construction loan which will last a year of which we are in status and beyond, regardless of the green card, (which is pink by the way!!)  I digress.  His father (I think) called today and he maybe able to help us using Chevy Chase Bank (I thought he was an actor, anyway).  Anyone heard of Chevy Chase Bank???

So I am hoping, with fingers and toes crossed, all is not lost.  It was definitely worth scouring this site and ringing and emailing everyone and their dog yesterday.

The major shame is the quickest this will come through is in 30 days now and oodles of paperwork, which I thought I had already done : (.  But that is better than starting all over again in a year’s time.


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By Bill in Callahan, FL on 2/28/2007


Try Peoples First Community Bank. I have a stated, self-employed CTp with them.  They are great so far.

Bill

 

 


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By Lisa in Groveland, FL on 3/1/2007


Bill,

Thank you, thank you, thank you.  You and this amazing site comes through again.  We have a branch in Clermont : ).  I have had a long chat with their mortgage person who was a delight, they think they can help us, plus the bonus is they are close to where we are building and know where I am talking about, which is really good as North Clermont is really up and coming (wasn't when we bought, who knew?  We just loved the rolling hills, as we missed hills since landing on these Floridian shores.) since Bella Collina was planned a few years back.  I am meeting with her on Monday.  It also looks like Chevy Chase may be a go-er, but ideally I want to compare, conditions, rates etc, etc.....  Transland would like a GC or maybe a site supervisor, they are getting back to me this afternoon.  What was the mantra of at least three bids!?!.  I do like the idea of meeting the people we are going to deal with, apparently they also help people who do this new construction who have run out of money, I know the mantra is to not do it but of course it happens, that said they don't like any of their own loans to do that, (they budget enough excess) but you can go to them.  How refreshing to hear that!!

Fingers crossed it is another hump in the process surmounted.  Their origination fee is .25% which is certainly the best I have heard to date.  I'll keep you up dated on put this on the Finance Section as people need to know about all possible alternatives.

Thank you again Bill for taking the time to Blog, most appreciated.

Lisa


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By Toi in Alachua County, FL on 3/2/2007


Hello Bill,

What documentation did Peoples First require for a stated loan?

 

Thanks


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By Bill in Callahan, FL on 3/2/2007


Pretty much none on the income part.  I believe it was "no doc" actually, but she called it stated.

I gave her a copy of my business licences and a copy of my LLC filing to prove I had been in business for two years.  This is key.  I did not even state an income, we backed into what I needed.  Peoples First seems to be great but there are a few drawbacks.

Rate for me was 6.875 on consturction loan and locked a 6.875 5/1 ARM on the perm.  From my research, that is not to bad for stated/ no doc.

1. They will only loan 76.5% of appraisal which was enough for me to build it. 

2.  They require 10% down and you also need 10% counstuction cost reserves, although the reserves do not have to be seasoned. 

3.  You pay for your credit report and appraisals.  Mine required two appraisals. 

4.  No cash advance at closing and no draws unitl slab done, slab survey, Builders risk insurance, and termite soil treatment. 

5.  Draw set by percentages, unlike setting your own with Indymac

For the pluses:

1.  Call in a draw by noon, money should be in your account noon the next day. 

2.  5 draws included in the loan, others are $60 apiece, no limit.

3.  The mortgage agent, processor, and underwriters offices were all next to each other, so things can happen quickly and efficnetly. 

4.  All loans to about $1 million approved at the local level. 

Let me know if yu need more info or want to see the draw schedule.

 

Bill

 


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By Toi in Alachua County, FL on 3/3/2007


Bill,

Thanks for the excellent information.

 

A few more questions:

1) Did you already own your land? If, so do they allow that as part of your 10% down payment?

2) Do they pull credit scores from all 3 bureaus?

3) Do they have a minimum score for the stated/No-doc?


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By Bill in Callahan, FL on 3/3/2007


1.  I had a loan on my land.  I had only bought it about 8 months before.  I had put 10% down.  That 10% did count towards the downpayment.  If you had enough equity in your land, it could cover the down payment.

2.  They pull all three and take the middle

3.  She said she could work down around o about 580 but it would not be as easy.  Mine middle was over 700.

 

Bill

 

 


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