KCRag Forum

So it seems 20 to 25% down is the new requirement this has to be slowing sales even further. Anyone seen any of new figures on KC condo supply vs sales?  I know there was a local real estate agent keeping up with that at one point.

Seems to be a great time to get into the market and / or buy for investment (my plan) but real tough to get the loans these days, at least it has been for me!

Anyone recommend a mortgage broker familiar with downtown sales? 

we just spoke to commerce about a new mortgage today (not refi) and they're only requiring 15%.

tella100 wrote: Anyone recommend a mortgage broker familiar with downtown sales? 

If at all possible talk directly to the lender, you do not need a broker and paying broker fees.  UMB Bank is another source.  James B Nutter is another.

Of course, if by investment you mean for rental property that might be a different matter.  If you plan to live there that is another story.

god that's crazy.  i bought my house only last july and only needed like 3% down or something.

If you are within the loan limit you may qualify for an FHA loan which requires only 3% down.

http://portal.hud.gov/portal/page?_page ... ema=PORTAL

may help you with info

yes it is classified as an investment property because I already a loft, so no FHA option.

tella100 wrote: yes it is classified as an investment property because I already a loft, so no FHA option.

That'll teach me to read threads completely - should have spotted your aim

I've had good luck with bank of america.  I also agree that avoiding a brokerage could be most beneficial to you...go straight to the bank.

If you don't use a broker, make sure you goto more than one bank. Despite what they say, you can play them off each other.

FHA requirements are 3.5% down now with no seller assistance anymore. 

Conventional requirements aren't quite as high as 20-25%, although it's great if you can put that much down, but there are no more 100% loans.  So be prepared to put something down.  You should always shop around if looking for a home loan.  It will only hit your credit report once when you're looking for a home and shopping for a loan product, so don't be afraid to go to banks AND brokerages.  Everyone has different fees.  Just because it's a bank doesn't mean you will pay less in fees than a brokerage.

100+% loans are a big reason we're in the foreclosure mess we're in, so I'm not sad to see them go.  But it's definitely making first time homebuyers especially work harder to buy.  New loan requirements are just a piece of the current market slump.  Hopefully the new housing stimulus plans that just went into effect will help get things going.

Angel wrote:   Hopefully the new housing stimulus plans that just went into effect will help get things going.

Those plans are aimed at keeping a select few in their homes, not to purchase new ones.  Unless you are talking about the first-time home buyer tax incentive and that just increased the amount from $7,500 to $8,000 I believe.

aknowledgeableperson wrote: Those plans are aimed at keeping a select few in their homes, not to purchase new ones.  Unless you are talking about the first-time home buyer tax incentive and that just increased the amount from $7,500 to $8,000 I believe.

It also made the credit non-repayable.  Also, several states (Missouri is one) are working on making that credit available as a loan for people to use toward their down payment, then they will repay the state when they get their check from the IRS.

First time homebuyers are important.  They are the only ones who don't have a house to sell, therefore if you get them back to buying houses, it will start a domino effect. 

Angel wrote: It will only hit your credit report once when you're looking for a home and shopping for a loan product, so don't be afraid to go to banks AND brokerages. 

This is true, but only within a 30 day period.  If you are shopping longer than 30 days for a loan, you'll get multiple hits.