Originally Posted by Newman  P.S.S. (Or something like that)
Spoke to my loan guy today, as some of the comments had me worried....i.e. NONE of these loans have been done yet.....here is the explanation I got....
> He said that yes, he knew of at least two that had been done through his office, and as this is still such a new program, that is not a worrisome fact. Also, that these loans take 30-60 days anyways, so, not hearing from the lender yet, while frustrating, is still par, as the lender is inundated with requests.
>He also said this, and listen up folks...this program is NOT for everyone, is not a free for all, and has strict guidelines. Not a whole lot of folks are going to qualify, mainly due to income reasons. This program seems to be a bailout for folks who have an income, that is verifiable, (remember those stated income deals? Now you gotta prove what you stated, turns out a whole lot of people can't) (Go figure) Seems to be a program for employed folks (Talk to Circuit City about that one...Sigh) But the gyst of it all is this....if you lied about your true income for the original loan, and most of us did, to varying degrees, why are you surprised when your real income, the income you can prove doesn't qualify you for the loan??? All that according to the loan officer, I'm still on the fence about it....
Now for the loan, for those of you still wondering about this program.....
1. This is not, NOT a FICO driven loan, rather a loan based on your circumstances, i.e. in or near foreclosure. Ability to repay, and debt to income are also factored in. FICO is only a factor in reference to APR.
2. It is a short refi, based on 90% of your appraised value on your home. 85% to pay off your existing loan, 5% for closing costs. Nothing, so far, out of pocket. But, according to my lender, the window for these loans is narrow, and not a lot have gotten through it yet. According to him, I have. I wanna see it on paper, so I asked him for a letter of pre-approval, he said I would have it by Tuesday, Monday Maybe. Time will tell. Dad always says, "Trust, but verify" , so I am doing just that. If I get it, I will scan it and post it up on here if I can, just to show those that are contemplating this program it is real.
I wish, I really wish there were better news out there, so many folks on not only this board, but all over the country are hurting, Circuit City is closing all remaining stores Starting next week, thats 30,000 people on the street, awful, just awful. So, just this, my prayers are with those of you struggling to find a way through this, as I am, I have no guarantees yet, only words, and that we may all find our way to the other side of all of this, and get through it, and then vote Barney Frank out of office.
Best to you all, may the good Lord Bless and keep you, I'll be back with an update as I can....Newman |