EDU Mortgage EDU

Sp33dealer

Bully Troll Crew
Aug 3, 2005
50,660
DFW
To my surprise, the widespread panic girl I work with actually showed up this morning:eek:

she had to fill out an expense report. She didn’t have one so had to bug me to send her one. She scanned a bunch of receipts and took her about an hour to finish and submit it. Then she left to go get her kid.

“HAVE A GOOD WEEKEND!”





*she will not make $2.5m this year
I would love to have my own schedule. I wonder what the market is like here in DFW for those roles, probably saturated Im sure
 

Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
30,992
SoCal
I have a “holy man” who spreads the word of god for his business applying for a loan to buy an $850k investment property. He doesn’t want to show his taxes so we’re looking at a bank statement loan, and he’s taking in about $100k per month in cash app, Venmo, PayPal deposits. And he disclosed on his app that he’s got like $6m in the bank.

this feels gross.
Feels like 2006
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
Feels like 2006
Submitted his docs to the broker and they came up with just under $42k/mo in qualifying income.

I looked him up online and saw some of his stuff. The services he puts on are just like what you would expect. Loud, obnoxious, people jumping around in some rec center with low, stained acoustical tile ceilings. Then you overlay that scene with a monthly bank statement showing 20 pages of Venmo/Cash App/PayPal/Zelle deposits.

CHA-CHING
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
I would love to have my own schedule. I wonder what the market is like here in DFW for those roles, probably saturated Im sure
There's lots of loan officers. It's the same 80/20 principal as with other jobs. Most are not very good/productive. 20% are producers. New people start up all the time. Some flame out. Some blow the doors off in their first year.
 
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Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
30,992
SoCal
Submitted his docs to the broker and they came up with just under $42k/mo in qualifying income.

I looked him up online and saw some of his stuff. The services he puts on are just like what you would expect. Loud, obnoxious, people jumping around in some rec center with low, stained acoustical tile ceilings. Then you overlay that scene with a monthly bank statement showing 20 pages of Venmo/Cash App/PayPal/Zelle deposits.

CHA-CHING
I wrote multiple FHA deals for porn actors and strippers in 09/10

Average of 100 1099’s each year for two years on qualifying income :rofl:
 
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ERabbit

OT Supporter
Dec 25, 2007
5,520
Newport Beach
“Hi we’d like to get an investment property”
- ok, you’re realistically looking at about 25% down.
“Can we just say it’s going to be our new primary residence and do less?”



Had a borrower try and do that last week, I had to point out again A. They already told me this is not going to be their primary residence B. This property is another state than where they work and they are not remote :smh:
 
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NiggaPHX420

OT Supporter
Jan 17, 2002
50,546
Phoenix, AZ
Had a borrower try and do that last week, I had to point out again A. They already told me this is not going to be their primary residence B. This property is another state than where they work and they are not remote :smh:


I dont recall pay stubs and W2 saying "Remote Status: Y_____ N________"
 

mooses

Well-Known Member
Jan 31, 2005
9,651
"Prior to rate lock" makes it not binding. I can send you a CD that shows 1.5% interest rate with no fees if it's not locked. Then once you get a file in process and it's time to lock..."oops, you're actually 3.25% with 1 point. Sorry bout that."

Box C "services you can shop for" are the fees a title company would charge. $726 seems low for title services, title insurance, etc. That's another place where it's easy up front to make the numbers look low, but at the end of the day, when the "actual" figures are determined, you could find that they are higher than initially disclosed.
ended up going for it. Locked in with a 30 year at 2.5%. The numbers all look roughly the same so far, except for the escrow that went up a couple hundred now that they have my insurance and tax info.

I was slightly worried about hitting the 80% mark with our appraisal, but it came in high so we'll be 69% LTV and no more PMI :bowdown:
 
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pookrat

OT Supporter
Dec 6, 2002
4,638
The Woodlands
@saabguy

So what options are out there for foreign owners. Here is our situation. Wifes family. Sister has been here since college, maybe 10 years, so she has decent credit history. Not a resident or citizen. She is here on a Visa that she renews every 6 months. Parents bought a house for her when she got out of school. Well they put down the money and such. The house is actually in sisters name since parents had no credit history. Sister no longer lives in the house as it is just used for rental income to the parents. They pay for all of the maintenance and upkeep. I am the property manager. Sisters husband is now getting frustrated that the house is in their name but they have no benefit from it other than the parents throwing the money in to funds for all of the family. How easy would it be to get the mortgage in their Dad's name?

What is the process for getting a mortgage for a foreigner? Are there good deals out there now? Mom and Dad do not have an ITIN or SS#. No credit history in the US. Have two bank accounts but no CC's here. But they do have a ton of collateral in Mexico. Not so much liquid cash but about 10-12 other properties. A few million US in properties. Is this something that is easy to do? Would be much less stress getting the dang thing out of the sisters name.
 

popey

OT Supporter
Dec 25, 2003
7,059
@saabguy

So what options are out there for foreign owners. Here is our situation. Wifes family. Sister has been here since college, maybe 10 years, so she has decent credit history. Not a resident or citizen. She is here on a Visa that she renews every 6 months. Parents bought a house for her when she got out of school. Well they put down the money and such. The house is actually in sisters name since parents had no credit history. Sister no longer lives in the house as it is just used for rental income to the parents. They pay for all of the maintenance and upkeep. I am the property manager. Sisters husband is now getting frustrated that the house is in their name but they have no benefit from it other than the parents throwing the money in to funds for all of the family. How easy would it be to get the mortgage in their Dad's name?

What is the process for getting a mortgage for a foreigner? Are there good deals out there now? Mom and Dad do not have an ITIN or SS#. No credit history in the US. Have two bank accounts but no CC's here. But they do have a ton of collateral in Mexico. Not so much liquid cash but about 10-12 other properties. A few million US in properties. Is this something that is easy to do? Would be much less stress getting the dang thing out of the sisters name.
just put it in your name or your wife's?
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
@saabguy

So what options are out there for foreign owners. Here is our situation. Wifes family. Sister has been here since college, maybe 10 years, so she has decent credit history. Not a resident or citizen. She is here on a Visa that she renews every 6 months. Parents bought a house for her when she got out of school. Well they put down the money and such. The house is actually in sisters name since parents had no credit history. Sister no longer lives in the house as it is just used for rental income to the parents. They pay for all of the maintenance and upkeep. I am the property manager. Sisters husband is now getting frustrated that the house is in their name but they have no benefit from it other than the parents throwing the money in to funds for all of the family. How easy would it be to get the mortgage in their Dad's name?

What is the process for getting a mortgage for a foreigner? Are there good deals out there now? Mom and Dad do not have an ITIN or SS#. No credit history in the US. Have two bank accounts but no CC's here. But they do have a ton of collateral in Mexico. Not so much liquid cash but about 10-12 other properties. A few million US in properties. Is this something that is easy to do? Would be much less stress getting the dang thing out of the sisters name.
Imma need a family tree here to figure out wtf is going on
 

pookrat

OT Supporter
Dec 6, 2002
4,638
The Woodlands
Imma need a family tree here to figure out wtf is going on
I hear ya! LOL Try living it!!!

How hard is it for foreigners (Mexicans) with no credit but lots of assets, no SS# or ITIN#, no other residence in the US, to get a mortgage in todays climate?

Mortgage would only be for about a half of what the house is worth.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
I hear ya! LOL Try living it!!!

How hard is it for foreigners (Mexicans) with no credit but lots of assets, no SS# or ITIN#, no other residence in the US, to get a mortgage in todays climate?

Mortgage would only be for about a half of what the house is worth.
There are foreign national loans available. It will not be your standard conventional Fannie Mae, or Freddie Mac mortgage. They require a SSN or ITIN and green card/visa/EAD. These are considered “non-QM” loans, as they are outside the normal eligibility of conventional/fha/etc guidelines. The rates a d fees therefore will be more than for a conventional loan. But yes, they are available.
 
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pookrat

OT Supporter
Dec 6, 2002
4,638
The Woodlands
There are foreign national loans available. It will not be your standard conventional Fannie Mae, or Freddie Mac mortgage. They require a SSN or ITIN and green card/visa/EAD. These are considered “non-QM” loans, as they are outside the normal eligibility of conventional/fha/etc guidelines. The rates a d fees therefore will be more than for a conventional loan. But yes, they are available.
Thanks. They have neither a SSN or an ITIN but could probably get an ITIN. Does the type of Visa matter/make a difference? They have open ended Tourist Visas (B2's) like most wealthy Mexicans.
 

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