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Peter Mohylsky,, Call me at 850-517-7098 (PMI. Destin)

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Rainmaker
657,818
Jason E. Gordon
CMG Mortgage, San Diego, CA - Coronado, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

Although you won't currently find PPP's on Conventional or HUD loans (FHA, VA, USDA), they can still be present in Non-QM loans (DSCR, Bank Statements in lieu of Tax Returns, Credit seasoning products, etc.).

 

Thanks for looping me in Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO 

Nov 13, 2024 08:15 AM
Rainmaker
1,629,877
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, CFSP
Big Block LPT Realty 858.232.8722 - La Jolla, CA
Serving Coastal San Diego, Veteran's & Seniors

Let's ask the Active Rain Lending Expert: Jason E. Gordon 

Nov 13, 2024 07:38 AM
Rainmaker
1,659,413
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker, Notary

They only exist in a few non-QM loans and are thus rare.  A hard money lender, for example, can include it or if the seller carries paper (I think).

Nov 13, 2024 07:51 PM
Rainmaker
531,239
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, SFR®, e-PRO®, GRI, AHWD, REALTOR®

Peter Mohylsky, Destin BeachPro 

I have not seen one in a while.

Nov 13, 2024 06:32 AM
Rainer
420,390
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Haven't seen one in a while.

Nov 13, 2024 06:16 AM
Rainmaker
2,255,396
Michael J. Perry
Fathom Realty - Lancaster, PA
Lancaster, PA Relo Specialist

Fannie and Freddie don’t allow them

Nov 13, 2024 11:09 AM
Rainmaker
6,035,416
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Interesting question, and these docs are presented to buyer at the table, and we do not see the actual doc, nor get a copy from closing.  Glad Jason chimed in.

Nov 13, 2024 08:56 AM
Ambassador
3,439,809
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

I have not seen one in the 20+ years I have been in the business, Peter Mohylsky, Destin BeachPro 

Nov 13, 2024 06:54 AM
Rainmaker
1,464,083
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have not even had a discussion about a loan with a PPP in I can't remember how long.

Nov 13, 2024 06:12 PM
Ambassador
3,218,642
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

recently had an auto loan with one for 3 months.  So I paid it off on month 4.  I paid less than $300  in interest for a cash rebate of $1,000. so net gain of $700.

Nov 13, 2024 01:27 PM
Rainmaker
8,199,828
Roy Kelley
Retired - Gaithersburg, MD

I will rely upon the answer by Jason E. Gordon.  

Nov 13, 2024 10:37 AM
Rainmaker
1,543,434
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Depends on the loan.  I have not seen them in 30yr fixed in a while, but I have seen them on less standard types of loans.

Nov 13, 2024 08:27 AM
Rainmaker
2,543,278
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

In the 30 years I have been involved with mortgages I have not seen it Peter Mohylsky, Destin BeachPro . 

Nov 13, 2024 06:38 AM
Rainmaker
793,439
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

They exist and the lender must disclose it.

Nov 13, 2024 01:24 PM
Rainmaker
2,861,252
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Auld Lang Syne comes to mind on your worthy subject matter. Contracts will always have small print & in that small print are things that never change for one reason or another. Your subject is one of them methinks

Nov 13, 2024 06:17 AM
Ambassador
5,518,112
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

I haven't seen one in a very long time but, I don't know if they still exist or not, Peter.

Nov 13, 2024 09:12 PM
Rainmaker
5,525,976
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Not common since the 70's or before. For the exceptions, Jason E. Gordon has the subject covered. 

Nov 14, 2024 04:16 AM
Rainmaker
5,355,689
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

I don't believe pre-payment penalties are legal anymore if you're dealing with conventional, FHA, VA loans. As far as I know Fannie and Freddie do not allow them. I haven't seen those in decades.

Nov 14, 2024 03:40 AM
Rainmaker
4,768,316
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Expertise continues to matter.  

Nov 14, 2024 02:58 AM
Ambassador
6,733,061
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

None in my many mortgages.

Nov 14, 2024 12:20 AM
Rainmaker
926,045
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

They are certainly something to look out for if banks sneak them in. 

Nov 14, 2024 08:22 AM
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