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Peter Mohylsky, www.athome30a, Call me at 850-517-7098 (Property Management Inc.-Destin)

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Rainmaker
685,073
Jason E. Gordon
Cross Country Mortgage, San Diego, CA - San Diego, 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
1,725,459
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, CFSP
Big Block LPT Realty 858.232.8722 - San Diego, CA
Coastal San Diego, Veteran's & Retirees Services

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

Nov 13, 2024 07:38 AM
Rainmaker
1,768,951
Gary Frimann CRS, GRI, SRES, ABR, SFR
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
621,480
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Sorrento, 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
481,686
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Haven't seen one in a while.

Nov 13, 2024 06:16 AM
Rainmaker
2,295,016
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
6,386,470
Joan Cox, Retired Broker/Owner
Denver, CO
Enjoying Every Day to Its Fullest!

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
3,554,649
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
1,631,435
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
3,266,879
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
8,644,635
Roy Kelley
Retired - Gaithersburg, MD

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

Nov 13, 2024 10:37 AM
Rainmaker
1,587,925
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
2,749,602
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
828,969
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
2,988,528
Richie & You
people first-then business - Riverside, CA
Author & Consultant

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
5,908,253
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
5,939,889
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
5,776,153
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
5,023,909
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Expertise continues to matter.  

Nov 14, 2024 02:58 AM
Ambassador
7,164,749
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
954,285
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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