Who are the CUF mortgage guys?

[statman]

Here's the skinny: Sister & fam are in town. 795 FICO. Long credit history, Currently have zero debt except for going month-to-month on a Visa card. Own a house free & clear in Upstate NY worth about $240K. Husband makes ~$180K, with 25+ year work history at the same company - all verifiable. They've got a couple hundred grand in a 401K (less than half what it once was). They just found a house in Utah County that they "want to retire in," although retirement is probably 10 years away. The house is $350K, and not a short sale, and not bank-owned.

They are short on cash right now (minus 401K funds) because they paid off their house about 3 months ago. They have an existing LOC on their NY house that they could use for a chunk of money down, or my BiL could tap into his 401K, but would like to use as little as possible either way.

They would not be dependent upon renting it out, in fact, my sister says they probably wouldn't plan on it. They have one kid at BYU now (my directionally challenged nephew from earlier today) who'll be here for about a year, and then another who will be out here in 2 years.

The questions are - how much would they have to put down & how quickly could a closing happen (from a mortgage standpoint)?

[BlueHair]

Here's the skinny: Sister & fam are in town. 795 FICO. Long credit history, Currently have zero debt except for going month-to-month on a Visa card. Own a house free & clear in Upstate NY worth about $240K. Husband makes ~$180K, with 25+ year work history at the same company - all verifiable. They've got a couple hundred grand in a 401K (less than half what it once was). They just found a house in Utah County that they "want to retire in," although retirement is probably 10 years away. The house is $350K, and not a short sale, and not bank-owned.

They are short on cash right now (minus 401K funds) because they paid off their house about 3 months ago. They have an existing LOC on their NY house that they could use for a chunk of money down, or my BiL could tap into his 401K, but would like to use as little as possible either way.

They would not be dependent upon renting it out, in fact, my sister says they probably wouldn't plan on it. They have one kid at BYU now (my directionally challenged nephew from earlier today) who'll be here for about a year, and then another who will be out here in 2 years.

The questions are - how much would they have to put down & how quickly could a closing happen (from a mortgage standpoint)?

It could happen really quickly (2-3 weeks). If they are willing/able to put 20% down, the loan would be a breeze. If they rent it out, there is a considerable hit on rate/points depending on the loan to value. Second homes are considered owner occupied and don't have the same price hits. The rates would be the same as if they were going to live in the property.

[statman]

It could happen really quickly (2-3 weeks). If they are willing/able to put 20% down, the loan would be a breeze. If they rent it out, there is a considerable hit on rate/points depending on the loan to value. Second homes are considered owner occupied and don't have the same price hits. The rates would be the same as if they were going to live in the property.

Could the get in w/ 5% down on any loans right now? 5% they could do easily. 20% would take a bit longer...

[DrumNFeather]

Cougjunkie is my go to on all things mortgage related. He is the man!