Home Buying in 55391 : Real Estate Advice

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Melvin List, Real Estate Pro in Tampa, FL
Melvin List answered:
Hi is anyone doing stated income loans in Nevada?
I would reach out to a local mortgage broker. Most brokers have access to either lenders with no overlays or Alternative documentation programs.

Thank you,
Melvin List
Licensed Mo ... more
0 votes Share Flag Mon Apr 20, 2015 Home Buying in 55391
Dennis Libby, Real Estate Pro in Wayzata, MN
Dennis Libby answered:
is anyone offering stated income loans for self employed in Minnesota?
No!

Stated Income mortgages have been virtually eliminated. In Minnesoa, between Dodd Frank and MN DOC, ther is little or no room for this kind of loan at any level of downpayment. ... more
0 votes Share Flag Thu Jan 30, 2014 Home Buying in 55391
Engebretson…, Real Estate Pro in Wayzata, MN
Engebretson Maddrey Team answered:
can i get a mortgage loan with a recent foreclosure on my credit(3 months ago) and a lower credit score-about 500-550?
Its probably not what you want to hear, but I would highly suggest in your waiting period working to improve your credit score. There are free credit services out there that will help ... more
0 votes Share Flag Wed Dec 19, 2012 Home Buying in 55391
Engebretson…, Real Estate Pro in Wayzata, MN
Engebretson Maddrey Team answered:
Why are the banks holding so many homes and not listing them for sale?? Somehow they must make money on people going into foreclosure.
I just read a statistic that 20% of local sales (Twin Cities) are cash deals. That signals to me that investors are out in force. My investor clients see huge bargains right now and a ... more
0 votes Share Flag Wed Dec 19, 2012 Home Buying in 55391
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
Are there any banks out there that will give you a loan 2 years after foreclosure if you have a 25 percent downpayment?
• FHA & USDA require 3 years from the foreclosure sale date/when the home is no longer legally in your name (only 1 year if it was due to extenuating circumstances)
• ... more
1 vote Share Flag Thu Jul 21, 2011 Home Buying in 55391
Bill Dobbins, Real Estate Pro in Minnetonka, MN
Bill Dobbins answered:
What if I had a 20 percent downpayment and a purchase price in the 190,000-220,000 range with income around 100,000? and foreclosure 3 months ago
Most loans (all, except VA loans) contain what is known as a Due on Sale Clause that gives the lender an OPTIION to call the loan due if any interest in the property is transferred. T ... more
1 vote Share Flag Thu Jul 14, 2011 Home Buying in 55391
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