Home Buying in Orlando>Question Details

A.r., Home Buyer in Orlando, FL

I want to buy a home in Fl. Price is 250,000. I have $175,000 for downpayment.Need to borrow $75,000.Credit score is 790 but my salary is 1,800/month.

Asked by A.r., Orlando, FL Sat Oct 30, 2010

This is my situation. I recently moved to Orlando Fl after living abroad for 8 years. I am renting a house right now. My next door neighbor is selling her home and will accept an pffer of $250,000. I have a downpayment of $175,000. I need to borrow the other $75,000. My credit score average is 790. I do not have a car payment. Both our cars are paid for. I only have one credit card payment of about 90/month. I am working for the same company I was working abroad for the last 7 years. The problem is that my local salary is only $1,800/month.
I have other income from property investments overseas (Panama) of about $2,500/month which I can prove with bank statements and U.S. Tax Returns from 2009, but since this income is earned and deposited in a bank overseas the lenders do not want to include it my dti calculations.

I was initially told that with a large downpayment, excellent credit and almost no debt I would´t have any problem getting a loan for $75,000, but I can´t find one!

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Answers

8
MOst of the answers below are correct. I would advise to talk to an agent. The agent should hopefully provide you with the value of that property. Maybe the seller is wishful thinking on the selling price. Also, considering you have that much in cash, hopefully the agent can help you locate a propety similar this one but less than $250,000
Good luck
Ainsley Daux
Home Run Real Estate inc
(813)546-1954
0 votes Thank Flag Link Mon Nov 8, 2010
Hi A.R.,

I'm guessing that the real problem may be the value of your neighbor's home. What is the basis for the $250,000 price? An bank appraisal, a tax appraisal, a CMA, a BPO, or just the home owner's wishful thinking? Let's face it, in this market all home owners think their home is worth more than it really is, sometimes a lot more. You could find yourself in the position of doing a lot of work to find a lender, only to find that they think the house is only worth $175,000.

Good luck, Mark
0 votes Thank Flag Link Mon Nov 1, 2010
A.R. If all you said is true and I have no doubt that it is, look around for private placement money and other alternative financing solutions. The best place to look is at Real Estate Investments Groups. If the house is worth 250,000 and you are putting $175,000 down, they will jump at this opportunity. They can always foreclose on the house.

Traditional Banks have to underwrite everyone to the same set of rules and are not willing to deviate from those standards. A local bank or portfolio bank may help as well.

This transaction can be done in a business like manner, just expect a lot of legal questions and additional documentation to be required. You one year tax return and low American DTI are the issues I see with the traditional banks.


Good luck,
George
Web Reference: http://www.georgelewman.com
0 votes Thank Flag Link Sun Oct 31, 2010
Good Morning A.R.,

I agree with the other responses. First of all you the representation of a realtor who will be working in your best interest to evaluate the value of the home you are considering and to write an offer with your needs represented to the seller so that you and the seller have written agreement and can both move forward confidently.

The first step in the process though is to know what your financing options are so you will need to speak to a lender. A realtor is also a great place to get a referral to a lender who is a trusted business partner of the agent so that you know they are working together on your behalf.

There is no fee to contact a real estate agent so do so before going any further. We are here to help.

Best of Luck and let me know if I can help,
Lynn Ganster
Morris Williams Realty
321-438-9598
0 votes Thank Flag Link Sun Oct 31, 2010
I answered your question that was posted right after this one and I am waiting for your response!
It is not "impossible"!!!

Carol Bauza
Keller Williams
0 votes Thank Flag Link Sun Oct 31, 2010
Hi A.r.

The two agents below gave you great answers, that's exactly who I would suggest.

Good Luck!

Carli
Web Reference: http://homesbycarli.com
0 votes Thank Flag Link Sun Oct 31, 2010
I know you have stated your neighbor is selling her home for $250,000. Do you have someone to represent you in the transaction and have you had a market study completed on the home to assist you with making an offer? It is always recommended to have your interests represented in an offer.

Wells Fargo Jeff Tinch
jeffrey.tinch@wellsfargo.com
8182032149

You can fill out an application on his website online:
https://www.wfhm.com/Jeffrey-Tinch

If you have any further questions please contact me
Stephanie Anson
407-252-8240
steph@ansonproperties.com
0 votes Thank Flag Link Sun Oct 31, 2010
try


Denise Hostetler
Wells Fargo Home Mortgage
407-803-2272 or 352-702-0209
0 votes Thank Flag Link Sat Oct 30, 2010
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