Financing in Maryland : Real Estate Advice

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Allison, Renter in Baltimore, MD
Allison answered:
Are the criteria for getting a mortgage for a multi-family dwelling the same as for a single-family dwelling?
Hi, Tdruttenberg. I believe that the mortgage payment would depend on the price of the home. So you could potentially find a larger home for the same price as a small single family dw ... more
0 votes Share Flag Tue Jul 12, 2016 Financing in Baltimore
Legolas32xx, Home Buyer in Salisbury, MD
Legolas32xx asked:
Joint bank account but I am not a borrower My husband is about to apply for a first time home loan. I am not going to be a borrower because I have student loans and not a steady income (I freelance here and there if I need to) However…
0 votes Share Flag Thu Jun 30, 2016 Financing in 21804
John Burke, Real Estate Pro in ELK CITY, OK
John Burke answered:
If I can prove overtime every pay period can it be factored into me earnings when buying???
Hi Gregory,

Yes your OT can be included as long as you have a 2 year history of getting OT. If you don't have 2 year history it may still be counted on an exception basis as long as ... more
0 votes Share Flag Mon Jun 13, 2016 Financing in Maryland
Louispark1, Home Buyer in Silver Spring, MD
Louispark1 asked:
Which to take? low rate with high closing costs or slightly higher rate with lower closing costs? I'm trying to close on a condo quickly and having some lender issues since the place isn't FHA eligible/Fannie Mae warrantable (whatever that means)

I have two quotes from lenders; one…
0 votes Share Flag Wed Jun 8, 2016 Financing in 20906
Cherriaryan, Home Buyer in Aurora, CO
Cherriaryan answered:
I received a escrow refund check from my mortgage lender . Why is the lender giving me a refund instead of letting my escrow build-up over time?
So my amount into escrow is 3,354.18
And amount disbursed is 3,337.96 -
What does that mean
0 votes Share Flag Fri May 20, 2016 Financing in 21225
Sally Grenier, Real Estate Pro in Longmont, CO
Sally Grenier answered:
Can I refinance my home and qualify for a USDA loan?
You can look on the USDA loan website and enter your address and see if you're in an eligible area. Better yet, call a local lender!
0 votes Share Flag Thu May 19, 2016 Financing in 21120
Erin.eula.wo…, Home Buyer in New York, NY
Erin.eula.wolfe asked:
Is it possible to refinance when our mortgage is close to 100% of what our home is worth? We do not have a fha loan and we do not have any financial hardships.
0 votes Share Flag Tue May 17, 2016 Financing in Odenton
Kay-Marie Ba…, Real Estate Pro in Owings Mills, MD
Kay-Marie Barnes answered:
I'm in the state of Maryland, in the process of rebuilding my credit. I have no car loans/or credit cards. my score right now is 560.
You can get a small credit card with a small limit and use it regularly but pay the total amount off before the closing period to show that you know how to use credit correctly.

I re ... more
0 votes Share Flag Thu Apr 21, 2016 Financing in Maryland
Dkellfam, Home Buyer in Baltimore, MD
Dkellfam asked:
Our home is in our daughters name. What is the easiest way to get the home out of her name and into our names? At the time of purchase our credit was bad and we could not get approved. We would like to know have it transferred to our names but don't know how.
0 votes Share Flag Thu Apr 14, 2016 Financing in 21740
Mail, Home Buyer in Brooklyn, MD
Mail answered:
I refinanced my mortgage with another bank. When should I get my escrow refund from the closed mortgage lender and a final statement?
My previous mortgage lender was US Bank. They told me that they ship out the escrow refund check 20 days after the loan is paid off in full. This information is current as of April/2016 ... more
0 votes Share Flag Mon Apr 4, 2016 Financing in 21225
Solisputnam, Home Buyer in Putnam, CT
Solisputnam answered:
FHA 203K - 3.5% down? Any fees for low down payment?
the payment is calculated on the price of the house + your repairs.
0 votes Share Flag Tue Mar 22, 2016 Financing in 21771
alphonso hen…, Home Buyer in Nicholsville, Savannah...
alphonso henneghan answered:
How long does the underwriting process takefor a home loan? And what does it entail?
I sent my lender all information requested and was told 5 days ago that everything was with the underwriter so how long should this take
0 votes Share Flag Wed Mar 16, 2016 Financing in Capitol Heights
Invstnlfp, Home Buyer in New York, NY
Invstnlfp answered:
VA Loan minimum credit score
I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans in 47 states. For VA home loans it's NO down payment. Are lowest score we accept for ... more
0 votes Share Flag Mon Feb 22, 2016 Financing in Laurel
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
how do I become listed as a mortgage source?
You should create a new account, but as a professional, not a consumer. When you create the new account for a professional, you can select the industry you specialize in and then compl ... more
0 votes Share Flag Tue Jan 26, 2016 Financing in 21769
Amelia Robin…, Real Estate Pro in Falls Church, VA
Amelia Robinette answered:
Is it possible to get a mortgage without an income? Is there some point in which the downpayment is large enough that the lenders realize you have?
you have to have some proof that you're able to make the payments. you must have some kind of income, interest income? investment income? or are solely living off the cash in the bank?
... more
0 votes Share Flag Sun Jan 10, 2016 Financing in Frederick
USDAMTGHUB, Real Estate Pro in Valdosta, GA
USDAMTGHUB answered:
What are the income guidelines for 100% financing home loans in Accokeek, MD?
Be sure you use the USDA income calculator below. You want to make sure you take all the deductions for dependents, household size, etc.

USDA Mortgage Hub
100% USDA Rural Housi ... more
0 votes Share Flag Wed Jan 6, 2016 Financing in Accokeek
Glenn Benton, Home Buyer in Huntersville, NC
Glenn Benton answered:
New FHA Loan - After Chapter 13 Discharge...
You are correct, I just closed on my FHA home loan and my BK chapter 13 is less than 1 year discharged. I was told by 4 mortgage companies that this could not be done.The mortgage proce ... more
0 votes Share Flag Tue Dec 22, 2015 Financing in North Bethesda
Tony Grech, Real Estate Pro in Southfield, MI
Tony Grech answered:
HELOC to 30 years fixed Loan.
It works just like a normal refinance. Lender is going to look at the balance owed compared to it's current appraised value, along with your personal qualifications (income,debt, and cr ... more
0 votes Share Flag Thu Nov 5, 2015 Financing in Lexington Park
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