Financing in Maryland : Advice

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Wilimagima, Home Buyer in Fort Worth, TX
Wilimagima answered:
Is there a 40 year fixed fha lona?
This loan disappeared from many lenders offerings along with several other types of loans that were designed mainly to make it easier for borrowers to qualify.

As I am sure you are a ... more
1 vote Share Flag Fri May 22, 2015 Financing in Maryland
Gaylepat, Home Buyer in Dallas, TX
Gaylepat answered:
New FHA Loan - After Chapter 13 Discharge...
When a home is included in bankruptcy it is considered the same severity as a foreclosure, and with FHA financing, it is 3 years from the foreclosure sale date (which is not always the ... more
0 votes Share Flag Thu May 21, 2015 Financing in North Bethesda
Kellytimmi, Home Buyer in Elk Grove Village, IL
Kellytimmi answered:
Automated Underwriting?
Assuming you have asked this question of the lender already this lender must not like something about the income. Reasons the underwriter might be nervous might be income consistency? ... more
0 votes Share Flag Thu May 21, 2015 Financing in Upper Marlboro
Clarabellae, Home Buyer in South Miami, FL
Clarabellae answered:
FHA 203K - 3.5% down? Any fees for low down payment?
The down payment is 3.5% of the acquisition cost - this is the purchase price plus the construction costs. Keep in mind you will still have additional closing costs as well as a reserve ... more
0 votes Share Flag Thu May 21, 2015 Financing in 21771
Diana Rice, Real Estate Pro in 20603
Diana Rice answered:
What is really considered an 'okay' credit score, meaning not great but something lenders, etc. aren't too?
The higher your score the more choices you'll have. You can get a loan with score under 600 but it will not offer you the best rate/terms; if increasing your score is an issue, then ... more
0 votes Share Flag Thu May 14, 2015 Financing in 20879
Irenelori, Home Buyer in Ontario, CA
Irenelori answered:
Can a va loan be converted to a conventional refinance? also the have done a appraisal on it but intended to do a VA loan, can that appraisal be used?
Veterans Affairs mortgages, or VA loans, have become lifesavers for homeowners struggling to refinance with conventional loans.

Low mortgage rates and tighter underwriting standards ... more
1 vote Share Flag Mon May 11, 2015 Financing in 20895
Sally May, Home Buyer in Tampa, FL
Sally May answered:
VA Loan minimum credit score
VA mortgage benefits that only come with a VA mortgage:
Easier qualification standards
Less strict credit and income standards
No down payment required
Bad Credit Score VA loans Dow ... more
0 votes Share Flag Sun May 10, 2015 Financing in Laurel
Tony Grech, Real Estate Pro in Michigan
Tony Grech answered:
I received an escrow refund check for $2500.00. A month later, my mortgage company raised our monthly payment by $200.00 because they forgot to pay m
Yes they can because at the end of the day those taxes are real and it's your responsibility to pay them. The escrow account is just a vessel used to pay them.

If there is too much m ... more
0 votes Share Flag Wed May 6, 2015 Financing in 21225
Bronze CPA, Home Buyer in Bowie, MD
Bronze CPA asked:
Banks expert in 203 loans does anyone know of a Bank that handles 203 loans and Maryland down payment assistance loan? This information would help me significantly.
0 votes Share Flag Sun Apr 5, 2015 Financing in 20770
Brian Martuc…, Real Estate Pro in Washington, DC
Brian Martucci answered:
Scared of the underwriters! How accurate is "desktop underwriting"? We have less than perfect credit, and this is a FHA loan.
Ask the lender that gave you the DU approval what their minimum credit scores are, to be sure you meet them. But I can't imagine you would have gotten a DU approval without meeting thei ... more
0 votes Share Flag Sat Mar 28, 2015 Financing in 21629
Michelle Har…, Real Estate Pro in Tampa, FL
Michelle Harris answered:
I can not catch a break. This is the second time going to 1st time homebuyers workshop. My credit scores are 612, 589, and 618. Lender needs 640 Help!

Down payment only 3.5% of the purchase price.
Gifts from family or Grants for down payment assistance and closing cos ... more
0 votes Share Flag Wed Mar 25, 2015 Financing in 21208
lsmith7520, Home Buyer in Baltimore, MD
lsmith7520 answered:
Is there any sort of rehab loan or financing available that can be used with a VA loan?
You find it, I'll rehab it to your specs, sell it to you turn-key.
Larry 410-458-3438
0 votes Share Flag Mon Jan 12, 2015 Financing in Baltimore
Enaill318, Home Buyer in Laurel, MD
Enaill318 answered:
FHA's for second time home buying
I am a loan officer in the Baltimore area and I'd be happy to go over the options you have available to you. I can give you my contact information if you would like.

To answer your q ... more
1 vote Share Flag Mon Dec 1, 2014 Financing in Laurel
lonniehanna, Both Buyer and Seller in Clover, SC
lonniehanna answered:
has anyone ever worked with Union Mortgage Group? I hav a loan pending, but the underwriting is taking forever (over a week.) I have given all docs.
I was referred to Union Mortgage in the Charlotte office by my builder for a Lot, VA Construction and VA Perm loan. After my builder had submitted the required documentation for the co ... more
0 votes Share Flag Sun Nov 23, 2014 Financing in Clinton
Kevin  Mayhew, Real Estate Pro in 21047
Kevin Mayhew answered:
in a settlement given in my attorney 's name.. it it safe to accept an escrow check
If you are referring to monies that were placed into escrow to insure that work was performed on a property you are in the process of purchasing or selling, the answer is yes. You shoul ... more
0 votes Share Flag Fri Nov 7, 2014 Financing in 21225
Dan Tabit, Real Estate Pro in 98074
Dan Tabit answered:
are in house underwriters better than big banks?
I've been a mortgage broker and I currently work with lots of various lenders. The benefit of in in house underwriter is being able to walk down the hall and resolve surpris ... more
0 votes Share Flag Tue Oct 28, 2014 Financing in District Heights
Rob Menching…, Home Buyer in Baltimore, MD
Rob Menchinger answered:
I would like to understand options for refinancing a mortgage obtained through the Maryland Community Development Association (CDA). Seems hopeless.
Has anyone had any luck with this yet? I just spoke with M&T Bank and they said there are some things in the works that could potentially help. I'll believe it when I see it though... ... more
0 votes Share Flag Wed Oct 22, 2014 Financing in Maryland
Robert Krop, Real Estate Pro in 21704
Robert Krop answered:
On the 203k streamline, is the 6% seller concessions calculated off of the sales price or the loan amount?
The seller concessions would be based on the purchase price.
0 votes Share Flag Tue Oct 14, 2014 Financing in 21771
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