Financing in Ohio : Advice

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Ben Murphy, Real Estate Pro in Parma, OH
Ben Murphy answered:
Need help finding a 5% down mortgage on a NON WARRANTABLE condominium downtown.
Hi Andrew,
I'm always willing to lend a hand to a fellow Browns fan!
It's going to be hard to find a lender who is able to do the same in this instance.
My best suggestion is to star ... more
0 votes Share Flag Wed Jul 1, 2015 Financing in Cleveland
Drew Hensel, Real Estate Pro in New Albany, OH
Drew Hensel answered:
I have a 685 cs but not much money for a down payment. There are 4 state tax liens on my credit. I'm afraid to try a pre-approval. Should I be?
Not an automatic "deal breaker" but it most likely will be. Do you have a repayment plan in place? I would still reach out to a lender to see what their further recommendations are.
0 votes Share Flag Mon Jun 1, 2015 Financing in 43110
Robinritaa, Home Buyer in Dallas, TX
Robinritaa answered:
How long does the owner occupancy rule apply for first time buyer FHA loan? What if I need to move due to job and need to rent my house?
My advice was to contact your lender (not FHA) and ask them to tell you their policy regarding renting out your home after you purchase it. There really are no FHA guidelines that spell ... more
1 vote Share Flag Fri May 22, 2015 Financing in Columbus
Bobbie.tony, Home Buyer in Fort Worth, TX
Bobbie.tony answered:
Can an investor get an FHA loan for non owner occupied property?
FHA allows owner occupants only. If you are are not going to actually live there and use it for investment purposes you do take the risk of being prosecuted for mortgage fraud if you a ... more
0 votes Share Flag Thu May 21, 2015 Financing in Columbus
Robinritaa, Home Buyer in Dallas, TX
Robinritaa answered:
Can anyone recommend a lender that does FHA new construction loans? Thank you!
FHA 203b Loan | FHA One Time Close Construction Loan– This FHA mortgage program is offered by FHA approved lenders to borrowers using an FHA insured mortgage. FHA One-Time-Close can b ... more
1 vote Share Flag Thu May 21, 2015 Financing in Toledo
Dan Tabit, Real Estate Pro in 98074
Dan Tabit answered:
Can F1 student apply for mortgage?
Wangmengjjie,
Probably not. An F1 Visa, last I recall is a student visa that allows you and your spouse to study here in the US, but also requires you to leave 60 days after your educ ... more
0 votes Share Flag Tue May 12, 2015 Financing in Toledo
Johnmarzel, Home Buyer in Cleveland, OH
Johnmarzel answered:
Any know any hard money lenders who are willing to invest in the city of Cleveland, Ohio?
Anchor Loans -

Anchor's borrowers are experienced businesses or business people that purchase fixer uppers (rehab properties) below market value at foreclosure sales, from banks and ... more
0 votes Share Flag Fri May 8, 2015 Financing in Cleveland
Kirsten Priz…, Real Estate Pro in 34104
Kirsten Prizzi answered:
We live in a home that my parent bought. My parent wants to sell us the home for 53% of value. Is FHA loan & gift of equity down payment an?
Consult a mortgage broker, this should be low risk deal. Or ask your parents if the home is payed in full maybe they will offer you a private mortgage for 1 or 2 years, which will help ... more
0 votes Share Flag Sun May 3, 2015 Financing in 44026
Tony Grech, Real Estate Pro in Michigan
Tony Grech answered:
What are the current standards in regard to nfs/overdraft fees on a bank statement.?
While that won't necessarily get you shot down for a mortgage, it doesn't exactly paint a good picture for the mortgage underwriter in terms of demonstrating financial responsibility. ... more
0 votes Share Flag Wed Apr 22, 2015 Financing in 43054
Brian Martuc…, Real Estate Pro in Washington, DC
Brian Martucci answered:
Is it possible to get a home loan with a credit score of 513? if so, does it make a difference being a first time home buyer?
We require 620 credit scores so we cannot help directly. I do know there are lenders that will do loans down to a 580 score. But the terms and down payment may be higher. It may be wort ... more
0 votes Share Flag Sat Apr 18, 2015 Financing in 43230
Brian Martuc…, Real Estate Pro in Washington, DC
Brian Martucci answered:
Ohio--Can residential appraisers use spec homes that have been sold by the builder as a comparables to determine the fair market value for my home?
I have never heard that it is "illegal" for appraisers to use spec homes. I don't think it is against guidelines either. A home sale is a home sale, and if the data is comparable, it sh ... more
0 votes Share Flag Fri Apr 17, 2015 Financing in Perrysburg
Michelle Har…, Real Estate Pro in Tampa, FL
Michelle Harris answered:
Will we get approved for a FHA or a first time home buyers loan?
FHA MORTGAGE LOANS ARE EASY TO QUALIFY FOR BECAUSE YOU CAN:
Purchase a Florida home 12 months after a chapter 13 Bankruptcy
Purchase a Florida 24 months after a chapter 7 Bankruptcy ... more
0 votes Share Flag Thu Apr 2, 2015 Financing in Cleveland
Melvin List, Real Estate Pro in Florida
Melvin List answered:
I have mid 600's and with the payment of a mortgage the DTI of 55%. can anyone tell me if I can get a mortgage.?
Yes FHA will go up to 56.99% DTI. Your best bet is to reach out to a mortgage broker in your state and have your application reviewed.

Thank you,
Melvin List
Licensed Mortgage Loa ... more
0 votes Share Flag Fri Mar 27, 2015 Financing in 45014
Brian Martuc…, Real Estate Pro in Washington, DC
Brian Martucci answered:
Is it legal for a realtor to contact my loan officer if they are not my realtor or the selling realtor when buying a home?
Yes, it is legal. They are only doing what they have to in order to properly represent there client, the seller of the place you want to buy. How can that be illegal?
0 votes Share Flag Wed Mar 25, 2015 Financing in 45885
Jerry Thomas, Real Estate Pro in Farmington Hills, MI
Jerry Thomas answered:
I am looking for a lender that does FHA new construction loans in OHIO. I know they exist, but they are hard to find. Thanks!
I do them in Michigan, I might be able to refer you to someone in Ohio. Visit my webpage, www.bestfhaconstructionloan.com.
0 votes Share Flag Thu Mar 12, 2015 Financing in 43739
Yaw Anku, Other/Just Looking in
Yaw Anku answered:
If a condo is FHA approved would it also be VA approved?
For an updated list of FHA approved condos in the Cleveland, Oh area see http://homebuyerwise.com/FHA-Approved-Condos/city/Cleveland-OH_19975. This link is available nights and weekend ... more
0 votes Share Flag Sun Mar 1, 2015 Financing in Parma
Richard Litt…, Real Estate Pro in Orange County, CA
Richard Littlefield answered:
Are you able to get a first time home buyer mortage in OH w/ 570 credit score? Good income but a bad credit score due to medical collections
Go to your real estate agent and ask who the recommend, if they recommend a bank instead of a broker you should probably find a different agent.
0 votes Share Flag Thu Feb 26, 2015 Financing in 44221
Patty Bruner, Real Estate Pro in 45069
Patty Bruner answered:
Etiquette at Homes for Sale
Purchase booties at Home Depot for these situations and then you can wear your loafers to and from the home.
0 votes Share Flag Sat Feb 21, 2015 Financing in 45069
Dan Tabit, Real Estate Pro in 98074
Dan Tabit answered:
how can some one buy one of these Houses? could they rent it to buy?
Mike,

I don't know which homes you're talking about, but rent to own is not a good idea. Legitimate Rent to owns are rare and even more rarely are they a good deal for the renter/b ... more
0 votes Share Flag Thu Feb 19, 2015 Financing in Sidney
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