Financing in Miami : Advice

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Edward Reyes, Real Estate Pro in Miami, FL
Edward Reyes answered:
i currently make 32k a year and would like to get qualified to buy an 80k house in miami fl would i be able to quealify my credit score is 670.
Hello,

Jessica, as far as credit score is concerned you qualify, as far as qualifying with your income for such a loan will depend on what your installment and revolving debt you may ... more
0 votes Share Flag Fri Jul 1, 2011 Financing in 33125
RAQUEL CORON…, Real Estate Pro in Miami, FL
RAQUEL CORONEL P.A., REALTOR answered:
I want to buy in coconut grove and I have enough for a 20% deposit however I do not have a credit history at all.
Good afternoon Coconut Grove home buyer!
there are several reasons why a person can lack of credit history, maybe your credit is brand new because you are young, or you never actually ... more
0 votes Share Flag Sat May 21, 2011 Financing in Southwest Coconut Grove
$tarvest, Both Buyer and Seller in Florida
$tarvest answered:
Condo lender for Plaza Del Prado bldg South, Aventura, FL?? Condo has pending lawsuit, HELP
Do you have any reference to that lawsuit? What is the claim, and for how much? is it against the unit, the south building or the condo ass'n as a whole?
0 votes Share Flag Tue Apr 12, 2011 Financing in Miami
Sherry Green…, Real Estate Pro in Boynton Beach, FL
Sherry Greenwald answered:
My husband and I are planning on buying our first home (FHA, pref.) but under his credit only - should we file our 2010 taxes jointly or separate??
Gerard Carney posted his answer that 'married man' and the bank will want to see the wife on the loan. This is incorrect! In the State of Florida, if the husband qualifies on ... more
0 votes Share Flag Fri Feb 11, 2011 Financing in Miami
Matt Tarka (…, Real Estate Pro in Fort Lauderdale, FL
Matt Tarka (1-888-246-9060) answered:
my wife has great credit but cant prove income we 50% down any options other than a hard equity lender
Hi Henry,

In today's mortgage market, proving income is one of the key decisive factors in successfully obtaining a loan. As was mentioned earlier, having a co-borrower with d ... more
0 votes Share Flag Wed Feb 9, 2011 Financing in Miami
Ana Schmelz…, Real Estate Pro in Miami, FL
Ana Schmelz PA answered:
Mortgage
You can purchase a home in USA as a foreigner with 30% downpayment but you have to proove your income in your country including bank statments, pay stubs and also if you have any other ... more
0 votes Share Flag Sat Jan 29, 2011 Financing in Miami
Carlos del A…, Real Estate Pro in Coral Gables, FL
Carlos del Amo,GREEN,CDPE answered:
I am an Australian investor wanting to buy 3 SFH worth $300,000 each in Miami. I have $300,000 cash and need get a loan approval. How do I get start?
Jack, I commend you in wanting to purchase property in Miami. It is the greatest real estate buying opportunity in the Magic City and possibly in our lifetime. I see you want to give a ... more
0 votes Share Flag Fri Jan 14, 2011 Financing in 33179
Lynn911.com…, Real Estate Pro in Dallas, TX
Lynn911.com Dallas Realtor answered:
Are lenders willing to lend in downtown Miami?
HOW would a Realtor know how much you are required as a downpayment ONLY a mortgage broker is qualified who presents the lender for the required amount(s) you will need.

Lynn911 Dal ... more
0 votes Share Flag Tue Jan 4, 2011 Financing in 33132
Yabadaba, Home Buyer in Fall River Mills, CA
Yabadaba answered:
Line of credit
Why would the "hard money loan" be at 10%? It's not a personal loan, but a "secured line of credit". The bank would have the property as collateral.
1 vote Share Flag Wed Dec 15, 2010 Financing in Miami
John Walin, Real Estate Pro in Libertyville, IL
John Walin answered:
I have been denied a loan modification due to liquid assets. Do I have any other options the bank won't let me modify?
No offense, but it doesn't sound like you need help, but you want out. If you have cash monies and want the bank to lower your debt obligation to match the current appraisal value ... more
0 votes Share Flag Fri Nov 19, 2010 Financing in 33141
Audra McColl…, Real Estate Pro in Fisher Island, Miami...
Audra McCollum answered:
how can i apply?
It's listed under financing in Miami. Seems she wants to APPLY for FINANCING IN MIAMI. Maybe you should only post if you have some assistance to offer her on the subject, instea ... more
0 votes Share Flag Sun Nov 14, 2010 Financing in Miami
Jeff Zerrer, Real Estate Pro in Miami Beach, FL
Jeff Zerrer answered:
If A Condo Or Townhome States That It Qualifies For Fannie Mae HomePath, Then Can We Assume It Will Also Qualify For FHA Financing?
Hi Maria,
I agree with Alma that a condo that is listed on Homepath does not qualify for FHA financing unless it is listed on the HUD FHA approved condo list. The best way to check is ... more
0 votes Share Flag Sat Sep 11, 2010 Financing in Miami
Bill Polack, Real Estate Pro in Atlanta, GA
Bill Polack answered:
FHA 203k or Homepath?
Thanks Ms. Clarke. I'll be sure to send you business.
0 votes Share Flag Sun Sep 5, 2010 Financing in Miami
Miguel Soria, Real Estate Pro in Miami, FL
Miguel Soria answered:
i need a mortgage the property i brought is everglades in the bay cost $325000 with a down payment of $112000 i live in the uk
Dear Gharsan:
Hard money lending is the only way to get a loan these days in building like Everglades by the Bay.
You are looking at high interest rate probably in 10% plus range.
Is ... more
0 votes Share Flag Mon Jul 12, 2010 Financing in Miami
Andre L Sham…, Real Estate Pro in Miami, FL
Andre L Shambley answered:
in the miami area, are there any banks/mortgage comp willing to mortgage homes with 5% or 10 % down payment. excellent credit scores two incomes
Good evening,

While I do agree with the advice some of the professionals have posted, I was informed after speaking with the mortgage banker on my team that if you have a FICO score ... more
1 vote Share Flag Sat May 22, 2010 Financing in 33175
Alberto Rome…, Real Estate Pro in 33140
Alberto Romero answered:
I am interested in buying an investment property in (downtown condo to rent). Is there any reason not to pay cash? No need to remodel or flip.
Creating Leverage is always a good think, who does not want to make money risking less?, you have to analyzed first what is the return you are looking for? getting a loan is always bene ... more
0 votes Share Flag Tue Apr 20, 2010 Financing in Miami
FSBOsuccess, Home Seller in 28590
FSBOsuccess answered:
I just seen a short sale for 50k. Can I get financed with bad credit and little down but have been gainfully employed for six years and have?
If you have bad credit, you should not be able to get a mortgage and buy a home. Rent something for now and manage your finances better to improve your credit score.
0 votes Share Flag Tue Apr 13, 2010 Financing in Miami
Alex Gomez, Real Estate Pro in Pembroke Pines, FL
Alex Gomez answered:
I want to buy a 160K house with a 110K down payment. Can I get a loan?
My friend it sounds like you are searching for foreign national loan. Yes, you can get a mortgage but your loan amount must be over $75k. Other qualifiers that could appliy is income, a ... more
0 votes Share Flag Thu Mar 18, 2010 Financing in Miami
Adrian Diaz…, Real Estate Pro in Miami, FL
Adrian Diaz Sieckel answered:
i would like to know what are the hidden expenses beside my mortgage. i am planning to buy a condo and i am not sure about the hidden cost. guys do
Hi Nancy,

At the closing table don't forget documentary stamp tax at closing beside attorney, title, mortgage and other misc closing costs as outlined by Bill below. This is all ... more
0 votes Share Flag Fri Feb 19, 2010 Financing in Downtown Miami
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