Existing Non Qualifying Mortgages All Locations : Advice

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Fred Glick, Real Estate Pro in Santa Monica, CA
Fred Glick answered:
What are the FHA rules concerning a buyer who recently rented out his primary residence, and is moving into another home that will become his new PR?
Are you moving up or moving down?
Do you have an FHA mortgage now?

It has to make sense!

Also, if you don't have 30% equity in the current home, they will not count the rent ... more
0 votes Share Flag Thu Apr 15, 2010 Home Buying in Los Angeles
Emelia Sanch…,  in Ontario, CA
Emelia Sanchez answered:
Should we shortsale to be able to downsize our mortgage?
Hello Blueeydqut,

There is a new FHA refi program that you may qualify for which will bring your interest rate down making your home more affordable.

To qualify to purchase anothe ... more
0 votes Share Flag Wed Apr 14, 2010 Home Selling in 23112
Don Linden, Real Estate Pro in Sherman Oaks, CA
Don Linden answered:
Buy now or wait?
Per Ben Bernanke, interest rates need to remain at the levels they are currently at for some time to come in order to keep stimulating the economy. However, that being said, yes the in ... more
0 votes Share Flag Thu May 7, 2015 Home Buying in 90039
Nick Ruiz,  in San Diego, CA
Nick Ruiz answered:
how many co signers can i have to buy a home with fha loan?
I myself have never seen more than 2 borrowers on an FHA loan. Good thing is they will allow a co-signer that does not live on the property with you.

If you would like I can set you ... more
0 votes Share Flag Thu Aug 12, 2010 Home Buying in Chula Vista
Patrick Thies, Real Estate Pro in Anytown, IL
Patrick Thies answered:
What is going to happen when the tax credit expires?
IMO I would bet that the tax credit will not be extended again. Last time the gov. waited until the deadline was almost over before they extended it. People waited until the last minu ... more
0 votes Share Flag Sat May 15, 2010 Home Buying in Orange County
Andres Garcia, Real Estate Pro in Hoboken, NJ
Andres Garcia answered:
From your expert opinion, would you say we are currently in a buyer's market, seller's market, or neither?
The question of placing a lowball offer shouldn't really have to do with being in a buyer's market or in a seller market. An offer should be based on how well the home is pri ... more
0 votes Share Flag Wed Dec 30, 2009 Home Buying in San Jose
Michael Poll…,  in Riverside, CA
Michael Pollak answered:
Can we lose our primary residence or have a lien placed against us if we stop paying on our rental?
The bank cannot go after your current home if you are current on your mortgage. The collateral for the loan is the house. A lien cannot be placed on your current home for a delinquent m ... more
0 votes Share Flag Fri Sep 25, 2009 Foreclosure in 94550
Yanni Raz, Real Estate Pro in sherman oaks, CA
Yanni Raz answered:
Is there any possibility of doing a VA 203k loan? Does anyone know? Thanks, Beth
Yes, but you have to be a veteran.

Look at this blog it will help you to learn more about mortgages and VA deals.
I've got most of my answers there as well.

Good Luck.
0 votes Share Flag Wed May 20, 2015 Financing in Fort Worth
Sarah, Both Buyer and Seller in Modesto, CA
Sarah answered:
How can i buy and bail? Can anyone guide me?
Your options?? Your kidding right? It's illegal and you could end up in jail. Your in the wrong place to ask for "advice" like this.
0 votes Share Flag Mon May 21, 2012 Foreclosure in Los Angeles
Dennis Quinn,  in Broomfield, CO
Dennis Quinn answered:
Hi Andrew,

Thank you for your question. Here are the basics of the program.

This special financing is available on Fannie Mae homes with the following logo:

The benefits includ ... more
0 votes Share Flag Sun May 25, 2014 Financing in Denver
Corey Grushin, Real Estate Pro in East Brunswick, NJ
Corey Grushin answered:
FHA lending guidelines - offset carry with rental income
Sounds like it has to do withthe bank you are working with because the guideline is 25% equity is needed in the property you are leaving if you are going to buy another primary home. 3 ... more
0 votes Share Flag Wed Jul 22, 2015 Financing in Hoboken
The Medford…, Real Estate Pro in Fremont, CA
The Medford Team answered:
can do a short sale on a NOO SFR investment property with loan under previous owners name?

This is certainly more difficult than an ordinary short sale, and, quite frankly, I do not think the banks will cooperate. There are some difficult nuances here that, in my o ... more
0 votes Share Flag Wed Dec 1, 2010 Home Selling in Chino
,  in
Iam a single woman with good income and crdit. i have an FHA loan on my townhouse in savannah ga. Grea
Hi Diane,

You can only have 1 FHA loan at a time. You can refinance into a conventional loan out of your current FHA loan. And then you will eligible for a new 3.5% down FHA loan o ... more
0 votes Share Flag Thu Jul 23, 2009 Financing in Savannah
Aaron Dickin…, Real Estate Pro in Champlin, MN
Aaron Dickinson answered:
Over the past few weeks I've heard a distributing trend...homeowner's are purposefully allowing their primary
Lenders are already addressing this by not taking into account any rent income that the buyer is getting from renting their existing home. The buyers will now have to qualify for both ... more
0 votes Share Flag Sun Feb 24, 2013 Market Conditions in Minneapolis
Gabe Bodner, Real Estate Pro in Campbell, CA
Gabe Bodner answered:
What does it take to get qualified for a loan?
Depending on what your purchase price is, you should have no problems getting pre-approved based on your FICO score and income. However, if you need to show more income to qualify you ... more
0 votes Share Flag Tue Mar 4, 2008 Financing in Los Angeles, CA
Cristina Vat…,  in Chicago, IL
Cristina Vatasoiu answered:
Are two flats selling better than single family homes currently in Chicago?
Hi Sue,
Not necessarily. We are talking about to different kinds of markets. This is the time when investors are looking to purchase well priced two-flats or multi-units for rental inc ... more
0 votes Share Flag Thu Sep 13, 2007 Market Conditions in Chicago, IL
Sylvia Barry,…, Real Estate Pro in Marin, CA
Sylvia Barry, MAS,CIPS,SRES answered:
Pulte kept our $9400. earnest money on a spec home we were purchasing for $350,000. Can we get it back?
Hi Elise:

Could you please give us background of your question so we can better assist you?

0 votes Share Flag Wed Mar 24, 2010 Home Buying in Arizona
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