Financing in Alabama : Real Estate Advice

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Frank Ruzicka,  in Saint Louis County, MO
Frank Ruzicka answered:
Can I refinance a FHA loan using FHA cash out option. Take the extra cash and use it as a down payment towards a conventional loan for another home?

You have a difficult situation at best. With a credit score of 622 you will most certainly be restricted to an FHA loan. There is a little known provision that allows you to ... more
0 votes Share Flag Fri Aug 6, 2010 Financing in Birmingham
Wain Berry,  in Fort Lauderdale, FL
Wain Berry answered:
What is the minimum credit score I need to get a decent interest rate?
It used to be 680 but NOW they are looking for 720.

David Wain Realty
0 votes Share Flag Sat Oct 9, 2010 Financing in Sylacauga
Dan Chase, Home Buyer in Texas City, TX
Dan Chase answered:
my credit score is 544...need a loan for a house what can i do?
Improve your credit score. Talk to a local lender. Have your credit report pulled. See what is wrong. Then follow some specific steps your lender should be able to suggest to increase y ... more
0 votes Share Flag Sat Jan 24, 2015 Financing in 35150
David  Fuhrm…,  in Tuscaloosa, AL
David Fuhrman answered:
I am looking for a loan to buy a house and my credit score is 570. I own my own trailer and need help with loan.
You need to consult with your banker or a mortgage lender. Best way to pull up your credit score will be to pay down the debt and make sure your bills are paid on time. Keep only the ca ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in Tuscaloosa
Lew Corcoran, Real Estate Pro in Easton, MA
Lew Corcoran answered:
I am wanting to buy a home in AL somewhere in the areas of Tuscaloosa, Northport, or towards Birmingham. My credit score is at the present time 551,
Most likely no. Virtually all lenders require a mid-FICO credit score (of three scores) or the lowest credit score of two scores to be at least 620. There may be a few that will go as l ... more
0 votes Share Flag Mon Dec 28, 2015 Financing in 35150
Gusty Gulas…, Real Estate Pro in Birmingham, AL
Gusty Gulas Group answered:
My fico score is above 800. What is the best mortgage interest rate with my score ? And doest that score helps to get lower closing cost?If so how low
A fico score over 800 should qualify you for the best interest rates. Lenders also look at loan to value, debt to income, location of the home-suburban/rural and size of the loan when t ... more
0 votes Share Flag Mon Oct 11, 2010 Financing in Birmingham
Dottie Studt,  in Gulf Shores, AL
Dottie Studt answered:
My home mortgage was sold to Wells fargo and this month, they collected twice on my check for my mortgage payment which in turn caused me to suffer
Isn't it strange how they will take your money immediately; but will not refund it immediately? Write a letter to them; to your credit union/bank and to the 3 primary credit bureau ... more
0 votes Share Flag Wed Nov 18, 2009 Financing in Southside
William Pola…, Real Estate Pro in Boca Raton, FL
William Polack answered:
have deed to home, have bad credit, need a loan, where can i get a loan ?
How bad is bad? If your scores are below 530, there's not much a bank can do. If above that, we have to see what your income allows you to borrow. I'm assuming you don't ... more
0 votes Share Flag Sat Jan 24, 2015 Financing in 35150
Dottie Studt,  in Gulf Shores, AL
Dottie Studt answered:
I have found a home I want to purchase in the state of Alabama, It is on a commercially zoned street but in
Did you check to see if the zoning would still cover both residential and commercial? Call the city of County where the property is located and double check the zoning.
0 votes Share Flag Fri Aug 21, 2009 Financing in 35954
Scott Langley, Real Estate Pro in Auburn, AL
Scott Langley answered:
Moving to Auburn, want to build- What can I expect to pay for a lot of at least 40,000 sq. ft. close to AU
Around 45k to 65k.

Scott E Langley
RE/MAX Professional Partners
0 votes Share Flag Mon Aug 10, 2009 Financing in Auburn
Dallas Texas, Real Estate Pro in Dallas, TN
Dallas Texas answered:
Are collections a weighted score on credit reports?
I am a credit consultant for many across the country need review entire report, "snap shot" does not assist, many factors come into play.

Contact my office schedule a telephone con ... more
0 votes Share Flag Sun Jul 26, 2009 Financing in Mobile
Fred Griffin,  in Tallahassee, FL
Fred Griffin answered:
The Appraisal is an Estimate of Property Value done for the Bank or Lender.

Most appraisals today are governed by the new Home Valuation Code of Conduct ... more
0 votes Share Flag Tue Jul 7, 2009 Financing in Robertsdale
Bob McClure, Real Estate Pro in Walled Lake, MI
Bob McClure answered:
Does having a big equity (approx. $80,000) make qualifying for mortgage refinance easier?
good afternoon....big equity is really defined as the percent of equity not the amount of equity...or really your case, refinancing probably won't work with ... more
0 votes Share Flag Sat Dec 12, 2009 Financing in 36106
Jean Thrasher,  in Trussville, AL
Jean Thrasher answered:
Are there any programs in AL(down pay. assist.,grants) for Disabled people with children?
There are programs availab le; unfortunately, they run out of money. Email me and I will give you the number that I have for them.
Thank you and Have a Great Day!
jean thrasher
jthr ... more
0 votes Share Flag Wed Oct 13, 2010 Financing in Birmingham
Tony Grech, Real Estate Pro in Southfield, MI
Tony Grech answered:
I am in upstate ny looking for a home improvement loan with a credit score of 500.
Hi Steve,

Unfortunately since home equity loans are not sale-able to Fannie Mae, Freddie Mac, or FHA, approval guidelines and credit requirements are even more strict for this type o ... more
0 votes Share Flag Sat Jan 24, 2015 Financing in 35150
Barry Lynn M…,  in Trussville, AL
Barry Lynn Miller J.R. answered:
I'm going to purchase a house for $99,400 and the seller is going to pay $5,900 toward the closing. I would
Your closing cost shoul be less than that I have one that we just got under contract yesterday and the closing cost are $5100 on a $171K property.

If your lender is trying to make yo ... more
0 votes Share Flag Tue Aug 11, 2009 Financing in Birmingham
Barry Lynn M…,  in Trussville, AL
Barry Lynn Miller J.R. answered:
What advice can you offer on down payments?
This is from a Blog I have on Active Rain

Save or Borrow a down payment for purchase of Property
The numbers do not lie if you buy now it will cost you less thease numbers are base ... more
0 votes Share Flag Thu Apr 30, 2009 Financing in 36526
Dana Schuster, Real Estate Pro in Slidell, LA
Dana Schuster answered:
What does the federal stimulus offer for someone who sold a home in Aug 2008 and is considering purchasing a?
Sorry,the tax credit is only available for those who have not owned a home in the last 3 years.
0 votes Share Flag Wed Dec 9, 2009 Financing in Montgomery
Fred Glick, Real Estate Pro in Santa Monica, CA
Fred Glick answered:
We are a military family and are looking to buy our home. We have had some credit issues in the past as we
VA is basically now at 620. I sugget going to and go line by line and dispute anything that is wrong. This is 100% free and you don't have to sign up ... more
0 votes Share Flag Mon Mar 2, 2009 Financing in Chambers County
David Dweck, Real Estate Pro in Miami Beach, FL
David Dweck answered:
what percentage of lease goes toward purchase on a leased home with option to buy?
That will depend solely on the contract you sign. Always have it reviewed by a Real Estate Attorney so he/she can tell you about the clauses. If you want to get easy access to attorne ... more
0 votes Share Flag Mon Nov 24, 2008 Financing in Harvest
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