Financing in Montgomery County : Real Estate Advice

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Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
Montgomery County, MD. Home appraises at $950,000. Current Loan is $900,000.
The Industry standard is 80% of the Appraised value:
This would mean a loan of $720,000 with a down payment of $230,000.
Can you handle that?
0 votes Share Flag Fri Mar 21, 2014 Financing in 20871
Piero Marinu…, Real Estate Pro in Silver Spring, MD
Piero Marinucci answered:
Are tax return transcripts required by law or is it up to the individual bank?
The qualifications are typically based on the Freddie Mac requirements in order to sell your loan in the secondary market.
0 votes Share Flag Fri Feb 8, 2013 Financing in Rockville
Jessica Hood…, Real Estate Pro in Gambrills, MD
Jessica Hood & Laura Roskelly answered:
New FHA Loan - After Chapter 13 Discharge...
Hi Robert,

This is a question best posed to a lender. Timing is not the only issue. You'll have to show a responsible use of any credit since the filing and be within the required ... more
0 votes Share Flag Tue Dec 22, 2015 Financing in North Bethesda
Rita, Home Owner in 20854
Rita answered:
could I refinance to pay off my home equity credit line that I used for renovation if my property value goes high enough to cover 2nd mortgage?
I completely renovated my basement including an additional full bath and a new bedroom, and mini-kitchen/wet bar (granite countertop and brand new wood cabinets). Also, renovated 1/2 ba ... more
0 votes Share Flag Fri Jul 27, 2012 Financing in Potomac
Lucy Kessler, Real Estate Pro in Gaithersburg, MD
Lucy Kessler answered:
It is my Fiancee's and Mine first time buying. We just do not know where to start. Are there any good first time buying prgms in Mongomery Cty?
Best to set up a consult with a Realtor who will get the ball rolling in the right direction.
I would be delightde to be that person. 301-502-5027
0 votes Share Flag Fri Sep 20, 2013 Financing in 20876
Nick Pakulla, Real Estate Pro in Rockville, MD
Nick Pakulla answered:
Are there lenders who will do a 10% or 15% down jumbo mortgage in Bethesda Maryland?
Yes, we do offer these. I would be happy to go over the details with you, but in short, offer a 1st mortge up to $625,500 and then a second up to $300,000 with 10% down. Please contac ... more
0 votes Share Flag Sat Feb 9, 2013 Financing in Bethesda
Brent Mendel…, Real Estate Pro in Rockville, MD
Brent Mendelson answered:
Will Two Rentals Hurt Ability to Get Approved for New Primary Residence?
Joe,

The mortgages will be counted against your DTI (debt to income) ratio. Whether you can use the rental income depends on the amount of equity you have in the property. It has to ... more
0 votes Share Flag Fri Jun 8, 2012 Financing in Gaithersburg
Roland Vinya…, Real Estate Pro in Sprakers, NY
Roland Vinyard answered:
Property tax letter says house is now worth 50K less than what I paid in 2010. Can i refinance?
An assessment may or may not represent the true value of your property. An appraisal is supposed to. Both can get out of date quickly. If you truly have no equity, I wouldn't rock ... more
0 votes Share Flag Mon Oct 1, 2012 Financing in Silver Spring
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tim Moore answered:
i am looking to buy a townhouse or house upto 250,000 in the montgomery, pg county It it possible to get with no money down?
ONLY if you have VA eligibility from military service. No other 0% down loans exist for that area. USDA has one for rural areas, but PG county does not fit that and your income would ne ... more
0 votes Share Flag Sun May 5, 2013 Financing in Montgomery County
Patti Click, Other/Just Looking in Baltimore, MD
Patti Click answered:
i am looking to buy a townhouse or house upto 250,000 in the montgomery, pg county It it possible to get with no money down?
Hi, Eric!

There are programs out there that can help with down payment and get you into a home for very little out of pocket, but it depends on exactly your situation (household size ... more
0 votes Share Flag Tue Jan 24, 2012 Financing in Montgomery County
Molly Carter, Real Estate Pro in North Bethesda, MD
Molly Carter answered:
What percentage of your income do banks use when approving you for a home loan?
Your questions are best answered by a lender. Call Michael Femiano at 301-252-8621 or shoot him an email at Michael@michaelfemiano.com he is very good at qualifying buyers with special ... more
0 votes Share Flag Wed Jan 4, 2012 Financing in 20906
BJ Matson, Real Estate Pro in Germantown, MD
BJ Matson answered:
I am looking for stated income loan
Stated income loans became outlawed in Maryland... sorry
0 votes Share Flag Tue Aug 26, 2014 Financing in 20882
Piero Marinu…, Real Estate Pro in Silver Spring, MD
Piero Marinucci answered:
How does having someone else on the title(on 1st home) affect me being able to buy alone? 30%equity and rent will cover mortgage/insurance/taxes
KC, having that second person on title will have little effect on your ability to buy or not. Your application for a mortgage will still look at your ability to pay for your current hom ... more
0 votes Share Flag Wed Jan 4, 2012 Financing in 20906
Ariana Loucas, Real Estate Pro in National Harbor, MD
Ariana Loucas answered:
First time buyer w 800 credit score, buying home for mom hopefully w/ as little down payment as possible. Advice re best loan option not FHA? Thx!
Dear RC,
Congratulations on having such a fantastic credit score. You can write your own ticket with numbers like that. If you don't want FHA, your option then is a conventional ... more
0 votes Share Flag Mon Oct 31, 2011 Financing in 20874
Brent Mendel…, Real Estate Pro in Rockville, MD
Brent Mendelson answered:
Can a lender deny a loan for a house with a second kitchen even if it is legally zoned?
Short answer is yes. Lenders can deny for anything they want basically. Just because it meets Fannie/Freddie guidelines just means a lender can do it not that they must. 2 Kitchens has ... more
0 votes Share Flag Sun Nov 6, 2011 Financing in Silver Spring
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Tim Moore answered:
Would the appraiser make a floor plan of our basement if it is not completely finished? The appraiser said he would inspect my house "as
He will likely use the finished space in the value calculations. it won't matter to the appraiser if it is painted green or blue or has a fancy door or a plain one, the value of fi ... more
0 votes Share Flag Fri Sep 16, 2011 Financing in 20854
Alex Saenger, Real Estate Pro in Rockville, MD
Alex Saenger answered:
How much value would 3rd full bath or 5th bedroom add to the house value in an appraisal that is required for my refinance?
Hi Rita,

The additions should indeed add value to your home appraisal. The key to getting a good appraisal is to be there when the appraiser comes. Walk him/her through the house and ... more
0 votes Share Flag Tue Aug 30, 2011 Financing in 20854
Brant Millham,  in Maryland
Brant Millham answered:
Where can I find a private lender who still handles stated income mortgage loans in Maryland?
Stated income loans are no longer legal in the state of Maryland. However there are some options out there that may help. There are some programs out there that will use assets to c ... more
0 votes Share Flag Wed Mar 20, 2013 Financing in 20816
Bob McClure, Real Estate Pro in Walled Lake, MI
Bob McClure answered:
Do all mortgage brokers have access to the same database or all lenders, as a result of the mortgage reforms/new laws/regulations?
good evening joe...i'm not sure what database you are referring to...anyway....i have originated mortgages for both brokers and lenders for over 16 years...if a mortgage rep works ... more
0 votes Share Flag Fri Feb 8, 2013 Financing in Rockville
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