lorenyates

"FHA Mortgage Expert"
  • I'm a:
  • Real Estate Professional
  • Company:
  • FHAlowrate.com
  • Location:
  • Web sites:
  • Phone:
  • (734) 207-1059
lorenyates,  in Plymouth
  • 3 Answers
Flag Report this profile
 
About Me
Hello happy home buyers and Real Estate Pro's. My name is Loren Yates, I am a loan officer in Plymouth, MI. I help people just like you to obtain Real Estate financing of all types, such as, Conventional loans, sub-prime loans (what's left of it), hard money loans, construction loans, rehab loans, and reverse mortgages. But what I SPECIALIZE in, is FHA financing. In the past, FHA loans were frowned upon because of the endless forms and amount of time and energy it took to close. Now, in my opinion, FHA is one of the most cost effective and streamlined products available. Where else can someone turn to get a loan with no money out of pocket? Where esle can some one who has had past credit problems, with a 550 credit score, get the same interest rate as the guy with the 800 credit score? Where else can you have your loan approved by an actual human that uses common sense, rather than a computer? There are many Pro's to FHA and very few Con's. I own the website http://www.fhalowrate.com and operate a small branch of VanDyk Mortgage Corp. I have the knowledge and experience to close any kind of mortgage in multiple states, and the time to give you the personal touch you deserve. And don't worry, if for some odd reason I can't get you qualified for a loan today, I will work with you to get you qualified in the near future.

P.S. Don't let anyone tell you that you have to have money for a down payment, THEY ARE WRONG!!!
My Q&A View all >>
lorenyates's Questions (0)
lorenyates's Answers (3)
lorenyates answered:
As long as you can document the rehab costs, with a SOLID appraisal, and decent credit, you should be able to get a cash out loan amount of 60000 max.(75% LTV) I've closed 8 loans this month with the exact same scenario, in Detroit, Non owner occupied at 6.875% fixed. Dont let them tell you that it cant be done. I've even done them on stated income!!! - Wed Jun 25 2008, 22:26
lorenyates answered:
Hi Melissa,

Every one has pretty much covered everything. As far as the Home owner's insurance goes, you do have to pay a full year up front to build your escrow but if you have seller concessions (which i'm assuming you do if you're using FHA), it can be paid at closing if there are any consessions left over. Many brokers will try to sneek the extra concessions into discount points rather than give them back to the seller. Review your fee's and pre-paids carefully and if it looks like there should be some left over, insist they pay your insurance with it. The same goes with the $250 processing fee. If you would like me to review your good faith estimate for you, I would be more than happy to free of charge, in exchange for a referal in the future. - Wed Jun 25 2008, 21:41

where can i find a lists of government tax house for closure?

lorenyates answered:
I think what you're looking for is the county tax auctions. I've been to the wayne county tax auction and there are a TON of tax forclosures on the block. Just go to any county website and go to the Tresury link. The listings usually come out about a month or two before the auction. I believe wayne county's auction is in August. BEWARE!!!, do your home work. Just because a property has an address does not mean that it's the parcel with the house on it, it could be the vacant lot next to or behind it. I watched quite a few people bid redicules amounts of money on vacant lots. - Wed Jun 25 2008, 21:19
View lorenyates's...

lorenyates is a member of Trulia Voices:

Get the inside scoop on your area and home buying and selling.
Ask and answer questions about real estate.
Build your profile and contact home buyers, sellers and agents.