Financing in Anne Arundel County : Questions & Answers

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Dan Tabit, Real Estate Pro in Sammamish, WA
Dan Tabit answered:
How much down payment do you need for loan to purchase a lot and have home built?
Puffy,
It depends on many factors. Rather than quote what I knew to be the case last I checked, which may be wrong now, please talk to a lender who does Construction Loans. These ar ... more
0 votes Share Flag Sun May 4, 2014 Financing in Annapolis
Nick Pakulla, Real Estate Pro in Rockville, MD
Nick Pakulla answered:
80-15-5 / 80-10-10 loans for New Home financing
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 $494,500 and then a second up to $300,000 with 10% down. Please contact ... more
0 votes Share Flag Fri Jul 19, 2013 Financing in 21113
Michele Phip…, Real Estate Pro in Pasadena, MD
Michele Phippen answered:
How long does underwriting typically take?
All lenders are different! We're different because we will actually offer you a guarantee! We guarantee to have your loan from application to cleared to close in 30 days or we PAY you $ ... more
0 votes Share Flag Fri Mar 22, 2013 Financing in 21122
Jill and Matt…, Real Estate Pro in Dunkirk, MD
Jill and Matt Crofcheck answered:
My fiance and I both were laid off last year and have low credit scores. We need to move by june.
Also - I should have read your question more carefully as I thought it was related only to buying.

If you have to move by June and are looking for another rental - my first course of ... more
0 votes Share Flag Wed Mar 13, 2013 Financing in Anne Arundel County
Miekeba Jones, Real Estate Pro in 20903
Miekeba Jones answered:
Can you use an FHA 301k construction loan to buy an REO property?
Hi Britt! Consult a mortgage lender.
0 votes Share Flag Sun Feb 10, 2013 Financing in Annapolis
Akil Walker, Real Estate Pro in Bowie, MD
Akil Walker answered:
Is it possible in today's mortgage market to get 30yr fixed interest loan with 4% interest, by only paying 5% as a down payment.?
Hello Byrana,

FHA offers 3.5% down payment on a home and a interest rate of 3.4% today. There are some conventional loans as little as 5% and 10as well.
0 votes Share Flag Thu Jan 17, 2013 Financing in Crofton
Curtis LeMay, Real Estate Pro in 21061
Curtis LeMay answered:
My husband and I are looking to purchase a new home. Our situation is a bit complex and we are looking for some advice from seasoned brokers.
my advice be patient
i would gather all for financies meet with a lender before you get to involved
good luck
curt
0 votes Share Flag Thu Dec 13, 2012 Financing in Annapolis
L Harper, Both Buyer and Seller in 20785
L Harper answered:
What can buyer do when an appraisal amount is lower than the sale price?
Thank you for the great answers.
0 votes Share Flag Sun Aug 5, 2012 Financing in Anne Arundel County
Brent Mendel…, Real Estate Pro in Bethesda, MD
Brent Mendelson answered:
can I get approved for mortgage with middle score 625 , I make 100/yr, have student loan and couple credit cards with very low balances .?
I agree with James. It's a definite maybe. The reason any lender would want to know is why the score is what it is. Also and this is very important is to know where you got that score. ... more
1 vote Share Flag Thu May 31, 2012 Financing in Pasadena
Jeff Mix, Real Estate Pro in Las Vegas, NV
Jeff Mix answered:
Hello I am upside down with my home and can't afford it any longer due to illness what are my options
It's such a difficult time when you are faced with foreclosure. Especially because it's an emotional and financial decision. The emotional side loves the property and the logi ... more
0 votes Share Flag Thu Nov 10, 2011 Financing in Maryland City
James P. Ryan…, Real Estate Pro in Washington, DC
James P. Ryan, Jr answered:
nvr mortage/ how good are they compared to other mortgage. companies
I have not seen an NVR contract in years, howver, they used to be quite onerous if you chose another lender besides the NVR mortgage group. I worked with many folks after they signed th ... more
0 votes Share Flag Mon Feb 21, 2011 Financing in 21144
Akil Walker, Real Estate Pro in Bowie, MD
Akil Walker answered:
Is Home Ownership still the American Dream?
great question Mr. Poretz.

I believe purchasing real estate is still a great opportunity for many people for the long term. if there is anything we have learned from the last couple ... more
0 votes Share Flag Mon Feb 14, 2011 Financing in Annapolis
David, Home Seller in Pasadena, MD
David answered:
Can anyone suggest a mortgage company that will write a loan for a co-op in Pasadena?
Is there a clearing house for private investors? I have a feeling that may be my only resource. Bank of america did the majority of other houses in my co-op but is no longer writing in ... more
0 votes Share Flag Sun Aug 22, 2010 Financing in 21122
Dante, Real Estate Pro in 48170
Dante answered:
What is a short sale?
A "SHORT SALE" has nothing to do with speeding up the selling process. Short sales actually may take longer because the sale is subject to 3rd party (bank) approval. The term comes from ... more
3 votes Share Flag Sat Jul 31, 2010 Financing in 21401
Brent Mendel…, Real Estate Pro in Bethesda, MD
Brent Mendelson answered:
When will financing regulations/requirements for the purchase of condos become less restrictive?
I think Jeff got it about right. 20% approvals for condos are too low. the 75% number is also incorrect. One thing to be clear, the banks goal is to protect their money and they aren� ... more
0 votes Share Flag Fri Jul 16, 2010 Financing in 21076
Voices Member,  in
Voices Member answered:
Is there a good web site to find out about 203B rehab loans?
203k Streamline is a great product, just had a client use one - buyer can get up to 10% above appraisal price as a 2nd loan - buyer has to get bids for what they want to do , new applia ... more
0 votes Share Flag Wed Nov 18, 2009 Financing in Annapolis
Drahn, Real Estate Pro in Edgewater, MD
Drahn asked:
Does anyone have a good list of portfolio lender who will lend in MD and work with brokers? drahn@union1st.com I have groups of investors who are buying the "shells" in Baltimore and are rehabbibg them and then turning them into rental units in their rental portfolios. These would go Fannie…
0 votes Share Flag Mon Oct 5, 2009 Financing in Edgewater
CubbieFan, Both Buyer and Seller in Stevensville, MD
CubbieFan answered:
Question about HELOC
Would cashout refinance on investment property be a possible solution? But then again... would the rate be higher than primary residence? Or would it be compatible with primary resid ... more
0 votes Share Flag Tue Aug 25, 2009 Financing in Annapolis
Michele Hagan, Real Estate Pro in 21146
Michele Hagan answered:
How much assets need to get a good loan?
If I am understanding your question, you want to know how much liquid assets are needed to purchase a home. The answer is it depends! If your price range qualifies for FHA financing you ... more
0 votes Share Flag Tue Apr 21, 2009 Financing in 21401
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