Financing in Birmingham : Questions & Answers

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Brad Yzermans, Real Estate Pro in Temecula, CA
Brad Yzermans answered:
I need refferal for a lender who works with my community loan or my community choice program by fannie mae.
FYI for anyone landing on this post . MyCommunity Mortgage increased their down payment requirement to 5% (95% LTV). But can still be combined with a down payment assistance program.. ... more
0 votes Share Flag Thu Mar 20, 2014 Financing in 35243
Aaron Sims, Real Estate Pro in Birmingham, AL
Aaron Sims answered:
My husband and I are separated but I'm still paying the mortgage (unfair). I don't want the house - can I give it to him so I can buy a new home?
First of all, I wish both you and your son the best. I know that you are in the middle of a difficult situation, and on top of that feel as though you are probably between a roc ... more
0 votes Share Flag Fri Sep 20, 2013 Financing in Birmingham
Jonathan Hya…, Real Estate Pro in Birmingham, AL
Jonathan Hyatt answered:
Do you as a Realtor feel that lending is getting better or still the same as it was a year ago?
The qualifications seem to have loosened up a bit, and I've seen a few 100% or no-PMI loans for well qualified applicants over the last year. HUD also relaxing it's standards a bit. Hop ... more
0 votes Share Flag Sat Sep 7, 2013 Financing in 35244
Kimberlee Sp…, Home Buyer in Merrill, WI
Kimberlee Spearbecker asked:
Is there any program federal or in Wisconsin for low incomes? that will consider a mortgage for a disabled person with a yearly income of $9600? I need to buy a condo and they are from $80,000 to $138,000.
0 votes Share Flag Sat Aug 17, 2013 Financing in 35243
Rodney Mason, Real Estate Pro in Atlanta, GA
Rodney Mason answered:
need help with getting a pre approval on a mortgage. tried remax (Southbank) -turned down. no late's in 6yrs but score is still too low.Most R never.
To have a credit score under the minimum, there would generally have to be lates or collection accounts more recent than 6 years old. For an FHA mortgage, most lenders require ... more
1 vote Share Flag Mon Jul 15, 2013 Financing in Birmingham
Aaron Sims, Real Estate Pro in Birmingham, AL
Aaron Sims answered:
I have an eight (8) units apartment building in need of rehabbing. Could someone advise me on where I can get the loan?
I am usually pretty good about watching for Birmingham questions but somehow missed yours till just now. I'm a Realtor here in Birmingham and myself have owned Multi-Family pr ... more
0 votes Share Flag Fri Jun 21, 2013 Financing in Birmingham
Trey Horton /…, Real Estate Pro in Birmingham, AL
Trey Horton / Mortgage Banker answered:
Are there any lenders Alabama that do mortgages under 50K?
Mortgage America and Wells Fargo. :)
1 vote Share Flag Wed Nov 28, 2012 Financing in Birmingham
Tom Lloyd, Real Estate Pro in Birmingham, AL
Tom Lloyd answered:
Questions about Fannie Mae Home Path for Investors
We have several excellent condominiums priced below market $129,900 to $149,900 which would make excellent investment properties. They are approved for FHA financing. Please ... more
0 votes Share Flag Fri Nov 9, 2012 Financing in Birmingham
Annette Levi…, Real Estate Pro in New York, NY
Annette Levinson answered:
Which way would be best when getting a loan for a house.Avoiding excess fees.Obtaining a loan through a mortgage company or vs a bank.
There really should be no difference in closing costs for a mortgage broker, mortgage banker or a depository bank. Ask for a GFE from the mortgage officer, then you can shop it.
0 votes Share Flag Sun Sep 25, 2011 Financing in Birmingham
Kristle Smith, Real Estate Pro in Birmingham, AL
Kristle Smith answered:
Help with FHA and lenders?

I can assist you with the information you need and help you find the qualifying home. You can call me at # 205-587-8656.

Kristle Smith
Professional Realtor
RealtySou ... more
0 votes Share Flag Fri Aug 12, 2011 Financing in Birmingham
Rodney Mason, Real Estate Pro in Atlanta, GA
Rodney Mason answered:
Is it possible to obtain 30 year mortgage for investment properties for overseas investors?
Anyone other than a US citizen or a permanent or non-permanent alien would be considered a Foreign National. Foreign National loan programs are no longer readily available.
0 votes Share Flag Fri Aug 12, 2011 Financing in Birmingham
Rodney Mason, Real Estate Pro in Atlanta, GA
Rodney Mason answered:
Can someone explain the "kiddy condo clause", non-0ccupier co-signer of an FHA mortage to be occupied by members of immediate family?
As previously stated, the "Kiddie Condo" doesn't have to just be a condo. It can also be a single family or a townhouse. The typical scenario is a parent buying a place ... more
1 vote Share Flag Sat Mar 26, 2011 Financing in Birmingham
Keith Andrews, Real Estate Pro in Birmingham, AL
Keith Andrews answered:
Are there any programs in AL(down pay. assist.,grants) for Disabled people with children?
Per my mortgage banker friend, her bank here in Birmingham AL is offering grant money to go along with the financing packages available to you. You may want to contact me so I can get ... more
0 votes Share Flag Wed Oct 13, 2010 Financing in Birmingham
Liz Hoffman, Real Estate Pro in Fairhope, AL
Liz Hoffman 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
Be very careful in prescreening your lenders before you apply because you really only want one to pull your credit info. Each time a credit check is run for a major purchase your credi ... more
0 votes Share Flag Mon Oct 11, 2010 Financing in Birmingham
Sam Thompson, Real Estate Pro in Alpharetta, GA
Sam Thompson 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?
The other angle is since you are not on the current loan, do you make enough income to qualify for the payment on the new house in your name only? If so, your wife could conceivably r ... more
0 votes Share Flag Fri Aug 6, 2010 Financing in Birmingham
Norris Monson, Real Estate Pro in Portland, OR
Norris Monson 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
I typically estimate that closing costs will be about 3.5% of the purchase price

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0 votes Share Flag Tue Aug 11, 2009 Financing in Birmingham
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