Financing in Memphis : Questions & Answers

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Staffardnett…, Real Estate Pro in Memphis, TN
Staffardnett Young answered:
I am interesting in a particular home but will not have the down payment on closing bid. Are there other arrangements for the down payment to be made?
You may want to contact NACA. If you need any help with this please give me a call.(901)494-817.
2 votes Share Flag Sat Nov 16, 2013 Financing in Memphis
Gerald Willi…, Real Estate Pro in Collierville, TN
Gerald Williams answered:
Any special financing programs for recently divorced mom's?
Sorry Jennifer,
I am not aware of any special programs for recently divorced Mom's. However the most important point is that you are still on the Mortgage with your Ex. Unless he re ... more
0 votes Share Flag Fri Jun 14, 2013 Financing in Memphis
Daniel Sa, Real Estate Pro in Columbus, OH
Daniel Sa answered:
FHA Manual Underwriter
This depends on the Lender you are working with and how well staffed they are, etc... Whether they underwrite in house or ship your information to another Lender to underwrite. If it's ... more
1 vote Share Flag Sat Feb 23, 2013 Financing in Memphis
Jason &…, Real Estate Pro in 38002
Jason & Laura Wallace answered:
If I know that a property is in preforeclosure and really want to go forward trying to purchase or get ahead on getting a bid What 1st steps do i take
Short Sales~Short Sales~Short Sales (A lot of Myths of there)

You will need an experienced agent that understands short sales, the process, each banks process, time-frame, closing co ... more
0 votes Share Flag Thu Oct 25, 2012 Financing in Frayser - Raleigh PD
Michael Bell…, Real Estate Pro in Memphis, TN
Michael Bellaire answered:
Bought investment property in 2005 that we rent out to tenants. Have great credit, positive cash flow and want to refinance this prop. in tn.
With Fannie Mae stepping in with rules, policies and procedures, the investment market isn't quite what it used to be. Although Fannie Mae says you could own up to 10 properties wi ... more
0 votes Share Flag Wed Oct 26, 2011 Financing in Memphis
Vee, Home Owner in Memphis, TN
Vee answered:
if i'm tryin to nsave my house from forclosure whats my options if i'm 4 months behind
There is a program to keep your home in TN from forclosure if you were laid off or had a decrease in income contact www.keepmytnhome.com
0 votes Share Flag Wed Jun 15, 2011 Financing in Memphis
Shannon Feol, Real Estate Pro in Memphis, TN
Shannon Feol answered:
Is it possible to obtain 30 year mortgage for investment properties for overseas investors?
I do not know of any "banks" that provide mortgages for overseas investors, however I do work with a group that offers private financing for non-USA investors and with flexibl ... more
1 vote Share Flag Wed Apr 6, 2011 Financing in Memphis
Robert Lee, Real Estate Pro in Libertyville, IL
Robert Lee answered:
Which motgage companies have the easiest FHA approval process?
I would recommend Waterstone Mortgage Corporation

They are the best in the business!
0 votes Share Flag Mon Apr 4, 2011 Financing in Memphis
Vanessa, Real Estate Pro in Memphis, TN
Vanessa answered:
can anyone recommend a mortgage broker for the memphis area who can help with investment property loans?
If you are still looking for some help with this, I would love to speak with you. I am with Mortgage Investors Group and can be reached at vanessa.bintz@migonline.com. or visit my web ... more
0 votes Share Flag Tue Dec 28, 2010 Financing in Memphis
Vanessa, Real Estate Pro in Memphis, TN
Vanessa answered:
Is it possible to combine THDA down payment assistance with the FHA 203K loan to purchase and rehab a REO/Foreclosure?
No, we cannot combine the thda and the 203k loan. Like I said earlier though, we do both so please contact me and we can see which way you prefer to go. If the repairs are extensive, ... more
0 votes Share Flag Tue Dec 28, 2010 Financing in Memphis
Mr_real_esta…, Real Estate Pro in New York
Mr_real_estate answered:
Are there anyone who offer hard money.?
My firm does but we do not go above 60% LTV and prefer the deal to be over a $1,000,000. We will do residential loans hard money if the deal is located in he New York Metropolitan area ... more
0 votes Share Flag Sat Dec 11, 2010 Financing in Memphis
Gerald Willi…, Real Estate Pro in Collierville, TN
Gerald Williams answered:
how do you calculate closing cost?
Cricktcris,

Not where you are in the process. If you are trying to figure out a budget for purchasing a house I would suggest using 4 to 4.5% as a buget number. If you have begun y ... more
0 votes Share Flag Tue Jul 27, 2010 Financing in Memphis
Wendy, Home Seller in Florida
Wendy answered:
Is there any kind of down payment or closing cost assistance for first time home buyers?
Hi Sharmaine - we have property for sale and would be happy to assist you with closing costs
if you were interested in purchasing from us - you can e-mail me at wfasulo@tampabay.rr.co ... more
0 votes Share Flag Wed Mar 3, 2010 Financing in Memphis
Uhlhorn Team…, Real Estate Pro in Memphis, IN
Uhlhorn Team (901) 870-4640 answered:
Are there any programs or grants that can help with down payments or closing costs?
Absolutely! There are govt assisted programs depending on your income, available gifts, costs paid by sellers - it really depends on YOUR situation. I would be happy to help you sort th ... more
0 votes Share Flag Sun Feb 21, 2010 Financing in Memphis
Voices Member,  in
Voices Member answered:
What is the stimulus pkg. re: a low loan rate if you earn less then 31% of your mtge.?
Hi Kathy,

Please elaborate on your question... I agree with Bryce - but need more information to best answer your question.

Best regards,

Carlos
0 votes Share Flag Tue Sep 29, 2009 Financing in Memphis
Lesley Denney, Real Estate Pro in Millington, TN
Lesley Denney answered:
Is it possible to receive a 203K in Memphis for under $50,000? I would like to purchase a piece of property
Good Afternoon Home Buyer,

You would be wise to contact a mortgage adviser and see how you would go about doing this.. I am sure you have the name of one or you can contact your bank ... more
0 votes Share Flag Sun Jul 19, 2009 Financing in Memphis
Patty Everitt, Real Estate Pro in Tennessee
Patty Everitt answered:
First time home buyer worried about credit before jumping into market.
I have a great person to check into , she can give you an answer to this right away ! Try her at www.wendythompson.net, or just call @461-8858, another would be Wells Fargo- Nick Huber ... more
0 votes Share Flag Wed Jul 1, 2009 Financing in Memphis
Julia Odom, Real Estate Pro in Chattanooga, TN
Julia Odom answered:
my credit score is 506
Gerald's advice to speak with a local lender is probably best. Having said that, in this lending climate you are going to have difficulty finding a loan program that will accept your cr ... more
0 votes Share Flag Thu Jun 18, 2009 Financing in Memphis
Dana Schuster, Real Estate Pro in 70458
Dana Schuster answered:
my credit score is 506
in this market you need a 620 although there are somelenders who can do a 580-585. This with an FHA loan with 3.5% down payment. For a conventional loan you will need a 720.
0 votes Share Flag Thu Jun 18, 2009 Financing in Memphis
Gerald Willi…, Real Estate Pro in Collierville, TN
Gerald Williams answered:
Can we qualify for a loan with my credit score being zero?
Mererae,

The answer is yes, it may be possible for you to qualify for a loan. You will need a direct lender who does manual underwriting.

Gerald Williams
Affiliate Broker
Mortg ... more
0 votes Share Flag Fri Jun 5, 2009 Financing in Memphis
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