Financing in Alabama : Questions & Answers

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Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
I owe $50,000 and have 5 years left on a 4.125% loan. Would I be better off to refinance or continue to pay $200 extra in principal each month?
It would totally depend upon what your long-term goals are:
You probably are not enjoying much of a tax deduction; and this could be important.
Is having a paid-off house important to ... more
0 votes Share Flag Fri Jul 13, 2012 Financing in 35901
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
I am looking for a FHA loan to purchase a home. My credit score are in the low at mid 600's can it be possible to get a loan ?
Mid 6s should be fine. Check with a recommended mortgage broker.
0 votes Share Flag Sat Jan 24, 2015 Financing in 35150
Rodney Mason, Real Estate Pro in Atlanta, GA
Rodney Mason answered:
Are there any local mortgage lenders in Baldwin County who are really "local"?
I am not really sure why you need someone "local". Where a person is physically located really has no impact on their knowledge and abilities. I am in Atlanta, but I do a lot of lendi ... more
0 votes Share Flag Tue Jun 19, 2012 Financing in 36576
Dan Tabit, Real Estate Pro in 98074
Dan Tabit answered:
Do you as a Realtor feel that lending is getting better or still the same as it was a year ago?
Renee,
I believe it's slightly better than a year ago and much better than 2-3 years ago. The pendulum is swinging back toward reason, but nowhere near the lending world of 2006 and ... more
0 votes Share Flag Sat Sep 7, 2013 Financing in 35244
Rodney Mason, Real Estate Pro in Atlanta, GA
Rodney Mason answered:
Does Regions Bank do 203(k) FHA loans?
I don't think that Regions offers the FHA 203(k). Prospect Mortgage is the 2nd largest FHA 203(k) lender in the country though. I have closed a lot of 203(k) loans in Alabama. At Pro ... more
0 votes Share Flag Sat Apr 19, 2014 Financing in Hoover
Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
Average price per square ft to build in meridianville alabama
You could built there for exactly $223 per square foot,

plus or minus $200 per square foot.

Surely, you are not serious!
There are just too many variables in this equation.
Cont ... more
0 votes Share Flag Tue May 29, 2012 Financing in Meridianville
Tim Moore, Real Estate Pro in Nags Head, NC
Tim Moore answered:
Who can the Self Employed obtain a loan from?
It sounds like it is not so much a problem with the fact you are self employed but that you need more down payment. Often the problem with self employed is that they don't report all th ... more
0 votes Share Flag Wed May 23, 2012 Financing in Opelika
Julie Martin, Real Estate Pro in Mobile, AL
Julie Martin answered:
Looking for Do's & Don'ts before choosing a loan?
These seem like things to do after You have chosen a loan. When choosing a loan I would recommend - 1. Do pIck your lender wisely - your Realtor probably could give you a list of good l ... more
0 votes Share Flag Sat May 12, 2012 Financing in Montgomery
Michael Smith…, Real Estate Pro in Roseville, CA
Michael Smith, MBA, MPM answered:
Getting an FHA loan with a 530 credit score?
Minimum Fico in today's world for FHA is 620. Loan must get an approve eligible through Fannie Mae Desktop Underwriter. However, what you really need to focus on is time. To get to a ... more
0 votes Share Flag Sun Apr 15, 2012 Financing in Alabama
Houston, Other/Just Looking in 35401
Houston asked:
How can someone without a job be able to live in this kind of home? Without having to live a shady life
0 votes Share Flag Tue Mar 13, 2012 Financing in 35401
Roland Vinya…, Real Estate Pro in Sprakers, NY
Roland Vinyard answered:
what items in a real estate sale counts towards a downpayment?
Simply put, it is 2 items: the earnest money you put down which accompanies your offer and, after acceptance, the larger sum that you put down. Both of these should be placed in escrow. ... more
0 votes Share Flag Wed Feb 15, 2012 Financing in Mobile County
Phil Rotondo, Real Estate Pro in 32940
Phil Rotondo answered:
Has CDA come out with a rehab loan yet? I am in Baltimore if it matters.
See:
http://www.203kconstructionloan.com/203k-fha-rehab-loans/maryland-cda-now-offers-a-203k-option-but-it-comes-with-a-warning
0 votes Share Flag Wed Dec 14, 2011 Financing in USA
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
I need refferal for a lender who works with my community loan or my community choice program by fannie mae.
We offer the MyCommunity Mortgage loan program and it can be a pretty good option for some people - 97% financing, reduced mortgage insurance rates, can use down payment assistance/comm ... more
0 votes Share Flag Thu Jul 3, 2014 Financing in 35243
Jim Simms, Real Estate Pro in Louisville, KY
Jim Simms answered:
I have a 607 credit score & would like to buy a home. Im renting but w/ rates this low a mortg pymt would be less than my rent. What are my?
It depends Denise, there are some lenders that say they will go to a 580 credit score on an FHA, but that only works if you meet the minimum scorecard. A credit score of 650 may not pa ... more
0 votes Share Flag Sat Nov 5, 2011 Financing in Mobile
Dan Tabit, Real Estate Pro in 98074
Dan Tabit answered:
If I have been preapproved for a loan then complications arise and am then turned down, do I have to forfiet my earnest money? Thanks
Emily,
Depending on your contract, I hope not. Most agents will use a financing contingency which requires you to make a good faith attempt to get financing. If the lender turns you ... more
0 votes Share Flag Mon Oct 31, 2011 Financing in Alabama
Tim Moore, Real Estate Pro in Nags Head, NC
Tim Moore answered:
Does anyone know how long the Bank of America pre-approval letter is good for? I might go to the local Bank of America office tomorrow if I
A pre-approval letter is worth about as much as the paper it's on. It's just a lettter saying the lender "THINKS" you can get a loan with out much trouble. It certai ... more
0 votes Share Flag Sun Oct 23, 2011 Financing in Alabama
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
This is more of a question for lenders - for a homebuyer with excellent credit, but ONLY social security as their income, will they likely be able to
It's possible if the homebuyer qualifies; therefore he needs to visit with any loan officer, after reviewing his overall financials, credit, debt, income, etc. a determination on q ... more
0 votes Share Flag Thu Sep 27, 2012 Financing in Mobile
Lynn911.com…, Real Estate Pro in Dallas, TX
Lynn911.com Dallas Realtor answered:
i know my credit score at Transunion is 582 and eqifax is 567 . Can i get a mortgage on a house?
Most lenders require 625 and above credit score

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
97 ... more
0 votes Share Flag Wed Oct 19, 2011 Financing in Pisgah
Mark Salmon, Real Estate Pro in South Lake Tahoe, CA
Mark Salmon answered:
how to take exhusband off the house?
Taking your husband off the title of a home can be done with his signature at a local title office (grant deed the property into your name only). Taking him off the loan is a whole dif ... more
0 votes Share Flag Sun Sep 25, 2011 Financing in Cardiff
Scott Godzyk, Real Estate Pro in 03109
Scott Godzyk answered:
I'm a contractor for a major company. Would that affect me buying a home?
Only if the seller forbid their contractors from buying. If you meet the criteria to get a mortgage, that should not hold you up. Simply ask teh listing agent if there are any rules reg ... more
0 votes Share Flag Tue Aug 9, 2011 Financing in Jacksonville
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