Financing in Columbus : Questions & Answers

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Jodi Mccoy V…, Real Estate Pro in Columbus, OH
Jodi Mccoy Vermillion answered:
Are there any mortgages available for a jumbo refinance with a high LTV? Applicants have documented income and good credit rating. Thanks!
90%ltv - 417k on the first, 10% down and then a 2nd interest only!
About 3.625% on the first if not better and around 5.5% i/o on the second.
This will help to avoid any PMI
0 votes Share Flag Sat Feb 9, 2013 Financing in Columbus
Molly Hay,SFR…, Real Estate Pro in Columbus, OH
Molly Hay,SFR,CDPE & CNHS answered:
Conventional Loan with low or no downpayment
Key Bank offers a portfolio loan with zero down. There are requirements for the loan just like any other loan but that is an option. Are you working with a realtor? If not a buyerâ ... more
0 votes Share Flag Sat Feb 9, 2013 Financing in 43201
Melissa Adams, Real Estate Pro in Columbus, OH
Melissa Adams answered:
I am looking for a Mortgage for Owner Occupant that is not based on credit score. Maybe Private Lender or Asset Based Loan.
Hi Michelle,

I'm not aware of any that are not credit score based anymore. However we have lenders that will go down to a 560 credit score. If that fits with your situation give me ... more
0 votes Share Flag Thu Aug 8, 2013 Financing in Columbus
Jeff Paeltz, Real Estate Pro in 43081
Jeff Paeltz answered:
Looking for a buyer in zip code 43207
Hi GCP2000,

I would like to bring a buyer to your home. Just a few questions if I may.

What is the address?, How much are you asking for your home?, Are you willing to take back ... more
0 votes Share Flag Sun Aug 11, 2013 Financing in 43085
Andrew Fox, Real Estate Pro in Clarksville, TN
Andrew Fox answered:
I seen a home that I could posssibly afford but my credit score is low. Are there any programs that can help me work towards raising my score?
I am located in Clarksville, TN but would love the opportunity to connect you with a great local agent in Columbus. They will have information about what local banks are the best to hel ... more
0 votes Share Flag Sun Dec 30, 2012 Financing in 43085
Todd DeHays, Real Estate Pro in Grandview Heights, OH
Todd DeHays answered:
Is there any bank that could do 5% down for a non-conforming, non-fha condo?
Perhaps try Arlington Bank. They're knowledgeable about some niche areas and might have a portfolio product for wherever you're looking. No promises though. 5% non-conforming is hard to ... more
0 votes Share Flag Sun Sep 30, 2012 Financing in Columbus
tim moore, Real Estate Pro in Nags Head, NC
tim moore answered:
How hard is it to get preapproved for a home loan with bad credit?
Once the bank buys it back at the auction it can take many months before the bank puts it up for sale with Realtor so you have time to find out if you can get a loan. Speak to a lender ... more
0 votes Share Flag Thu Jul 19, 2012 Financing in Columbus
Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
would a mortgage company require a larger down payment if I buy a small house out of state?
No, if you're planning on using it as a primary residence, which you say you plan to. The challenge would be persuading the lender that you were buying the house as a primary investment ... more
0 votes Share Flag Fri Aug 3, 2012 Financing in Columbus
Joel Lobb, Real Estate Pro in Louisville, KY
Joel Lobb answered:
I need a cash-out refi lender in Ohio for a NOO with no seasoning requirements for Buyer that paid cash
Refinances
Chapter 2
Mortgage Credit Guidelines
Page 2-19

A refinance transaction involves paying off an existing real estate debt from proceeds of a new mortgage. For all refinan ... more
0 votes Share Flag Sun May 26, 2013 Financing in Columbus
Carl Henker, Real Estate Pro in 95928
Carl Henker answered:
Is it possible to get a home loan with a credit score of 513? if so, does it make a difference being a first time home buyer?
Take the tiem to work on improving your credit scores first. Not sure anyone has a program that will work with scores in your range. If you do find a lender the cost will be high. Be ... more
0 votes Share Flag Wed Jan 15, 2014 Financing in 43230
Marie Souza…, Real Estate Pro in Centerville, MA
Marie Souza Team answered:
Is there any way to significantly increase the amount that a financer will give you toward the purchase of a home?
Kaylee - Ask your loan officer/mortgage person the above. They are the ones who can get creative with your financing.
0 votes Share Flag Tue Feb 7, 2012 Financing in Columbus
tim moore, Real Estate Pro in Nags Head, NC
tim moore answered:
Can I refinance my home as the sole borrower, when my husband and I are both on our current mortgage loan?
Sort of yes to both. You can refinance and put it in your name only, as long as the lender approves you for it. The divorce decree will dictate what will happen to the house. Sometimes ... more
0 votes Share Flag Sun Nov 6, 2011 Financing in Columbus
Gregorio Den…, Real Estate Pro in San Diego, CA
Gregorio Denny answered:
Need to refi a fisrt and heloc into one loan on my priocipal residence that has dropped in value from $292k to $260k in last 3 years. Owe $245k.
This could actually be more difficult than one would think unless the HELOC is purchase money. If the HELOC was taken out at the same time you bought the house, then just about anyone c ... more
0 votes Share Flag Thu Oct 27, 2011 Financing in Columbus
James Deskins, Real Estate Pro in 43082
James Deskins answered:
Can you give me suggestions for portfolio loan banks in Columbus, Ohio?
Michael, try Andy Deutschle, American Eagle Mortgage, 614-737-2508 or Derek Harris, Arlington Mortgage, 614-486-9142. They are both smaller banks and they both do portfolio loans.
0 votes Share Flag Thu Oct 27, 2011 Financing in Columbus
Michael Cheng, Real Estate Pro in San Jose, CA
Michael Cheng answered:
I'm an oversea investor. I have bought a couple of properties cash. I no longer wish to purchase property cash. I would like to borrow fund
There are some lenders willing to fund up to 50%, depending on the property, if you're comfortable with that structure.
0 votes Share Flag Wed Oct 19, 2011 Financing in Columbus
Lauren Swiet…, Real Estate Pro in Upper Arlington, OH
Lauren Swieterman answered:
Are there any lenders doing cash out refinances on investment property with no seasoning requirement?
Hi Hume!

I have a couple lenders I can give you contact info in regards to your question. I work with a few investors that have needed financial assistance with their unique investme ... more
0 votes Share Flag Mon Sep 12, 2011 Financing in Columbus
Jonathan D.…, Real Estate Pro in 07470
Jonathan D. Joachim answered:
How long does the owner occupancy rule apply for first time buyer FHA loan? What if I need to move due to job and need to rent my house?
Sue,
The owner occupancy is your intent when you pruchase the home. If you have to move, sell, rent or relocate, it has no bearing on the loan. If you refinance after you move out, ... more
0 votes Share Flag Sat Apr 2, 2011 Financing in Columbus
Anthony D'Am…, Real Estate Pro in Tampa, FL
Anthony D'Amico answered:
Does anyone know where I can obtain short-term private capital for the purchase of income properties?
I work the investment Real Estate market in Tampa Fl. Back page and Craigslist usually have someone on there offering Hardmoney loans. Internet is the way to go if there are not any inv ... more
0 votes Share Flag Mon Feb 28, 2011 Financing in Columbus
Jason Opland, Real Estate Pro in Powell, OH
Jason Opland answered:
i have two homes, one is in forclosure and one i own outright do i qualify for debt forgiveness relief act?
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, a ... more
0 votes Share Flag Thu Feb 3, 2011 Financing in Columbus
Allan Erps, Real Estate Pro in 10954
Allan Erps answered:
second home, income over 100K, 750 cs, currently no PMI, LTV 102%, not fannie or freddie. Any refi options (without PMI)?
Finding a Professional Mortgage Broker in your area and possibly your Local Bank are the best two things I can think of. Good Luck Allan
0 votes Share Flag Wed Jan 19, 2011 Financing in Columbus
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