Financing in Essex County : Questions & Answers

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Sarah Goulart…, Real Estate Pro in Bourne, MA
Sarah Goulart Nathe answered:
can my son buy a house to live in and rent part of it to other students and use the rental income to qualify for an FHA home purchase loan?
Are you saying he would only qualify for the loan assuming he has this additional future rental income?

Then no. Have him call a mortgage broker to find out what he can qualify for ... more
0 votes Share Flag Fri Mar 22, 2013 Financing in Swampscott
Jeffrey Cart…, Real Estate Pro in Salem, MA
Jeffrey Carter answered:
I'm looking to purchase a investment property, should I stick to a mortage broker that specializes in investments?
Hi Rob,

Most mortgage brokers should be able to assist with investment deals. If you have someone who "specializes" in investment deals, then I'd stay with him/her. I ... more
0 votes Share Flag Sat Oct 6, 2012 Financing in 01835
Northeastgal, Home Buyer in Essex County, MA
Northeastgal asked:
2-Weeks to pack, seriously?? We signed the P&S have provided all of the documents for the Loan. Our commitment date is tomorrow, but appraisal hasn't come back yet, so we have been told that we need to file a request for an extension. We are supposed to close at the end of th...
0 votes Share Flag Wed Jun 13, 2012 Financing in Essex County
Michelle Gon…, Real Estate Pro in 90650
Michelle Gonzalez answered:
Is it possible to obtain a mortgage with less than 20% down payment?
Yes of course. FHA loans only require 3.5% down payment
0 votes Share Flag Sun Apr 29, 2012 Financing in Haverhill
Tim Moore, Real Estate Pro in Nags Head, NC
Tim Moore answered:
Can I obtain a mortgage with less than 20 % down?
Yes. I have a buyer that has a 5% down loan for about $350,000 so they are out there.
0 votes Share Flag Mon Mar 26, 2012 Financing in Haverhill
Jim Simms, Real Estate Pro in Louisville, KY
Jim Simms answered:
I need help knowing more about an FHA and commercial loans? as well as brining an property to code for rental income?
FHA is not limited to a first time homebuyer if that is what you are asking. Owning a rental property does not necessarily keep you from getting an owner occupied FHA mortgage if you q ... more
0 votes Share Flag Tue Feb 28, 2012 Financing in Methuen
Andrew Adams, Real Estate Pro in 01915
Andrew Adams answered:
Are there any financing options for a 10 unit apartment building in Massachusetts if I am targeting 10% down on purchase price? Local banks require 25
You will be hard pressed to find a commercial loan with just 10% down. Anything above 4 units is considered commercial lending.
0 votes Share Flag Fri Jun 24, 2011 Financing in Beverly
Pat White, Real Estate Pro in Eldersburg, MD
Pat White answered:
How can they do an accurate appraisal for refiancing in the winter with all the snow on the ground? They can not take any pictures of your property?
Hi Tinker

It's easy they just take pics of the snow they will assume that the ground is ok . It's more about the house .
0 votes Share Flag Thu Jan 27, 2011 Financing in Haverhill
Sherri Way, Real Estate Pro in Framingham, MA
Sherri Way answered:
What is a 203K loan? It appears to be some sort of rehab loan? What is needed to qualify? How much can you request? How do you do apply?
This is an FHA program which a buyer would use if the property they are purchasing needs work prior to moving in. FHA loans require that the house be in move-in condition to qualify. ... more
0 votes Share Flag Sat Nov 2, 2013 Financing in 01915
Andrew Adams, Real Estate Pro in 01915
Andrew Adams answered:
Are there any FHA loan backed owners who just want to stop paying for it anymore, if so me & my fiance would love to assume all responsability.?
FHA loans are assumable. Why would someone want to take a chance on a not being called?
0 votes Share Flag Mon Sep 27, 2010 Financing in Lynn
Greer, Real Estate Pro in Newton, MA
Greer answered:
Putting in an offer on Tuesday for a single family property in Marblehead; have several options from LendingTree but would be happy to consider all
Be warned that there is more to getting a mortgage than simply the quote you're getting from the lenders. What other fees are involved? What is the risk of the rate changing? Of ... more
0 votes Share Flag Thu Dec 13, 2012 Financing in Marblehead
Andrew Adams, Real Estate Pro in 01915
Andrew Adams answered:
80/10/10 Loans
I do offer an 80-10-10 loan with the first mortgage can be fixed or adjustable and the 2nd can be either a 30 year fixed or 1 year ARM both are amortized over 30 years.
0 votes Share Flag Tue Aug 31, 2010 Financing in 01970
Lynn911.com…, Real Estate Pro in Dallas, TX
Lynn911.com Dallas Realtor answered:
Is it easier to ref with a direct lender or local company?
It would not matter all is based on rates, closing costs.

FYI - they state no charge to refi HOWEVER the entire expense is rolled into the loan. If your intent stay in the home for ... more
0 votes Share Flag Mon Jun 7, 2010 Financing in Haverhill
Geoffrey Boyd, Real Estate Pro in Oregon
Geoffrey Boyd answered:
Who is the best lender to ref with a high DTI 59% and credit score in mid 600's?
Tinker,

Your best bet may be an FHA loan. We do lots of them and many have DTIs above 50%. The other issue to look at is your LTV and loan amount. In a few cases, a conventional l ... more
0 votes Share Flag Tue Jun 8, 2010 Financing in Haverhill
Kathy Weber…, Real Estate Pro in Temecula, CA
Kathy Weber (951) 551-7587 answered:
How much I can afford and what the rate likes?
Gowithwind,

I would recommend your first step would be to contact your lender.

There are many variables when you are applying for a loan and locking in an interest rate:

* How ... more
0 votes Share Flag Sun Jan 3, 2010 Financing in North Andover
Tom Matthews…, Real Estate Pro in Boston, MA
Tom Matthews & Joanne Taranto answered:
First time buyer with good credit (760) and debt-to-income ratio. Better rate with convention or FHA with 20% down.
Hello:

I am a Realtor, but from what I have heard in the industry you would get a better rate in the FHA program. Additionally, if you are putting 20% down you could ask the seller ... more
0 votes Share Flag Wed Dec 30, 2009 Financing in Amesbury
Conrad Hodgs…, Real Estate Pro in 37205
Conrad Hodgson answered:
I am looking for a mortgage broker/lender who has been through the "spot" FHA approval process.
call Kevin Kueneke with CW mortgage at 760-500-1919 ...... he just did this for me. Very easy to work with.
0 votes Share Flag Mon Oct 26, 2009 Financing in 01970
Jeffrey Manc…, Real Estate Pro in Boston, MA
Jeffrey Mancovsky answered:
Buying property in Lynn, MA as an investement. I have 20-25/% down payment.Is bank or morgage co better way to apply for morgage.?
Both are fine as long as mortgage company is a lender. Also both are the same (they sell their loans on the secondary market) unless you want the mortage held in-house and the bank off ... more
0 votes Share Flag Tue Jan 5, 2010 Financing in Lynn
Ron Beebe, Real Estate Pro in Downingtown, PA
Ron Beebe answered:
I have been waiting a week to hear back from a bank about a mortgage loan..
What was the application date, was it a standard "conventional" loan or a government loan, and is it with a lender that guarantees you will close on time? If you do not have t ... more
0 votes Share Flag Thu Oct 15, 2009 Financing in 01970
Andrew Adams, Real Estate Pro in 01915
Andrew Adams answered:
I was denied a mortgage loan and don't really understand why..
Is the condo new construction or a conversion?
0 votes Share Flag Mon Oct 5, 2009 Financing in Salem
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