Financing in Mchenry County : Questions & Answers

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Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
Can I qualify for an FHA loan with this scenario?
Bankruptcy law doesn't trump underwriting guidelines. So unless the short sales/bankruptcy was due to extenuating circumstances, you would not be eligible for FHA financing until 3 yea ... more
0 votes Share Flag Sat Oct 20, 2012 Financing in Crystal Lake
Suzanne MacD…, Real Estate Pro in Mount Arlington, NJ
Suzanne MacDowell answered:
Buying a house while selling original house
The answer depends on whether you have enough income to pay both mortgages simultaneously. Apparently one mortgage company said you could not. Don't let that deter you from talking to ... more
0 votes Share Flag Wed Aug 22, 2012 Financing in 60012
Randy Schule…, Real Estate Pro in Saint Charles, IL
Randy Schulenburg answered:
I am on the deed but not mortgage to another property (my husbands) but I want to get a mortgage for a house on my own.
Call another lender to see what an expert will tell you. Mark at Inlanta Mortgage is a pro. He can be reached at 630-417-7174.
0 votes Share Flag Wed Aug 22, 2012 Financing in 60012
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
FHA qualification question
Was the condo you are renting out your current primary residence? If it is, then it is a "primary residence converted to a rental property", and in order to use rental income ... more
0 votes Share Flag Sat Dec 3, 2011 Financing in Crystal Lake
Heather Wrig…, Real Estate Pro in Hood River, OR
Heather Wright answered:
Homepath financing VS. FHA
It is pretty much a wash. The homepath program is a great option for a buyer with less down. They only have to put 3% down and you can close quicker. You can close quicker because you d ... more
0 votes Share Flag Fri Dec 9, 2011 Financing in Crystal Lake
Suzanne Hami…, Real Estate Pro in Orland Park, IL
Suzanne Hamilton answered:
Mortgage closing costs total explanation with FHA funding??
The mortgage lender has to give you a good faith estimate. These costs will likely be slightly overestimated, because they will be financially responsible if they underestimate. The o ... more
0 votes Share Flag Thu Oct 27, 2011 Financing in McHenry
Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
My fiance is eligible for a VA loan. His credit is bad but mine is very good. I am a student though, so I have no income. Will we qualify?
Emily you should really meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know what you ... more
0 votes Share Flag Wed Oct 23, 2013 Financing in 60081
Anna Brocco, Real Estate Pro in Nassau County, NY
Anna Brocco answered:
If I was not on the refinance loan application as co borrower can I sign the mortgage and note as co borrower at closing
Consult with your attorney, he/she can offer better advice than any of us can...
0 votes Share Flag Wed May 25, 2011 Financing in 60081
Thom Colby 8…, Real Estate Pro in Newport Beach, CA
Thom Colby 888-391-5245 answered:
Hard Money in Chicago area.
Darren,

Great question! I'm not in Chicago so I don't know any hard-money lenders there BUT, an alternative might be to work with a REALTOR to find the home you really wan ... more
0 votes Share Flag Sun Jul 25, 2010 Financing in Lake in the Hills
Carl Henker, Real Estate Pro in 95928
Carl Henker answered:
Should we short refi to pay off our mortgage servicer?
You may find that the approval from your lender for a short sale and short refinance will also be based on your assets and ability to pay, if your current payment is not a hardship thos ... more
0 votes Share Flag Tue May 10, 2011 Financing in 60050
Peggy S Baker, Real Estate Pro in 60010
Peggy S Baker answered:
can anyone finance 580 middle in IL. Is there still down payment assistance available in McHenry County?
There were some programs available including $5000 towards closing costs that do not have to be repaid, but you must live in the house for 5 years, and they also had up to $30000 in for ... more
0 votes Share Flag Wed May 5, 2010 Financing in Johnsburg
Amy Foote, Real Estate Pro in Carpentersville, IL
Amy Foote answered:
Want to buy new home but have a 2nd on first, can that be transfered?
It is very unlikely. The lender for the second is not going to release one lien for another without appraising the new collateral. And it will depend on the CLTV of the new home as we ... more
0 votes Share Flag Fri Apr 16, 2010 Financing in Crystal Lake
David - Appr…, Real Estate Pro in Maricopa, AZ
David - Appraiser answered:
I live in a new home subdivision and my home is now three years old. I just tried to refinance the mortgage and when the appraisal came back grossly
Yes that is true. For a refinance, the appropriate comps are existing properties (resales) active and sold. In the event of a foreclosure on a refinanced property, the lender would wa ... more
0 votes Share Flag Thu Nov 19, 2009 Financing in McHenry
Melissa Leet…, Real Estate Pro in 60156
Melissa Leetzow - Real Estate answered:
I have bad credit. My fiance has near perfect credit. Would it be in our best interest for him to apply for the mortgage on his own?
Hi Alglover

It would be in your best interest to speak with a Loan Officer, if you have not done so already to see what would be available for your particular situation.

If you ac ... more
0 votes Share Flag Tue Dec 28, 2010 Financing in Algonquin
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