Financing in Miami : Questions & Answers

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Mark LeMenag…, Real Estate Pro in Lake Nona, Orlando, FL
Mark LeMenager answered:
I am an Australian looking for Foreign National financing in Florida for myself and my clients.
Well hi Stephen. As we discussed when you first contacted me in February, it is possible for foreign nationals to get mortgage loans in the USA. I have an Australian client who got a ... more
0 votes Share Flag Mon Aug 18, 2014 Financing in Miami
Carl Henker, Real Estate Pro in 95928
Carl Henker answered:
I am interested in buying an investment property in (downtown condo to rent). Is there any reason not to pay cash? No need to remodel or flip.
The biggest reason is the liquidity of real estate in this or any market. Your ability to get cash back out is limited and takes time. Finance some and keep some cash in reserve for t ... more
0 votes Share Flag Tue Apr 20, 2010 Financing in Miami
Bill Eckler-…, Real Estate Pro in Venice, FL
Bill Eckler-Florida, answered:
I am in a panic. The bank accepted my offer on at 3/2 lakeview condo 1660 sq ft with new fireplace. I was told the maintenance fee was 348 mnthly,
If the monthly fees are accurate they will not change regardless of the events in your transaction. Additionally, if these fees create a financial hardship for you, it would be advisabl ... more
0 votes Share Flag Fri Jul 29, 2011 Financing in 33180…, Real Estate Pro in Dallas, TX Dallas Realtor answered:
How do we get a home that was inherited put in our name?
You would need qualify for a loan in order for home be in your name. Unless you continue make payments on behalf of your father till you resolve all these issues.

Best confer with ... more
0 votes Share Flag Wed Feb 24, 2010 Financing in 33180…, Real Estate Pro in Dallas, TX Dallas Realtor answered:
My credit is very bad but I'm desperate to buy a home. The short version is I ended up being a single Mom with ruined credit.
If you credit issues are less than 2 years old you need wait till your debt seasons over 2 years. Then for credit repair based on statues .

If you credit issues are over 2 years BA ... more
0 votes Share Flag Wed Mar 4, 2015 Financing in Southwest Coconut Grove
Dominick Mar…, Real Estate Pro in 33185
Dominick Martinez answered:
I just seen a short sale for 50k. Can I get financed with bad credit and little down but have been gainfully employed for six years and have?
Hello Luis,
Income is important these days , but credit just as well. How much down do you have? Whats your credit score? Why do you say its bad??

Dominick Martinez
Mortgage & ... more
0 votes Share Flag Tue Apr 13, 2010 Financing in Miami
Chris Morenza, Real Estate Pro in Miami, FL
Chris Morenza answered:
Any mortgage broker in here is able to close on February 8th?Regions Bank rejected my fha loan application, for a 60,000 property. The
I am not sure you will have enought time for anothe lender to approve an FHA loan in such a short period of time. We have worked with several mortgage people on FHA financing. If you ca ... more
0 votes Share Flag Wed Jan 27, 2010 Financing in Miami
Rudy R. McDo…, Real Estate Pro in Bloomfield Hills, MI
Rudy R. McDowell answered:
I want to buy a 160K house with a 110K down payment. Can I get a loan?

I don't believe so. Regardless of what you're able to put down, you need to have filed US taxes for at least 2 years. Furthermore, you need to have a US credit re ... more
0 votes Share Flag Thu Mar 18, 2010 Financing in Miami
Christy Beni…, Real Estate Pro in Miami, FL
Christy Benitez answered:
I am pending final approval for a home loan. my purchase price is 135k, i am financing 53% my income is 26k, taxes is 4k, insuance 2k.Int 5.75%
Yesterday you were awaiting for an approval from the underwriting regarding the roof inspection you provided, now this does not make sense at all. I think you should really sit down wit ... more
0 votes Share Flag Tue Dec 8, 2009 Financing in Miami
Christy Beni…, Real Estate Pro in Miami, FL
Christy Benitez answered:
Can anyone assist me . I am waiting for the underwriter to may a final decision on my loan. she requested a roof inspection , which i supply to her.
The closings varies from bank or lenders depending if the underwriters are in house or out state . You need to find out if that is the only condition to clear the closing, as well if th ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in Miami
Lew Corcoran, Real Estate Pro in Easton, MA
Lew Corcoran answered:
hi. I read that FHA wants 2 years steady job. I worked for 25 years straight -- but have been unemployed the last 3 years. Does that blow me out of?
No, that does not blow you off. FHA requires a minimum two year work history. You have 25 years, so you're okay - even with a recent unemployment. A pension is considered a steady ... more
0 votes Share Flag Thu Nov 5, 2009 Financing in Miami
Ernesto Joub…, Real Estate Pro in Miami, FL
Ernesto Joubert answered:
Properties for cash
Hi Plop1,
I'm not really sure if you might be able to get that info from Trulia, but you can definitely get it from the multiple listing service through a Realtor. Let me know if ... more
0 votes Share Flag Mon Oct 19, 2009 Financing in Miami
Robert Green…, Real Estate Pro in 08003
Robert Greenblatt, MBA answered:
i would like to know what are the hidden expenses beside my mortgage. i am planning to buy a condo and i am not sure about the hidden cost. guys do
Hi Nancy. Call a local Title Company or Real Estate Broker/Agent. Either one should be able to give you a satisfactory answer.

-Robert Greenblatt
Keller Wiliams
0 votes Share Flag Fri Feb 19, 2010 Financing in Downtown Miami
Yanni raz, Real Estate Pro in Sherman Oaks, CA
Yanni raz answered:
what is the maximum repair value allowed on va loan?
I'm not sure about your question.

Look at this blog it will help you to learn more about mortgages.
I've got most of my answers there as well.

Good Luck.
0 votes Share Flag Mon Jul 20, 2009 Financing in 33133
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
Mortgage Broker Fees
You decide. Imagine a see-saw. Lower rates, higher total points, higher rate, total points.

There is also no requirement for them to charge a brokerage fee either!

I charge NO j ... more
0 votes Share Flag Thu Jul 9, 2009 Financing in Miami
Nayla Benitez, Real Estate Pro in Coconut Grove, FL
Nayla Benitez answered:
Any known issues with Brickel Quay, specifically 770 Claughton Island Drive, please?
Hi Tony,

I have sold a number of units in Isola and can't really say there is anything wrong with the building but there have been a number of foreclosures in there due to some buyer ... more
0 votes Share Flag Sat Jul 25, 2009 Financing in 33131
Frank Olguin, Real Estate Pro in Fort Lauderdale, FL
Frank Olguin answered:
The way it works, is the home you want to buy needs to be FHA approved by a certified FHA appraiser, not the area you want to live in. Call me if you have any other questio ... more
0 votes Share Flag Sun Jul 19, 2009 Financing in Miami
David Chambe…, Other/Just Looking in Saint Petersburg, FL
David Chamberlain answered:
what is the credit score requirements for an FHA loan?
620, some lenders do less but almost all are 620.
0 votes Share Flag Tue Jul 7, 2009 Financing in Miami
Darla Solomon…, Real Estate Pro in 34990
Darla Solomon PA answered:
Home finance.
Even though you have a good credit score, chances are that you will likely not receive loan approval until you have established stable employment for at least 1 year. FHA doesn't just l ... more
0 votes Share Flag Mon Jun 22, 2009 Financing in Miami
Joshua A. Le…, Real Estate Pro in Saint Petersburg, FL
Joshua A. Lerette answered:
B. of America is telling me that I must wait to refinance my home mortage because I carry PMI. Is it true?
Unfortunately BofA's guidelines are what they are. They are currently not underwriting loans for the DU Refi Plus if the current loan has MI. While every other lender out there is doing ... more
0 votes Share Flag Tue Jun 23, 2009 Financing in Miami
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