Financing—questions & answers, advice and opinions page 113

When should I wire the money to escrow?
I signed the loan docs already. I am waiting for seller to sign. Closing date is 2/25/11. Do I wire the money now or wait until seller signs? Since seller is Fannie Mae they will take a week to sign.…
obama loan mods
how much money needed to modify
help, need some insight in getting a mortgage loan.
I will be a first time home buyer. My credit is great, my income is sufficient. Basically my situation is out of the norm. I work for my husband, have so for the past few years. We relocated our office…
I have a client who needs to short sale a home, and she has a home equity line on that house. What will happen to the equity line?
I have a client who is thinking of short selling her home. She had paid down her mortgage at one time and then she took out a home equity line on the house to make a large purchase on something else. Now,…
What is better ARM or fixed with an excellent score?
I have a score range of 750 thru 800 among 3 bureaus. I plan to be in the property not more than 3-4 four years. It may even be 1-2 years, before either I re-sale it OR put it on rent as use it as investment…
Refinancing existing home in case it doesn't sell right away?
Im looking to relocate from Vicksburg, MS to Davenport, IA and the prospect of a crappy housing market has got me scared. My original 30yr fixed is at 7.25% apr, would it make sense to refinance for the…
Selling property for more than purchase price - problem getting a loan
I purchased my property in November 2010 for 280 and since then have put in a significant amount of work into the place. I was planning on putting it on the market for considerably higher than i purchase…
cash-out the 5th rental property
I was told that you cannot cash-out the 5th rental property in the future. Is that true?
I would like to purchase a home for less than $60k, but need financing. The lender I found only loans on homes $70k or higher. They said all banks are
... are the same. Is this true? Does this mean all homes purchased under $70k have to be purchased cash? This lender pre approved me for a little over $100k, but we know we can not afford that. Situation…
What lender is best used to finance a purchase of acreage with a manufactured hom eon a permanent foundation???
We are currently looking at property in an incorporated part of Contra Costa County in Northern Ca that has a 1999 manufactured homeon it. The home is on a permanent foundation per county permits. Is there…
I FILE BANKRUPTCY IN 1999 AND IN 01/2000 IT WAS DISCHARGE. I WANT TO KNOW WHAT IS MY CHANCE AT A HOME LOAN.
MY CHAPTER 7 WAS DISCHARGED IN JAN/2000. RIGHT NOW I AM SAVING FOR A DOWNPAYMENT BUT I JUST DONT WANT TO WAIST MY TIME OR ANYONE ELSES . I AM ALSO IN THE PROCESS OF REPAIRING MY CREDIT BUT THAT IS A LONG…
Looking for help with a Refi
Hi All, I am a current looking to refi and do a cash out to pay off my credit card debt. I currently have a first and second that total about $445K. Last time the house appraised, it was worth $535K.…
I never removed my 17 day loan contingency in writing on a standard california contract, can i get my deposit back if I do not qualify for financing?
I signed my loan documents, never lifted my contingency and on the 24th day found out I was laid off. My lender declined my application when I told him I lost my job. I was never given a notice to perform…
Cosigner getting divorced, does it affect the primary party?
My income is $33,000.00 yr, FICO is 764 & I have no debt. The house I'm interested in is $187,900.00. I don't think I will qualify for a loan 'cause my income is low & I've…
I'm upside down on home but want to buy another. I could afford it but I guess I'm "risky". What to do?
Well I bought at the height of the market and like a lot of people, I'm upside down on my current place but I want to take advantage of the market and upgrade. I know that I still have to cover the first…
After filing bankruptcy and experiencing a foreclosure - how can we buy a home?
Steady work history. Same address for 15 years and renting for 5 years. Income decent - can afford to buy. Little debt. Age 61 and 64. Some income from social security. Credit score - poor
getting a mortgage with a high downpayment (75%) with bad credit
Is it impossible to get a mortgage loan with about 75% down and bad credit under 600? I found a wonderful foreclosed home and if they don't except my cash offer and want a higher amount I would have…
closing cost
closing cost on residential property Pinellas county, FL, cash, $195,000 purchase price,
Does anyone know of a good,dependable mortage broker or lender that deals with FHA insured loans, with a credit score of 580? I have buyers with
good income, working on their credit, but just not quite there yet. I've advised them to continue working on credit scores, but they are seeing so many great homes available that it is hard for them…
what % ..CDD fees are tax deductible?
We are planning to buy a house that has $ 4,000 annual cdd. How much deductation can we get?
Looking for mortgage brokers with experience on high DTI (only debt will be mortgage) and 740 FICO
My gross income is $2700 and I have a FICO of 740. I'm looking to purchase a house that will probably give me a high DTI of 40% to 50%. However, the only debt I will have is the mortgage loan (est…
On a HUD home Insured with escrow who chooses the contractors to do the work? Lender or buyer? When do we need to have the estimates?
What happens if there was money left unused if the HUD appraiser's estimate was higher then needed? Could the buyer chose to pay for the repairs herself and put the money in escrow? If so, when…
Unable to refinance even with good standing.
I own a condo in a pinn bros property. The property has only 20% occupancy. Pinn Bros has filed for bankrupcy. Banks including my current lender turn down my refinance form due to this. I am stuck with…
My boyfriend and I are considering buying our first house. Can someone assess our situation and let me know our odds of qualifiy for a mortgage?
My boyfriend and I (not married) are looking at buying our first house. We have not attempted to get preapproved for a loan. I'm hoping someone can assess our situation. *Combined Gross Income:…
I am currently at a stand still on investing, I want to know the best way to get money to buy more properties
so I can rent them or flip them. I have 4 morg. on my credit now, so how can I go full time and keep buying? any advice or past experience would help.
I'm a first time home buyer and have a 636 middle credit score can I qualify for a mortgage?
My DTI is 20%, I have had zero late payments on anything in 2.5 years and I have worked for the same company for 2.5 years - I have W-2s to back this up. I'm frustrated because I'm so close to…
Applied for a Mortgage, how long to get an approval???
I applied for a mortgage from Regions bank on 1/4 and still have not got an approval or denial.
Trying to decide on HELOC payoff period option
I can call the lender but figured I'd ask here first for a diverse set of views. My credit union HELOC paperwork has the option that I can select for the payoff period: I can check the box for "Amortize…
Are they going to pull our credit again before we close on an fha loan? My score just dropped at the 11th hour!
We have a mortgage commitment, and have met all conditions. We have done the final walk through because sellers are going on vacation. We are doinga mail away closing next week scheduled for Wed and…
nvr mortage/ how good are they compared to other mortgage. companies
I was thinking of using them and need a industry opinion of them
FHA Refinance Question
I am currently at 6.125 on a conventional 30 year fixed. We did lender paid mortgage insurance so we have a straight 95% loan. We closed on our condo in May, 2008 and couldn't get a second to do an 80/15/5.…
Does Fannie Mae LQI repull the credit score or just refresh to ensure no new debt is obtained?
My score dropped and I'm supposed to close in two days... I'm freaking out.
my credit is above 850 i have 7000 to put down on a 20,000 dollar home in daytona, can i get bank financing with no job ,
right now i have no job but am getting disability, and have a renter lined up,
how long do i need to be working for to get a home loan?
just wondering because i worked for 3 years straight then times got bad i got layed off in january of 2010 but i got a job in december of 2010 and my lease is up and instead of renting i would like to…
What are the issues to get a new mortgage with and unsold home in another state?
would the 28% ratio apply to the old mortgage and new mortgage combined? What sort of cash reserves are required? If you have high enough income are these mortgages straight forward?
Is there a lender who needs business ??
I am looking for one or two loan officers to send my clients to pre qualify. All I ask is that you do not refer them out to another agent and get back to them in a reasonable time frame.
New diminishing asset lender??
Does anyone know what lenders will do a diminishing asset home ie a loan where the qualifying is based on borrower having sufficient net worth to insure the loan payments, rather than monthly income sufficient…
Our current home is on the market and have found a home we love and would like to make an offer on. we have found a buyer who needs owner financing
and was wondering if 1.) it is a good idea? and 2.) can we get the new loan? Is it ever a good idea to rent or owner finance?? The home we want to buy is significantly less pricey than our current…
I was wondering, if i could take out out a second moragage for this apartment complex, that's located on 571 Longview st. Akron, Oh. 44311,
I am trying to rehabe the apartment, fix it back up, are there any equidty loans or grants, I don't want to loose the apartment, my brother once owed the apt. he just pasted away, that's why…
Anyone knows what banks are making ITIN home lons in the Sn FCO bay area?
bay area is San francisco, Richmond, CA San Pablo, CA, Oakland CA etc
New York Times Tool for Rent vs Own
I am putting together a spreadsheet that has a very similar goal to the following new york times tool: http://www.nytimes.com/interactive/business/buy-rent-calculator.html I'm doing this because…
Paying cash for my first home
I prefer to pay cash for my home and avoid financing all together. I've been saving for a while and I'm near my target amount. Over the past few days I have found a number of home on trulia…
We are looking for a 2nd home in Punta Gorda. ($25k-50k) credit scores are 720 range.
is 20% dwn reqd or might we qualify for a home path mtg with 3%. hubby is retired I still work. (in MD) any other financing considerations (other than debt ratio, of course)
Help with FHA mortgage and refinancing.
I purchased a home in Allentown in 2007 with an FHA loan and its been my primary residence ever since. I have excellent credit and have always paid my mortgage (and all other bills) on time. I am not…
Need a good lender in Charlotte, NC area willing to work with less than perfect credit
My middle score is 539. Spouse has no scores. We were told to come back when our scores are above 640. But what are we supposed to do to raise our scores? I see that it is possible to get a loan with…
How do you calculate interest earned on security deposit?
When I move out of my apartment, do I gain interest on the security deposit I gave initially, or do I just get the same amount back? I will have lived in the apartment for 2 years. If I get interest, what…
I have a question about how to refinance our mortgage on our SF property with foreign sourced income.
We have a substantial income, but because it is mostly foreign earned, it is not subject to US taxes (foreign tax credits and exclusions) and one party advised us we could not get a refinancing because…
Can i get a FHA loan in Tamarac/Margate area by only having 13 months at job, part time, & full time student. 700 credit & about 33% debt to
income ratio and if so where, name number and all requirements(percentage, points etc... no bs pls)
I need a second opinion on a GFE that I received. Is the broker getting paid from the bank? Are the fees listed to be believed as being reasonable?
The Lowdown: Loan Amount: $480,000 Loan Term: 30 years Initial Interest Rate: 5% Monthly Amount: $2576.74 Origination Charge: $6790 Credit received: $4800 for interest rate of 5% / -$4800 Adjusted…
I am self-employed for about 18 months. Net income is about $115k per year. Also a disabled vet. Credit scores are 640 and 660 mid.
Is there any loans out there for this situation. I had a mortgage banker say I needed to wait until two years. I'm not looking for any sham deals. I'd rather wait.
Sticky mortgage issue, we need to move, due to job issue. However, I am not sure if we can qualify for FHA
Here is situation. I have a home under my name, and my wife have a house under her name. We wanted to sell home under my name, but then we would be forced to take loss. Fortunately, I have verbal agreement…
loan modification account # 157305898
when are you going to procss, and put into action , 14 mo ,I have been working on this you have all the paper work in your office . more then one copy .
Closing Costs in Houston of $18,000 - $24,000 on a home purchase of $230,000?
Working on a home purchase (having back-end ratio issues which is another post) received a response from two potential lenders today indicating my closing costs would be between $18,000 - $24,000 including…
How can I get 100% financing for home in orlando fl ?
Ive been renting for 5 years and my husband and I would like to get out of renting but would like 100% financing for a new home
My husband and I are looking into a mobile home. He has a credit score of 655 and mine is 613. Will we qualify for FHA if he applies for it?
We were also looking into getting a personal loan for the down payment of $4500. We might ask for more than that, maybe about $7000. Would we also qualify for that?
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