Financing—questions & answers, advice and opinions page 113

I refinanced my original loan, pulled out $15K, it is now in foreclosure with HOA, what will happen to the mortgage? Am I still responsible?
The HOA is foreclosing on the property, what will happen with the mortgage on the property? I purchased the property for $100K, took a mtg for $85K, 6 months later I refinanced for $100K, I do not have…
I am a non-resident living in the US (E2 visa). What will be my minimum down payment & interest rate when buying a home.?
4 years living in the USA; Excellent credit score; Income low (build my company and re-invest most of the money plus not so good results since crisis period although not losing money);
Loan for Foreigners
I am trying to source for financing to purchase investment properties in Las Vegas along the Strip. However the response i have so far is that it is almost impossible. I only need a loan of 70%-80% LTV,…
Any HUNGRY Mortgage Brokers around?
Investor seeking a good Mortgage Broker to work with. I'm looking for a FHA Specialist that already knows how to get 520 credit score approvals using a 15 year amortization schedule on the 203b…
I am walking away from my home in Detroit. I'm currently in an active Chapter 13 bankruptcy. Is there a hard money lender for me?
$8500/ over 12months with interest of course; Take home income after trustee payment $3200/month; value of home to be purchased 38,000 reo; I have downpayment
Post-bankruptcy mortgages in the Spokane area...
I'm coming up on the two-year anniversary of my bankruptcy adjudication. My previous home had one late payment, otherwise that was a non-issue. Since bankruptcy, I got and paid off a $2000 used car…
Question on Contingencies and Financing
I am a new home buyer - condo (foreclosed). REO seller, lender is also same bank.Loan contingency is 15 days all contract says is either parties can part ways buyer needs to provide denial letter and other…
What is the best way to purchase a 2nd home which will be primary residence once primary is sold.?
Our primary residence is currently on the market. We've recently found our dream home. We wanted to use the 120K from our current homeas a down for our the new home. We do have 20% down now to…
What is the best way to purchase a 2nd home which will be primary residence once primary is sold.?
Our primary residence is currently on the market. We've recently found our dream home. We wanted to use the 120K from our current homeas a down for our the new home however without the sale the…
How money is distributed for refinancing a home in ca if the lender is in Florida?
I am refinancing my primary residence in CA to take $370,000 out. I am using Integrity Home Loan of Central Florida Inc. How would I get the money? Is it better to use local title company?
I'm an American abroad (6 yrs). Have kept up US credit history, but only earned money overseas. What's my best bet for a mortgage?
(I'm moving back Credit score is over 700, no W-2s, was under Foreign Earned Income waiver threshold. Have solid salary starting in fall and plenty of savings. The last 2 years abroad I was on a research…
Hi, My husband and I bought a brownstone in cash in Brooklyn, NY and looking for a lender who can gives us min. of 200k to help supplement renovation.
The house has over 800k equity in it, no loans, mortgages, we have money to start the renovation and want a bit more to an extension, etc. Are there any lenders in the tri-state area who lends to foreign…
Do you think interest rates will go lower than 3%?
I have seen rates as low as 4.2 (15year) ...which is amazing...but how low will they go?
Can we purchase a SoCal 1 mill home with less than 20% down?
We have 775-790 FICO and earn more than enough to meet ratio for a home in the early millions (with secure jobs in education) but our current equity is closer to 150,000. Do not have big savings as our…
What a good rate for on cash out refinance loan?
Hi Guys and ladies: Thanks everybody; you have been very helpful. OK. What’s a good interest rate for FHA Cash out refinance loan? I have search the net for some place that’s reliable…
we would like to refinance our home in maricopa, az to lower our payment. l Puha
We might like to purchase another home while prices are down.
Any advice for self employed qualifying for a loan?My AGI makes it seem as if I don't make very much money, which in turn will not qualify me
for much I would be applying with my wife who is a teacher. I have great credit and she has good credit. The price range we would like to buy in is 250k- 350k.
Do you know of anyone who owns a promissory note? Could you ask them if they're interested in selling?
I would like to purchase a real estate secured promissory note, Do you know of anyone that has one? I'm happy to pay a referral fee of $500 (depending on the size of the deal) if I end up buying…
Will I find a lender to finace a 2nd homes without 20% down? I broke my hip a year ago and living in my current 2 story is difficult.
Since my accident, I have recovered quite well with the exception of nagging aching pain in my legs and hips. I have small children and their bedrooms are upstairs, which makes it difficult for me. No…
What are the key factors in getting approved for a loan?
can income, or the afford-ability of a home offset low credit
Home in Las Vegas was bought by 2 people, but only one name was ever on the mortgage. Person on mortgage quitclaimed off the deed. So now home is
owned by one person, while the other is still the only person on the mortgage. Are both responsible to lender or only the one who is on the mortgage?
mortgage rate trends last 5 yrs
mortgage rate trends and changes in qualifications for approval last 5 yrs
How do you calculate discount point?
I was getting a loan amount $235,000 and was agreed to pay 1.5point on it which is $3525 but now that loan amount has decreased to $215,450, then isn't the origination fee goes down, too? $215,450…
Can someone explain to me the difference between the rate and apr?
Can someone explain to me the difference between the rate and apr? Also here on Trulia and other web site that compare mortgage rates from lenders, some times the rate is bigger than the apr and other…
Title insurance: can it be different from lender to lender?
I live in PA. I'm getting mortgage quotes from many lenders. One lender, a well-known bank, gives a (basic, no reissue or refinance) title insurance 500$ cheaper than the other lenders, although house…
What are the chances of getting a home loan if I had a discharged bankruptcy last year? Meadville PA area
I did not file bankruptcy on a home, and I have been prompt with my rent payment in my current residence.
Have you taken a look at mortgage rates?
Check it out! Rates are back down, which means opportunity in big, big letters. http://www.mortgagenewsdaily.com/mortgage_rates/
In Dallas, Texas is it possible for someone who is collecting social security only, under $800 a month to purchase a $50,000 condo and if so, how
? Are they able to get any kind of grants or low income financing? I need this advice for my client. THANKS TO ALL.
When will interest rates go up?
Need help with a report please. When do you think mortgage rates will rise? How high do you expect them to jump?
How to determine PMI ?
I have recieved a quote from lender i.e. 4.75% with 0 points, but monthly PMI of $150.00 OR 5.25% including PMI. Both the quotes are for conventional loan, with 5% down, 30 years fixed, I am confused,…
NO PMI on Freddie Mac Properties ?
I am planning to buy a house with 5% down conventional loan OR 3.5% Down FHA loan, This is a foreclosed Frdiee Mac property, I heard from someone, that there is no PMI on these properties, can someone…
If I was not on the refinance loan application as co borrower can I sign the mortgage and note as co borrower at closing
Loan officer said my credit wasn't good to qualify for 5/1 interest only and suggested my husband apply for refinance himself, which he did. The closing was done at our home, and the closer said that…
FannieMae HomePath Renovation - Why are so many people advertising they have this product and they are not on the FM approved list??
http://www.homepath.com/financing/renovationlenders.html As you can see, VERY few lenders actually are authorized by FannieMae to do these loans. Why is it that ALL kinds of lenders are advertising…
cancelling a short sale.
i put 3,000 deposit at opening escrow on december 28 on a short sale. I can't get aproval on my mortgage yet. If i can't get the mortgage and can't close escrow do i am going to get my deposit…
my husband and I are thinking about moving to Maricopa, but someone told us that if he switches jobs that we wouldn't be able to get a home loan
because you have to hold the same job for 5 or more years. Is this true, and if so how do we move and buy a house? Help!
are there any owner financed properties or lease to own in conroe?
I have poor credit, but a great job with a good income. I travel all over the us and need a home base. i would llike an owner finance or lease to own property. It is only me and I am home maybe 2 weeks…
Can anyone help us get a mortgage for a long owned family property we are buying? Non-US citizen, Non-resident, income earned overseas.
We have well over 50% in cash - on deposit in BECU. We have good established US credit which includes a prior mortgage for a Kirkland home we sold in 1999. My husband, 'the breadwinner' is…
Mortgage Options
It is ridiculously hard to get a mortgage these days. It would be nice if anyone could provide any help in regards to obtaining a mortgage for an investment/foreclosure/short sale property although I’m…
California Non Purchasing Spouse Questions
California requires us to reveal my husband's monthly payment obligations (for an FHA loan) even though he will be a non purchasing spouse. (1) How are his monthly payment obligations calculated?…
Should we shop for a mortgage? In the (very distant) past we have just gone with whoever the realtor recommended. This time we are being more aware.
If any of this makes any difference, we are looking in Allen or McKinney. We have a good credit score (790), we more than qualify financially for the $250k-$275k house we want to buy; we will put about…
Hi, We're looking to buy a bigger home and are considering new construction and resale. One of the options we're weighing is buying a
home to remodel. For example, buy a smaller home and add/remodel the necessary rooms to fit our needs. What type of financing is available for this? Say if the house is purchased for 250k and we wanted…
Why are lenders making it so hard to close on loans?
Several of us realtors and brokers have buyers who, whether they have high credit scores, or just passable scores, are all finding that the lenders are continually finding reasons to delay the loan closings,…
What is the penalty for renting your home prior to the one year occupancy rule?
What is the penalty for renting your home prior to the one year occupancy rule? We refinanced with the intent to live in the property eight months ago, but now we need to move and would like to rent the…
I want to refinance from FHA(taken in 2011) to Conventional(pay down LTV to 78%) to avoid PMI. Will i get any refund from upfront MPI.?
I think refinancing charges are worth when compared to monthly PMI. Any thoughts. Thanks.
How much does it cost to get an updated pre-approval letter? Thanks
If pre-approval letters are usually valid for 90 days, this seems like a short timeframe for house hunting. That's why I'd like to find out if updates to pre-approval letters cost an extra fee.
I am purchashing a home with a 203k loan for about $200k. Bank orignation costs total $7000!! Are these fees excessive?!?
The origination fees consists of: 1% of loan $360 admin $1250 processing $350 underwriting $350 application $175 attorney These seems pretty exurbanite!!
FHA loan lender in Las Vegas , NV
Recently went to see broker/lender to see where I am at to get qualify for FHA loan. Broker told me that my credit score is at 662,600 and 594 lowest . I am very confused after reading that everyone kept…
How has your experience been with BOA lately? I have a deal over there now. The internal communication between LO and Underwriting seems to horrible!
I know that we are in a new world here, but it seems as though the internal communication in these big banks is getting worse not better.
Is it normal practice for lender to ask a customer to withdrawl funds from a 401k account to use as liquid assets?
I am currently trying to refinance and renovate my home and after 4 months of working with my current financial instittution and setting up a closing date, they are now telling me that I need to come up…
Looking to purchase a condo in WW Crest, wondering since my husband and I own 7 rental properties, how underwriting determines net income from rentals
We've always calculated our rental income off our shcedule E (total rent - expenses and add back in depreciation) but I've also heard lenders will take a flat 25% of rental income as the net…
Is it possible anymore to get a no-financial-background check mortgage with a high downpayment (my 3rd home, I am retiring, low cost condo)?
I am relatively well set financially, in the process of retiring, and I want to buy what for me would be an inexpensive condo (less than $120K). I could put 50% down, if I can get a no-questions-asked…
Were will I be able to locate a list of lenders that have provided mortgages at the John Hancock building?
I am purchasing a condo (my first home purchase) at the John Hancock building in Chicago and was informed that due to larger than 20% commercial space, certain lenders will not provide mortgages if the…
Is it possible to get a VA loan with a collection account?
Disabled Vet, scores 576, 608, 645. Single, income $36k yr. Exempt from all property taxes. Collection is 9k but two years old and I'm working to get the account settled or re-aged.
Got a refer for home loan. So LO says it will have to be manually underwritten.
LO told us that we would have to have either a utility bill or rent letter for the past 12 months. We can't provide that since we have lived with family for 9 months now since the rental property…
Rental property loan requirements
I'm looking to buy a rental property for ~$150,000 with $40,000 cash down. I have a home right now that I bought a year ago FHA backed I put 3.5% down on. Before going to physically talk to a lender…
I have 6 investment properties in Michigan. 5 are 2 family duplexes. Of my 7 properties including my residence I have 6 mortgages.
I'd like to get cash out of 1 (unmortgaged) property. I have excellent credit and cash flow.
I am looking for an MLO to write a 1 hour CE course for GA. Would anyone be interested or know anyone interested?
I am looking for someone to write a 1 hour CE course for GA. It would have to be on any topic specific to Georgia law. Would anyone be interested or know anyone interested in doing this?
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