Financing—questions & answers, advice and opinions page 125

Non-FHA loan needed. I need a loan whereby I can buy a house from an investor friend of mine. He gets these houses for much less than they are
worth and then will sell me one for 90% of appraisel. The problem is he sells them very quickly after he buys them. Mostly to cash buyers. He will sell me one, but FHA has a 90 day seasoning of title.…
Need help finding a lender for short refi to pay off current mortg. servicer.
My home mort is 866k and the value is ~700K. I have spoken with my lender, who only a mortgage servicer. They do not refinance. They have taken my application for a short refinance but are requiring…
I was curious how FHA loans worked.
I have heard that there are limits as far as the maximum amount that can be financed. I have also heard that you may finance part of the fix-up money needed to update the house. Are there limits with that…
Fellow Mortgage Loan Officers, how many of your buyers need low rates and home prices to qualify?
I was talking to some colleagues about how vital it is that home prices and rates stay low for our clients to qualify. After some thinking, I'm coming to the conclusion that most buyers these…
My wife and I own an investment property in Mountain View, CA. The property has 2 mortgages. We would like to refinance to one mortgage but out LTV
is 85%. We have both great credit, great salaries and never forclosed or filed bankruptcy. Is there any lender now that will refi our loans?
lenders please help shed some light here. 60% down and still can't get my loan.
i recently bought the family business (april 2010) and am trying to buy a condo. i started the process prior to buying the business and the loan package shows that i am employed by the business. i was…
Can you Qualify for another FHA mortgage as long as you re-mortgage or pay off the first FHA? (see Details) Thanks again for the first answer!
My daughters Real Estate Agent and their Mortagage Broker have added to our confusion over the SONYMA loan vs. FHA. Since my daughter has been denieda SONYMA loan but qualifies for an FHA, he said that…
will a mortgage co do a VOE after a refinance closes.?
My wife would like to retire with her social security shortly after we close on a VA refinance. We will be able to make the mortgage payment on my retirement and her S.S. Loan was approved with her VOE…
construction costs per square foot of a building in Brooklyn NY
I am interested in finding out the the rough average per sq.ft. cost of a 6 story development on a 50' x 100' lot in Brooklyn. I am also curious how building "green" would add to the…
Are there still any lenders that offer a 2nd mortgage (HEL) or cashout refinance for 90, 95, or 100 LTV ratios?
I just bought a home with 10% down and I am looking to get cash out. Also, I found out the home could be worth (another 5%) so I could be looking at 15% equity. I have a steady income, excellent credit…
What and why is there a difference in financing a home before owning it and after owning it.?
If I put 20% down on a house I can finance the rest of the cost at a reasonable rate. If I pay cash for a house, then decide that I would like to finance 80% of the value of the house, I understand that…
lockin rate fee
does anbody know if a lockin rate fee refundable at closing?
I have a duplex that is not my primary residence. Trying to refinance the ARM and being advised to do a short sale. I have perfect credit and always
pay my bills on time. I don't want to do a short sale. I want to refinance and pay off my debt. Any advice?
How to finance short sale with missing air conditioner?
We are looking at a house that is missing its air conditioner. We wanted to finance with a VA loan, which will not pass inspection approval without an AC. The bank says "AS IS" and they are…
Self employed and FHA loan
I have been self employed since 2008 short by 1 month (for 2 year period). My income fluctuated due to economic meltdown. Can I go for a FHA loan?
What are some benefits of working with a lender than has in-house underwriters?
Does the likely hood of getting an approval increase? Can your loan officer get you favor in getting approved?
FolIow up to 1st questn..I am looking to finance a home in Maryland. Im not a 1st time home buyer. My credit is poor but I will have 50% down-pymt
for a $265k home (the home needs to be at least $265k to recoup insurance $). I'm trying to pay down/off some negative items on my credit, but it will be a while before there is a significant score…
I just pulled my credit scores from Experian, EquiFax and TransUnion. Experian has it 645, EquiFax has 588 and TransUnion says it's 592.
Which ones do lenders use? I'm guess the 590 range is more accurate? I am looking in the city of Philadelphia or possibly Collingswood, NJ.
I am looking to finance a home. I am not a 1st time home buyer. My credit is poor but I will have 50% down-payment for a $265k home. I am trying to
pay down/off some negative items on my credit, but it will be a while before there is a significant score change. Does anyone have any mortgage financing suggestions for me? 2nd separate question -…
with a lower credit score are there any lenders willing to take a chance for home a home loan
I have been on my job for a couple of years my income is very good 58000 but my credit score is slow to recover. are ther any lenders that would be willing to take a hance on me. i have never bought a…
My house was appraised $50,000 less than the remaining balance. I am unable to refinance to a fixed because of the negative equity. My ARM is up in
December. I am worry that by December the rate might be to high for me to afford the house. Any suggestions would be appreciated. Thanks in advance.
My house was appraised $50,000 less than the remaining balance. I am unable to refinance to a fixed because of the negative equity. My ARM is up in
December. I am worry that by December the rate might be to high for me to afford the house. Any suggestions would be appreciated. Thanks in advance.
What can be done to correct a warranty deed that we did not show the amount due on the house we sold. We thought the contract could be filed with
the court house but found out we couldn't. We were never able to get the purchaser to come to the attorneys office to sign the mortgage papers. The burned and was a total loss. The insurance named…
my credit is good 720, but have 2 collection agencies on it. from 2 disputes I didnt resolve. one is $968, other is $180. Otherwise, I paydown on my
current mortgage, earn $70 a year and no other debts. have 41 in savings. Question: do I have to pay the collection agencies in order to get a pre-approval letter for mortgage on the house i will buy…
Can someone point me in the direction of a lender that does the streamline 203k loan located in or around the columbus, OH area. Thank you
We are looking to buy a property (FSBO) that we are interested in purchasing with the streamline k loan
I haven't signed my disclosure docs and FHA forms, for my preapproval. Docs say I'll be @ 5.6% - loan rep says it's just to get
started. is that true? If true, sounds like he's just setting it up (and could be standard practise?) to give him negotiation room for their cut of the deal?
Any HELOC programs for investment property?
I am looking for 75% LTV HELOC for a 3 unit building that I own but do not live in in Chicago.
SINGLE MOTHER LOOKING FOR SOME CREATIVE FINANCING.
Recently divorced-trying to purchase a home for myself and children. Marriage left me with bad credit and no place to call home. Is there a source for a hard worker with bad credit willing to do what it…
How would a lender know that I am a temp or term employee when my W2's, paystubs, & theworknumber.com verification website does not indicate
I am? I wanted to elaborate on my previous question. There is nothing I know of that will show that I am a term or temp employee so I am trying to see what is the lender process of verifying income and…
My wife and I just inherited enough money to put 20% down on first house. We have bad credit now (540).
We are paying everything off this week besides car payment (to keep building credit). I relize that it will take a year for credt to bounce up to a place were I can get a loan at a good rate. My hope is…
Is it easier to buy a foreclosed home with not-so-perfect credit, and how long does it typically take to get pre-approved?
Are there any programs out there to help people with not-so-perfect credit get financing?
I believe that I need a short refinance lender. Our lender has agreed to lower our principle amount by $163,000, already have the pay-off request
confirmation. Have excellent credit, 840 , no missed/late payments, income, and are planning to have 80/20 debt/equity ratio as we'll put some cash in. Problem is that I've gone through 2 direct…
Is it possible to purchase a home without 20% down?
We have just moved to this area and would like to buy a home. However our house that we lived in has not sold. We do have it rented. The amount i get for rent covers my mortgage.
Verification of Funds
I recieved a money gift from a family member at about the time that I applied for a mortgage. I presented their bank account data and the gift letter to the underwriter and I'm now I'm being…
Help! My deal is falling through because of appraisal
I am trying to buy my first house with an FHA loan - the appraisal came in 15K lower than our contract price. Seller says at that price he has no money to contribute to closing and I can't come up…
Purchasing another primary residence while still owning a primary residence
I have been pre-approved to buy another house; however, my current primary residence is still being renovated and is not yet on the market for sale. (I was hoping to have my current primary residence…
Now I'm suspicious - last thursday they said my preapproval would be ready friday. Today (monday), no response to email/voice. I call main line
and .. no one is answering. I submitted all my paperwork 4 weeks ago. Last thursday I called into their main line because my contact there, has not been responding to my email or voice messages. There…
What to do when the appraisal price is much lower than the purchase price?
My husband and I signed the contract to purchase a condo at $375,000. Listing price was $365,000, but we settled with the seller at $355,000 with seller's concession of $20k, which then brings…
FHA Loan refinance appraiser requests improvements before loan is approved
I had asked this question a month ago: http://www.trulia.com/voices/Financing/Appraiser_requested_improvements_for_refinancing-211499 However, my parents went with one lender who asked them to make…
True meaning of GFE "Required services that you can shop for"?
I was just on the phone with my credit union lender for an hour. Their GFE contains "Pest Inspection" in Block 6 "Required services that you can shop for" which sounds to me like for…
Will mortgage shopping while in an application process hurt your credit score?
We were going with one mortgage company only to find high fees in the GFE. Another company had low rates and much lower fees. I cancelled the application with the first company and he said he will deny…
Currently, how long does it take to process a preapproval? I submitted mine about 4 weeks ago ...
is it possible that they are simply busy? Via voice mail and email, I've asked the Account Executive about the status but I haven't been responded to. Last week I decided to call the main line…
I was in talks with an agent in NJ and was looking to make an offer to lease option (rent to own) a condo when
she called me back and said the head realtor at her work told her that you cannot do a sandwich lease option (assigning your option to someone at a higher price and pocketing the difference) and/or an…
AVM an appraisal?
Is an AVM considered an appraisal under Reg B? Do we need to provide the customer with a copy of the AVM as we would a full appraisal on a homeequity or HELOC?
Can I switch banks during the buying process? I've already gotten a commitment letter and a bank appraisal. I'm not happy with the loan
terms. I'm a first time homebuyer in the process of buying a co-op. At this point we've gotten a commitment letter from the bank (via a mortgage broker) and we've submitted our board package.…
I would like to take advantage of a single family home in Naples but I work in Chicago. Is there any way to purchase a home in Naples without 20%?
down. I 'm approved for an FHA loan in Illlinois but I would rather own in Florida. This would be my only owned property. Please Advise
Looking for Residential Rehab loan bank other than the big banks - I have heard that debt to loan ratio expectations for big banks are much stringent
I recently heard that 'debt to loan ratio expectations for big banks are much stringent although the policy should be same across, these banks approves or declines on their digression' I am…
About loan lock
We locked in a rate with a BANK A that is 5.5%. The loan lock will expire end of July. It looks like we need 60 days from today to close on our house purchase. The interest rate for 30 year fixed…
Is anyone doing 70% ARV loans in california?
I am looking to purchase some properties in which the purchase price and repairs all fall below the 70% value of the property.
VA Loan expert in San Jose.
Can anyone recommend a great VA Loan expert in San Jose? Am looking for somebody with extensive VA experience, who can work quickly to get me preapproved.
If I am looking for a loan amount of $800K, can I structure my loan so that I have essentially 2 loans,
one for $729K (to take advantage of the jumbo conforming rates) and the 2nd for $70K as an equity line of credit. Assuming 20% down payment and excellent credit score.
where can i find an assumable loan in california?
I am looking for an assumable fixed rate loan in California.
two loans
We submitted loan to a lender for purchasing our primary home. Now we want to buy an investment house. If we submit our loan to other lenders, do we need to tell both lenders that we are buying two houses…
loan modification
my principal balance is 404,000.00 my monthly payment is $2,618.42 and im going to begain to have trouble making the payment soon.is there a loan modification program that i can apply for?
No doc loan or investment property loan?
This is related to the SF Bay Area. I am looking at duplexes, cannot document my income with paystubs but have excellent credit and abundant assets to make such a purchase. What's the best way to find…
which banks will fund a short refinance?
Looking for lender that will fund the loans.
I'm looking for loan on a condo. It will be non-owner occupied. The condo project has 10 total units and 90% of them are non-owner occupied.
Also, the loan amount will be under 100k. I know Fannie, Freddie and FHA wont touch this loan, so it would have to be a porfolio lender. Any suggestions?
Buying below market value then refinancing - hows this done in vegas?
OK - I've seen a property I want to buy thats worth twice the asking price, needs a quick sale. whats the process in the USA please for getting a property with a bridge loan, refinancing as a mortgage…
I have a second home (condo) in las vegas and the value has fallen $50K below the amount on the note. The HOA
is being sued by the former director and they are charging the owners a special assessment. Normal monthly dies have skyrocketed. I can afford the payments but really don't want to. It is a non-recourse…
Will I qualify for an fha loan if i have a 608 credit score but 4 profit or writeoffs from years ago and they?
keep being purchased by other companies and shows as new accounts on my credit report.
Wanting to buy our first house in Las Vegas, trying to relocate from Seattle.
I am currently living in Seattle, Wa where I can't seem to find a good home for under $300,000. My future wife (Aug. 1st 09, she will be the current wife) would love to move down to Las Vegas. We have…
Looking for Business Loan for investing in Real Estate
Hi, I am about to start up a company in Las Vegas (Inc.) which would be buying cheap real estate properties and renting them to make a profit. I have a quite profitable business plan with calculations…
I'm a single mom who never bought a house before I've been working in the same job for four years. my credit
around 600 making about 35k/year. I have 10000 in saving. i don't owe anything but car payment. Can I qualify to buy a home/condo? please help me.
Canadian with $1,000,000 cash requires up to $1,000,000 in mortgage financing
I'm looking for a mortgage lender to provide financing of up to $1,000,000. My client is a Canadian who works off-shore, does not file Canadian income tax but has 5 million dollars in true Canadian assets…
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