Financing—questions & answers, advice and opinions page 136

Where can I find data, charts, diagrams of the amount of non-owner occupied loans that were actually approved in recent years? Trending data is helpfu
I'm measuring the decline of the approval of traditional mortgages for investors financing non-owner occupied properties (whether they are rentals, vacation homes/secondary homes, short term flips,…
Refi of underwater mortgages.
My mortgage is under water and my lender has switched to being a debt collection agency. Is there anyone out there that will do a refi forunderwater loans that were originally done with another entity?
I recently received a property in Chicago via quit claim deed from an uncle last month. I'd like to refinance the property? How long must I?
wait? wait and is there a seasoning law in Illinois, which prohibits me from refinancing the property now?
I am trying to purchase a bank owned home in Laurens South Carolina.
I was pre-approved, have excellent credit and a good down payment, both a finance company and mortgage company have extracted $500 each and the results have been the same. I am approved, but the home…
Will my poor credit keep me from getting a house?
My boyfriend and I are planning on buying a home together. His credit score is around 740, while mine, as of about 6 months ago, is an embarrassing 500. I've paid down a lot of debts since then,…
Do you have a story regarding your experience with a flipped property relative to FHA's recent flipping waiver?
I'm still waiting for my primary lender's response (they say they're investor will purchase these loans, just waiting for the final details)......
Do most new home builders accept FHA financing? I have been pre-approved for an FHA loan and would really love to have a new home built. Possible?
This will be my first home. I have heard that not everyone accepts FHA loans. Do most new home builders accept FHA financing or do most require other types of loans?
My wife and I are looking to buy a home in Florida; one of us has above average credit and one does not...
Is there a law in Florida stating that both husband and wife must be on a home loan mortgage, or can one of us get a loan for a home on our own? Thanks in advance.
FHA Home Improvement Loan
Can I do an FHA Home Improvement Loan without re-financing my current loan?
Can a US's Citizen but has been living in Australia over ten years get a mortgage in US?
I am a Realtor. I have a client who is US Citizen, had owned a house and had a mortgage history ten year ago and he left the US and moved to Australia to marry and have been living over there since. He…
How do I get my ex girlfriend off our mortgage without refiancing?
She wants to leave and I want to stay, but I doubt I can qualify on my own and I want to keep the low rate we currently have.
I'm interested in purchasing a single family residence but it is in need of some renovations. I'm thinking an FHA Streamline 203(k) loan
would work well since the amount needed for renovations will not exceed $10,000. Some of the things that qualify under a 203(k) Streamline like appliances, painting and finish moulding I can do myself.…
Updated information on the question about Doctor loans and my pre-approval
Sorry if I didn't make sense here are a few answers This is my first year as a resident. I applied for a 30yr FHA loan.So here is what the loan officer said " Hi, I can only do the loan- with…
Is it possible to get a mortgage with some underemployment in the past two years?
I will be starting a new job next month. I will be making great money, stable job, and will be in a position to afford a mortgage. However, for the past 14 months, I've been underemployed. I've…
I need some advice please... I am in contract to buy a HUD home. The purchase price (gross) was the same price as the "as-is"
appraisel.............. Now my problem lies in lending. My lender says i can use an escrow repair since the listing stated an insured escrow repair. I have up to 5K to fix the property to meet MPS. The…
Hard Money Lender Wanted to Complete Construction of Single Family Home
I am looking for a hard money lender. The property is located in Venice, California. The current loan is $745,000 and is 2/3rds completed. My client (I am a Realtor) is looking for someone that can lend…
Is there anyone doing 65-70% ARV investor purchase money in Inland Empire?
Most hard money lenders don't like our area at present. But is there anyone doing ARV based rehab lending here?
Can i get a package deal on a re finance and a new home motrgage?
are looking to re finance as well. could i expect a better deal from a lender or is this completely irrelevant to my own transaction. any insight is appreciated
What do you do when an appraiser brings back valuation far below expected? My refi is dead in the water because comps 3 miles away were used to get
a value 108,000 below replacement and far below other comps the appraiser refused to consider. Do I just find another bank and try again or is it not likely to turn out any different? No one can believe…
In reference to previous questions regarding a HUD Home.....
My contracted HUD home i am in process of closing has no appliances in them due to previous owners stealing them (as it should rightfully be termed). Now, the HUD appraisel stated the only two items to…
Why does FHA's 203k program require such a huge down payment??
I looked into getting FHA's 203k program.It's a purchase/renovate loan all in one.The guy told me my closing cost would be $16,000!! That's out rageous.Does that closing amount sound right…
Does this seem odd? I went through a mortgage broker to obtain a loan. I had the loan through a company and within a day (when I signed my closing
docs) the loan was already sold to another company. Is anything fishy going on here? I know loans get bought and sold all the time, but I find it a bit odd.
FHA Sellers Concession changes. My client is getting different answers from different lenders, so thought I'd throw this one out there. My
client is about to go under contract, but we're not going to close by March 31st, but after. We're getting mixed messages about FHA, and if they will allow a Sellers Concession of more then…
ATTN: Commercial Lenders and Multifamily Lenders I'm interested in commercial loans for 5 units and up for investment properties and/or
apartment loans and I will be working with an experienced property management company so how can I prepare myself to get an approval for an apartment loan, also this will be my first time applying for…
Anyone had any experiences with American Interbanc mortgage company? Anyone dealt with them for their?
mortgage needs? They have good reviews from Consumer Watchdog organization. Please let me know - either ve or -ve. (http://www.americaninterbanc.com)?
My boyfriend just lost his job. Can a single income get a loan?
My boyfriend just lost his job. We were planning to buy a house in sept and go for preapproval within a few weeks. Well, now everything has changed. I told him to wait until August to look for a job…
What is the best way to find the best mortage. I initially went to a broker, who after sending in my paperwork quoted me a rate. However, on a whim,
I called a local bank and they quoted me a rate that was almost a point lower. Is there one good way of seeing how I can get the best mortage rate without having to call every bank in Brooklyn lol? and…
For FHA loans, why MIP(mortgage insurance premium) is charged, in addition to PMI??
For FHA loans, in addition to monthly mortgage insurance, is there something called a MIP(mortgage insurance premium) that is additional penalty/cost to the buyer for chosing FHA loan?? If a buyer is…
Home values lower than mortgage
Hi, My 5/1 arm will be due mid of this year and try to refinance and no lenders will help me refinance because of my property value less than my mortgage. I am not eligible for hardship because I am not…
Has the banking industry handled the housing crisis responsibly?
We have saddled the present administration with the responsibility of resolving this financial mess. Are banks contributing enough to the solution of the issue?
I am looking for a lender in Jacksonville who has experience with the following.....
FHA loans, Loans 2 years after bankruptcy discharge, Florida homebuyer assistance, First time homebuyer tax credit, First time homebuyer down payment assistance, Jacksonville 2010 bond program, and other…
what is good? to buy points on mortgage ? or to pay that money towards principal in the beginning?
what is good? to buy points on mortgage ? or to pay that money towards principal in the beginning? is it really advantageous to get -ve point from the lender and lock in a little higher rate?
We are trying to rent our home since selling is not the best option for us right now. I have a CDA loan, so when i called my mortgage Company they
advised me that they only allow Military families to get rental exceptions. So she suggested that I do a streamline refi - Well they dont offer that. So I have to shop around. I currently have 105% TLTV…
Commercial Loan Broker, Multi-family Lender, or Realtor who is familiar with the lending process on investment properties, down payments, general
idea on credit score, and what type of employment/job history that brokers or lenders are looking for. Thank you. Karin Hemphill
I have an unpaid auto repo that won't show on my credit after september. If it doesn't show on your credit report do you have to mention
it when you fill out a laon application or does it still show on what a loan company looks at? thanks
Can you tell seller you are putting x %downpayment and then then not do it later on?
The seller wants minimum 10% down but I am approved for 5% FHA ..my bank told me that I can put 10% down and then at closing bank can give us the other 5% cash. So, in the end, we come out with net 5%…
Commercial Loan Broker, Multi-family Lender, or Realtor who is familiar with the lending process on investment properties, down payments, general
idea on credit score, and what type of employment/job history that brokers or lenders are looking for. Thank you. Karin Hemphill
FHA in Central Florida? Davenport 33897, Clermont, Kissimmee 34747.
I moved into Florida in January. I am currently renting, will like to buy a home. I keep hearing FHA. What kind of credit score do I need, also downpayment? My scores are as follow: 637-635-656. Currently…
I'm moving to Lompoc this summer and am pretty set about buying a second home.
I currently have a house in Montana with a tenant who pays my entire mortgage. The home is worth way more than I owe on it. I'm still concerned that having the debt will hurt me when applying for…
Thinking of buying a home in the Charleston, SC area or in NJ (I know, worlds apart)...my fiance earns about about 32K and has a 700 credit
score....I have a 757 credit score and assets in the bank, also joint owner in a paid for property....The problem is i can't show income (although I do have income)...Do we have any options to obtain…
I am looking to get financing for a condo in a 3 unit building in outer sunset area of SF. It is a short sale situation with the foreclosure date
approaching quickly. However, I am having problems finding financing because the builder of the building currently owns all the units. One unit is in default (the one I am seeking). The other units…
Getting out of a loan
We are in the process of getting a bank loan for a mortgage and have decided we want out of this. Will this ruin our credit rating? We have excellent credit rating. The price of insurance, etc. is…
With Indymac Bank, how long does it usually take from the time a short sale package is sent to written approval?
I am currently under contract on a short sale. I am waiting on an approval from a third party, Indymac Bank, in order to start the loan process to purchase the house. Has anyone worked with Indymac Bank…
My sister is going to purchase our home from us. I am trying to determine if assuming our mortgage would be better than her taking out a new loan.
My sister is going to purchase our home from us. I am trying to determine if assuming our mortgage would be better than her taking out a new loan. We currently have a 5.1% adjustable arm.
How is the LTV determined for refinancing?
If I took out a $95 loan on a property that was appraised (and purchased) for $100 (let's say I did an FHA loan). LTV of 95%. Two years later, if the value of the property goes up to $200 (appraised…
I am currently looking at a single family house that is a REO (Bank Owned) property that I would like to purchase.. The house is in generally good
shape, but needs some remediation work done. The seller will not make any repairs on the house, is selling it only "as is", and will not accept a contract with FHA/VA financing. Because of…
Is it possible to use the FTHB tax credit as a downmpayment?
I am eligable for the $6500.00 since I last owned a home in Nov of 2007.
are there any grants available for a disabled person that has only one possiblilty for gov. sub. housing in my county. and the apts. are falling?
apart. i would like to have my own home and to stop paying rent. which having lived in this area for my entire life i don't wish to leave. any help would be greatly appreciated. i live in thr far…
my credit score is 530 I'm receiving $1800. a month on unemployment do I qualify for a loan
my husband receives $900. month on the boat he sold totaling $25,000
How long should a borrower be on a Second job?
Is it for a specific period of time, across board.
Is it possible to finance the closing cost in the purchase of a home ?
I have been able to raise the downpayment funds but I am concerned about the cost at closing. I saw where a realtor was offering the FTHB tax crexdit as a downpayment?
If a home is to be your primary place of residance, does it matter how far you drive to work? That is the reason for denial, via the underwriter.
short and sweet. Have Land, Agreed to have Modular sat up on Land, Land and Home to merge as one, to make a final mortgage. all areas of approval was satified. Underwriter states reason for denial was…
Is anyone lending for Inland Empire?
How hard is it to get an apartment loan (5 units) in the Inland Empire? I've heard some lenders do this on an exception basis. If a lender does lend, it would require 50-60% down. Does this sound…
Do you have to wait 2 years after a bankruptcy is discharged to qualify for an FHA loan? I was discharged 18 months ago and my middle credit score is
640. I would love to be able to take advantage of the new home buyer tax credit, but and under the impression that I have to wait until my bankruptcy discharge is 2 years old. I had to file bankruptcy…
Can someone inform about financing in Spain?
Interested in a townhouse in El Portil, Huelva and wondering if someone has had the experinece of financing a piece of real estate in Spain...
Is it possible to finance an all cash offer?
I would like to put in an all cash offer for a short sale property to be more competitive. Would it be possible to finance the purchase subsequently? Would I have to close escrow with all cash first…
I want to buy a 160K house with a 110K down payment. Can I get a loan?
I want to buy a 160K house with a 110K down payment. I don't have credit (not bad credit - I don't have because it's been more than 10 years I've been living abroad). I moved back 9…
how does FHA work with charge off accounts?
What are my chances for getting approved with a charge off repo on my credit report that I am not even trying to dispute right now? I am in the process of have a couple negative accounts deleted due to…
Looking into the future and trying to get my "credit right" to buy a home. What do I tackle first?
Here is the details: credit score high 680 low 657 (depending on the credit agency). No delinquents on my credit just high balances. I have two credit cards with 15k on each (both at 13k). I also have…
This is a question for a mortgage professional.
I'm seeking help for my buyer who was pre-approved for mortgage and was told a month before closing, oops, we made a mistake, we cannot help you. Husband and wife, making $35K and $34K annual. They…
Will overdrafts on my checking account statement prevent me from getting a loan?
I have been preapproved for financing. I haven't been late on bills. And most of the overdrafts r due to the bank taking longer to process my deposits. What should I expect from the underwriter and…
Will overdrafts on my checking account statement prevent me from getting a loan?
I have been preapproved for financing. I haven't been late on bills. And most of the overdrafts r due to the bank taking longer to process my deposits. What should I expect from the underwriter and…
I have been preapproved for financing. I haven't been late on bills. And most of the overdrafts r due to the bank taking longer to process my
deposits. What should I expect from the underwriter and how long does the underwriters process take? Before closing do you know for a fact your financed?
Is there any recourse for an FHA inspection that did not reveal problems that would have prevented the loan on the house from being insured by FHA?
Example problems: cable and spool electrical wiring, no insulation in walls, no venting for clothes dryer or bathroom exhaust fan.
I am a Professor with an income of 85k in the Oakland, CA area. But - I have 20K in credit card debt and 85 k in student loan debt that I have been
chipping away at. I have family to help me with the down payment on a home - and have been asked to get qualified. I'm worried I won't qualify with my outstanding debts. Should I keep chipping…
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