Financing—questions & answers, advice and opinions page 16

Any lender or broker recommendations for Renovation or Construction Loans that are over $417k in Chicago?
We are looking for a reno/construction loan to complete a project, but what we have in mind puts us over the $417,000 loan limit allowed by a product like the HomeStyle Renovation loan and 203k. We…
How to renegotiate this deal?
I purchased a loft in December 2012. I put down a deposit equal to 20% of the purchase price. The seller is holding the note. The note is supposed to start this December at a rate of 6% per year. It is…
How do I calculate the interest earned on my security deposit, with a different interest rate each year, and?
prorating for the first and last year, since I moved in in April the first year, but moved out at the end of July the last year? Principal amount was $2500, 1st year interest rate was 1.74%, 2nd year…
Do physician loans still exist wtih little down/No PMI.?
I am just finishing my medical training and will be purchasing my first home this fall. I will have little to put down (~15,000), but a salary of >250,000. I had planned renting a small apartment and…
Commission fees
If I could sell my home for what I owe, but cannot afford to pay out the commission fees, is that still considered a short sale?
Anybody know hard money lender for owner occupied property?
Looking for 2-3 years private/ hard money financing. 20- 30 % down payment.
When buying a mobile home can I look at it then go get the loan from lender first time buyer any advice would really be appreciated?
Me and boyfriend wanna buy a mobile home in slymar found a Realtor they recommended a lender and I was at the site and looks like we have to have a house already in mind so my question is can I go look…
Hard money loans using non real estate collateral?
Proceeds from timber harvest. 25% ltv. Harvest 2014, proceeds available late Spring. First position irrevocable assignment would be filed and held by trust fund atty. Small loan ($20 k) . Is thus a…
Lenders who can go Construction to Perm (VA)
Having difficulty locating a local lender that will consider our land equity among the cash down-payment doing a Construction-to-Perm-VA home loan. Would prefer a credit union for this and definitely don't…
Mortgage question 723 credit and my wife has 713. 100k plus tax return
Looking for a conventional mortgage. currently have an investor loan that we would like to pay off. We own 9 homes valued at about a 1 million and we currently have a private investor loan of 220k, we…
I need help working on getting a mortgage in the next year to refinance off a contact for deed to a lender.
The loan to value ratio will be around 72% - and we have stable jobs with regular income (Over 100K salaried). Total debt ratio with the payment is less than 20%. The problem is our credit score - it is…
Need land/lot loan -- recommendations?
Is anyone out there doing land or lot loans still? Interested in buying an acre lot and getting construction to perm.
Need loan for investment property 3 unit - limited cash out refi to combine 1st and second 70% LTV
I have two loans combined: 795k. The first loan is 517k, second 277k. The second is a line of credit which is due in 10 years starting 2016 - that is why i need to refinance. It is a an INVESTMENT…
Is it normal for a bank to "re-verify" my income during the loan process?
I submitted all my paperwork to the lender about 10 days ago - and I followed up with the mortgage broker yesterday. She is a broker who has been in the business a long time, and was the SVP of a major…
Etiquette at Homes for Sale
I am in the finance business, and now a part of my job is to frequently visit homes on the market for financial advice, etc. I have noticed that many of the homes on the market that I have had to visit…
what is the best method to finance a mobile home and land? (used). Can one obtain a loan in the $35-$50000 range? Want to buy in Tucson, AZ.
Cannot purchase in a 55 park. I am over 55 but wife is not plus have a small child. Interested in mobile home with land in the Tucson, AZ area. Can qualify both VA and FHA but would depend on age of home…
Please advise me on how to remove my ex-husbands name from my mortgage? Been divorced 14yrs. They said I can't
I was awarded the house in the divorce. I am almost finished paying for it and I didn't want his name to appear on the deed and have to pay additional money to have it fixed. Thanks for the advice!
Hi, Can foreign home buyer get mortgage?
I'm not US citizen, but I would like to buy a real estate. May I get a mortgage loan? In allowed case, what kind of documents I need?
What is the second best way to get comparables on a property other than hiring an appraiser?
I am trying to get accurate comparables on properties without hiring an appraiser, I am looking to purchase and I am doing my own research.
Is it possible to get a mortgage in my situation?
My parents and I would like to purchase a house that I will occupy. I had a short sale 2 1/2 years ago, and I have been researching the limited options because of this. I understand that if I wait…
Bank of America RMIC (LPMI) HARP = ?
I've been trying, trying, trying to refinance my loan with BoA for at least a year and a half. Finally today I found out information that RMIC is our LPMI provider, but the BoA rep says no dice with RMIC.…
oceanfront condo
I want to refinance my rental
Is it better to pay cash for a house outright then get a home improvement loan or to get a 203K loan?
I can pay 25,000 for a house cash and have found a few where I want but it is a fixer upper that will probably need and additional 20,000 for repairs, should I just do a consolidated type loan for part…
I need help finding a hard money lender in Chicago for a bridge loan on a residential property, a foreclosed 2-flat.
Traditional financing is not available, property is not currently habitable, former owner removed kitchens and fixtures. The loan amount would be between $150- $200k. Most hard money lenders I've been…
I am relocating back to the US after living overseas for the past 8-yrs and need advice about reestablishing credit for mortgage lending purposes.
Due to the length of time we have lived overseas (Sydney, Australia), my husband I will be returning with no credit (no FICO score). We are relocating to the Dallas area and desirous of purchasing a…
Need a lender for a 600 credit score with 30% DOWN
I'm selling a property in Dallas. The buyer currently lives in Austin, has a low 600's credit score, but has about 30% down payment. The property appraises at $232K, I'm selling it at $175K as is. No…
I'm in St Paul, MN - looking to refinance my contract for deed which is coming due. (Loan Amy $121k) A complicated situation due to a rental
property that I still own from when I was married and had a tenant that had to be evicted due to non-payment of the rent. I have documentation and proof of on-time paid bills for everything (credit card,…
How do I find out if someone has bad credit, liens against their property etc.?
I've been asked to loan an investor some money, and would like to do a check with the county recorder to ensure he is not bankrupt, what his credit score is etc. Generally that he's OK to lend…
Refinance variable FHA loan to Coventional
I recently purchased a short sale property but I had to choose a variable FHA loan. The home has at least 8-10% equity. Could I refinance to conventional? If so what score do I need? Thank you All
Anyone out there who can EXPLAIN the negative / positive I number necessary when Income averaging my 13 &14 returns.?
I have asked and no one has sent me an email. I want to make an application but I need to hear from a broker to make sure my AGI 2014 will meet underwriting guide lines. SECOND REQUEST!!! I will provide…
Looking for lenders who will count my student loan IBR payment of $0 in DTI
I am looking to buy a condo in South Carolina, but not many lenders seem willing to work with my student loans. I am on an IBR plan where my monthly payment is $0. I am currently using a few forbearances…
help looking to buy with score of 600
looking to buy a house score around 600 and looking to move around april may time frame
IBR student loans and qualifying for a mortgage
My husband and I have great credit, a hefty down payment... and unfortunately, we also have a significant amount of student debt that we are repaying under the IBR plan. Our current repayment amount is…
I am hunting for "fix and flip" funding for my investor clients. "Hard Money" is too expensive. Any suggestions?
A really good "motivated" seller deal is nice, but most of the time, margins are a bit thinner. Consequently, I have lost several investor deals because of the hefty "hard money" fees…
Need some advice with refinancing
I'm looking for some advice on refinancing current mortgages: 1st: $492k @6.375% Interest Only (Wells Fargo) 2nd:$85k@ 8.25% (GMAC) As with everyone else our property values have plummeted along…
Will a low checking account balance hurt my chances of a loan if I have 20k in a 401 and no closing costs or down payment?
I have been off work on STD for 3 months. During this time I depleted my cash reserves and have been living on 70% of my normal check. I have been at my current employer for 2 years. I am getting a VA…
Anyone know of portfolio lenders that can offer a jumbo loan in Illinois 3 years after a short sale and 6 years after a bankruptcy?
Wondering if there are any lenders out there that can offer a jumbo home loan 3 years after short sale and 6 years after bankruptcy. Would put 20% down, credit over 660, and have recorded income over 200k…
Can a home with a note on it be sold with the new owner taking over the payments on the note?
Sold my home in 2010, & have a promissory note. Now the owner wants to sell the property to a third party and have said third party take over the payments on the note. Any input/advice/reference?…
looking to take out a loan on our paid off home, its classified as a mixed use property, 2 family home store on ground level
store pays us rent, and we live in one of the apartments. home has been paid off for around 20 years, but need some cash for home improvements and debt consolidation. I know some lenders do not lend…
Columbus Oh residential Construction loan broker & 15 yr fixed
Looking for a new home construction loan broker. Only want to pay one set of closing costs when transitioning to15 yr fixed loan. London Ohio
2nd home question- I own a first home in Fl. Total piti is $1400 monthy plus $225 community dues monthly, no other regular monthly payments.
Net worth approx. 2 Mil but 500k is unusual stuff...private RE partnerships, etc, with no recent appraisals. IRA of 70k. Cant pay all cash because mostly illiquid assets. No earned income- retired. Good…
We moved to Florida from California and couldn't sell our home in California. We rented it out and now the
mortgage companies are telling me I cannot re-fi because it is now considered an income property and the perameters are different. Is there any way to re-fi with our situation?
I'm looking to refi a $193k loan to reduce my rate (currently at 6.125% interest rate).
Loan is currently with GMAC. I have a 700 credit score, its a condo and other units in my building have recently sold for ~$650k. I want to go directly to a lender, anyone have good luck recently…
USDA closing costs
Can u roll in closing costs on an USDA loan even if after adding the closing costs it puts u over ur max approved amount... the house appraises enough to cover loan closing costs
changing lenders at offer time / prior to actually signing acceptance / new contract
at offer time, we included a "pre-approval" letter from the lender we were going to use. Seller countered and we countered back and we have a verbal acceptance, just waiting for seller to have new contract…
Mortgages for Foreign nationals in Texas?
We are group of foreign investors from Australia, Europe and Malaysia interested in buying Single family and Multi-family properties. For single family we looking at: 40000-350000 US $ units with Cap…
Does anyone do hard money loans on owner-occupied if the LTV is decent?
We cannot qualify for the amount we need via traditional methods for various reasons. It was recently recommended that we seek out a hard money or private loan. We have a house in mind. Any advice or thoughts?
i have great credit, but my partner's is wounded. how does that affect our borrowing power?
my credit score is 725, but my partner doesn't even want to checking stating "it's bad." i know we will want to check that before we venture into serious house hunting, but wanted to know if there is…
I just tried to refi with USAA and the estimator came in 10000 dollars less than i bought it for a year ago, I did tons of work to this house:(
The basement is finished, I added granite everywhere, a deck, shutters, new roof, new furnice, painted the outside, custom cabinets, new fixtures everywhere, I practicly replaced the whole house so how…
I'm trying to get 4-unit a refi on a jumbo loan. My property is a 4-unit on Russian Hill.
The loan is approx $1.53m, value approx $2.0m. I can pay down the loan so it's under $1.5m. I'm having problems in one area: debt/income ratio. With just me, the ratio is 60%. My wife, however,…
Are there any lenders out there in the Northern CA area who can/will do a refi on a jumbo loan when I have a high debt to income ratio?
I know in the next year that my debt to income ration will fall from today's 65%-ish to about 40%. Are there any lenders willing to get at the front of the line for a person with credit score of 760…
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