Financing—questions & answers, advice and opinions page 59

How can we get our escrow money back faster?
I have a contract contingent on financing and was denyed the loan with the apprasial came back $50,000 short. The seller is aware that they have no legal right to the escrow deposit money and they have…
just paid off all my debt but want to get a home very quickly. credit score wasnt very great before but i
know the score wont go up fast enough to buy a home are there any lenders that would give me a loan.....
I have been denied modification 4 times. What is it for if they cannot help?
Lender says that i don't qualify for modification because my expenses are more than my income. In the last few month when my income finally increased back to normal i tried modification 4 times and was…
I see that there are a couple of Loan , now willing to loan to poor credit (580-639). One is Vanguard......
Are they respected Loan Instution? Or is this something other than what they are offering? Thank you Bob
I am an expat living in Dubai and currently Looking for to buy house in Carmel, IN, zip code 46033 as I have a relative in the same area to watch the
for me. I have no U.S income, but with my current Dubai income I am very comfortable to make mortgage payment up to USD 1500/month, or as a second option to pay a lump sum amount of 100K to buy the home. I…
I am an expat living in Japan. I am looking for a convertible construction loan for a new home in Carmel. I have great credit, zero debt and
significant assets but no current U.S. sourced income. We do have Japan sourced income. Are any lenders interested in my business?
Multi-Family Financing at 20% Down (Or Less)
I am closing on a multi-family property (4 units) at $185K and have been told by my lender that I would need to put down 25% to purchase the property. Is it possible to buy such a property with 20% or…
Current interest for home loans.
Homestead and/or rental property
I'm looking for a bank that offers physician/doctor loans in Texas, particularly in the Harlingen area. Anyone have any info on this? Thanks!
I'm a newly graduated MD and haven't yet started at my job in Harlingen. I start on July 1st, and would like to buy, but would really like to get a mortgage that would allow me to close before…
Just refinanced a rental in Denver with Obamas make homes affordable program.
I have another rental on Oahu that according to the Fannie Mae Dbase is eligible however the bank that holds the note said they won't do it because it's a rental. I need a loan broker that is…
Any good lenders anyone can recommend to purchase REO properties?
I went to Bank of American, Citi Bank, and Wells Fargo to obtain a loan. I was looking to purchase property in horrible condition, fix it up, and resale it. But hard fact is Banks are only lending money…
Hello, I am a Russian citizen and a qualified worker. Can I get a loan in an US bank or anywhere else?
I am 26 years old, a qualified international lawyer with 4 years experience in international lawfirms, now working for a Russian construction/development company. Is it possible for me to get a loan in…
Refi out of FHA loan. How long do I need to wait?
My wife and I bought (..ok, stole) a home about 6 months ago with an FHA loan with a large monthly PMI. Comparing the low price we paid and two recent sales in the neighborhood we are well under the 80%…
Origination fee different in GFE vs. Rate Lock-in Agreement
Hello - My bank has all along quoted me an origination fee of 1% of the loan amount. The interest rate for a 7/1 arm was previously quoted as 3.625%. Once I provided them with my information so that…
Already pre-approved for the amount I offered on a short sale. Is it okay to work on finances while I wait for short sale approval?
I'm pre-approved by 2 different mortgage companies and waiting to hear back from the lender about a short sale. Using Zillow's "How Much House Can I Afford" calculator, I know I want…
I was told that my student loan payment needs to show a year away from the closing date. Is there any way I could get that date change.?
I believe it has a lot to do with my debt to income ratio to qualify for the loan. So if close dec 31, 2012 my student loan payment should reflect dec 31, 2013. Currently my payment due date is 1/2013.…
Can I get a mortgage on a property I own?
I own a Mobile/Manufactured Home, along with a 2 acre property, 30x40 2 car garage that was appraised at $140K in 2008. There is no mortgage on it and no liens. We don't have any monthly debt except…
Independent Contractor Mortgage Advice
In August of 2011, my husband and I were approved for a large mortgage but did not buy. In January, 2012 I lost my job and have been working as an independent contractor since. I have been taking advantage…
Lenders that will do 5% down conventional?
Looking for a lender that does 5% down payment on a conventional loan for a multi-unit. FHA is out of the question at the moment. 790 credit score. Can someone suggest me some lenders?
Letter of Explanation - 1099
We are trying to purchase a home and my husband has worked as a worship minister under a 1099 - now they are asking for a Letter of Explanation as to why he was issued a 1099, does anyone have or know…
Finding a mortgage for less than $50,000?
My fiance and I are looking at a house that is priced at $60,000 but the seller says they are very negotiable, and we were hoping to put more than 20% down. Where should we look for such a small loan?…
Can I use my house as collateral for a loan?
Just wondering what lender requirements are for getting a loan. My debt-to-income is high currently I only have rental income. I do have 20% cash to put down and I own one house free and clear and…
Our TIC (4 unit building, about 45% already paid into it) is looking to refinance. We have two loans that we are trying to consolidate into one.
What kind of rates can we expect and how easy would it be to fold the two loans into one? It's a group loan. Looking to avoid prepayment penalties, points, etc.
We have a 30-year fixed rate FHA mtg, 7.25% rate. Is there a penalty if we refinance and then sell our home within a year?
I can't seem to get a straight yes or no answer from a "mortage specialist" at the bank that holds our mortgage.
Need hard money lender with no minimume purchase price amount requirements.
looking to purchase a home fir $5,940 purchase price & 35M to 39M in rehabe cost. Can I get finacing for this property even though it only $5,940 to purchase or is there a minimune requirement for all…
Why is this duplex listed price cheaper than the flyer that goes to the house ?
This duplex I see on this site is for rent for $800/month, but when I drive to the house and get the flyer it says it is for WAY more than $800, why is that ? The duplex I am looking at is 410 174th street…
Construction Loan Needed - 3 years after ch7 discharge -
My situation is not common, not at all. Im 3 years beyond my Ch7 discharge, I built a great business since then and my income is solid. I have a 700 credit score after rebuilding. Im also debt free…
Owner Occupancy Rates for Mortgage Financing
Own a condo in a 3-unit complex. The other 2 units are currently leased, thus my property is not majority owner-occupied. As a result, I am not qualified to refi with a traditional or Fannie Mae loan (the…
I want to buy a home in El Paso as a first time buyer and live there as retired on income from pension, SS, and dividends.
I don't want to quit my job and move before I know what I am pre-qualified to purchase. I currently live and work full time out of TX.
Loan needed...
My chapter 7 was discharged in July 2010. I am VA disabled and have an income of 4200 per month. Is there any companies that will make a mortgage loan to me in CA?
How difficult is it to get loan to buy 2nd home?
I bought my first house in Central Austin 2 years ago. It's currently valued at 220,000 and I owe approx 190,000. It's a 15 year mortgage and the monthly payment is 1,860 total with taxes, insurance,…
Is it true that banks won't approve mortgage loan less than 65k?
I want to buy a condo/townhouse for around 30-40k, I have been with my job for 4 years, credit score is 720 and income is 50k. I was told that banks don't give loans less than 65k, is it true? If…
Should I sell or should I rent my house?
Hi experts, I would like your opinion about whether I should sell or I should rent out my house. I bought my house new in 2004 for 140k. Now I currently have 70k left in my loan. I recently ask 2 of my…
Overseas investor getting mortgage in SF
I am a foreigner and I don't live nor work in the US. I am planning to purchase a condo in SF. What is the highest LTV that I could get?
Can I. Buy a house even on a fixed income (ssi x2)
My daughter and I both receive ssi. Yet our family is steadily growing. I have 5children and a grandbaby on the way. We're all residing in an old 2bdrm hm .Are there any Realtors /Agents that would…
What are my chances of getting approved for a home loan in Northern Kentucky?
Here are some of my stats: Annual income: $82K, same and only employer: 5.5 years, Credit Score: 616. (based on MyFICO). I can have 3.5% down or take advantage of the Down Payment Assistance Program.
Is it normal to be signing FHA Streamline Mortgage application papers that contain incorrect info?
We applied for an FHA Streamline loan on our existing FHA loan through our current lender back in July. Broker told us that their system didn't reflect the new FHA guidelines, that were implemented in…
I am an Canadian investor with multiple properties that is looking to refinance
I have multiple properties in Lehigh Acres/Sarasota that I have paid cash for and I am interested in refinancing them. Can anyone help me?
My wife and I are currently looking into USDA mortgage loans. A year and a half out of a short sale. Could someone point us in the direction?
We have spent the last year and a half getting all of our debts paid off and our finances in order. Within the next year we would like to purchase a home or at least start building. What is the waiting…
I have a rental and want to buy a condo. Is there a way to use the equity in the rental to help buy the condo?
There is not enough equity to buy the condo, I have a renter in the house. Can I tie both of these properties together and have 1 mortgage.
I am from Italy and I want to invest in Detroit, MI. Being foreign national, can I get a mortgage?
I am looking for a mortgage of $50.000. I already have 60-70% to put down and I would appreciate to be contacted by someome who speaks Italian, if possible. Thank you.
current appraisals
for refinancing purposes, what a current real estate property appraisals for new condos in BPC running approx per sq foot. also are banks giving cash out of refi's
Down payment for investment properties
Hello, I have a client looking for an investment property but want put 10% down payment. Now a days, lenders want atleast 25% down payment for investment properties. Does anyone has any work around…
Buying a house with an existing property, and getting a new owner-occupied loan
I currently own a property, and have been living in it for the past 4 years. Earlier this year, I refinanced my loan to take advantage of a lower rate. I've been looking to move to a larger house for…
How can you check if ther condo community will pass the Condo Certification before you place your offer?
What persintage of condo communitys don't pass the Condo Cert and there for are cash only community.
What can be done if appraisal is rejected by underwriting because they did not like the comps? I paid $600 for the appraisal.
I fully qualified for a refi mortgage and then paid $600 for an appraisal for my 2-unit duplex I do not reside in. Once the underwriters got the appraisal, they rejected the refi because they did not like…
Need lender help.understand credit score
I have score of 570..I.know I need 620 but how.can I get score fast to purchase home within next month?!
Are there any options for refinancing an fha loan with Wells Fargo if your mortgage payment will go from 27% to 42% of your gross income in 3 years?
Currently have an fha loan with W.F. that is 150k underwater , paying int. only. to go to int plus principle in 3 years. Currently at 27% of gross income, but will go to 42% . Can anything be done now…
is it wise to payoff mortgage or invest money?
If I try to payoff mortgage (30 years loan in 15 or 16 years) by paying extra amount to principle each month, is it a wise decison? Or As we do NOT know how the housing market will be after 15 or 16 years,…
Are there mortgages available for foreign investors in Detroit?
I´m a foreign investor looking for investing to Detroit real estate. 35% - 50% down, and loan ammount of min $100K.
My mortgage bank do not let me apply mortgage as Second Home (aka vacation home)?
I am in the middle of the home finding. I do not work in California, but I am trying to buy a house in Santa Clara County. (My parents and my girlfriend live there) My mortgage agent just told me that…
US citizen and non-resident expat couple wanting to buy an investment property.
I am working overseas and my wife is a US citizen. I am shortly to give up the green card and will thereby be non-resident alien. We are interested to buy an investment property in the US. We both have…
I am a Canadian looking to invest in Texas apartment complexes and am looking for possible financing. Is there anyone out there who is interested?
I am a Canadian looking at a property that is 200 units and $2.6 mil in Texas. I believe it will be worth $4mil in two years. I would like to get 75% LTV. Any help would be appreciated.
Is there a way for me to use my husband's income to help me qualify for a mortgage loan without using his credit?
My credit is fair to poor (620-640) but hubby's is hovering at the 500 mark :(. I've been self employed for the past two years, and we rely heavily on his income, which is nearly 3 times mine....is…
Looking for a mortgage lender or broker for help...
With little to no money down, I was told that our only option is an FHA loan if we want to purchase the property from out of state and have my mother in law occupy the home (which means she needs to be…
Looking for a 2nd Mortgage for 15% for the purchase price
I am looking for a second mortgage to avoid MIP. I am planning to put 5% down and looking for the rest in a 2nd mortgage, essentially 80/15/5. Anyone know banks/mortgage companies that will provide…
Lenders with no closing fee?
Hi, I am looking for some recommendations on lenders preferably without a closing fee for a condo on the Waterfront in Jersey City. Any suggestions? Thanks.
Real Estate Agents: How do you understand, and how do you value the need for residential mortgage financing?
In recent conversations, I have found the more increasing need from real estate agents to understand the current residential financing market, and the very few financing options available. What do you…
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