Financing—questions & answers, advice and opinions page 70

Does FHA still allow 6% seller concession?
I heard it went down to 3% is that true?
what kind of grants that is available to purchase a home?
low income, and disable, wanting to purchase a home fannie mac with a grant most of the amount, home is $49.900.
I would like to purchase a home in arizonia but not move there until I retire in 5 years Is this possible with VA Also looking at short sales,forclos
the areas i am looking at are williams,kingman ahwatukee. My bother,sister,nephew and niece are also interested. So any financing ideas would be welcome
I am on title only, not on the loan in Calif.. If my husband dies do I have to qualify for a new loan? Can I just continue to make the payments?
I was always on title for 10 years. Refinancing now with only husband on loan. I will go on title with quit claim deed at closing. If husband dies do I have to get my own loan? I will not qualify by myself.…
Question regarding taxes and pre-paids
I have a question regarding what I'm going to need to bring to closing. We received a GFE from the lender we are using. In the total settlement charges, it states that the "initial deposit…
any chances to get aproved for a homepath loan by myself?
My wife foreclosured on a property she bought before we got married. My name was not attached to it at all. I dont qualified for a fha loan because they have to run her credit even if she is not going…
Is it worth it to Re-Finance.?
Should I re-finance my primary residence – Current rate of 5.375 %, excellent (prime) credit current mortgage payments are paid and current through July 2012. I do enjoy the comfort of the paid…
We are currently under contract and expected to close Feb 24th on a property built in 1949. We were informed today by our lender that in order for our
FHA loan to be finalized, some outside paint needs to be corrected. Who typically pays for this sort of remedy? The buyer or the seller?
WHAT DO I NEED TO GET PRE APPROVED?
I WUOULD LIKE TO BUY A PROPERTY. IT WILL BE MY FISRT TIME AND I HAVE NO IDEA WHAT TO DO.
What can I expect right now regarding financing a second home purchase in the Panhandle? Would be looking for a 30 year fixed loan.?
I am curious about what banks are allowing right now. The home would be used as vacation rental property. Is there a minimum percentage down they are requiring for second home purchases given the housing…
Appraisal Value
Is a new appraisal on a house bought less then a year, affected by the purchase price (REO) Thank you
Which is best block in town for local business?
Please help us out for doing our job there...?
I'm a Mexican citizen and recently transferred with valid SSO and permit to the US company where I work, they granted my tenure in the company (20
years) but I don't have any credit history in US. I only have checking and savings accounts in USA where I receive my company payment. What should I do to get a Mortgage loan, as I don't want to be renting…
How solid is a bank's "loan commitment"?
I've been told that as long as you get a loan commitment prior to closing, you are good to go. This is assuming that absolutely NOTHING changes in terms of your financial situation, job, credit score,…
Mortgage Brokers and Lenders. Have investors looking for SPECIFIC financing information for short term 12-18 mths for Fannie Mae bulk (5 ) homes buys?
We have several investors looking to by 5 or more homes at one time and rehad to "Market Expections" and sell in 12-24 months and or the new Fannie Mae bulk purchase program for long term rentals.…
I want to re-fi my home and put the cash down to an investment property. Is this allowed? Can I get down payment assitance on the @nd home?
I believe I'd have to put 20% down on the second home and the equity in my current home might not be enough to cover that. What are my options?
Can I refinance again under HARP program?
Hi, I refinanced my house in GA under the HARP program in April 2010 at a rate of 5.375%. Am I allowed to refinance at a lower rate? My loan amount is going to be higher than the appraised value…
Wells fargo Underwriting turn around time
I have submitted all my paper work to LO. She came back and said I the UW will release my approval if I can get someone to Gift me the $1000 which I did. Submitted their bankstatements and the gift letter.…
We are moving to Nampa/Meridian by April of this year and want to buy a home. Can I obtain a mortgage when I own (and am renting out) a home in Iowa?
The home in Iowa will have new renters in March who plan to sign a 2-year contract. The previous renters were in the home for 1 year. Our credit is excellent.
Need info on 203k Programs...
I have a client looking to get 203k loan, they are approved FHA now and the home in question to purchase is a HUD owned home, located in Boca Raton. The client has a pre-approval letter... What is…
loan modification
Are there any programs that can help me modify my loan if I exceed the $729,750 guideline set up by the feds in CA? I don't want to do a short sale or foreclosure.
owner occupancy rules for fannie mae
what are the rules to qualify as owner occupant.
Need a lender who can help refi a home with 1/2 held in an irrivocable trust.
I have refinanced this CA home twice before with no issue being raised. I am in a jumbo loan and have been paying interest only for the most part. I was planning to refinance again when the rates dropped.…
Lending To Foreign Investors
Anyone still lending to foreign investors? And what will the conditions be.
I asked this question in the other forum yesterday. I would like to hear some feedback from lenders now. We plan to move to Ft Worth in June, we are
making the move to be closer to family... We will be 1st time buyers. I have secured a job, which i will start in June when we move. My wife teaches Special Ed, and will no doubt find a job as well....…
USDA Loans. I wish for once someone would put things straight on the requirements.
For once I would love to know where all this Fico score at 620 and Bankruptcy older then 36 month is coming from. There is nothing listed on USDA website about this or nothing in CFR 7 about this. If I…
I had my home in Fairfax, Virginia appraised by a VA appraiser. He appraised the home $52,000 BELOW the assessed value! How do I challenge this?
I contacted the assessors office. They came to our home & thoroughly inspected property. Our assessment was not incorrect, the appraisal was wrong. The appraiser used short sales, as well as homes…
Can I purchase a house in ocean pines for $230,000 but apply for a $330,000 loan (with $100,000 down). This way I can pay off my current mortgage and
save on the monthly PMI? currently have saved almost $100,000 for a new home but I do not want to carry two mortgages. If I pay off my current home I will not have the money for the 20% down. My question…
My husband and I are interested in buying a home in Denver, CO however we would like to know if a lender would be able to approve him for a $100,000
home loan. He has great credit and makes about $35,000 per year. However he has been at his current job for about 9 months, prior to that we lived in overseas for three years. I taught English at a local…
I have about $75K equity in my home and 9 years remaining on the $75K balance (15 yr, 5.6% mortgage). I am looking at purchasing a $100K beach
vacation home (no renting). Assuming no bills, an 800 credit rating and a $95K fixed retirement income, what is the best course of action for me? Re-fi/equity loan/consolidation into one mortgage, etc?…
Is there any way to significantly increase the amount that a financer will give you toward the purchase of a home?
My husband and I are looking to buy a house in Columbus, OH. I am working full-time and my husband is going to Law School full-time. We currently pay $800 a month in rent and would like to purchase a house…
How can I tell if my mortgage and HELOC are non-recouse loans?
I got them 6.5 years ago in CA. My HELOC has only been used for home improvements, but I'm not sure how to tell if it is a purchase money loan.
Can anyone recommend a Community bank in Austin, TX that will pre-qualify and loan money quickly for an investment property?
The loan is for a triplex property - my first investment property, thus I'm not already qualified... Thanks!
What are the rules to know when showing a buyer a condo in terms of financing?
Someone told me that if the condo is 50 percent or more rental occupied then the loan wont fund?
How can I get a 100% for a 2nd home?
Our home is too small for our family, but like many, the value dropped before we could move out. We would like to rent it until the value comes up and buy a larger home to live in. Monthly income good…
FHA 3.5% down. I am in need to relocate for my employer. Since I cannot sell my home (its upside down) I
wanted to rent it out and buy something new in the new location.... but the fha lender said I could only qualify based on my salary and although he did get me qualified for 2 mortgages, the new location…
cost of repair request built in to mortgage amount?
If a bank owned is sold under it's extimated value can/do the borrower request the cost of repair into the amount financed?
Land contract vs rent to own - Which do you prefer?
We deal with land contracts and rent to own properties around the greater Grand Rapids MI area. We would like to know which do you prefer and why?
Do you know of anyone offering a 2nd mortgage and at what rates?
I don't want to get a jumbo loan and want to get a 20K loan as a 2nd loan. do you know what the rate would be with someone with 760 credit score for a 650K home putting down 130K down?
70% OCCUPANCY?
I want to purchase a condo in an 8 unit building that just went for sale. This is a new building in Brooklyn, NY. The builder owns and lives in one of the units and the other 7 are for sale. I would be…
Can the FHA 3.5% downpayment gift come from a relitives business account? It just so happens to be his only bank account.
Proof of having the funds isnt a problem but the account has his name along with the name of his business.
Preapproval Commitment am i obligated?
Hi i applied for a Preapproval from wells Fargo Mortgage recommended by a friend. I was told that they could not provide me with a Preapproval then cause there Desktop U/W denied for a 178 outstanding…
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…
I filed chapter 7 in 2009 and it is completely discharged. I surrendered from the mortgage, but my ex husband never had the house refinanced. If he
forecloses on the home would I have to wait an additional 3 years before I can get a mortgage in my name only?
We qualify for a $600K home however we only have a little over 10% in our savings account which we aren't comfortable parting with since I am
currently not working. FHA MI is so high and we are trying to avoid it. Are there any creative solutions. We have excellent credit but left all our equity in our last home since we had to relocate.…
Financing the purchase of a house and the building of a garage.
I am looking to purchase a house and was interested in putting in a two car garage in the backyard. I figure the garage will cost around $25,000. What kind of low cost financing is available for the…
What are the current upfront FHA and back end FHA PMI expenses?
Do you think FHA will raise the PMI percentage in the future?
What does it take to qualify for the lowest mortgage rates these days?
I've seen a lot of generalities that say you need to be a "well qualified borrower" to get the lowest mortgage rates available. But I'm wondering if anyone in the mortgage business…
My "MyFICO.com" score is lower than the one my broker got from rapid rescore. Doesn't rapid rescore change my FICO score?
I subscribe to MyFICO which checks my score every three months. A few days ago my broker told me my score was 635 (my median with TU). I checked the MyFICO score (for TU) which was available for me yesterday…
We want to help our daughter with her first home purchase. She has a good income but no assets. We have a second vacation we are trying to sell to
provide her with a sizable down payment. If the house doesn't sell, is there a way she could use this as collateral? I guess we could take out a home equity loan and provide the down payment. Would…
There is a property at 509 montrose in Romeoville. It is For sale. Could it be a Rent W/ option for 1 year.?
I have been working on my credit reports all 3. I wont be able to get them cleanes up for another 60 days. I really like this property location and house. Maybe I could rentw/option til I update my credit…
My previous lender just rejected the mortgage saying they can't finance the property with the addition of 150sf room plus half bathroom which is
not legally done. Here is more detail: I am giving out the 20% down payment for my finance to buy her primary property. All the 20% is in my bank. My fiancee is a student but having two part time jobs…
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