Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing : Nationwide Real Estate Advice

  • All720K
  • Local Info60K
  • Home Buying264K
  • Home Selling45K
  • Market Conditions26K

Activity 21,318
A few hours ago
Frank S. answered:
Hello Tct7, you would both need a minimum 720 fico score to consider 5% down Jumbo. Your score can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You have to be very careful of what you do to raise your scores. You should contact the web reference link below...
... more
0 votes 3 answers Share Flag
A few hours ago
Tony Grubb answered:
You've got to first understand what it is you're doing and how much you need. You don't need 100%. You by it low ball, let's say for $100,000. Once it's renovated the ARV (after repaired value) is let's say $225,000. Most HML (hard money lenders) will lend 65-70% of ARV, very few will lend 80%. So 70% of ARV in this case would be $157,500 leaving you with $57k to do renovations. In most cases this is sufficient depending on how badly the house has been treated. You then sell it for the ARV, $225,000 and pocket the proceeds after the HML loan is paid off plus closing costs. So $225k - $165k (loan plus fees/interest) = $60k profit. Don't forget to put aside enough to cover taxes. It might be wise to become a Realtor yourself so you can buy and list the properties on your own and save THOUSANDS in commissions. Get a good appraiser on your side too who can estimate ARV's for you. GET EDUCATED in the line of work you wish to take part in. Best of luck ... more
0 votes 17 answers Share Flag
Earlier today
Frank S. answered:
Hello Delia, no but there are many banks/lenders that have their own guidelines and may require tougher qualification higher scores.

Some lenders that are brokers have many banks to choose from to fit your financial scenario. You may consider FHA 3.5% down from a minimum 580 fico score and 3% down conventional from a minimum 620 fico score. If you have low fico scores between 500-579 you may consider 10% down FHA.

Your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. If you provide the required documentation you can get a pre-approval letter usually within 24 hours. Check out the web reference link below...
... more
0 votes 1 answer Share Flag
Earlier today
Tommymatt987 answered:
I want to get a Construction loan for 150,000 fsr a 2,400 sq foot hours
0 votes 25 answers Share Flag
Earlier today
Frank S. answered:
Yes you may consider FHA 3.5% down from a minimum 580 fico score and 3% down conventional from a minimum 620 fico score. Those with scores between 500-579 may consider 10% down FHA.

Your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. ... more
0 votes 74 answers Share Flag
Earlier today
Frank S. answered:
Hello Cmarkortiz, yes if you have any credit issues you will have many loan program choices thru a broker that has many banks to fit your file.

You may consider FHA 10% down with fico scores between 500-579 and minimum 580 fico score may consider 3.5% down FHA. You may consider 3% down conventional from a minimum 620 fico score.

Your scores can be raised within 3-4 days in most cases to qualify for program, rates and terms as necessary. They do a lot of new home build loans at the web reference link below.
... more
0 votes 3 answers Share Flag
Earlier today
Frank S. answered:
Hello Ivan, only if you want to pay a higher interest rate with a subprime loan. FHA pencils out better even with mortgage insurance. Feel free to contact the web reference below for a rate and terms quote to make an informed decision. ... more
0 votes 1 answer Share Flag
Earlier today
Frank S. answered:
Yes absolutely FHA 10% down with fico scores between 500-579 and minimum 580 fico score may consider 3.5% down FHA. Your scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the purchase.

The web reference link below lends in CA, AZ, NV, OR, WA, IL, CO, GA, MD, MI, TX, VA and DC ONLY.
... more
0 votes 65 answers Share Flag
Earlier today
Frank S. answered:
Hello Stefani, yes that is a loop hole. We do have portfolio home loan programs for one day or two years or more after a BK or foreclosure. Do you have 10% down and minimum 660 fico score? Your scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Check out the web reference link below...
... more
0 votes 1 answer Share Flag
Earlier today
Submissions answered:
Hey you can register with : https://www.thisisagent.com
0 votes 41 answers Share Flag
Earlier today
Darenfields95 asked:
Hi friends,

I am running a restaurant near Joseph Workman Park for the past five years. Now, I am thinking of enhancing my business to the next level. But, the fact is that I not receiving…
0 votes 0 Answers Share Flag
Earlier today
Jameshaken21 asked:
Yesterday at 2:08pm
Kathy Burgreen answered:
It depends what interest rate you have on the property in TX. Also nobody knows what the final tax reform will be from Congress. My opinion is it's always best to reduce your debt so paying off the mortgage loan in TX should be the best thing to do. However, nobody knows what other financial issues you have (student loans, retirement savings, etc.) or if you have any goals you need to achieve. ]

Consult with a financial advisor.
... more
0 votes 1 answer Share Flag
Yesterday at 6:48am
Wmvermillion14 answered:
The higher the better but in the 700 range will get the best
0 votes 111 answers Share Flag
Wed Oct 18, 2017
Frank S. answered:
Hello Sarah, yes sure no problem as long as your BK is two years from the discharge date. You would need a minimum 580 fico score for a cash out FHA refinance so you are good. Check the web reference below... ... more
0 votes 1 answer Share Flag
Wed Oct 18, 2017
Frank S. answered:
Hello Ishan, it may be possible but your credit profile will have to be looked at. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores and loan program choice.

You may qualify for Jumbo 10% down from a minimum 660 fico score. You can click the web reference below and get started.
... more
0 votes 2 answers Share Flag
Wed Oct 18, 2017
Jasonchrisand2 answered:
We want to refinance our house so that we could get some Equity out to do some repairs and stuff we got an appraisal done and the appraisal came back at 225,000 it went to the bank and they said no that the house was only worth $190,000 so then we said no that we didn't agree with the appraisal well they wanted us to compare properties in our neighborhood to our house there were no properties to compare it to because none of them have the stuff ours has is there anything we can do to make the bank go with the first appraisal ... more
0 votes 17 answers Share Flag
Tue Oct 17, 2017
Washingtonprivateloanfirm answered:
We are offering a first class loan to loan all loan Seekers. Do you need a loan? contact today for a loan. We offer different kinds of loan to individuals €1,000 to €900,000,000 with an rate of 3%. Contact us today if you need a loan. ... more
0 votes 20 answers Share Flag
1 2 3 4 5 6 7 ...
Search Advice
Search