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Financing in Frisco : Real Estate Advice

  • All290
  • Local Info21
  • Home Buying139
  • Home Selling9
  • Market Conditions4

Activity 13
Wed Jun 29, 2016
Amy Arey answered:
I"ve had multiple clients use Bay Mountain Capital a few times for flips (they loan 70% of ARV) and are very competitive with their rates. Call Phil: 214.402.0874.
They are local and based in Dallas...

Amy S Arey
Halo Group Realty, LLC
214.901.1341-Cell
www.aarey.HaloAgent.com
www.MckinneyRealEstateInfo.com
... more
0 votes 6 answers Share Flag
Sun Jul 14, 2013
Marco Bolado answered:
Contact me at your earliest convenience.

marco@entrustequityfunding.com

210-549-5777
0 votes 3 answers Share Flag
Fri Jul 12, 2013
Dave Davis answered:
Dustin, Give me a call at 972-839-2695 there is a program in the area you can buy with 640 credit score. Also with a 0 down payment but you need to be looking now. It will take 45 days to do the loan. Thanks, Dave Davis ... more
0 votes 3 answers Share Flag
Mon Nov 28, 2011
Marie Souza Team answered:
What are your thoughts after all the advice below Mathew?
0 votes 7 answers Share Flag
Thu Aug 18, 2011
Brian Oellermann answered:
Your only option in this case would be to look into a hard money loan. This would allow him to finance the property and finance up to half the rehab costs. Your customer would then be able to sell it or refinance it to a conventional loan if he is looking to rent it out.

Brian Oellermann
Sherman Bridge Lending
972-816-3497
brian@shermanbridgelending.com
... more
0 votes 4 answers Share Flag
Thu Jul 21, 2011
Jack Gillis answered:
There are many possibilities on this. For example, my lenders have programs available with scores as low as 580. However, there are other factors that must be considered for both of you, for example: Do you own another home? What is your income? Her income? What is your monthly debts? Her monthly debts? And many more questions.

Please feel free to contact me and I will be more than happy to discuss this with you more. I have been associated with real estate in the Dallas area, including Frisco, for more than 30-years.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
... more
0 votes 3 answers Share Flag
Thu Jul 21, 2011
Bruce Lynn answered:
Homepath is about the only place I know about, unless you are thinking of hard money loans with high interest rates and short balloons.

It will also depend on your credit.

I do not see any investor type properties in Frisco that allow Homepath financing for investors at this time.

First step though is to get prequalified with a homepath certified lender, then figure out which areas you want to focus for investment.
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0 votes 8 answers Share Flag
Mon May 24, 2010
James Gordon ABR SFR SRS answered:
Lilly when the builder is making a home just for you, they will want to have some of your money in case you can not go through with the purchase. In this current environment most builders need to draw on a line of credit to build your home and their lender may have put additional requirements on them. There is a builder in my area that does a lot of bussiness and 2 years ago they could build a home with a 5000.00 deposit. last year it was 3.5% of the contract price, now it's 5% of the contract price. ... more
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Sat May 22, 2010
Brad answered:
Absolutely. Someone had answered you saying that FHA had some kind of 3 year rule... that is not correct. As for your income fluctuation and write downs, etc... a lender would need to look at your personal tax returns and all schedules. If you file as an entity they would also need your 1120s and k-1s. You can get pre-approved before you hit the 2 year mark and the lender would provide a conditional approval subject to you closing after your 2 year anniversary. So you know my answer is not fictitious, about 75% of my business is FHA and we work with many self employed borrowers every month. You can also check out our different weekly free online workshops for homebuyers to help you through the process. http://houstontxmortgagelender.com/free-online-workshops/homebuyer-free-online-workshops/ ... more
0 votes 7 answers Share Flag
Tue Mar 16, 2010
John Cannata answered:
Raja - I do not want to recap the answers you received below. Many are 100% accurate and appear to have answered the question for you.

My comment is regarding the PMI and Escrow. Since you referenced PMI (not MIP) then it sounds like you are going with a Conventional Loan. In the VERY FIRST comment, the gentleman mentioned that you can not remove your escrow account. That is 100% incorrect. Once you remove your PMI and reach 80%, then you can absolutely remove your escrow account and pay for your own insurance and taxes.

There is no additonal cost to remove this account, and there is no additional cost to keep the escrow account. The lender is merely holding the money for you in order to pay the insurance and the taxes. You are not paying for this feature. The lenders do this to ensure the taxes and insurance are paid in full, on time.

Feel free to ask any additional questions and hopefully all of these responses have provided you with the answers you were looking for.
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0 votes 7 answers Share Flag
Fri Mar 13, 2009
Rob Purifoy answered:
The FHA 203K loan is one way to go but it may cost you inspections and extra fees involved in that loan. Your other option is to apply for a home improvement loan after you close on the house. I've done this before and it it's much less red tape and fees than doing one loan for repairs. This would also give you the freedom to pick and chose what you want done rather than the loan company. And of course the home will have to appraise properly to achieve total value as the Realtor decsribed below. ... more
0 votes 3 answers Share Flag
Fri Mar 6, 2009
Rob Purifoy answered:
Hey Kevin, it used to be that you could have a lease signed and move on to another property. Today the lenders want to see a tax return with your lease property showing as such. So yes, your DTI (debt to income ratio) will be depleted in the short term against your buying strength. It's ever changing in the lending market and you do have the right idea about renting yours and waiting until the market picks up in your area. If you are in a position to wait it out, some are not, I'd stick with that plan.

As far as buying, if you have an FHA loan, you can't have two FHA loans at a time, as far as I know. So you would have to structure this as buying a new primary residence and show you now current home as an investment. As long as you can qualify for both payments you are okay. New loan would be conventional 5% down and be shown as your primary residence. Depending on the underwriter it can be tricky still due to the state of lending right now as well.

It get's sort of deep, and things could change, but as as today that's how you'd do it. Lenders out there, correct me if I missed something.

Good Luck
... more
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