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Financing in Grand Rapids : Real Estate Advice

  • All398
  • Local Info30
  • Home Buying149
  • Home Selling17
  • Market Conditions10

Activity 23
Wed Aug 2, 2017
Kkd asked:
Tue May 2, 2017
Ericlaw01 answered:
Call Vision Stream Line Investments
(414)553-8057
Website: visionstreamlineinvestments.com
0 votes 2 answers Share Flag
Fri Feb 10, 2017
Admin answered:
Here is a great source for Hard Money Loan Lenders in Michigan:
http://www.equitablerealestatesolutions.com//fast-hard-money-loans-for-refinancing-purchases-rehab-loans-avoid-foreclosure-private-money ... more
0 votes 4 answers Share Flag
Wed Jul 29, 2015
Kenji Inui answered:
You had better have some sweet assets and bank statement cash flow for something like this.
0 votes 2 answers Share Flag
Tue Jun 23, 2015
domesticatedyetti asked:
My wife and I are starting to seriously look at selling our house and purchasing another closer to the Grand Rapids area. The first house I bought I just went to my bank, filled out an…
0 votes 0 Answers Share Flag
Wed May 20, 2015
Erin Fester answered:
A Realtor can help you purchase any property - foreclosures, HUD homes, short sales, for sale by owner listings, and more. They specialize in properties in the local area and all types of sale situations. Your mortgage lender can advise you on the best loan programs available to you, including any programs that offer grant funds or special first time home buyer incentives. In short, you NEED both a great Realtor and a great Loan Officer. ... more
0 votes 1 answer Share Flag
Tue Sep 16, 2014
answered:
55% is the max approval I've seen lately with Freddie Mac's LP (Loan Prospector). However it's challenging to get approvals over 45%, typically need excellent credit, a lot of reserves, good down payment, and previous mortgage history.

You are correct that Freddie Mac permits blended ratios between occupant & non-occupant co-borrowers. The occupant doesn't even need to make any money at all, and the non-occupant's income can qualify for both of their debts.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
... more
0 votes 1 answer Share Flag
Fri Mar 28, 2014
Jon Devine answered:
Alen,
I have a private investor who is willing to make these types of loans under certain circumstances. Please email me at DevineRealty@comcast.net, and I can forward you the appropriate contact information.
Best of luck to you!
... more
0 votes 1 answer Share Flag
Sun Sep 1, 2013
lendersnetwork answered:
Yes there is a new program that you will qualify for

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements. ... more
0 votes 3 answers Share Flag
Thu Aug 22, 2013
Brek Schutten answered:
As long as the payments are made on time, there should not be an issue. However, I would strongly suggest contacting an attorney to see if there is anything that needs to be done. The biggest questions would come up in settling your father's estate. ... more
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Tue Sep 4, 2012
Terry McCarley answered:
I would recommend you speak with a real estate attorney. Signing incorrect paperwork sounds extremely risky to me.
0 votes 1 answer Share Flag
Wed Jun 27, 2012
Brek Schutten answered:
I believe that the MSHDA down payment assistance is in the form of a soft second loan. This means that when you purchased the property, they gave you a loan for (up to) $7,500 for your closing costs. You do not have to make any payments on this loan, but if you sell before the allowed time frame, you would be required to pay of the full remaining loan amount. The second loan may be paid on your behalf monthly, so you may only have to pay back a prorated portion of it, but I would have to check with a lender to make sure. Let me know if I can help more. Thanks! ... more
0 votes 1 answer Share Flag
Sun Apr 29, 2012
Brek Schutten answered:
If you would like to learn more about this type of financing, feel free to contact me directly.
0 votes 2 answers Share Flag
Thu Jan 5, 2012
Karl Roelofs answered:
Please call me at 616 308 2631. I have a mortgage person who probably can help you!!

Thanks

Karl
0 votes 13 answers Share Flag
Mon Apr 4, 2011
Louanne asked:
Looking for first time buyer- thinking that MSHDA is the way to go? Also read about their loan downpayment program- I think I qualify for that too? What are MSHDAS rates today? Website…
0 votes 0 Answers Share Flag
Tue Mar 1, 2011
Brek Schutten answered:
If you let me know more specifics, I can probably help you out with your situation. I don't work exclusively with "Rent-to-Own" sellers, I am willing to put the time in to work out a deal with some sellers. I do a lot of my work in the Kentwood area and I live here too. If you want to sit down and talk sometime, let me know. You can call me at 616-780-4725 or email me at bschutten@grar.com ... more
0 votes 6 answers Share Flag
Mon Feb 28, 2011
. answered:
If I was you I would talk to Roger Danielski... His answer to your question is somewhere down below...

On my website you can find a home you would like to buy...
0 votes 8 answers Share Flag
Wed Oct 20, 2010
Jim McDonald NMLS# 156546 answered:
The 20% from the parents either needs to be gift funds or seasoned in the buyers account for typically 60 days. The issue with a promissory note is combined loan to value (CLTV), most lenders will accept a maximum CLTV of 95%. With a promissory note that loan becomes a second on the home and is included in the CLTV calculation. ... more
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