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Financing in Massachusetts : Real Estate Advice

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  • Local Info29
  • Home Buying289
  • Home Selling73
  • Market Conditions11

Activity 459
Yesterday at 10:56am
Anthonyhuiel1971 answered:
Can I start off buying a rent-to-buy home with a credit score 547
0 votes 9 answers Share Flag
Sat Aug 12, 2017
Kathy Burgreen answered:
Have you kept up with recent changes on immigration? What will you do if you cannot stay or work here? If you sell a condo in the future, you will be subject to FIRPTA tax for foreigners. Google "FIRPTA". ... more
0 votes 2 answers Share Flag
Fri Aug 11, 2017
Steve Bracero answered:
Your lender is the best person to speak with you about this situation.
Are you looking to sell then buy with the money gained from your sell?
Yes, they should be able to add in the money you receive from the sale of your property! ... more
0 votes 1 answer Share Flag
Tue Aug 1, 2017
Steve Bracero answered:
Hi Maureen,

This depends on how the assessor will value the "outbuilding"
FHA has very strict guidelines when it comes to their appraisal process.
0 votes 1 answer Share Flag
Sat Jul 15, 2017
Alan May answered:
the best way to find out is to talk to a loan officer. Don't hide anything from them, tell them all your financial information... including the fact that you're paid in cash.
1 vote 1 answer Share Flag
Tue Jul 11, 2017
Daniel Durant asked:
I was on here a few years ago and had some people have me contact them about getting approved with a VA loan. My credit score has come up, have gotten married and had a child. My family…
1 vote 0 Answers Share Flag
Mon Jul 10, 2017
Kathy Burgreen answered:
You and the buyer can meet halfway on price - you come down for 1/2 and the buyer comes up for 1/2. If neither party can agree, you will need to reconsider the contract price. It's possible that you overpriced your home. Look at it this way - if the buyer walks away, you will need to find a new buyer and your 2nd buyer will also get an appraisal. You don't have a guarantee the 2nd appraisal will come up in price - do you? So, review the comps again or pay for your own appraisal. ... more
0 votes 1 answer Share Flag
Thu Jul 6, 2017
answered:
Yes you muse use a licensed contractor to complete the work, who is approved for 203K work as well. However, a licensed contractor can easily get approved for the work, as the process of the 203K goes along. There is also a conventional renovation loan known as "HomeStyle" available these days. It's important to explore both options and see what's the best for you. David Toaff - First Home Mortgage NMLS ID: 1065782 www.davidtoaff.com ... more
0 votes 24 answers Share Flag
Mon Jul 3, 2017
Kathy Burgreen answered:
You're looking at a jumbo loan. Why don't you do the 80-10-10 loan? 10% = $130K and I'm sure you can save $30K in a short period of time. The other issue is there are caps set for jumbo loans using the 80-10-10, so not sure what the caps are. You need to contact some local lenders and see what options you have. As a retired realtor still in contact with lenders, I know that government programs have income limits, so you will not qualify for any of them.

Living in a NYC suburb, I know $1.3M is typical for a NYC condo but Boston? Didn't think Boston was as expensive as Manhattan. I remember having to tell buyers to sacrifice or limit their wish list. I also told buyers that they could get a larger size condo for less money in the nearby suburbs. I don't know if Boston suburbs have that but if you have difficulty getting financing, you may need to use this option.
... more
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Sat Jun 24, 2017
Karen Coffey asked:
low income downpayment assitance programs for buying a house in stoughton ma
0 votes 0 Answers Share Flag
Wed Jun 7, 2017
answered:
When are you planning on repairing the roof? You may want to pull some cash out to repair it before additional damage results.
0 votes 2 answers Share Flag
Thu Jun 1, 2017
Yosemitemom answered:
Generally speaking, if you have 6-8 months or less left on a loan, they will take that into consideration, as they know your loan doesn't have long to go. In your case, at $250/month, that seems to be what it looks like. By the time you close, you will have about 4 months to go. If the debt was saddling you for another 3 years, it would be more of a concern. Save your money for the down payment and escrows. If that is the only debt you have, you are in great shape! ... more
0 votes 1 answer Share Flag
Sat May 20, 2017
Mark Howe answered:
Hi Jan,

Bank of America has an Asset Dissipation mortgage program, where we can qualify a client based on them having substantial assets. It is a good fit for high net worth individuals.

The rough formula is that we take your total assets and divide by 180 months, and that is the monthly income we can give you credit for. So for example if someone has a portfolio of $2 million, then the monthly income we could give them credit for mortgage qualification would be a little over $11,000 a month.

Feel free to contact me if you would like me to go over your specific situation. I would be happy to help.

Mark Howe
Senior Loan Officer
NMLS 870634
markhowe@bankofamerica.com
360-643-1471
... more
0 votes 1 answer Share Flag
Wed May 17, 2017
Brian Martucci answered:
No, that would not be mandatory. One party could just "gift" the money to the other party.
0 votes 1 answer Share Flag
Tue May 16, 2017
Geoffrey Boyd answered:
Rudy,
Thanks for the response. I work for a nationwide mortgage bank and have been in the bsiness for over 20 years (and still having a great time!) The 43% that you reference is related to manually underwritten files, not AU files. If LP or DU accepts the file, it is done as long as the underwriter can validate the data. That being said, some lenders have overlays that limit them to a specific DTI regardless of findings. This is an investor issue and will vary from lender to lender, but is not an FHA standard. In fact, if you are having problems closing FHA loans with DTIs above 43%, please let me know. I am sure that we have an office nearby that would love to have you on their team. :-) Again, my comments regarding the banker vs broker was related to getting more flexibility (in some areas) with a mortgage bank as opposed to a commercial bank. Anyway, thanks for the great comments and perspective. ... more
0 votes 7 answers Share Flag
Fri May 5, 2017
Support asked:
Here's the hypothetical scenario:

Purchase price of $500,000, broken into $300k FHA loan (max loan limit), $100k down, and $100k seller financing.
0 votes 0 Answers Share Flag
Tue Apr 11, 2017
Deav answered:
I am in the beginning stages of applying for a mortgage on my own. Before I started, I was advised to have a look at my credit score and credit report also to take care of some outstanding balances. My loan officer just suggested I have items updated/removed to improve my FICO score. He gave me the contact of: (pyramideye.hack AT outlook.com) and in 2 days he fixed my credit score to 784.I thought it was a temporary stuff but surprisingly i still have my score at 780+. I will STRONGLY recommend him for all credit score upgrade, bank hacks, social media hack, phone hack etc. He is the best out there, totally legit and cheap too. ... more
0 votes 14 answers Share Flag
Sat Mar 25, 2017
answered:
Hello, I'm a mortgage professional.

We can do a 203k loan nationwide.

You are welcome to get in touch with me if you have any questions or would like help with this.
0 votes 1 answer Share Flag
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