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Financing in New Orleans : Real Estate Advice

  • All473
  • Local Info52
  • Home Buying152
  • Home Selling25
  • Market Conditions20

Activity 15
Sat Jun 18, 2016
Kazi Islam asked:
I am considering to buy an apartment here at New Orleans. I am an international PhD student at Tulane and living here on F1 visa along with my wife. I am wondering if I am eligible to get…
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Thu Apr 14, 2016
Golivier777 asked:
My primary residence and rental property is with my credit union. I want to buy a condo in New Orleans but my investments company's mortgage house appears to have a lower closing costs…
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Fri Oct 30, 2015
Rob asked:
I have been getting the run around by middle men that are not loan processors but commission seekers.
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Wed Jan 9, 2013
Wayne Clark answered:
Daivd, there are some lenders who have other programs for you to consider. Regions Bank have a program to buy and renovate a property.There are others. You should also shop around for a lender with knowledge of VA loan requirments. It may be possible to structure the loan by providing interim construction funding then convert to a permament mortgage.

Good luck

Wayne Clark
Real Estate Broker
Licensed in Louisiana
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Tue Sep 27, 2011
ian cockburn answered:
They probably will...generally you will need to have a termite certificate / or show the property is under contract anyway to get the loan. Unless there is some major structural damage or some latent defect it should not be an issue. ... more
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Tue Apr 26, 2011
Velvetradish answered:
Homeless Buyer,
The thing is that Cartus suggests using Bank of America or Wells Fargo, and we are using one of them! Do you happen to know who at Cartus manages the relationships between Cartus and these lenders. We are in serious jeopardy of losing this home. Cartus is threatening to go with a back up offer, but this is a debacle of their own creation, so they will be sued if it comes to that.
Any advice you can offer given your past experience would be helpful! My direct email is vmoncr<at>yahoo<dot>com
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Fri Mar 18, 2011
Corey Grushin answered:
Partial_i, FYI FHA guidelines state you can't do a 203k loan to finish work that has already been started. I originally stated you should try and finish the job using your credit cards. After the work is completed you can then refinance. Another option is to apply for a home equity loan or line of credit. Usually Home Equity loans don't require an inspection of he home. ... more
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Sun Dec 5, 2010
Lisa Nelson answered:
An appraiser looks to provide a report with a complete description of the property and an accurate and well supported estimate of the market value. In doing so , he or she looks for the best most recent comparable properties within the area that have sold to compare to your property. The important things an appraiser looks at is subject and neighborhood, Site, Improvements, conditionals of improvements, adverse environmental conditions, Sales, financing concessions, style, design, quality of construction, age, size, room count . All these things are compared to other properties to determine the Highest and best use and value of the property. ... more
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Fri Aug 6, 2010
ian cockburn answered:
This is very possible, for I have done it and helped others from as far away as Canada do the same. This is the approach:
1) We look at where you are now
2) We look at the cash flow you would like to have
3) We look at the inventory and how it best matches your preapproved amount/cash flow you are looking for
4) We run a risk analysis in terms of location, potential for growth vs location and what factors are most important to your lifestyle vs simply the utilitarian approach to real estate.

This process will be repeated until we find you a place that works with your budget and timeframe.

Take a look at my website and drop me a line to see how I can help.
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Fri Aug 6, 2010
Daniel answered:
if you actually have property worthy of bank collateral, why not go to a new orleans bank??
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Fri Feb 12, 2010
John Broussard answered:
I have a client who owns 2 lots free and clear in New Orleans and would like to pull cash out!
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Mon Oct 26, 2009
Joe Harris answered:
I believe that the Making Home Affordable program allows you to mod your loan without being delinquent. However, there are thousands of low level employees answering the phones at the loan servicers that have not gotten the message. I have heard from many sources that BOA is difficult; BOA does have the largest volume of loans serviced, so I am sure there are stories good and bad.

Here is a link to the gov't site
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Tue Aug 4, 2009
ian cockburn answered:
WIthout details, it is hard to know...but sounds like you should have had a Buyer's Agent
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Tue Jul 21, 2009
Bill Eckler answered:
Hi Angela,

I remember your situation....and am glad to hear things are now heading in the right direction. Let's hope the underwriter has a heart and knows what to do with it.

Thank you for the update....this is so not the normal turn of events.

Best wishes,
The Eckler Team
Michael Saunders & Company
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Sun Jul 19, 2009
Michael Humphreys answered:
You should be able to get around that with a verification from your employeer stating that your job is secure. It may also depend on how long you have been at that job, if you just started it your chances are slimmer. A good work history goes a lon way. You also need to keep in mind that now a days it no longer matters how long your debt is deferred your future payments would count into your debt ratio. Good Luck ... more
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