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Financing in Middlesex County : Real Estate Advice

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  • Local Info1
  • Home Buying9
  • Home Selling1
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Activity 72
Mon Aug 8, 2016
Jennifer Harper answered:
I know it's 2016 and I'm late to the party, but there may be others in your situation now...

Your Loan Officer could've had you refinance using the FHA 203(k) loan.

You can make the following repairs and renovations to your home with the Full 203k:

Structural alterations and reconstruction:

Room additions
Repair of termite damage (sill plate replacement)
Major remodeling of kitchens and bathrooms
Finish an attic or basement
Add a second story to a home
Major landscaping and site improvement:

Correction of grading
Drainage problems
Tree removal (health and safety hazard)
Repair of sidewalks (health and safety hazard)
Driveway repair (health and safety hazard)
... more
0 votes 12 answers Share Flag
Thu Jul 28, 2016
MCM_STL answered:
Unless you are in a situation where you'll still have loads of cash at your disposal after doing this, it's not usually a great idea to pay cash because houses are illiquid (i.e. cannot be sold quickly to regain your investment).

Given how low mortgage rates are today, there's an excellent chance that money could be invested in something that provides a higher yield than you'll be paying out in interest and where the cash is more readily accessible. And you can add the mortgage interest tax deduction on as well. If you have enough cash laying around to pay for a house outright, you should have financial professionals involved in your affairs to make sure you're making the most money from your money.

There are shorter mortgage terms than 30 years. A mortgage lender can sit down with you and show you the differences in cost over different loan lengths and show you what your rate options are based on your credit scores, down-payment, etc.
... more
0 votes 1 answer Share Flag
Tue May 3, 2016
Dinachroek asked:
Hi I have question about mortgage loan. I currently 2 full time jobs, and 1 part time job. I was told that when I go to apply for mortgage loan they only allow me to use 1 full time job…
0 votes 0 Answers Share Flag
Wed Mar 30, 2016
MCM_STL answered:
It is pretty uncommon for someone who has been self-employed for less than two full tax years to be able to get a mortgage based on those earnings. Your prior compensation doesn't mean much to a lender even if it was the same type of work. Even a shift in compensation structure say from being salaried to base + commission can be an issue when you're trying to get a loan.

They want to see that you can keep your business going in the long term because of the high failure rate and to ensure that you earn enough over the course of a year to pay given how sporadic self-generated income can be. Having two years' of data also allows them to calculate an average annual income. That's what they normally base your loan on.
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1 vote 1 answer Share Flag
Fri Oct 30, 2015
Gturmanidze1993 asked:
hello, i have done 3D designs which are on your site, i can show you which one and i can show 3D to prove it. i am searching for a 3D job. i was working with Odd Einar.
i want to know,…
0 votes 0 Answers Share Flag
Fri Oct 30, 2015
Amelia Robinette answered:
You may want to look for a construction loan - it would pay off the existing mortgage (like a refinance) and you can also roll in some of your building costs. There are few different types of construction loans available.

Check with a local lender about your options.
... more
1 vote 1 answer Share Flag
Sat Jul 25, 2015
USMortgageRanger answered:
Yes it is way too high and they did rip you off. Go to Capital One bank online and fill out the application and it will give you a decision within 5 mins.
Good Luck

Lowell
0 votes 1 answer Share Flag
Sun Jan 25, 2015
USMortgageRanger answered:
Hi Ma2fam,

Yes you can qualify for a home with being unemployed for a relatively short period. As for your rental property the Lender will used 75% of the gross and also look at your tax returns. Are you receiving rent for two year or more on the rental property. I would be honored to be selected as your Lender of choice to help guide you in this process.

I recognize that you are very busy, so I am only asking you to spend 6 minutes with me to discuss your needs so we can determine if we can be of service to you. After answering just a few simple non-credit related questions (I do not need to pull your credit report in advance) I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
I look forward to working with you to make your dreams a REALITY.

Lowell Sterling
Mortgage Banker
NMLS# 968898
The Federal Savings Bank
Mobile: 469-347-3572
Direct: 512-717-0403
https://www.thefederalsavingsbank.com/LowellSterling
... more
0 votes 1 answer Share Flag
Tue Jan 20, 2015
USMortgageRanger answered:
Thanks for your post & congratulations on your decisions to purchase a home. The first part of home buying is getting APPROVED by a Lender who has done their due diligence as to your ability to repay the loan and not cause you financial harm. We here at The Federal Savings Bank would like to introduce you to our H.E.LP.P Home Loan Purchase Program where we underwrite and approve your credit income and assets without a specific property. We will then issue a letter of commitment to lend based on the selected property meeting the underwriting guidelines. This letter lets sellers and Agents know you are serious qualified buyer and they will be more enthusiastic to work with you.

We are the Nation only veteran-owned, federally chartered bank with a focus on educating customers about the mortgage process and providing opportunity for home-ownership. We have complete control of the entire Lending process with the ability to lend in all states. We specialized in FANNIE , FREDDIE, VA, USDA direct, Jumbo, Unwarrantable Condo, Asset Based Lending, Foreign National, Construction Lending and conforming bridge Loan.


I recognize that you are very busy, so I am only asking you to spend 6 minutes with me to discuss your needs so we can determine if we can be of service to you. After answering just a few simple non-credit related questions (I do not need to pull your credit report in advance) I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
I look forward to working with you to make your dreams a REALITY.

Lowell Sterling
Mortgage Banker
NMLS# 968898
The Federal Savings Bank
Mobile: 469-347-3572
Direct: 512-717-0403
https://www.thefederalsavingsbank.com/LowellSterling
... more
0 votes 1 answer Share Flag
Sun Jul 6, 2014
Craig Chemaly answered:
There will not be any kind of blanket "exception" for Jill's Way. Basically, it will be up to the individual school whether they want to allow it or not. Most are pretty good, especially if your child has been going there and has a friend base already.

School districts generally set their own policies for intradistrict transfers (from one school in the district to another) and interdistrict transfers (to a school outside the district). Preferences are often given to children whose child care provider is near a particular school, or whose parents work in the city where the school is located. Most school districts have an appeals process if your request is denied. Space limitations often make transfers difficult, and each district's process has its own regulations, so be sure to check with your local district for specific requirements.
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0 votes 6 answers Share Flag
Sun Jul 6, 2014
Craig Chemaly answered:
Your best bet would be to talk with a bank that does business in your home country as well as the U.S. The best international bank I've dealt with has been Scotia Bank/Bank of America. If your country has a Scotia Bank, you should speak with them about the U.S. re-fi. ... more
0 votes 2 answers Share Flag
Tue Jul 1, 2014
Richard Shapiro answered:
There are hidden codes within your credit report and when run through the automated system that could trigger a risk issue. Have you looked at your credit report lately? is there any one of your several student loans that might have past due??

I'm assuming they run the loan through the FannieMae automated system. they should be calling them to help determine the issue.
... more
1 vote 2 answers Share Flag
Sat Jun 21, 2014
Deborah Perro answered:
Hi Maria, I am having an open house at 95 Spruce Street in Framingham, on Sunday, June 22 from 12:30 PM to 1:30 PM. The house has 4 bedrooms, 3.5 baths with a complete finished basement. You can find more information by searching "95 Spruce Street, Framingham, MA" in Trulia. Please stop by on Sunday and see if this house is what you're looking for! ~Debbie Perro, Real Estate Broker ... more
0 votes 5 answers Share Flag
Tue Apr 29, 2014
Rob Weber answered:
I'm sure someone out there would consider it if your TLTV wasn't too high but this seems extremely risky from a lending standpoint. A second mortgage already represents a lot of risk, it might be easier to get one large second mortgage/HELOC instead of trying to find a lender who'll lend in 3rd position. ... more
0 votes 1 answer Share Flag
Fri Apr 25, 2014
Daniel Motti answered:
Dear Jhillsop.

Based on your current assets a construction loan might be the best option for you. As Dan Tabit mentioned, you will definitely need a Professional and Reputable General Contractor to help make the deal happen as they will be the one's cashing the money you will borrow. I'm an agent in the area and I also own a reputable remodeling company (not a construction company). Feel free to contact me and I can def. recommend you some lenders as professional and reputable builders to help you in this new adventure! GOOD LUCK! ... more
1 vote 2 answers Share Flag
Wed Mar 19, 2014
Sanjeev Ahuja answered:
If you have a 30 year fixed loan at 4.25% and it is conventional mortgage then you have the rate that is currently below the market. I don't see you deriving any benefit from this transaction. To pay off the other debts may be you talk to banks about a unsecured personal loan which can lower your monthly payments overall, if you are not able to get HELOC due to insufficient equity in the house.
Good Luck!

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
... more
0 votes 3 answers Share Flag
Tue Mar 11, 2014
Jim Driscoll answered:
Hi Lindemandelgado:

We have several years of experience handling USDA/Rural Development financing. Check out this video testimonial from one of our USDA clients: http://youtu.be/kRkBMQx5y3s

Have you looked at the USDA eligibility map to see if the area you're looking to purchase is eligible for USDA financing? Call me at 617-529-9007 to discuss further. I look forward to hearing from you.

To see more testimonials, visit: http://www.driscollmortgageteam.com/video-testimonials-2
... more
0 votes 4 answers Share Flag
Wed Feb 5, 2014
GB Short Sales answered:
Unfortunately, most mortgage modifications ultimately fail. If you are looking to get rid of a mortgage you can no longer afford, and are open to selling the house, a short sale may be your best option. My company, Greater Boston Short Sales, LLC, exclusively handles short sale transactions throughout Massachusetts. Please feel free to contact us for a free consultation. We never charge the homeowner and we only get paid upon a successful short sale of your home.

If, on the other hand, you want to keep your house, we are happy to refer you to one of our preferred partners to assist you with a mortgage modification.

In either case, do not under any circumstances give anyone any up-front money to perform loan modification services.

Regards,
Andrew N. Coppo, Esq.
Greater Boston Short Sales, LLC
www.closingtableblog.com
617-264-0376
... more
0 votes 4 answers Share Flag
Thu Oct 24, 2013
Liz Pierre answered:
Did you ever find a lender for the construction loan .lizpierre40@hotmail.com
0 votes 2 answers Share Flag
Wed Oct 16, 2013
Christopher Jordahl answered:
Are you looking to buy? If so call Wells Fargo as they usually only need 30 days worth of pay stubs and have many different programs.
1 vote 1 answer Share Flag
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