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Financing in Seattle : Real Estate Advice

  • All1K
  • Local Info115
  • Home Buying476
  • Home Selling97
  • Market Conditions46

Activity 115
Sat Apr 8, 2017
Michael Cornell asked:
My clients are Canadian citizens who already own one investment condo in Seattle that I helped them buy two years ago. They want to buy another.
0 votes 0 Answers Share Flag
Wed Mar 22, 2017
Sureshvenkata12 asked:
Wed Feb 22, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

I can do 203k loans.

I'm available almost 24/7.

If you need help with this or have any questions you are welcome to contact me.
0 votes 2 answers Share Flag
Fri Dec 16, 2016
Clark Nieddu answered:
Speaking from two different experiences, I'll give you two different answers:

First of all, my experience: in order for me to get a mortgage, the lender required that we pay off one of our two vehicles to bring down the debt:income ratio. A family member gifted the money to us. Our lender required that the donor sign a statement saying that the money was a gift and in no way requires a repayment of the money from us. The donor was also required to include their bank information: bank name, address, and account number. Since my family member wasn't comfortable with releasing his account information (he used a cashier's check to give us the money and so neither his name nor his account info was on the check), my lender required that he have his bank sign a memo on bank letterhead stating that the money came from his account and he had sufficient funds to cover it.

The second scenario is from my brother. His father-in-law sends him and his wife a significant check every year to encourage my brother and his wife to buy a plane ticket to visit them. His bank required proof of where the money came from and was also stating that they are going to require his father-in-law's account information. His father-in-law outright refused to give it, and my brother went back to his bank and told them that they could either move forward without it or my brother and his wife would just find another bank. His bank moved forward without the information.

Based on my brother's experiences and based on research my brother did on the Patriot Act (which is what has been thrown at me by my lender whenever I ask about it), I have concluded that it's not an actual requirement but a very very strong preference.

I think that at the end of the day, you just have to realize that the bank isn't required to give you a loan and if you want that loan, then you will likely need to be willing to give them whatever they want, unless what they're asking for is somehow illegal.
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0 votes 10 answers Share Flag
Mon Sep 19, 2016
Rosejudyy answered:
There are a number of Lenders that offer Construction loan financing. BBVA Compass has a One Time Close Construction loan. We fund the Construction and Permanent loan in one step. Depending on scenario, we can lend up to 90%. Hope this helps. Please feel free to contact me at my profile if you have any questions.
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0 votes 10 answers Share Flag
Sat Sep 10, 2016
Mariyaluci answered:
Financing the construction of a new home differs from that of buying an existing home, and can be a more rigorous process for the home-building client.

List of the Top Largest Mortgage Lenders

- Wells Fargo Mortgage
- JPMorgan Chase Mortgage
- Quicken Loans
- CitiMortgage
- Bank of America
- U.S. Bank Mortgage
... more
5 votes 17 answers Share Flag
Mon Aug 8, 2016
Yankeldegalitzyana answered:
Try TD Bank they would give you a loan if you are the trustee and the beneficiary.
They have good rates and they make it very easy to apply.
0 votes 3 answers Share Flag
Sat Jul 2, 2016
USMortgageRanger answered:
Yes I have a asset base mortgage that you match your situation. I would be delighted to provide you with some mortgage options, this does not require us pulling your credit and will allow you to make the best decision for your family. I can be contacted for a FREE no obligation consultation.

Lowell Sterling
Mortgage Banker
NMLS 968898
Phone 469-347-3572
... more
0 votes 1 answer Share Flag
Sat Jun 18, 2016
Simmya answered:
Sat Apr 9, 2016
Kary Krismer answered:
BTW, your spouse should also consult someone to make sure they've owned the house long enough to qualify for the exclusion of recognition of gain for income tax purposes. I would be ashame to sell a few days/weeks early and then have to pay tax. ... more
0 votes 2 answers Share Flag
Fri Mar 25, 2016
Kary Krismer answered:
Often a co-signer ends up on title, but you can typically quit-claim your interest sometime after closing. That would best be done with the services of an attorney to draft the proper deed, so it would also be best to consult an attorney now, before the transaction, so that they can guide you.

Your wife being responsible for the loan is another question best answered by an attorney. The answer to that would depend on a number of factors, including whether she signed and what your marital assets are.
... more
0 votes 1 answer Share Flag
Thu Mar 17, 2016
Jonathan Bellemore answered:
I would choose the 3.625% if you're planning on staying in there for more than 5 years but if you take a look at the APR on both of these loans it will tell you what they will truly cost you. Do the math... the way I see it, it is costing you $1237.5 per year to do the higher rate so that's $6187.5 vs $6500 over 5 years. it's close... it's your call. I would rather have lower out of pocket closing costs. If you're planning to spend more than 5 years in the home, then go with the lower rate and pay the 9k upfront. ... more
1 vote 1 answer Share Flag
Thu Feb 25, 2016
Ted Clevenger answered:
Hi Vishal,

were you able to find an answer to your question? If not give me a call and we can talk about options. I am up in bellingham, wa

360.594.4033 ... more
0 votes 1 answer Share Flag
Thu Feb 25, 2016
Ted Clevenger answered:

Old military brat and loan officer here. I am located in bellingham, wa and have done va loans. The first benifit to you will be the $0 down payment. Inspections and appraisals are just like any other loan. You would want a credit score of 620 though and can have no outstanding judgement for any other government debt. This can include tax liens. Give me a call or shoot me an email if you would like to talk more

... more
0 votes 2 answers Share Flag
Tue Feb 2, 2016
Jim Greensberg asked:
We are looking for no doc or low doc Heloc. Appreciate your help !!
0 votes 0 Answers Share Flag
Sun Jan 17, 2016
Bbarbera answered:
My portfolio product works as long as it shows as income on the 1040's and appropriate taxes show being paid on the paystubs.
licensed in 48 states, Bruce 415-559-0000
0 votes 6 answers Share Flag
Sat Dec 5, 2015
My NC Homes Team answered:
This is a common problem and one I've run into with some of my own clients. Your best bet is to work either with a credit union if you've got the ability to do so or with a smaller local bank that may be willing to offer you what is referred to as a portfolio loan (i.e - one they hold in house and don't sell on the secondary market) Hope this helps. ... more
0 votes 1 answer Share Flag
Sat Sep 26, 2015
Dan Tabit answered:
If you are not living here, you may want to find lenders from where you do live and consider other collateral. Without knowing more of your situation, I have no specific recommendations. Are you looking to relocate here, buy investment property here or buy something for a family member? ... more
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