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Financing in Virginia Beach : Real Estate Advice

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  • Home Buying193
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Activity 20
Thu Aug 3, 2017
answered:
Some lenders can use your assets to approve you. We would need to generate an income based on your current assets. If that income is likely to continue for 3 or more years, it can generally be used. I hope that helps answer your question. ... more
0 votes 1 answer Share Flag
Fri Sep 9, 2016
Mariyaluci answered:
There are two types of FHA 203k Rehab loans available - Standard & Streamline ($35k max, no structural work). These loans can be used for purchase or refinance. They are similar to a one-time close construction loan. You can buy/refinance and include repairs/renovations in the same loan. Very few lenders offer this product today. I can refer you to a lender that does both types of these and has the lowest minimum fico score requirement at 580. Another thing to keep in mind is the time the lender takes to disburse the draws to the contractor. I've heard of horror stories where the lender takes 60-90+ days to get the contractor paid. The lender I know disburses in 10 days, probably the fastest in the industry.
http://usaconstructionloans.com
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2 votes 14 answers Share Flag
Thu Jan 9, 2014
Todd Brozovich answered:
Brian,
I know this question was asked in April but the only lenders in this area that may entertain that type of property is Bank of America and or Wells Fargo. You can check there if you have not moved on. Have a great day. ... more
0 votes 1 answer Share Flag
Thu Aug 29, 2013
Drew Hitt answered:
One of our Rent To Own buyers is getting a new loan through Bank of America next month. (Rent credits usually just come off the purchase price, they don't account as money down).

We did have a rent to own buyer default this year. They had military orders out of the country. So lucky for them, they could walk away, and we just get the house back. Had they owned the house and had a traditional mortgage, they would have a short sale right now. So for them, it worked.

Good option for the Military if you're unsure of future orders.

Drew

P.S. We have three rent to owns coming available now if anyone is interested, 2 in Virginia Beach, 1 in Chesapeake.
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0 votes 6 answers Share Flag
Mon Aug 26, 2013
Chris Nealy answered:
What makes you think your HOA won't find out that you are not in the house and your friend is in fact renting it? Him paying the mtg is still money you are recieving and that sounds a lot like rent. Are planning on paying the utilities too? As soon as that name change on the utilities goes out its public info. Also if you have repairs needed your HOA may require them even if you do move out and you certainly need to do it if you home requires a rental inspection. Its a slippery slope when you try and do things under the table. Fix it up, sell it, then buy something else or stay put until you can afford to buy something.. Cleaning and paint are cheap and go a long way to make a place look nice. Do as much of the work as you can before you sell it. ... more
0 votes 9 answers Share Flag
Mon Aug 26, 2013
Vincent Paige, P.A . answered:
Nervous that the economy will nose dive again, worried about stability of work situation. Analysis paralysis..etc.

VP
0 votes 2 answers Share Flag
Mon Aug 26, 2013
Chris Nealy answered:
Conatact Sherry at Monarch Mtg. She may be aable to get you a loan. There was a new law passed where the waiting period has been shorted to a year if you can show there were extenuating circumstances such as illness, unemployment or some other hardship. Send me you contact info and I will forward it to Sherry. seashorenealy@gmail.com ... more
0 votes 16 answers Share Flag
Sun Mar 17, 2013
Lori Jeltema answered:
I'm glad you removed your last post! Good luck!
0 votes 5 answers Share Flag
Sat Mar 2, 2013
Robert H. Ashburner, Jr. answered:
Jeff,

Julie mentioned me and Nick in her recommendation... And yes I would also recommend myself, but to be of service to you please consider searching for a local lender that works for a firm that will take your application face to face, process, underwrite and close your loan locally and start your search at www.vhda.com for an approved mortgage lender. Yes I am on that list and I work for a local firm that will take your application face to face, process, underwrite and close your loan locally. If you are looking for an agent I also would recommend Julie Butler http://www.williamewood.com/juliebutler and her Team members Don Maclary http://chooseahomenow.com/ and Tabatha Evans http://www.williamewood.com/tabathaevans . To your question what is the minimum down payment - painfully it depends. If you have eligibility for a loan program guaranteed by the veteran’s administration you would not be required to make a down payment. Many factors will determine what loan program will be best for you and what sort of pricing you will receive for each respective loan program such as your cash available for down payment and closing cost, credit scores, total proposed housing payment (Principal, Interest, Property Taxes, Homeowners Insurance, Mortgage Insurance, any Association Dues or Special Assessments) divided by (total net effective gross monthly income) better known as the Front Ratio. Lenders will also take a look at (total proposed housing payment and add that payment to all of your monthly contractual obligations) and divided that figure again by your (total net effective gross monthly income) to arrive at your total debt to income ratio better known as your Back Ratio. In general a VA loan does not require a down payment within conforming county loan limits, FHA loans requires a minimum of 3.500% as a down payment, Conventional loans can be obtained with as little as 3.000% for a down payment depending on credit scores, front and back ratios restrictions and availability of private mortgage insurance. I hope this helps

Robert H. Ashburner, Jr. – Loan Officer
NMLSR 607856
Monarch Mortgage
2809 South Lynnhaven Road, Suite 200
Virginia Beach, Virginia 23452
(757) 390-2235 Direct Line
(757) 652-5851 Mobile
(757) 390-2335 Direct Fax
http://www.monarchmortgage.com/rashburner.php WEB
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0 votes 28 answers Share Flag
Thu Feb 28, 2013
stardow answered:
im a young lady in my 30's i have no good credit trying to build it back up. would like to know how can i rent to own a home in chesapeake. i rent 850.00 amnth but will purchase the property. can i find something cheaper bigger and own for that amount. ... more
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Thu Feb 14, 2013
Robert H. Ashburner, Jr. answered:
If you really want to obtain an educated grasp on the direction of mortgage interest rates sign up for a FREE trial of Barry Habib’s MBSHIGHWAY at http://www.mbshighway.com/registration/trial-registration once on the site watch today’s market commentary video why 1515 is critical to Mortgage Rates. Barry explains what moves the markets and what is currently having an impact on mortgage rates and what he sees as potential pockets of opportunity to obtain a better mortgage interest rate. There is an old adage about speculating in the markets. “Win Playing to Win Play to the Perception” what that means is that even if Barry is 100% correct and the perception of the market players is contrary to Barry’s insight the direction of mortgage interest rates will be unpredictable, and extremely choppy – buckle up. If you are considering locking in a mortgage rate you will need to keep your eyes on the markets until you lock. Once you lock get your lender everything and anything they ask for to document you loan file. ... more
0 votes 3 answers Share Flag
Sun Feb 10, 2013
Richard Calderon answered:
Hi Amber,
I noticed that no one ever answered your question.I hope everything worked out and wish you the best.

Again on behalf of VA..... SORRY
0 votes 1 answer Share Flag
Sun May 20, 2012
Jonathan O'Connor answered:
My very best guess is you need a Green Card. Call Cara Hunt at 757-348-2262 . She is with Atlantic Bay Realty. ALWAYS use a LOCAL LENDER. Local Banks and mortgage companies can do things for you that large massive banks cannot. Do you want somebody on your team looking into your eyes across a table or do you want to be a case file number? Local Bank, Local Mtg Co.... customized face to face service. http://www.atlanticbay.com/about ... more
0 votes 3 answers Share Flag
Fri Jan 13, 2012
Julie Butler answered:
I know someone who may consider doing owner financing. They are rentals for him and he doesn't have them listed yet, but they are condos in Portsmouth, not Virginia Beach. Let me know if you are interested... ... more
0 votes 4 answers Share Flag
Sun Nov 21, 2010
answered:
Hi, Don. Depends on how the market responds to the election results. Traditionally rates start to inch up around this time of year anyway. Lenders know everyone that 's trying to close before the end of the year for tax purposes will do so even if the rate does climbs .25-.50 bps. They then hedge their bets (and rates) accordingly. ... more
1 vote 1 answer Share Flag
Sat Oct 30, 2010
Don Maclary answered:
If the house needs only $5000 to fix go to a finance company loke HFC who may lend $5000-$10000 with home as colateral. Dont use the home to pay off things like cars & CC debt.
1 vote 3 answers Share Flag
Sat Oct 30, 2010
Don Maclary answered:
Talk to Tim Pugh 757-377-3313 ask him what loan may work for you. If you have equity and your interest rate in above 6% it might be time to refinance.
Give him a call.
1 vote 6 answers Share Flag
Thu Apr 23, 2009
Vicky Chrisner answered:
See the blog post below. You can refi under HASP up to 105% of the value of your home. It should be easier (and cheaper) with your current lender, but another lender can do the underwriting if your lender hasn't completely rolled out the program... plus, banks are not REQUIRED to participate, so maybe that is how your current lender is administering the program. I know there are Bank of America's in your area - and they have rolled the program out. You do not need a hardship. ... more
0 votes 4 answers Share Flag
Fri Dec 19, 2008
Mikeyc answered:
I dont think rates are high but one thng is for sure. It is a terrible time to buy a home in this area with the downturn in the economy. Who wants to buy a home today and haveit not be worth at least the same value tomorrow. ... more
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Wed Jun 25, 2008
Other/Just Looking answered:
Only an attorney is licensed to advise you on the advanatges and disadvantages of filing bankruptcy.

From a lending standpoint, the impact will be significant. All borrowers who have a bankrupcty discharged fewer than four years are ineligible for a loan delivered to Fannie and Freddie. This will lock you out of the low rate market for half a decade.

FHA insures loans made to borrowers with discharged bankruptcies in as few as two years provided the borrower can demonstrated the bankrupcty was due to circumstatnces outside the borrower's control such as job loss, major health problems, or death of a co-borrower.

In any event, you must have re-established credit with no lates and no collections for at least a year to be considered for a Fannie, Freddie, or FHA loan AFTER the 4 year period has passed.

There is no guarantee that Fannie, Freddie, and FHA won't chnage their guidelines. Just last month, Fannie and Freddie chnaged the seasoning time on foreclosures from 4 years to 5 years for a primary residence and 7 years on a second residence or investment property. If the foreclosure crisis leads to a wave of Chapter 13 filings, it is very likely that Fannie and Freddie will lengthen the time after bankruptcy before accepting a loan.

Even if all conditions above are met, banks can impose their own restrictions on top of Fannie, Freddie, and FHA guidelines. I heard today from a collegue whose borrower was denied for an FHA insured loan bya particular lender due to 3 late credit card payments in the 8 years sine the borrower's Chapter 7 filing was discharged. Obviously this lender is much more risk averse than FHA guidelines require, but FHA only insures loans made by banks; it does not lend.
... more
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