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Financing in Loudoun County : Real Estate Advice

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  • Local Info3
  • Home Buying13
  • Home Selling1
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Activity 28
Mon Apr 10, 2017
Ashleylcash asked:
The financing for the build would be available in about 2 years. The answer is probably "no," but everything is negotiable, so I'd love to hear that someone has heard of this.
0 votes 0 Answers Share Flag
Mon Mar 16, 2015
bhavik123 answered:
Wed Jul 2, 2014
Vjsshabi answered:
Have a nice day,

I want to do BPO orders from anyone company please give me the details.
0 votes 12 answers Share Flag
Mon Jul 29, 2013
The Spear Realty Group answered:
Dear Paul,

This must be an exciting time for you and your family.

You may be able to purchase a home in VA using a loan product depending on your employment status and income to debt ratios and if you have any US credit trade lines open.

Have you been paying taxes through your ITIN?

I would recommend you contact a reputable lender. I know several fabulous ones!

Feel free to contact me and I will share their name and numbers/emails with you.
... more
0 votes 1 answer Share Flag
Mon Jul 1, 2013
answered:
Yes even though that should NEVER happen it certainly could if the loan officer was not paying attention to the lock expiration dates. I would definitely speak to the loan officer's supervisor but if the rate truly expired there may not be anything they can do. If it's a bank they may be able to be in a better position to assist as opposed to a mortgage broker. Please let us know how that all turns out and good luck.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
... more
0 votes 3 answers Share Flag
Sat May 25, 2013
Thomas Young answered:
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information. ... more
0 votes 5 answers Share Flag
Sat Feb 9, 2013
Elliott R. Oliva answered:
If you could tell me what area(s) you are looking to buy in I can put together some detailed information as to what loan programs are available. There are 2 or 3 no money down programs that may interest you.

Elliott R. Oliva
Loan Officer
NMLS#353884
Washington Mortgage Group, Inc.
703-344-8153 direct
novamtg1@gmail.com
... more
0 votes 1 answer Share Flag
Sat Jan 12, 2013
Julie Gray-Roller answered:
Hello:

I would definitely contact the condo association for more detail on the ratio of owner occupied to investor properties within the condominium. Lenders do require that information to process a loan and actually, in my experience, the association will make certain a buyer intends to occupy the property -- so they assure there isn't an overage of rental units within the condominium.

Another point, if the condo docs reveal a high number of defaults (either foreclosures or short-sales) this info can cause problems when the lender is considering approving a loan.

I'm available to help with any other information you are seeking.

Regards,

Julie Gray-Roller
Long and Foster
... more
2 votes 2 answers Share Flag
Sat Jan 12, 2013
Julie Gray-Roller answered:
I assume you plan to purchase another property when you cash out? Since this is an investment property and is fully paid that is for you can take out as much as you wish. The condominium association isn't have any say on your decision.

You can look at your position the same as a situation wherein you bought the property for cash. No mortgage, no lender, no approval required by a financial institution or the condo association finance committee.

The decision is yours to make and act upon.

Please contact me if you are looking for an experienced agent to manage the rental of your property and/or to help you locate another investment property.

Regards,

Julie Gray-Roller
Long and Foster Realtors
... more
0 votes 1 answer Share Flag
Thu Aug 30, 2012
answered:
Kahnkmr007,

Most lenders don't offer the program you want. Nick does and it's good to have options. I don't know him personally but he has a good reputation in our local lending area and his answers on Trulia are always good. That being said I don't recommend the 10% 2nd mortgage. Take a look at that and also the one piece 90% loan that was mentioned. I have that program also and long term that is a much safer route. Yes you have mortgage insurance but it's all on a fixed rate note. The 2nd mortgage if a line of credit is subject to price increases as we move forward. That's why it was mentioned to pay it off in a few years. Plus that loan does expire in a a set period of time, 5 to 10 years probably. My advice would be to talk to me and talk to Nick. Either way you'll get good straight forward advice and you can go from there. I think it's always good to compare a few local lenders anyway.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
... more
0 votes 3 answers Share Flag
Wed Jul 27, 2011
answered:
We charge $875 per home as our bank fee for processing your loan. That includes our underwriting, processing, flood cert and tax service fee. Some lenders are slightly more, some are slightly less. If you are using and residential bank or broker they must adhere to the GFE rules that others mentioned. Basically they can't just add fees. If it is hard money or commercial as Shane said they can basically do what they want. Doesn't make it right but they can do it. Hope this helps. ... more
0 votes 5 answers Share Flag
Sun May 22, 2011
answered:
Nick,

Thanks for the back up. And good point on looking at all options including not paying down the loan but getting MI over 80%. Now you have some options from which to choose.
0 votes 7 answers Share Flag
Sun Apr 3, 2011
Mike O'Hara answered:
Thanks Michael, but I knew all of that. I wanted to know about Loudoun specifically. As I mentioned, LO does not appear as a service area, even though Mont Co MD, FX CO and Manassas do. I don't think that they have reached Loudoun yet, perhaps it is not in their plans. I will be making a call tomorrow to ask.
VHDA is a great 100% LTV program, but you can't buy down the loan as much as you can with NACA as far as I know. I will check in with NACA's responce in reference to Loudoun, if in fact I get an answer.
... more
0 votes 3 answers Share Flag
Thu Nov 18, 2010
Kamal Singh answered:
Actual interest rate will depend on many factors like credit score, employment history and debt ratio. I understand your question is to track interest rates. www.bankrate.com is website where you can track interest rates and there are market experts who predict future rate ,but most of times its hard to guess future rate.

Current rate on website is


Product Rate +/- Last week
30 yr fixed 4.51% 4.20%
15 yr fixed 3.92% 3.61%
5/1 ARM 3.39% 3.26%

Feel free to contact me for your real estate related questions.
--
Kamal Singh
Jobin Realty ( loudoun County)
Cell- 703-728-3403
novarealtor@gmail.com
VA, MD ABR® Realtor
http://www.vamdnewhomes.com/Testimonials/page_988131.html
... more
0 votes 8 answers Share Flag
Mon Nov 8, 2010
Paul Anderson answered:
The PMI will be their loan amount.
Same for purchaser's
0 votes 9 answers Share Flag
Sun Nov 7, 2010
Dan Tabit answered:
@Robin,
I stand corrected. I show one lender who doesn't offer it, but another only charges .5 adjustment on 3,5 & 7 year adjustment.
Babs, this means that you'll pay a slightly higher fee for intersest only compared to a fully amortized loan but it would lower your payment nicely compared to fully amortized. ... more
0 votes 4 answers Share Flag
Mon Aug 30, 2010
Thom Colby answered:
Faith -

You've recieved some terrific answers - I agree you shoudl go see an attorney familiar with lending practices in your state.

Now, let me add a little tidbit that no one (in your loan transaction) may have shared. Did you use a Mortgage Broker / Lender who was afilliated with the RE Broker? If so, they may have a joint venture with a larger mortgage company that was re-branded for that Brokerage. If that Loan Officer and Broker didn't do everything they were supposed to do, correctly, the parent Mortgage Lender may be calling the loan from the RE Broker (not you) and they may be trying to dump the problem onto you.

Again, find an attorney for a consult, make sure you have a copy of every piece of paper you signed and if you don't get resolution in writing quickly, call the Attorney General's office in your state.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. There is NO benefit to the Seller or Buyer but only benefits the Agent.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
... more
1 vote 6 answers Share Flag
Wed Jul 28, 2010
Lisa Moroniak answered:
In line with what Mr Stevens shares below - reach out to a reputable lender and have a "big picture" discussion. There is no "one-size-fits-all" answer and a good lender will offer many options for you to choose from in the form of a Good Faith Estimate. Strike a balance between having cash on hand, comfortable monthly payment and an interest rate relative to your estimated length of stay in the home.

All my best!

Lisa Moroniak | REALTOR® | Service360°
Keller Williams Realty
Phone: 703-635-0388
Fax: 703-679-1701
Licensed in VA
... more
1 vote 4 answers Share Flag
Sat Mar 6, 2010
answered:
I would definitely recommend talking directly with your current lender.

For sure the easiest solution after that would be a FHA streamline refinance. In order to qualify for this, your loan must be FHA insured, min credit score of 640, and you must be current on your mortgage payments (only 1 - 30 day late payment in the past 12 months). Streamline would allow us to use your original appraised value of your home when you purchased it.

Basically they see it that if you are current on your payments, it can't hurt to lower them by getting you a lower interest rate.

Best of luck!
Don't hesitate to contact me if you have questions.
-Nick Pakulla
... more
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