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Financing in West Virginia : Real Estate Advice

  • All63
  • Local Info1
  • Home Buying38
  • Home Selling11
  • Market Conditions1

Activity 35
Sat Apr 8, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

Yes, with those scores you can qualify for a program that only requires 3.5% down payment.

The best thing to do is to get a pre approval.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
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Mon Oct 24, 2016
Nataliewalsh196 asked:
Searching for anyone that would do a private / hard money refinance cash out loan in west virgina ? I own my home have a great job no current mortgage Or loan owed . Just had an ugly divorce…
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Sun Jul 3, 2016
Wandapeck18 answered:
I have no money down and I can pay 500 month.i,m on ss and the three week every month. I get my check . Look for a small trailer or a backyard for my little dog.
0 votes 5 answers Share Flag
Fri Feb 13, 2015
docjtr asked:
Sat Jan 10, 2015
Jessica R asked:
My fiance and I are looking at trying to get a home loan for a 150,000 home. Both our credit score are sitting at around 620 and together we bring in around 4,500/ month. What are our chances…
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Mon Sep 16, 2013
jmagmagroup asked:
Sun Aug 25, 2013
Drema Davis answered:
The home must appraise for the amount borrowed, a rehab loan allows you to borrow over and above the contract amount. Your lender will adviser you what % over the contract price you will be able to borrow..... ... more
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Mon Aug 19, 2013
Monica Gorrell answered:
I recently listed a beautiful townhouse in Bridgeport for $339,000. If you are interested please contact me via email at monica@homefindersplus.com.

Thank you
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Wed Aug 7, 2013
Jeremy Whittington answered:
Your situation is not uncommon, there are ways around credit issues when shopping for a home. First is to talk to area lenders and see what you would prequalify for if you were to buy another house (if that would be an option). Second you might want to look for other financing like "owner financing" "rent-to-own" just to name a few. If your ready to move forward do a little more research and see if your situation is as bad as you think, you may be suprised! Good Luck-- ... more
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Tue Jul 23, 2013
Gregorio Denny answered:
The loan officer is most likely using a credit simulator to estimate the effect of the payment. There is no guarantee that your score will go up 27 points and they should tell you this. The simulators are usually accurate within a margin of error, but there are no guarantees.

You should also note that in most areas, California being one, it's not permitted for you to pay for the Rapid Rescore as a consumer. If you are being charged for this you need to question it.
... more
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Mon Jul 30, 2012
Liz McDonald answered:
Hi Jaime,
If you are the buyer, you can have an appraisal contingency in the contract that allows the buyer to get out if it comes in below contract price. In general, if you are buying a home through a short sale, I would recommend you not spend money until the transaction has been approved by the bank.

If you are the seller, the banks will do an appraisal, but you will likely not see the result. A good way to get a sense of the value is through a Competitive Market Analysis that your real estate agent can do- this basically looks at other properties that have sold recently and gives you a sense for what a property may be worth. A good bet is to talk with a couple different agents to get a sense of what your neighborhood is doing, price-wise.

I am always happy to help people navigate either side of a sales process. Fell free to give me a call or drop a line!
... more
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Wed Jul 25, 2012
Jim Simms answered:
you have the right to legal counsel, hire one ASAP.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes 1 answer Share Flag
Thu Apr 26, 2012
Irina Karan answered:
Hello Bryan,

No. However, later on, when you built equity in your house, you might take out a Home Equity Loan
and use it as needed. It has to make sense financially - because normally the car loans have low interest rates to start with, also - Home Equity Loan is tax deductible only if you use it to improve the house, not to pay off cars...

So, maybe you will be able to do a cash out refi instead (when there is enough equity).
This will be better because the rate will be fixed (instead of variable in HELOC situation), and you can also have very small closing costs or no closing costs when refinancing.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
... more
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Mon Apr 23, 2012
James Ryan answered:
Good morning Lee, credit scores for mortgages come mainly from the 3 bureaus, and each one uses a bit different method to obtain their respective scores for you. As a result, most lenders will use the middle of three scores, or the lowest of two.
In terms of the appraisal, appraisals are based on comparable sales. In this market, distressed sales are comparables, and can impact your home value. They are also a snapshot in time. If in the last 90 days you had many distressed sales similar to your home, you could get a much lower value than if the last 90 days or so featured mostly regular (non-distressed) home sales.

Jim
... more
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Wed Feb 1, 2012
Anita Louise Nicholas answered:
No your not just dreaming Owning a home is very possible, usually you will have to wait 2 years and have a good credit score, no late payments and even better if you paid off a loan and saved some money. I would suggest talking to a loan officer about getting pre quailfied for a loan or at least they can point you in the right direction. Of couse you need a good Real-estate agent also.

Louise Nicholas Realtor, GRI,ABR
Century 21 Braddock Realty
... more
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Sat Dec 24, 2011
Shawn Ryan Rosa answered:
no, you cannot use the loan itself as part of the downpayment. if you dont have a downpayment, however, there are certain programs where a third party can provide the downpayment for you in the form of a grant. these are known as "downpayment assistance programs" ... more
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Wed Sep 21, 2011
Stephanie Morrison Hostetler answered:
While these situations are difficult to come by, they certainly are not impossible. Your mom could give me a call to discuss her situation and I will do everything I can to help her out. 304-552-3955. ... more
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Mon Jul 11, 2011
Shane Milne answered:
The West Virginia Housing Development Fund (WVHDF) offers a down payment & closing cost assistance program in the form of a 15-year 2nd mortgage up to $15,000.

http://www.wvhdf.com/index.php?q=home-buyers-1

They also offer a 1st mortgage program as well, but you can't make too much money and the sales price has to be within a certain limit, that also is usually the case be a requirement for the housing assistance programs too, but they do not specify on the website.

http://www.wvhdf.com/index.php?q=home-buyers/mortgage-revenue-bond-program

On those websites there is contact information as well as a list of participating mortgage lenders who are offering both programs.
... more
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Wed Jun 1, 2011
Rudy McDowell answered:
Jason is correct. Lenders typically can incur this cost up front themselves and charge you upon closing. The fee will appear on your closing settlement/HUD starment as a third party expense separate. You should not be required to pay for the service out of pocket until then ... more
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Thu Dec 30, 2010
Dallas Texas answered:
Mortgage brokers are the professionals HOWEVER no one is going to lend money home currently above your budget.

SUGGESTION: If you are going to pay off your student loans with tax refund can you borrow that money from a family member pay it off NOW then give them your tax refund.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
... more
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