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Financing in 22202 : Real Estate Advice

  • All31
  • Local Info4
  • Home Buying15
  • Home Selling0
  • Market Conditions1

Activity 5
Wed Jun 15, 2016
Dejajanee answered:
There is no underwriting guideline limit on Seller Concessions on USDA Loans, but Seller Concessions are capped at the actual amounts for the Buyer's closing costs, pre-paid items and impounds collected on the purchase transaction. In addition, if the appraised value is higher than the purchase price, the borrower's closing costs can be financed into the loan amount.
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2 votes 15 answers Share Flag
Thu Sep 5, 2013
Milton answered:
I'm looking to buy on cash, a single-family or town house to rent. Since i'm a non-resident would i need an established credit history to take out a home equity loan?
0 votes 2 answers Share Flag
Sun Oct 24, 2010
Vivianne Rutkowski answered:
"He's really wanting to just buy land, put a couple of trailers or something on it for the time being, pay on the property as much as he can, as quick as he can and then hopefully be able to start building"


Before you purchase the land, do make sure that it is ZONED properly so you can put the trailers and then build when you are ready. Some parcels of land are zoned in such a way that it will allow you build a home, but will not allow to put trailers, even temporarily. Check with the county to make sure you can achieve your dreams.

Also, do make sure that the land is perked for the number of bedrooms you need, has quality well/water, sewege system or alternative septic system, etc.

Best Regards,

Vivianne Rutkowski
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1 vote 7 answers Share Flag
Tue Mar 31, 2009
Delaine Campbell answered:
Mostly what it really boils down to is what your credit looks like, your credit score and income to debt ratio.
You should be fine, but get in touch with a local lender and meet with him/her to get pre qualified (no obligation to do that) so that you know exactly what you can expect to get for a loan and monthly payment with your PITI included. ... more
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