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Home Buying in 33012 : Real Estate Advice

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  • Local Info2
  • Home Buying24
  • Home Selling1
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Activity 22
Fri Oct 14, 2016
Sondaseretia answered:
hello is there any programs for any 2nd time home buyers if si can I have the number thanks
0 votes 5 answers Share Flag
Wed Sep 28, 2016
Donald D. Hensel answered:
This would be considered a bridge loan http://www.northcoastfinancialinc.com/bridge-loans/

You borrow money against your existing residence to raise a down payment and then purchase a new property. The loan against the existing property will be considered when trying to get approved for the loan for the new purchase. ... more
1 vote 8 answers Share Flag
Wed Aug 5, 2015
Luis Nunez answered:
You can get a hard money loan with 35% down. If you have 40k, you can buy something for around 100-110K
0 votes 10 answers Share Flag
Tue May 7, 2013
Gustavo Tosti answered:
If you talk just o agents it will be difficult, you need to look it as an investment.
please contact me and I'll send you a biweekly list of all our deals.
gustosti@gmail.com
0 votes 4 answers Share Flag
Tue Mar 5, 2013
Russ Ravary answered:
Sure can. A local realtor here in Detroit did that. The first loan bank (the one she defaulted on) came knocking on her door and took the second house. She had borrowed the money for the second house from a friend. So now she owes money on a house she doesn't own ... more
0 votes 6 answers Share Flag
Tue Mar 5, 2013
Russ Ravary answered:
The first thing I would do is call a local mortgage person or click on the find a pro tab at the top. They will be able to help you get pre-approved for a mortgage. Ask friends, family, or co-workers for a referral of a good mortgage rep ... more
0 votes 5 answers Share Flag
Tue Mar 5, 2013
Russ Ravary answered:
You may have to do that if it is a bank owned property. In regular sales the home owner should have the water on.
0 votes 6 answers Share Flag
Wed Jan 2, 2013
NancyMNores answered:
Debbie,

you have several options here, it all depends on you financial situation.

As mentioned in the answers below, you can shop for your new home and make a contingency on the contract making the closing of your new home dependent on the sale of your current home; you might also consider, renting out your current home

Depending on your credit / income you might qualify for another mortage all together in wich case you could rent the first property and wait for market conditions to be in your favor before deciding to sell.

I would love to discuss further options with you, feel free to call me with any questions you might have

(305)796-2013
... more
0 votes 3 answers Share Flag
Wed Jan 2, 2013
NancyMNores answered:
I'll be happy to assist you in locating FHA approved proerties, I have been living and specializing in the Hialeah market for over 15 years feel free to call me anytime (305)796-2013
0 votes 5 answers Share Flag
Mon May 7, 2012
Stephanie Leon answered:
Off the market means just that.. When a property is off the market the seller no longer is selling the property for whatever reason.. Sometimes it is because of title issues, or a possible squatter has taken over the property, it could be a short sale and now the property was foreclosed and will re-list as a foreclosure, also it could be as simple as the seller may not want to sell anymore. Off the market properties can be for many reasons.

When a property is off the market you will have to wait till the seller is ready to place the property back on the market.
... more
0 votes 4 answers Share Flag
Wed Dec 21, 2011
Jose Gonzalez answered:
Hi,
The only way to qualify for a low down payment purchase loan, which would be an FHA loan, you will need to be an owner-occupant of the residence being purchased. You would need to provide documentation to support your assertion that you will be living in this purchased property and not renting it. Thiss may become a bit difficult if the property being purchase is smaller than the one you currently own/live in and also if they are geographically close to each other. Otherwise, you would need to purchase the home as an investment property which will require a higher down payment (20-30%) and a little higher interest rate. Please let me know if you have any more questions on this so I can explain in greater detail. You can reach me at 305-992-8624 or josemiamihomes@yahoo.com.
Thanks,
Jose I. Gonzalez
Xcellence Realty
... more
0 votes 6 answers Share Flag
Wed Oct 5, 2011
Jose Gonzalez answered:
Hi Jr,
The main issue to consider, other than your credit and income, is how much you owe on your current residence. Underwriters will consider your renting your current residence and using the income you will derive from the rental to be added to your regular income if you have at least 30% equity in your current home. You would also need to provide a signed lease agreement along with a processed deposit check for the lease and a paper trail of the processed deposit. This will help some in offsetting the mortgage payment you have on your current residence. You also need an exeptional credit score for this option, I believe above 720. If your credit and equity do not meet the above criteria then you would need to qualify for both mortgage payments, including taxes and insurance. If you meet the equity criteria but not the credit, there are some steps you can take to help raise your score. Otherwise, you would need to sell your present property, if not upsidedown, before you can purchase the upgrade. I have been a realtor and mortgage broker for 15 yrs, so please feel free to contact me with any other questions you may have.
Thanks and Good Luck!
Jose I. Gonzalez 305-992-8624
Xcellence Realty
... more
0 votes 3 answers Share Flag
Mon Sep 5, 2011
Mark LeMenager answered:
No, you are not a first time home buyer, but sounds like your wife might be. Check with mortgage broker tomorrow.
0 votes 3 answers Share Flag
Thu Dec 23, 2010
Jose Morales answered:
Yes they are but you have to meet specific requirements particularly if you absolutely need the rental income to qualify.

If you currently have an FHA loan, you cannot obtain another FHA loan. That means that Fannie Mae guidelines for conventional loans apply. If you want to count rental income to offset your present mortgage payment, you must have at least 30% equity in the property you are converting. They would require probably an exterior appraisal on that property that is no more than 2 months old to determine your equity. Then you need to show a fully executed lease agreement and the receipt of a security deposit from the tenant must be verified into your bank account. Even if you met that requirement, the lender would only use 75% of your rental income as defined in your lease agreement. If you don’t meet those requirements you will need to qualify with BOTH mortgage payments without any rental income.

If your existing loan is not an FHA loan, then you can apply for an FHA loan for the new property. The procedure will be the same but instead of 30% equity you need to have 25%. However, with FHA you have another alternative to the 75% equity. If you are being transferred by your employer to a distance that is too far to commute, you may be able to get away with not having 25% equity and still being able to count rent income under the terms above. This assumes that you have good credit and are current in your existing mortgage. Guidelines change constantly and each lender interprets them with more restrictions than others but this is basically what they say today.
... more
0 votes 3 answers Share Flag
Tue Jun 8, 2010
Robert Spinosa answered:
93Chevy,

If you qualify for the mortgage on both the current and proposed home, you're fine. If you don't, you must have 30% equity in the current home before you will be given "credit" for the proposed rent you would be receiving. From what you describe of your situation above, you are essentially indicating that you'd have to qualify with both payments.

These guidelines were implemented awhile back to prevent "buy and bail," whereby ill-intentioned homeowners would buy the house down the street for a fraction of what they paid for their home (at the height of the market), tell the bank they were going to rent out the current home during the mortgage process, but then just bail on the old home after the new place closed. So there is your history lesson too.....

Please let me know if I can help.

Best regards,

Rob Spinosa
rspinosa@rpm-mtg.com
... more
0 votes 2 answers Share Flag
Wed May 26, 2010
Emelia Sanchez answered:
Anita24,

Ask your realtor if she means the appraiser needs to come out and do a re-inspection with the water on. Yes, this is typical if the appraiser found issues that need to be corrected prior to funding. This usually is a lot less than the appraisal if you have an issue with the fee ask your realtor/lender to credit it. ... more
0 votes 8 answers Share Flag
Wed Feb 10, 2010
ANDREW OLLICK answered:
Marlon, you'd qualify for the credit if you buy it as your primary residence and it's considered a move up or a movedown. Here's the IRS clarification on the credit: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Let me know if you need any help.

Elena Ollick
Amerivest Realty
Faith Home Loans
1-800-801-6080
239-443-5400
239-206-5400
eo@oceanhomesrealty.com
skype: napleshomes
... more
0 votes 6 answers Share Flag
Tue Jan 19, 2010
Dp2 answered:
There are plenty of ways to acquire 1 or more properties. Before you do anything else, you'll need to decide whether or not to retain your ownership interests in the property that you and your brother currently own. Dan presented some good ideas for how to handle this, so I won't belabor that point. Another option to consider, if you opt to not sell your ownership interests, is to use your portion of the equity as cross-collateral towards the purchase of your new home. (Of course, there are some inherent risks associated with this option.)

Besides trying to qualify for new financing, you might also consider buying a new home with creative financing (ie lease-option [rent-to-own], subject-to mortgage, etc). Whether you opt to go with conventional or creative financing or a combo of the 2, you'll need to make sure that you and your spouse have enough income and cash reserves in place to make a move relatively soon.
... more
0 votes 3 answers Share Flag
Mon Sep 14, 2009
Frank asked:
Sat May 30, 2009
Genevieve Ramachandran answered:
T
The new market values will probably appraise the house lower. If this is going to be your primary residence, that will help too.
Talk to you realtor and lender for specifics applicable to you.

Good luck!!!

Genny
... more
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