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34652 : Real Estate Advice

  • All24
  • Local Info2
  • Home Buying12
  • Home Selling3
  • Market Conditions1

Activity 20
Sat Jun 10, 2017
Joe Vavricka asked:
Sun Apr 16, 2017
Robert Spinosa answered:
There are really two issues in play here:

1) The length of time that one is self-employed.
2) Qualifying the income, if possible, from that employment.

As long as there is a self-employment history, you can do a 1-year tax return application for a conforming loan so long as your lender can get automated underwriting system (AUS) findings from Fannie Mae or Freddie Mac that say you can do this. On the Freddie side (FHLMC), which is how most lenders try to do this, there was a recent change that requires that you must have been self-employed for at least 5 years, otherwise 2 years of returns will be required. Note that in every case here, it's generally not possible to get a loan if a borrower has only been self-employed for one year. Lenders view this as not enough history to make a strong determination on income stability. FHA will require two years of self-employment and tax returns as well.

On the jumbo side of things, should anyone be reading this response and have a loan amount that falls above the conforming limits, we can do a 1-year tax return qualification up to a loan amount of $2MM with a maximum loan-to-value (LTV) of 80% and a minimum FICO of 660. We can go to a maximum loan amount of $3.5MM on this program, but there only to an LTV of 60.

Long story short, if you're self-employed and need to work off only your most recent year's taxes, get in touch and we'll make our best effort to help. Thank you!
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Sat Jun 25, 2016
USMortgageRanger answered:
Thanks for your service to our country from one Veteran to another. It is not a VA requirement but the Lender you are working with. You can have 10 jobs in 2 years as long as you can document that you have been gainfully employed via w-2 and pay-stubs or Two years of tax returns if self employed.

I would be delighted to provide you with some mortgage options, this does not require us pulling your credit and will allow you to make the best decision for your family. I can be contacted for a FREE no obligation consultation.

Lowell Sterling
Mortgage Banker
NMLS 968898
Phone 469-347-3572
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0 votes 1 answer Share Flag
Tue May 5, 2015
William L Isgette answered:
You still looking for a house Vincent? I believe I know a better way then rent to own
0 votes 1 answer Share Flag
Sat Feb 21, 2015
Janina Wozniak answered:
I have a great mortgage lender who matches his clients with 40+ lending institutions to make sure it's a fabulous match. He's quick, organized, and have gotten competitive rates for my clients. Contact me for his information. I'll be happy to share. Then after you are pre-qualified, I would love to go house hunting with you. I'm a former Jersey girl who understands the Northerner buyer. ;)
Janina Wozniak, Realtor
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0 votes 2 answers Share Flag
Fri Jul 12, 2013
Annette Lawrence answered:
In oder to get actionable direction more information is needed.
What is the approximate value of your condo?
What will be the pay-off of the mortgage on Sept 30, 2013?
What is your current interest rate?
Now, it may be important to actually idenfy the property so potential posion pills can be exposed.
With the additional information, the resources most responsive to your situation can be idenfied.
For instance, low cap properties are more suited to private lenders while big caps are best for local lender or larger organizations who specialize in debt instruments.
As you know, real estate is a very agile industry and can be a complex endeavor when all the financing options are condidered.. The right reponses are completly dependant on accurate and reliable data.
You need to call a multi-dimensioanl real estate professional in your area. They can direct you to the right local resources. Be advised. this is a business, not a hobby. Expect to compensate a professional for their professional services. To waste everyones time and effort with "co. is asking way to much" suggests you have other parameters. Like a stated, transparent, relaible, accurate information leads to the best results.
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Tue May 14, 2013
Rebeccatrulia answered:
Hello Barje

I have also a reverse mortgage. Its name is reverse mortgage lenders direct.They are very helpful.You can get your all answer from their.
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8 votes 3 answers Share Flag
Sat May 11, 2013
Steven Zimmerman answered:

Good evening. It would be my pleasure to assit you. Please feel free to call or e-mail me.

Steven Zimmerman Realtor ABR GRI
GULF HARBORS Resident-Specialist
Belloise Tropical Realty
Pt 727-534-3226

ps- Daniel, great attitude you have to a fellow Professional
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0 votes 3 answers Share Flag
Sat Jun 23, 2012
Stephen McRory answered:
You can purchase with 10% down if you qualify.

Contact me if you are purchasing over 100k

Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service U.S. Marine Corps
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Sat Jun 23, 2012
Stephen McRory answered:
yes, has to be a 2nd home or investment property, but.....
0 votes 4 answers Share Flag
Fri Aug 12, 2011
Kathie Christian answered:
Right now there are some excellent buys on 1/1 condos in Gulf Island Beach and Tennis Club. These Gulf front condos offer many amenities and are very reasonably priced. Please let me know if you'd like me to send you these listings to consider.

Kathie Christian, CIPS, CRS, GRI.ePro
Florida Luxury Realty
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0 votes 2 answers Share Flag
Wed Jul 27, 2011
Steven Zimmerman answered:

For any question seeking Legal advice, you should always contact an Attorney, as Realtors are not Licensed / Qualified to provide Legal Opinion.

That said, depending on where you live, there are some areas in Pasco County where you may be allowed to wave Sink Hole Coverage, but again, this is a question you should seek Legal Council.

Steven Zimmerman Realtor ABR GRI
GULF HARBORS Resident & Specialist
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0 votes 2 answers Share Flag
Wed Jul 27, 2011
Violet answered:
flood, wind and sinkhole, which my mortgage co insists i get comes to $3600, plus sinkhole will be raising exhorbitantly very soon!
0 votes 5 answers Share Flag
Tue Feb 1, 2011
KC Horton answered:
What is the address? if it is in the 34652 zip code, it is less than 10 minutes to the Gulf.
0 votes 3 answers Share Flag
Thu Oct 14, 2010
Mack McCoy answered:
So far, "all the indicators" were, well, wrong.

The S&P/Case-Shiller Home Price Indices show that values actually were up 2% for the first half of 2010 (last report is for July), which is different than being down six to twelve percent.

Miami and Tampa were down about a half of a percent in the first half of 2010, again, that's one-twelfth to one-twenty-fourth of what the "indicators" suggested.

New York was up 1.77%, which is also different than being, "down."
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0 votes 12 answers Share Flag
Wed Oct 13, 2010
KC Horton answered:
You will most likely be ineligible for the homestead exemption, but do not fear as our assessed values have tanked, there is little difference in taxes from one home to the next these days unlike, say, 2005 when rapidly increasing prices created gross inequalities in taxation. I would not worry about the rumors you hear and instead be at the forefront of foreigner (if we can call y'alls foreigner) investors who are snapping up some of Floridas finest BARGAINS. You should be gathering low priced properties and waiting 10-15 years for HUGE payoffs as the tenants you govern pay your mortgages. ... more
0 votes 11 answers Share Flag
Wed Oct 13, 2010
Tammy Hayes answered:
We have owner financing homes available in the Southwest Florida area. I can search them for you in the MLS and send the listings to you. Contact me if you are interested in this area. Sarasota, Charlotte, Lee Counties.
Tammy Hayes, Realtor
Sandals Realty, Punta Gorda, FL
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0 votes 5 answers Share Flag
Tue May 27, 2008
Michael Ceparano answered:
Do not accept and be sure to get the release for a deficiancy judgment, BEFORE continuing. You may or may not need an attorney, it will all depend on how it plays out. I am not a lawyer, but I do believe they have up to 5 years to come and get it and they WILL. Email me if you have any further questions and I will tell you what I know. I will be able to go in to more detail of why and how. ... more
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