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Financing in 77449 : Real Estate Advice

  • All60
  • Local Info6
  • Home Buying31
  • Home Selling7
  • Market Conditions1

Activity 4
Wed Feb 10, 2016
Susie Kay answered:
I would suggest that you talk to a local lender and realtor. The lender can assist you in your financing goal and the realtor can verified your rental rate and the possibility of purchasing a smaller home.

It's good that you have an idea where you'd like to be 10 years from now and I wish you the very best!

Susie Kay
Seniors Real Estate Specialist
Certified Home Stager

United Real Estate Dallas
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Wed Oct 3, 2012
Joshua Lerette answered:
Hello Htoutloff,

As far as an opinion no one can truly answer that question until they know your financial goals. I can tell you what you may potentially qualify for though.

If you have a VA loan now, you are correct, you can refinance and skip two months of payments to put towards savings. You could go with an FHA loan at that point and only have to put down 3.5% of the purchase price for down payment. You would have to qualify with a debt to income ratio with both payments against you though. FHA allows for debt to income ratios on a primary home of 47% of your income towards your new payment but a maximum of 57% for all debts including your new home.

If you sell your home you can purchase using your VA benefits with no money down and even have the seller pay your closing cost as the VA allows up to 6% of the purchase price to be given to you from the seller to pay for your closing cost.

I hope this helps, feel free to contact me for further questions and concerns.

Joshua Lerette - Sr. Loan Officer
Residential Finance Corp.
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Wed Oct 3, 2012
Maria Cipollone answered:
It depends of the Lender. One way to handle this is to write a letter explaining that this bill was supposed to be covered by the health insurance and you are trying to work it out with the carrier by paying the debt in partial payments

Best of Luck,

Maria Cipollone
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Fri Mar 11, 2011
Spirit Messingham answered:
Please speak with a lender about loan questions and concerns. Are you pre-approved? If not, that should be the first step and go over this plus all other questions with your local lender at that time. If you don't know a "good" local lender I suggest starting with your bank whom you already have a professional relationship with. Best of luck. ... more
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