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Financing in Annapolis : Real Estate Advice

  • All159
  • Local Info10
  • Home Buying59
  • Home Selling2
  • Market Conditions12

Activity 8
Dan Tabit, Real Estate Pro in Issaquah, WA
Sun May 4, 2014
Dan Tabit answered:
Puffy,
It depends on many factors. Rather than quote what I knew to be the case last I checked, which may be wrong now, please talk to a lender who does Construction Loans. These are a specialty that all mortgage brokers do.
Building your own home from scratch is a dream many people have, but be prepared. It's a long process subject to many changes and surprises.
... more
0 votes 1 answer Share Flag
Miekeba Jones, Real Estate Pro in Silver Spring, MD
Sun Feb 10, 2013
Miekeba Jones answered:
0 votes 12 answers Share Flag
Curtis LeMay, Real Estate Pro in PASADENA, MD
Thu Dec 13, 2012
Curtis LeMay answered:
my advice be patient
i would gather all for financies meet with a lender before you get to involved
good luck
curt
0 votes 7 answers Share Flag
Akil Walker, Real Estate Pro in Upper Marlboro, MD
Mon Feb 14, 2011
Akil Walker answered:
great question Mr. Poretz.

I believe purchasing real estate is still a great opportunity for many people for the long term. if there is anything we have learned from the last couple of years is living within your means. prices of homes are down and great rates are still available, but it is up to the individual to determine if buying a home now or in the future is for them and their dreams. Historically, the market has it is ups and down but long term it shows a steady rise. ... more
0 votes 15 answers Share Flag
Dante,  in 48170
Sat Jul 31, 2010
Dante answered:
A "SHORT SALE" has nothing to do with speeding up the selling process. Short sales actually may take longer because the sale is subject to 3rd party (bank) approval. The term comes from the sales price being "Short" or deficient to satisfy the payoff of the mortgage loan. Usually, before the bank negotiates a short sale , the seller has to prove hardship to the bank. In most cases loss mitigation (a dept of the bank) won't even start the process until there's an offer to purchase on the table. ... more
3 votes 4 answers Share Flag
j,  in Denver County, CO
Wed Nov 18, 2009
j answered:
203k Streamline is a great product, just had a client use one - buyer can get up to 10% above appraisal price as a 2nd loan - buyer has to get bids for what they want to do , new appliances, replace furnace, windows (can't be structural so need to check what's allowed) and total of bids is how the actual 2nd loan amount is determined. Been told that bids must be right on as that is the amount that will be paid, no room for a revised bid when work done. The big change is a general contractor does not have to "Manage" the whole thing. Only issue I came across was the appraiser (what a shock) who hadn't done one before so was asking q's of list agent -it seems the wording of responses to "how does this affect value" are critical as "is is this a repair or an upgrade" so do you research with experieinced appraiser so you know how to handle that. ... more
0 votes 6 answers Share Flag
CubbieFan, Both Buyer and Seller in Stevensville, MD
Tue Aug 25, 2009
CubbieFan answered:
Would cashout refinance on investment property be a possible solution? But then again... would the rate be higher than primary residence? Or would it be compatible with primary residence. My rational is that, since I think rate will go up, if I do cashout refiance at rate around 5-5.25% fixed, I'm happy with that. ... more
0 votes 4 answers Share Flag
Michele Hagan, Real Estate Pro in Annapolis, MD
Tue Apr 21, 2009
Michele Hagan answered:
If I am understanding your question, you want to know how much liquid assets are needed to purchase a home. The answer is it depends! If your price range qualifies for FHA financing you will need 3.5% of the purchase price and no reserve funds are needed. This money can come in the form of a gift from a family member, employer etc.. If you are a Veteran you will not need any money. There are other programs out there that only require $500.00 through certain lenders, but have restricted guidelines. The above is also dependent on the seller pay all closing cost. ... more
0 votes 2 answers Share Flag
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