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
Yes, we do offer these. I would be happy to go over the details with you, but in short, offer a 1st mortge up to $494,500 and then a second up to $300,000 with 10% down. Please contact me if you would like more information. 301.585.7283... more
All lenders are different! We're different because we will actually offer you a guarantee! We guarantee to have your loan from application to cleared to close in 30 days or we PAY you $100 per day up to $1000 if the delay is in any way caused by us. Normally when your file goes into underwriting, it comes out within 48 hours! Doesn't get any better than that! At WCS Funding, we'll mahe you happy!... more
Also - I should have read your question more carefully as I thought it was related only to buying.
If you have to move by June and are looking for another rental - my first course of action would be to tell you to find a home that wll be rented out by an individual homeowner who may be more lenient when it comes to credit.
Also be prepared that to be considered, you may be asked for a higher security deposit... so start finding a way to possibly come up with that money, or be willing to pay a slightly higher rent to be considered as well. You want to make yourselves attractive as possible to any potential landlord.
If you have a legitimate reason why your credit scores are low, make sure you emphasize that. Many people lost their jobs and ran into hard times, it very common and do everything you can to 'humanize' yourself to whomever will be considering you!... more
I agree with James. It's a definite maybe. The reason any lender would want to know is why the score is what it is. Also and this is very important is to know where you got that score. If you want a mortgage only a report from a mortgage lender is acceptable. These "free" sites are not accurate gauges. That being said you should talk to a few lenders but I do not recommend having each and every one pull your credit. That is not needed. Ask a lender if they are willing to provide you a copy of your report so you can review the information and also let other lenders know the score. Most lenders have tools to analyze why a score is low and can make recommendations on how to improve it. This may also help you.
It's such a difficult time when you are faced with foreclosure. Especially because it's an emotional and financial decision. The emotional side loves the property and the logical side says I am never going to regain my equity. We do have a new calculator that estimate where you will be with equity in 5, 6, 10, 15 years. Check it out. It at least helps with logical side of things. Best of luck.... more
I have not seen an NVR contract in years, howver, they used to be quite onerous if you chose another lender besides the NVR mortgage group. I worked with many folks after they signed the contract, and the loss of discounts and upgrades, closing costs, etc, made switching very problematic. However, if folks worked with me before signing the purchase contract, we were able to still negotiate many of these items.
I chuckled at the 50 dollars a month differential, many times we were talking 100's a month. Caveat Emptor!
Happy to help with a competing quote. Jim, HSOA, 703 615 4675.... more
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
Is there a clearing house for private investors? I have a feeling that may be my only resource. Bank of america did the majority of other houses in my co-op but is no longer writing in there.. I've tried most other banks but get the same results..... more
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
I think Jeff got it about right. 20% approvals for condos are too low. the 75% number is also incorrect. One thing to be clear, the banks goal is to protect their money and they aren39;t always rational on how they do it. Nothing else matters to them. Condo loans have always had a higher layer of risk and you are really starting to see that develop in the lending industry. Bottom line for me, if I was going to buy a home as in investment long or short term, I would not buy a condo. In the DC area they have been historically the last to appreciate in a rising market and the first to crater in a falling one. All these restrictions plus the shorts and foreclosures led me to think that the condo market will stay weaker than the general market for years. Are there exceptions? Of course but do you want to play that game? Some will win, most will lose that game.... more
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
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
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