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Financing in Arlington : Real Estate Advice

  • All209
  • Local Info16
  • Home Buying55
  • Home Selling6
  • Market Conditions8

Activity 18
Tue Jun 27, 2017
Sarah answered:
Don't buy an expensive house. You will regret it in the long run. Too many expenses with the house oil, heat, electric, lawn etc! Buy a condo. You can always rent them out
0 votes 13 answers Share Flag
Wed Jun 15, 2016
Dejajanee answered:
There is no underwriting guideline limit on Seller Concessions on USDA Loans, but Seller Concessions are capped at the actual amounts for the Buyer's closing costs, pre-paid items and impounds collected on the purchase transaction. In addition, if the appraised value is higher than the purchase price, the borrower's closing costs can be financed into the loan amount.
Web Reference: http://USDALenders.org
... more
2 votes 15 answers Share Flag
Mon Jul 28, 2014
answered:
Hello,

I can help with financing with a J-1 visa. Email me at tony.garcia@banchomeloans.com or call me at 571-246-4373 to discuss.
0 votes 1 answer Share Flag
Sun Jan 26, 2014
Andy Smith answered:
As good as a reverse mortgage may initially sound, it’s crucial that you fully understand the potential downsides involved. It’s so important in fact, that government-backed reverse mortgage programs actually require you to go through a counseling process to ensure you make an informed decision.
I found these website helpful. May be help others.

http://www.reversemortgagelendersdirect.com/reverse-mortgage-calculator/
http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-disadvantages/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-information/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-rates/
... more
0 votes 2 answers Share Flag
Thu Sep 5, 2013
Milton answered:
I'm looking to buy on cash, a single-family or town house to rent. Since i'm a non-resident would i need an established credit history to take out a home equity loan?
0 votes 2 answers Share Flag
Wed Aug 14, 2013
Title Agent 64055 answered:
No. Only the owner of the home can add names to title, even on a Benficiary Deed. After the death of the owners and the "ben deed" goes into effect, then you may quit claim the property to yourself and someone else. ... more
0 votes 1 answer Share Flag
Fri Jan 6, 2012
answered:
I was catching up on the recent activity on this thread and I realized something... I see many references to what the IRS considers a "primary residance" but the fact that everyone is overlooking is that this isn't a transaction that the IRS will review, it's a mortgage and the investor, Fannie Mae, Freddie Mac, Ginnie Mae (one of the three most likely) will be auditing and reviewing the information. To them, they're not concerned about what the IRS considers a primary residence for tax purposes, they're concerned about misrepresentation on the mortgage loan application to obtain a loan or pricing a borrower isn't entitled to.

That being said, here's a link to a blank loan application. It makes no reference to the IRS and whether or not it'll consider a home a primary residence, the question (page 4, right hand side) simply is, "l. Do you intend to occupy the property as your primary residence?" The question is bolded as well (Gee, I wonder why).

https://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/1003rev.pdf

Best of luck on your decision making!
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1 vote 25 answers Share Flag
Mon May 16, 2011
answered:
Ben,

Thanks for the backup. Sometimes people get the kill the messanger mentaility when you tell the truth. I LOVE the single premium option but truthfully really LOVE the flat out buy out plan. Then they don't have to finance it over 30 years and still have the lowest payment. If the seller will help it's even better. I have seen TWO sellers flat out refuse to give though in the last 48 hours. Before that I haven't seen one that refused. Good sign for sellers perhaps? Just glad we have the MI options again to offer people. I like the buyouts as it can make the 95-97% LTV loans work without FHA. ... more
0 votes 15 answers Share Flag
Thu Feb 10, 2011
Melissa Barkalow answered:
No, sorry. I can recommend a lender if you are looking for someone.

Good luck
0 votes 1 answer Share Flag
Sun Dec 12, 2010
Elliott R. Oliva answered:
Hello Matt, I hope you are doing well. I wanted to add to what the others have posted already. Depending on what counties you are looking to buy in, you may qualify for a Conventional or FHA loan without having to seek a piggy-back or Jumbo loan.

For example, if you are buying a Single Family Residence in Arlington County the FHA/Fannie Mae loan limit is $729,750. That means you may qualify for an FHA loan with just 3.5% down or a Conventional loan with 5% down, so long as the loan amount does not exceed $729,750. So if you were utilizing an FHA loan to purchase a $600,000 home your down payment could be as low as $21,000. Of course each loan program has it's specific requirements so always consult with an experienced lender that can outline both loan programs for you in plain English.

In the meantime, you can verify the loan limits per county in Virginia at this link:
https://entp.hud.gov/idapp/html/hicostlook.cfm

If you would like more guidance please feel to contact me at your convenience. Thank you and good luck!
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0 votes 8 answers Share Flag
Sun Oct 24, 2010
Vivianne Rutkowski answered:
"He's really wanting to just buy land, put a couple of trailers or something on it for the time being, pay on the property as much as he can, as quick as he can and then hopefully be able to start building"
******************

Cali_girl,

Before you purchase the land, do make sure that it is ZONED properly so you can put the trailers and then build when you are ready. Some parcels of land are zoned in such a way that it will allow you build a home, but will not allow to put trailers, even temporarily. Check with the county to make sure you can achieve your dreams.

Also, do make sure that the land is perked for the number of bedrooms you need, has quality well/water, sewege system or alternative septic system, etc.

Best Regards,

Vivianne Rutkowski
KELLER WILLIAMS REALTY
540-229-5429
BLOG: http://VivianneRutkowski.WordPress.com
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1 vote 7 answers Share Flag
Fri Apr 9, 2010
answered:
Hi Mark, great questions, and if your lock in rate is significantly higher as you mention, then the 960 origination fee seems outrageous. If you choose to move to another lender, as long as the appraisal has not been done, you should not be charged anything, save your actual credit report fee ($9 to $55 tops).
Your new lender would be able to have your FHA case number transferred, so you would not be subject to the higher UFMIP now required. A good lender can get this done for you quickly so you can still close on time. Please take a moment and register your dissatisfaction with the appraisal process. In our area (Northern Virginia), $450 is the highest charge I have seen for an FHA appraisal. I hope these comments help! Regards, Jim
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0 votes 11 answers Share Flag
Wed Oct 28, 2009
answered:
Delaine,

Can you ask him if the F-1 Status is allowable for all conventional and FHA loans? I'm curious to know.
0 votes 5 answers Share Flag
Tue Sep 22, 2009
Greg Knox answered:
just trying to stir the pot. Kind of like working for the bomb squad, just waiting for something to blow.
0 votes 8 answers Share Flag
Tue Jul 21, 2009
John B answered:
Not these days unless if you will file his rent in your taxes.
Banks want to see full income reports from you, think about it.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.
... more
0 votes 2 answers Share Flag
Tue Mar 31, 2009
Delaine Campbell answered:
Mostly what it really boils down to is what your credit looks like, your credit score and income to debt ratio.
You should be fine, but get in touch with a local lender and meet with him/her to get pre qualified (no obligation to do that) so that you know exactly what you can expect to get for a loan and monthly payment with your PITI included. ... more
0 votes 6 answers Share Flag
Tue Feb 19, 2008
Lanre Folayan answered:
Jim,you said that you have no debt and great credit. Also,you will be making $200k? You are a mortgage lender's dream. You should be fine. But please shop around even though you are going to be putting money down which is a great thing because it will lower your mortgage payments. Try to get at least three quotes. It is still a buyers market so you still control the market. Interest rates are low and there is still more supply than demand. If you need the assistance of a mortgage lender,I would be more than happy to refer some to you. And if you looking for a real estate professional like me who wants your business,please let me know. I am more than willing to help you make your home purchase a stress free and very happy one.

HOME BUYERS AND SELLERS: Use my services and receive up to $1000 in free gifts or free credit repair ( Value up to $700 ) at closing.
... more
0 votes 4 answers Share Flag
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