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Financing in Aurora : Real Estate Advice

  • All248
  • Local Info25
  • Home Buying84
  • Home Selling16
  • Market Conditions6

Activity 20
Tue Jun 30, 2015
answered:
I think it will be easy for you get a hard money loan. I've looked at this website to find hard money lenders for my clients. look there maybe you can find a good hard money lender in your area.

I've found there hard money lenders for loans in New york, Los Angeles, Florida, Chicago, Texas and many other places.
If you have equity or money to purchase a home try this website.

Good luck
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0 votes 4 answers Share Flag
Thu Apr 30, 2015
Kyle Foster answered:
It is definitely in your best interest to wait to schedule the appraisal until after you have passed inspections. Appraisals aren't cheap and you will regret ordering and paying for it upfront after you back out of a contract based on inspection results. I don't believe there is a "regulatory restriction" for such a thing but your lender is advising you in your best interest. I wish you the best. ... more
0 votes 6 answers Share Flag
Tue Apr 21, 2015
Silvia Oliva answered:
Go to you bank and get a Secure Credit Card. You will need to deposit an amount of money ,let's say $500.00, they will lend you up to $500.00. You should never expend more the $250.. (50%) and pay at the end of the month leaving few dollars on the balance. This will build your credit. You should not create new debt like buying a car or anything big. Do not cosign for anybody. Pay everything on time.
In general lenders overlook medical debt. Good luck to you.
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0 votes 18 answers Share Flag
Tue Apr 21, 2015
Silvia Oliva answered:
There are lenders with special programs that can do a loan soon after a short sale under special circumstances. Suppose you lost your home because you lost your job but now you are back working and been responsible paying all you other bills, you can very well get a loan if you qualify. ... more
0 votes 12 answers Share Flag
Tue Apr 21, 2015
Silvia Oliva answered:
Most lenders can handle the refinancing of an investment property if the owner qualify for the loan.
0 votes 3 answers Share Flag
Sat Oct 26, 2013
Dana Lindberg answered:
Some lenders require a waiting period of 2-3 years after short sale. some don't. You may visit www.whywaitbuytoday.com and see if you qualify for a loan.



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Dana Lindberg
CFS Mortgage - http://www.cfs203k.com ... more
0 votes 9 answers Share Flag
Thu Oct 17, 2013
Darrick Gilliard answered:
Hi,

There are a few credit repair companies around that can help you restore your credit score (CS). When all your bills are paid your CS score should increase however be sure to leave a little balance each month on a Credit Card to maintain that credit status and showing consistent payments.

As far as the rental gos you must show this on your tax returns. If it has been less then 1 yr you will need to show that they have been paying you. Cancelled checks would be best or a deposit into your acct... Cash does not work, so if they are paying you in cash start to have them pay with a Cashiers Check or a money Order.

Thanks!
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0 votes 7 answers Share Flag
Fri Sep 6, 2013
Darrick Gilliard answered:
There is no problem renting out your property that has an FHA loan. However... not everyone likes to be a landlord! My suggestion would be to higher a brokerage company that will rent the property for you and protect your interest. They will take care of all the issues should something happen, including any collection issues that may arise at a later date. Hope this helps.

Thanks
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0 votes 3 answers Share Flag
Tue May 28, 2013
Blanca Dover answered:
I have not heard anything about this grant but I found this website that shows it is a scam:

http://www.scambook.com/company/view/92532/Free-Government-Grant-For-9200-Scam


Blanca Dover, REALTOR

Century21 Coastal Investments
Cell: 805-427-5646

Website: www.blancadover.com
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1 vote 2 answers Share Flag
Tue Jul 31, 2012
Stuart Dobson answered:
Yes, you can probably utilize either the FHA Streamline Refi program or the HARP loan refinance program. I've included a quick link below that will allow you to determine quickly if you are eligible for either program. Good luck. ... more
0 votes 1 answer Share Flag
Fri Feb 17, 2012
Don Tepper answered:
Since you already have a self-directed IRA, why not ask that company? They won't be allowed to give you the financial advice you want, but they should be able to direct you to a financial advisor or CPA in your area who is familiar with buying real estate in a self-directed IRA. For example, here's a link to one such company that obviously compiles such lists and makes them available to their customers: http://www.trustetc.com/professionals/financial-advisors.html

Hope that helps.
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0 votes 1 answer Share Flag
Wed May 18, 2011
Brooke Hengst answered:
Hi Jerry,

Unfortunately my clients and consumers as a whole (from articles that I have read) have had a very limited amount of success with loan modifications. I have had several short sale clients apply for them and be very diligent through the process only to find out that they were rejected or the loan modification really was not going to help them.

I always tell my clients that even if the bank offers you a modification to your loan, please have this reviewed by a Realtor as well as your financial planner and any attorney that you may work with.

At this point, please let me know if you need any help at all with a short sale as this would be an option for you as well to avoid losing your home to foreclosure.

Please let me know if we could get together for a cup of coffee sometime soon. I would be happy to walk you through the foreclosure process and show you how a short sale might be a better option for you.

Best of luck with you and your home.

Thanks,
Brooke Hengst
REALTOR, CDPE (certified distressed property expert)
Your Castle Real Esate
(720) 988 5952
bhengst1@gmail.com
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1 vote 5 answers Share Flag
Tue Feb 15, 2011
Jerry answered:
this is all bull S###### obama nothing you put into action has not worked . why dont you just leave your office ttake bank of america and country wide with you and miss frank . and dodd with you . Jerry ... more
0 votes 3 answers Share Flag
Mon Nov 29, 2010
Leslie Monaco answered:
Augustine,

I would speak to a mortgage broker. Below is a broker that I work with on a regular basis and I highly recommend her. She is very thorough and can provide you with great direction to help your father.

Tonnie Gillen
Pinnacle Mortgage
303-996-8821 cell
tgillen@pinnacle-mortgage.com

Good Luck!

Leslie Heldenbrand-Monaco
The Kentwood Company
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0 votes 4 answers Share Flag
Wed Dec 16, 2009
Robert Chomentowski answered:
For 2010 the limit for Arapahoe County for 100% VA is $417,000. So there are no jumbo VA loans at 100% for Arapahoe (jumbo VA being over $417k.). The VA just made some changes very recently to their loan limits for 100% financing, lowering the amounts.

The counties in Colorado that go over $417k for VA in 2010 are:
-Hinsdale
-Lake
-Ouray
Pitkin
-Routt
-San Miguel
-Summit

...all the counties in the state are $417,000 max 100% VA.

If you go over the VA limit, the VA borrower only has to put down 25% of the difference between the purchase price and the limit. So in you case if buying for $530,000, the buyer would have to put down ($530,000-$417,000)=$113,000*.25 =$28,250. So $28,350 down.
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1 vote 3 answers Share Flag
Tue Aug 25, 2009
The Kinslow Team answered:
Hello Christine,

If you already know approximately what your credit score is, why don't you call this number and ask for Blase, tell him your score and ask what he might be able to do for you 303 680-0633.

We are Top Producers and work with a lot of people in your situation. People are usually pleasantly surprised that they really can buy a home. A lot of them qualify for down payment assistance programs and purchase homes with only $1,000. Please contact our Team if you have any other questions or if you're ready to go find a home.

Thank you,

Sandy Kinslow
Coldwell Banker
Greenwood Village
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0 votes 4 answers Share Flag
Tue Feb 24, 2009
Bill Fung answered:
Jim,

There are other options beside conventional lending practices you can take advantage of pertaining to real estate finances, that successful investors use all the time. Additionally there are also lenders who have private sources that don't have to conform to fannie mae and freddie mac. If you are talking about your normal portfolio lenders than you will have difficulties and it will take more indepth search. As Karen says, it's difficult to give you one answer because there are lots of variables to consider.

If you want to chat more send me an email bfung@kw.com
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0 votes 3 answers Share Flag
Tue Dec 2, 2008
Jay answered:
Thank you for educating me. The reason I asked this question was that two lenders I talked to in person gave me two different answers.

jay
0 votes 7 answers Share Flag
Thu Mar 20, 2008
Don Tepper answered:
I've heard of it happening, but not in today's economic climate. Yes, technically, it could happen. I'm not a lawyer, so this is not legal advice, but the sale or transfer of any portion of your equitable interest in the property is sufficient for a lender to invoke a due on sale clause.

One way you might protect yourself is to create an Illinois-style land trust. You then transfer your property into your land trust. That will not trigger the due on sale clause; the Garn St. Germain specifically exempts this:

(d) Exemption of specified transfers or dispositions
With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon— .....
(8) a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property....

Once you transfer your property into an inter vivos trust in which you are and remain a beneficiary, then later, separately, you may add a resident beneficiary to the trust--resident because they will reside in the property, and beneficiary because they will be one of the beneficiaries of the trust. They'll execute a possessory agreement with the trust--somewhat similar to a lease--but remember: they, just as you, own a portion of the trust which, in turn, owns the property. They will pay a monthly fee to the trustee, who will use the funds to pay the mortgage, condo fees, and other expenses. At some point in the future (presumably after the value of the condo has risen so that it's worth more than is owed on it), the condo will be brought out of the trust and the resident beneficiary will have the right to purchase the condo at full fair market value. At that point, the condo is refinanced; the title is placed in the new buyer's name, and you're off the financial hook.

For more information on how the whole process works, go to http://www.landtrust.net

Hope that helps.
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0 votes 2 answers Share Flag
Fri Jan 25, 2008
Joseph Salamon answered:
Warning…the internet has a huge number of sites that provide false information about US Government grants. People propose to help you for a fee, a fee and another fee. The truth is that these services are free to the ones who need the help. Grants are available through your HUD office. There are obvious restrictions, from approved repairs too how many years you plan to live in the home, your income status, area etc… The government pumped 1.6 billion into HUD on December 21st 2007 in an effort to revitalize the growing homeless problems in Colorado. The funds are available now providing you meet the requirements. All you need to do is apply and you will be counseled at no charge. Please call Colorado Regional HUD at 303-672-5440 for information regarding housing grants and low interest loans for high risk individuals. The link is where you apply online http://www.grants.gov/ Hope this helps. The official US Government site is www.usa.gov ... more
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