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Financing in Brighton : Real Estate Advice

  • All45
  • Local Info6
  • Home Buying9
  • Home Selling3
  • Market Conditions0

Activity 4
Thu May 4, 2017
Samjr.aimrealtyhhi answered:
No, some banks set there own standards. Such as FHA guidelines use a 580 minimum mid score, but a bank can set 640 as their minimum score. Rates and approvals are like a box of chocolates. Good luck ... more
4 votes 9 answers Share Flag
Fri Sep 27, 2013
Rebeccatrulia answered:
Hi kathrync

It is a good idea for those 62 and over, who have their home paid off or with enought equity in it. Who has no children, or their children are well off on their own (not counting on inheriting the house). A reverse mortgage will provide you with either a steady income for many years or a lump sum which will not require immediate repayment. You will still be responsible for paying your property taxes and HOA fees. Money can be used for leisure activities "happy retirement" or for necesities and medical needs.

http://www.reversemortgagelendersdirect.com/california-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-pros-and-cons/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-rates/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
... more
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Thu Sep 27, 2012
answered:
Good morning Joseph,

Typically you can refinance after having made 12 on time mortgage payments. Your mortgage professional must complete a thorough analysis to determine if you qualify based on the other variables of a mortgage loan: Income, Assets (your Equity in the home and current market value), and your Credit.

Trevor Curran
NMLS #40140
... more
0 votes 6 answers Share Flag
Mon Feb 28, 2011
Tara L. Dieringer answered:
I work for a wholesale mortgage bank in Austin, TX and I would be happy to assist you with your new home loan. To answer your most recent question...FHA loans are loans that are issued by FHA-approved lenders and are insured by the Federal Housing Administration(FHA), which is a division of Housing & Urban Development (HUD). FHA loans are a type of federal assistance and allow Americans to borrow money for the purchase of a home that they would not otherwise be able to afford.

Here are some basic guidelines for an FHA Loan:
1. Minimum 3.5% down payment required
2. Minimum 620 FICO Score
3. Seller may contribute up to 3% of the loan amount towards closing costs
4. Available loan terms are 10-years, 15-years and 30-years
5. There is a 1% "Funding Fee" that is financed into the loan (aka: Up-Front Mortgage Insurance Premium)

If you have any further questions, or if you would like to complete a loan application, please feel free to contact me at 512-584-6109. Thanks, Ting!
... more
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