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Financing in Clawson : Real Estate Advice

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Activity 6
Thu Feb 4, 2010
answered:
Can you give me any details?

1) What is you middle credit score?
2) What is the purchase price you're looking at?
3) What type of property?
4) Are you self employed?
5) What is your debt to income ratio?
6) After your down payment, how much money would you have in reserves?
7) I assume you already own at least 1 home, right?

You can email the answers if you like - public forum and all.

Thanks,
John Burke
Mortgage Banker/Broker
Champion Bank
jburke@thechampionbank.com
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0 votes 3 answers Share Flag
Tue Oct 6, 2009
answered:
Hi, Djst

The deadline is actually November 30th. Upon you getting an accepted offer on a home, your turnaround time to close should be no more than 15-28 days. Since Shore Mortgage is a FHA endorsed direct lender and has true in-house underwriting, that's usually par for the course for us so long as the property isn't a short sale. Upon getting necessary documentation (i.e. copies of driver license, social security card, pay stubs, W2s, bank statements, ect...) you can get preapproved in as little as 5 minutes or no longer than 24 hrs. Hope this helps, and if I can be of any further assitance: office (800) 678-6663 / email: rmcdowell@shoremortgage.com ... more
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Thu Aug 13, 2009
Derek Bauer answered:
I don't see the correlation between $23 per month and $1,000. What else was off? What are the specific line items that did not match-up?
0 votes 3 answers Share Flag
Wed Jun 24, 2009
Trent Dalrymple answered:
With our program the house must appraise for at least $75,000. Also, we rarely cash out on an income property, unless you have owned it for at least one year. The financing in Hard Money has changed dramatically, much like all of the other lending out there. Your DTI could also be a problem but that may be easier to work with than the homes value. Is the property in Detroit or Clawson? You can always call me at (248) 547-3006 and maybe we can figure something out. Trent Dalrymple ... more
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Wed Mar 11, 2009
answered:
Conforming guidelines allow up to 75%. I believe you have to own the home for 12 months before you can do a cash out refinance.

If you can document that the home has been rented for the previous 6 months (signed lease and cancelled checks) then normally you can use a percentage of the rental income to offset the payment. In addition, if you are using the funds from the refinance to pay off in full and close out the personal loan then we wouldn't have to count the personal loan payment towards your debt to income ratios.


Investment property financing is more complex and restrictive than financing an owner occupied home. For example, you also may need your middle score at 700 or higher. 680 is probably the minimum score. I think you should definitely touch base with a local and reputable lender who can lay out your options for you.

I'd be glad to be that person for you. Drop me a line if I can be of assistance to you

Tony
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0 votes 3 answers Share Flag
Mon Oct 20, 2008
smith3gary answered:
Oops,

Sorry to quick on the clicker.

I would also check to see if you qualify for one of the State of Michigan MSHDA products.

http://michigan.gov/mshda
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