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Financing in Colorado : Real Estate Advice

  • All258
  • Local Info17
  • Home Buying135
  • Home Selling26
  • Market Conditions8

Activity 269
Sun May 25, 2014
Rollin Gosney answered:
This Renovation loan is actually available for investors also. This is not just for primary residence. 5% down is the new requirement. Total repair amount is no more then $35,000.
0 votes 65 answers Share Flag
Thu May 22, 2014
answered:
You don't have to wait.....

We have a portfolio "2nd Chance" loan that allows you to buy again just one day after Short-Sale or Foreclosure. You can only have one on your credit and you will need a 20% down-payment and 660 mid FICO score. Late payments acceptable.

This loan is available in - AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, and WA . Loan amounts up to $4 million +
... more
0 votes 14 answers Share Flag
Thu May 1, 2014
Heather Dorf Rawlings answered:
Jimmy and Marka Brenner are with Blue Sky Mortgage. They are detail oriented, have a large portfolio of lenders, and know the business inside and out. I cannot recommend them highly enough; and they would be a fantastic resource for you. They are in the Avon Center Building.

(970) 476-0602 www.blue-sky-mortgage.com
... more
1 vote 9 answers Share Flag
Thu Apr 10, 2014
answered:
The down payment for a FNMA Homepath Renovation Loan is 5% for owner occupied borrowers. Great loan! No PMI and no Appraisal required on Homepaths, close in 30 days. Let me know if you need assistance.

Best of Wishes.
... more
0 votes 2 answers Share Flag
Sat Mar 29, 2014
Robert McGuire answered:
Zina,

This is an old question, but many are asking it. The general rule from my lenders is 2y years for an FHA mortage unless there are extenuating circumstances that can be considered. I have seen a purchase 1 year after with a specific letter of explanation. My best lender is Joe Massey - 303-809-7769 - who is a true professional and an expert in time frames and specific rules for this type of loan. Best of success.

www.RobertMcGuire33/aboutme.com
... more
0 votes 6 answers Share Flag
Mon Feb 24, 2014
answered:
I would be more than happy to assist you with this. Feel free to reach out to me if interested or with any questions.
1 vote 2 answers Share Flag
Mon Feb 24, 2014
The Dixon Group answered:
There are some lenders I work with that can get you qualified 12 months after the BK is discharged, depending on the circumstances of the BK. Was your BK due to a medical or family hardship? Not all lenders are created equal, so if you would like some help figuring all this out my team will be more than willing to help out. Talk to you soon,

Daniel Dixon
KW Team PowerHouse
... more
0 votes 7 answers Share Flag
Fri Jan 31, 2014
Matt Gowler answered:
Sandy Egging with BBVA Compass has a construction to permanent one close loan. Fantastic program to avoid 2 sets of closing costs.

Integrity Bank and Trust is by far one of the best local banks for construction financing. Speak with Brett Wyss

Tim Duvall at Academy Mortgage has amazing customer service for permanent financing.
... more
0 votes 2 answers Share Flag
Tue Jan 28, 2014
answered:
Be very careful here as qualifying for a mortgage on part time job income can be very tricky if you have not had the specific jobs for 2 years. Make sure that you speak with a lender experienced in this area and whom can explain what will work and what won't work for you before you start the process. Let me know if you would like me to help. Regards,

Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
Email: robertlh66@verizon.net
NMLS# 695929

Rate quote or live chat with me at the link below:
... more
0 votes 9 answers Share Flag
Wed Jan 8, 2014
answered:
To alleviate any "confusion" for anyone that may be "confused" by conflicting information:

Once you are discharged from a Chapter 13 bankruptcy (this usually occurs within a month or two after you have made your final payment) FHA generally requires a 2 year waiting period for financing. Exceptions can be made for less than 2 years with either a downgrade to manual underwrite OR for borrowers that may qualify for the "Back to Work" program. Below I will post directly from the FHA underwriting manual Section 4155.14C.2h and HUD Mortgagee letter 2013-26. I sincerely apologize if any lack of detail on my part caused "confusion" for anybody!


4155.14C.2h

A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an
FHA-insured mortgage, provided that the lender documents that
· one year of the pay-out period under the bankruptcy has elapsed
· the borrower’s payment performance has been satisfactory and all required
payments have been made on time, and
· the borrower has received written permission from bankruptcy court to enter
into the mortgage transaction.

TOTAL Scorecard Accept/Approve Recommendation
Lender documentation must show two years from the discharge date of a
Chapter 13 bankruptcy. If the Chapter 13 bankruptcy has not been discharged
for a minimum period of two years, the loan must be downgraded to a Refer
and evaluated by a Direct Endorsement (DE) underwriter.


Back to Work program excerpt from Letter 2013-26

To that end, FHA is allowing for the consideration of borrowers who have experienced an Economic Event and can document that:
 Certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
ï‚· the borrower has demonstrated full recovery from the event; and,
ï‚· the borrower has completed housing counseling.

An Economic Event is any occurrence beyond the borrower’s control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower’s Household Income of twenty (20) percent or more for a period of at least six (6) months.
The Onset of an Economic Event is the month of Loss of Employment/Income.
Recovery from an Economic Event is the re-establishment of Satisfactory Credit (as defined on page 5 of this ML) for a minimum of twelve (12) months.
... more
1 vote 8 answers Share Flag
Sun Dec 29, 2013
Deza Allen answered:
I just helped a buyer in your same situation purchase a home. There are new guidelines that can allow you to purchase after 12 months. As long as you get a good lender that is diligent in making sure you meet all the requirements up front, you can plan on a very smooth transaction! Feel free to contact me for more info. I would love to help you get in touch with a solid lender. Feel free to check out my websites, or contact me directly!
www.dezaallen.remaxagent.com
www.HuntersGlenRealEstate.com
FB: Deza Allen Remax Momentum

Have a great day!
... more
0 votes 6 answers Share Flag
Mon Nov 4, 2013
Sally Grenier answered:
You can ask the landlord or property management company and see what they say. Every property is different. Depends on who owns it and if they're willing to give you a reduced rate.
0 votes 1 answer Share Flag
Thu Oct 31, 2013
Steve Rose answered:
If you only have the ability to put down 5%, it is likely that your only option will be FHA. Check with your conventional mortgage lender to see what they require...usually it's 20% down to avoid mortgage insurance. ... more
0 votes 7 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.



-----
Dana Lindberg
CFS Mortgage - http://www.cfs203k.com ... more
0 votes 9 answers Share Flag
Thu Oct 24, 2013
answered:
BBVA Compass offers special financing for Doctors and Dentists under our Professional Program. Low down payment and no Mortgage Insurance for loans up to $1.75M. Product available for Purchase, Refinance, and Construction. Available is CO, CA, AZ, NM, TX, AL, and FL.

Hope this helps. Please feel free to contact me for more details.

Regards,
-Matt Brozek
BBVA Compass
NMLS# 8985
Matthew.Brozek@bbvacompass.com
... more
0 votes 6 answers Share Flag
Tue Oct 22, 2013
Ritchy Haynes answered:
No, however most agents would want to know you have met with a lender to discuss various financing options, as well as to determine overall affordability. Contact me if needed I would love to help! ... more
0 votes 19 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!
... more
0 votes 7 answers Share Flag
Sat Oct 12, 2013
Robert McGuire answered:
Darrick,

Good answers below. there are some conventional programs available now with 3% down and no MI. The market is fluid and these programs change from time to time and have certain restrictions and limitations. Contact my in-house lender Joe Massey - 303-809-7769 for more details. There are also some specific and unique programs offered by some of the local lenders who are not subject to all of the federal guidelines of the big banks. Try Gerard Louison with Key Bank. He has some interesting programs to consider. A third option is Carl Hammond - 303-798-2697. with The Mortgage Network. He also has some unique programs that we have discussed recently. I hope this helps. Let me know if you need my help on the real estate side. We are here to assist you with all of your Denver area real estate needs.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
... more
0 votes 5 answers Share Flag
Sat Sep 28, 2013
ryateslenders answered:
You apply with another lender to make sure your getting the best deal, I can help you shop rates with a couple lenders in Denver.
0 votes 9 answers Share Flag
Sat Sep 28, 2013
ryateslenders answered:
I am a broker of mortgage brokers, so I work with several mortgage brokers that all have several loan products that can work. Visit our website or email me randall@thelendersnetwork.com

Randall Yates
CEO
The Lenders Network
... more
0 votes 5 answers Share Flag
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