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Financing in Columbus : Real Estate Advice

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  • Local Info78
  • Home Buying237
  • Home Selling44
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Activity 66
Joansnyder007, Home Buyer in New York, NY
Wed Nov 9, 2016
Joansnyder007 asked:
My wife lost her job 5 yrs ago and became a fulltime caregiver for her mother until her mother passed away a yr ago. and we have had to take in 2 of our grandchildren so she runs them to…
0 votes 0 Answers Share Flag
Stanginge, Home Buyer in Dublin, OH
Thu Nov 3, 2016
Stanginge asked:
We are retired and I have only a part-time job after medical bills etc. our credit score has taken a hit do you think it is possible to get a loan? (only for the remaining amount owed to…
0 votes 0 Answers Share Flag
Kristina Led…, Real Estate Pro in Dublin, OH
Sat Sep 3, 2016
Kristina Ledford answered:
Hi Ctsmith2534,

I was just holding an open house with a lender who has had great success in finding loans for clients in your position. Please contact me for more information =)

Kristina Ledford, REALTOR
KW Consultants Realty
Dublin, OH
614-407-3877
kjledford@kw.com
www.makedublinhome.com
... more
0 votes 1 answer Share Flag
Kristina Led…, Real Estate Pro in Dublin, OH
Sat Sep 3, 2016
Kristina Ledford answered:
Hi blueberry123,

Your biggest hurdle will be securing financing. If you do not have established US credit, you will need a much larger deposit amount to qualify for financing. I know several lenders with this experience and I would be happy to help find a condo in the Columbus area. Please contact me if you like!


Kristina Ledford, REALTOR
KW Consultants Realty
Dublin, OH
614-407-3877
kjledford@kw.com
www.makedublinhome.com
... more
0 votes 1 answer Share Flag
Brian Martuc…, Real Estate Pro in Bethesda, MD
Sat Apr 18, 2015
Brian Martucci answered:
We require 620 credit scores so we cannot help directly. I do know there are lenders that will do loans down to a 580 score. But the terms and down payment may be higher. It may be worth it for you to take the time to raise your score to 620 to get the best terms. I think you need to find an experienced lender, well reviewed, who earns your trust, and go through a pre-approval process to see exactly what you can do now with your current score, and then ask what they could do if your score was 620, and you can decide if you think its worth waiting. But a lot of times there are things on your credit report that got your score so low in the first place, like collections, judgments, liens, etc; that may have to be resolved with any lender, even one who will accept a score as low as yours. So waiting may end up being your best choice for several reasons. Please don't be in a rush to buy home, it's the worst mistake you can make. If you have a very low credit score you may have some serious credit issues, and buying a home may simply exacerbate a currently bad credit scenario. Good luck. ... more
0 votes 15 answers Share Flag
USMortgageRa…, Real Estate Pro in Plano, TX
Fri Jan 30, 2015
USMortgageRanger answered:
Yes you can still refinance a condo under Fannie Mae guidelines as Investment property with 25% equity or greater. I also have a few other portfolio condo loans for Investors. We are the Nation only veteran-owned, federally chartered bank with a focus on educating customers about the mortgage process and providing opportunity for home-ownership nationwide. We're a direct mortgage lender/ Servicer not a broker. That means no middle man and no broker fees. We handle the entire loan process in-house from processing to underwriting, funding your loan and finally servicing your loan.

I recognize that you are very busy, so I am only asking you to spend 6 minutes with me to discuss your needs so we can determine if we can be of service to you. After answering just a few simple non-credit related questions (I do not need to pull your credit report in advance) I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
Please give me a call to make your dreams a REALITY.

Lowell Sterling
Mortgage Banker
NMLS# 968898
The Federal Savings Bank
Mobile: 469-347-3572
Direct: 512-717-0403
https://www.thefederalsavingsbank.com/LowellSterling
... more
0 votes 1 answer Share Flag
USMortgageRa…, Real Estate Pro in Plano, TX
Fri Jan 9, 2015
USMortgageRanger answered:
Hi Eric,

Thanks for your service to our country from one Veteran to another. We are the Nation only veteran-owned, federally chartered bank with a focus on educating customers about the mortgage process and providing opportunity for home-ownership. Meet the Veterans from our CEO to every other Mortgage Banker on our website chances you may have served with one of us. We have complete control of the entire Lending process with the ability to lend in all states and specialized in VA direct with do messy overlay as you can see our guidelines below.

Min Credit Score: 620
Max LTV/CLTV: 100%
Max DTI: 45/55%
Min Loan amount: $40,000.00
Occupancy: Primary residence only

I recognize that you are very busy, so i am asking you to spend 6 minutes with me to discuss your needs so we can quickly determine if we can be of service to you. After answering just a few simple non-credit related questions( I do not need to pull your credit report in advance), I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
Please call me when you can, I can be reached until 7:30 PM CST at 469-347-3572. I look forward to speaking with you.

Lowell E. Sterling
Mortgage Banker
NMLS# 968898
The Federal Savings Bank
Direct: 512-717-0403
Mobile: 469-347-3572
https://www.thefederalsavingsbank.com/LowellSterling
... more
0 votes 1 answer Share Flag
Tammy Van Le…, Real Estate Pro in Columbus, OH
Sun Oct 12, 2014
Tammy Van Leer answered:
Tony Garcia, Real Estate Pro in Wilmington, NC
Sun Aug 3, 2014
Tony Garcia answered:
Jeremy Davis, Real Estate Pro in Canal Winchester, OH
Wed Jul 2, 2014
Jeremy Davis answered:
Start out by calling/emailing a local agent and asking him or her if they know of any loan officers that do international loans! most of us work with 3-4 different lenders and know tons more that can possibly help you. ... more
0 votes 1 answer Share Flag
Kelsey Fisch…, Real Estate Pro in Columbus, OH
Wed Dec 18, 2013
Kelsey Fischer answered:
I'm curious, what did you ultimately decide to do? And are you in the investment property business now?

Kelsey

-- Kelsey Unrue - Realtor Key Realty Ltd. Tel: (614) 607-0607 KelseyUnrue@gmail.com ... more
0 votes 9 answers Share Flag
Madams, Home Buyer in Lancaster, OH
Mon Aug 26, 2013
Madams answered:
Hi Kash,

You might look at an opportunity where you can buy a duplex and live in one side rent free by your renters covering the mortgage payment. Then once you have established a savings or have paid down more debt to qualify for a higher loan amount you can buy something such as a single family home for just you. Then renting out the side you lived in for a profit. It is very hard to find a lender willing to go below $50k on a loan amount and buying a duplex would put you up in a higher range to get financing. Buying a duplex and living in one side you are able to get the benefits of a first time homebuyer and owner occupied rates just as if you were buying a single family.

You mentioned you had to save for the Single Family Home. We do offer the no money down programs as well if you wanted to move forward with your original idea.

If you need anything further just give me a quick call and I can answer any of your questions. My number is 614-989-4812

Melissa Adams
Senior Loan Consultant
Supreme Lending Services
... more
1 vote 4 answers Share Flag
Brian Nguyen, Real Estate Pro in Mission Viejo, CA
Wed Aug 14, 2013
Brian Nguyen answered:
I'm not quite sure if there is a question you are asking but if you need help with financing I can definitely help! I am a mortgage banker in Southern California and I can provide you with excellent service and rates for refinancing your home. Feel free to contact me through the information on my profile page if you have any further questions of if you need a loan.

Good Luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
... more
0 votes 3 answers Share Flag
Ritchie Real…, Real Estate Pro in Columbus, OH
Sun Aug 11, 2013
Ritchie Realty Group answered:
I specialize in the urban market and will be showing homes to an investor in your area today. You may contact me if you wish.

Lee Ritchie
Remax Metro Plus
614-595-0732
columbusurbanagent@gmail.com ... more
0 votes 5 answers Share Flag
Melissa Adams,  in Columbus, OH
Thu Aug 8, 2013
Melissa Adams answered:
Hi Michelle,

I'm not aware of any that are not credit score based anymore. However we have lenders that will go down to a 560 credit score. If that fits with your situation give me a call.

614-989-4812

Melissa Adams
... more
0 votes 1 answer Share Flag
Melissa Adams,  in Columbus, OH
Thu Aug 8, 2013
Melissa Adams answered:
Hi Kash,

I just had this happen to one of my clients that we could not finish a condo purchase transaction because the condo was not FHA Insurable. This was the problem. The Condo complex was small with 76 units. 25 of the units were over 30 days delinquent on their Homeowners Association dues. Which is 33% of the homeowners. It was quite unfair that our client could not get financing because of this.
My advice to my client was to walk away from this transaction. Here is why. We have a third of the Homeowners in financial distress. Condo complexes are responsible for the outside of the condo meaning the siding, roof, walk ways, parking lots, maintance on the green space areas, entrances etc. With such a high delinquency the condo association is reaching a point they may not have enough funds in their reserves to keep up with the outside maintance. So where does that leave you if you would in fact buy it somehow. You may be stuck with a home that you can never resell, the buildings will start to suffer and the outside may start to look trashy. Do you really want to live in such a place where you will not enjoy even going outside or be proud to pull up to or have family and friends come over. I wouldn't think so. I would really think about this and consider this. You can not even get Conventional financing with this high of a delinquency unless you go to a lender who will not want a condo questionaire but they require 20% down.

If a condo is uninsurable for delinquency reasons you might as well buy a mobile home because you likely will not be able to get rid of it. Most people buy homes to see it appreciate to move up to something bigger or more expensive down the road. I would suggest finding another condo since you seem to like the idea of condo living. Condo's don't appreciate as much but they are a great place to live especially if you don't want to spend your weekends doing yard work. We have some beautiful ones around Columbus. Please look at other choices. Stay away from this one.

Call me if you need any help with financing. I would be glad to help and I'll tell it to you straight.

Melissa
... more
0 votes 8 answers Share Flag
Brian Nguyen, Real Estate Pro in Mission Viejo, CA
Thu Aug 8, 2013
Brian Nguyen answered:
It is possible depending on the loan and your finances. Invest properties usually require 20%-25% down payment depending on the loan-to-value ratio. Also, a minimum credit score of around 620 will be needed in order to get a loan for a investment property. When it comes to your income and expenses, you usually need an debt-to-income ration that does not exceed 45%. Lastly, the loan can affect your ability to own an investment property. For example, if you try to get a Freddie Mac for an investment property, they require you to have 2 years of landlord experience.

I hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
... more
0 votes 7 answers Share Flag
Joel Lobb, Real Estate Pro in Louisville, KY
Sun May 26, 2013
Joel Lobb answered:
Refinances
Chapter 2
Mortgage Credit Guidelines
Page 2-19

A refinance transaction involves paying off an existing real estate debt from proceeds of a new mortgage. For all refinance loan transactions, 1) the borrower must be current for the month due and, 2) there must a current payoff statement in the case binder.

Under the terms and conditions outlined below, FHA will insure the following types of refinances:

A. Regular Refinances – “cash-out” and “no cash-out”

1. ”Cash-Out” Refinances: the maximum loan-to-value and combined loan-to-value of any cash-out refinance is 85%. The calculation is based either off the appraised value or the original sales price, depending on the length of time the borrower has owned the property.

a)The loan is limited to a combined LTV (FHA insured first mortgage and any subordinated lien) of 85% of the appraised value, provided the borrower has owned the property for at least one year. Note that manufactured homes have other restrictions (Handbook 4155.1, section 3.A).
b) If the property was purchased less than one year preceding the application date, the LTV/CLTV (85%) for the mortgage amount must be calculated using the lesser of the appraised value or the original sales price of the property.
c) The property that is security for the refinanced mortgage may be a 1-4 unit property.
d)The property must be owner-occupied. Non-owner occupant co-borrower may not be added in order to meet FHA?s credit underwriting guidelines.
e)Properties owned free and clear may be refinance as cash-out transactions.
f)3-4 unit properties are required to pass the self sufficiency test and have a minimum of 3 months reserves after closing.
g) Properties acquired by inheritances within the past 12 months are eligible for a cash-out refinance transaction provided they have been occupying the property as their primary residence since the inheritance. The lender must document the acquisition by the borrowers via inheritance.
h)Manufactured homes: there are restrictions applicable please refer to Handbook 4155.1, section 3.A.
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
... more
0 votes 1 answer Share Flag
Jodi Mccoy V…,  in Columbus, OH
Sat Feb 9, 2013
Jodi Mccoy Vermillion answered:
You can actually do 3% down on a condo - just depends on the condo and if it's conforming:)
Give me a call or email!

To apply online go to: www.lenderohio.com

Jodi McCoy Vermillion
(NMLS # 227336) (LO.021770.001)
SENIOR LOAN OFFICER
THE VERMILLION LENDING TEAM
CONCORD MORTGAGE GROUP
A Full Service Mortgage Banker
735 Ceramic Place, Suite 220
Westerville, Ohio 43081
DIRECT: 614/212-6929
Cell: 614/206-1687
Fax: 614/300-2955
Loan Officer Assistant/Processor (Kristin): 614/212-6916
203K Coordinator (Tammy): 614/212-6954
Email: jodi@concordmg.com
Website: www.lenderohio.com
To Apply On-Line Click Here: www.lenderohio.com



My business is based on referrals. If you know anyone who might be purchasing or refinancing a home, I would be happy to help. Any referral would be greatly appreciated.

________________________________________
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... more
0 votes 11 answers Share Flag
Jodi Mccoy V…,  in Columbus, OH
Sat Feb 9, 2013
Jodi Mccoy Vermillion answered:
90%ltv - 417k on the first, 10% down and then a 2nd interest only!
About 3.625% on the first if not better and around 5.5% i/o on the second.
This will help to avoid any PMI
0 votes 1 answer Share Flag
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