Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Davie : Real Estate Advice

  • All183
  • Local Info12
  • Home Buying44
  • Home Selling1
  • Market Conditions6

Activity 8
Sat Jun 29, 2013
Rebecca A. Bass answered:
OSJ, Conv financing is now a 7 year wait from date of transfer. FHA is a 3 year wait. I have been in the mortgage industry for over 20 years abs was in the pilot program for FHA. Feel free to contact me at your convenience to discuss! 813-355-6383 There are more questions that need to be asked ti determine eligibility and prequalification is free... ... more
0 votes 4 answers Share Flag
Thu Jun 20, 2013
Stefanie Cohen PA, ABR, SFR answered:
If you would like to send me some details of what you are looking for, I would be glad to help you.

Regards,
Stefanie Cohen
Prudential Florida Realty
954-547-9203
Scohen77@aol.com ... more
0 votes 3 answers Share Flag
Sun Jul 8, 2012
Andrew Muller answered:
It is called cash out refi now.
No more Heloc!
She cannot get full amount back for cash out, even if it is worth a million dollars.Max cash out is 80%, with condos possibly even less. And since it is less then a year from closing, it would be the lesser of purchase price , or appraised value. ... more
0 votes 2 answers Share Flag
Fri Jan 21, 2011
Alma Kee answered:
I believe HomePath is only available on properties owned by Fannie Mae (foreclosed by Fannie Mae). There is the FHA 203K and FHA 203K Streamline (under $35k). I've recently been informed that the regular 203K is a better way to go than the Streamline. You will have a slightly higher cost for the mortgage because you will need to pay a HUD consultant to inspect the property ($600) but you would not have to also pay for a home inspection ($350) so your net cost is about $250. The HUD consultant will prevent your mortgage from not going through on a Streamline if something structural is discovered.

Hope this helps.
Alma
... more
0 votes 5 answers Share Flag
Thu Sep 9, 2010
Sedat Celik answered:
Yes, you can. You have to show full documentation to prove you have the enough income. You also must make minimum 30% of the downpayment in cash. Let me know if you have any other questions.

Sedat Celik
sedat@celiks.com
954-661-2565
www.easternbroward.com
... more
0 votes 4 answers Share Flag
Sun May 2, 2010
Lew Corcoran answered:
FHA is developing a refinance program for those with mortgages that are underwater (the mortgage amount exceeds the value of the home). This option will be made available to homeowners with mortgages that are not currently insured by the FHA. If you have an FHA mortgage, you will not be eligible for the program.

Here's how the program is expected to work: Lenders who participate in the program must agree to write down at least 10% of the principal balance of the original first mortgage. A new appraisal must be obtained to determine the current market value of the home. After the principal write down, the new loan to value can be no higher than 97.75% of the new appraised value.

If you have a second mortgage, the lien holder must agree to subordinate their second mortgage to the new first mortgage, and must agree to write off any principal amount that exceeds 115% of current loan-to-value (LTV).

The program is voluntary for the mortgage lenders. That means that not all lenders will participate in the program, and that means you might not be able to refinance your mortgage with FHA.

The program is expected to implemented sometime in the fall of 2010.
... more
0 votes 2 answers Share Flag
Sat May 2, 2009
answered:
Dave:
Many of the credit sites that provide "free" credit reports will do so, but you must be aware of the "fine print" associated with obtaining the information. Many times you need to cancel a subscription as not to incur a charge in the future for continuing services/reports. Just so you're aware of this ... and are careful choosing the report site you order from.
An easier and less expensive way of getting your report might be to talk to a mortgage lender that will run a report for you. Many lenders are willing to do this free of charge, if you are planning or considering a purchase of a home in the reasonably near future. That lender will also normally counsel you on your best route to a future purchase and assist you should you need help with credit/debt issues. If you are close to making a purchase, that lender will also be able to pre-qualify you for that purchase .
If you are not associated with a lender, I would be happy to assist you. Through my company, I am fully capable of assisting you in Florida and many other states across the country. If I can be of any help to you, please contact me here at trulia.com, my website, or email (gene@chicagobancorp.com). I wish you luck in the future ...
Gene Mundt, Professional Mortgage Banker www.genemundtmortgageblog.com
Chicago Bancorp
... more
0 votes 3 answers Share Flag
Search Advice
Search
Financing in Davie Zip Codes

Followers

338