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Financing in Dayton : Real Estate Advice

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  • Local Info16
  • Home Buying95
  • Home Selling16
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Activity 17
Thu May 26, 2016
Joilemom asked:
My credit score is 580 is there lending companies who will help me
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Sat Apr 2, 2016
Keiko Moore asked:
We are looking to fund investment properties in the Dayton, Ohio area, and are looking for financing. Any suggestions?
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Thu Jul 30, 2015
Gotcakebakeshop asked:
This question was asked from http://www.trulia.com/property/3209437231-5248-Coral-Oak-Cir-Dayton-OH-45440
0 votes 0 Answers Share Flag
Sun Jul 20, 2014
harlow3587@aol.com asked:
Wed May 29, 2013
answered:
If he has been in compliance with the agreement for 9 years what makes you think they would file a lien? Also is this agreement a judgment on his credit? If not you shouldn't have any problems adding him as a joint applicant. If the agreement is not a judgment and is not on his credit report I would leave it off your 1003, (your loan application).

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
... more
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Mon Apr 29, 2013
answered:
Basically, you would be financing $50K which to a lender is 66% LTV... The question is would you be able to qualify for the $50K loan? What do your last 2 years W-2 look like? How long is the gap in your employment? I believe if you truly found a home you love, the sellers would be waiting for a closing date knowing you were bringing $100K to the closing table. You need to sit down with a mortgage lender. Chances are they may have you give a lesser down payment to show you have a minimum of lets say 6 months in reserves being you haven't begun your new job yet. It can be done, but you need to sit down with a mortgage lender who has a little more than 5 years experience, who can help get the loan closed.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
... more
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Mon Apr 29, 2013
answered:
How many revolving trade lines do you have? What is the balances you are carrying on them? I wouldn't keep letting lenders pull your credit as your credit score will be lowered. If you need further help and or advice on boosting your credit score, please give my office a call.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
... more
0 votes 4 answers Share Flag
Mon Apr 29, 2013
answered:
As the others mentioned you will need to question if your loan was declined solely due to the 90 day issue.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
... more
0 votes 9 answers Share Flag
Mon Apr 29, 2013
answered:
A home loan is secured by the home. You are thinking of terms of an un-secured loan where sometimes collateral can be used. Purchasing a home, consists of securing a home loan, which is based upon your ability to repay the loan and your payment history, and credit scores. You should sit down with a mortgage lender to see if you qualify for a home loan.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
... more
0 votes 2 answers Share Flag
Tue Feb 26, 2013
Matt Helpling answered:
This is something my firm specializes in! Feel free to contact me and schedule a time/place that we can discuss this 937.938.9317 MHelpling@RapidDayton.com
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Sun Oct 21, 2012
Maria Cipollone answered:
Generally speaking, the mortgage rate for a land contract is 1/2 point higher than the regular rate. Shop around for a mortgage broker, they have access to many banks, private lenders and many different programs.

Best of Luck,

Maria Cipollone

Century 21

www.Flahomespecialist.com
... more
1 vote 3 answers Share Flag
Thu Nov 11, 2010
Annapurna asked:
We are a complex with 52 units. Ohio law states 10% reserve unless majority votes less or -0-. New FHA guidelines require 10%...I gather no deviation.. Do conventional loans require the…
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Thu May 6, 2010
Pam Miller Howard answered:
First -agree with the answer below. I am a REALTOR in Ohio with 27 years experience and I have taken the broker's courses but elected not to write the test. Although I have seen many situations, i STILL go to my broker if something comes up that is new or a situation that needs definition. They can go directly to the State to get answers from the State of Ohio legal department. But because you are from my city, i am assuming you are using a DABR contract and I very familiar with the contract language. Yeas ago I saw a flaw in the contract in just such a situation and went to the lawyer I use to write legal clauses for my contracts (we are REALTORS-NOT lawyers). I have a specific clause consisting of two sentences that goes in every contractIi write for a buyer to protect them in this case. The lender had NO right due to privacy issues to tell you what they did. This IS a situation where you need to go tot he broker. Now. You have the seller and are looking to protect their interests and get to closing. There is more than one solution to this problem. ... more
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Wed Apr 8, 2009
answered:
The lender that you are going through for your Streamline has decided to have you bring a payment to the closing table to keep your loan amount lower than if you were to "skip" a payment. Two reasons to do it this way is 1.) to keep the monthly payment approximately $5 lower per month rather than finance 1 monthly payment for 30 years, or 2.) the loan amount is already maxed out which will force you to bring the next payment to the closing table in order to make the Streamline possible. I hope this helps! ... more
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Mon Mar 23, 2009
Dallas Texas answered:
I work with many who are PML or aka HML contact my office happy consult with you.

972-699-9111

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer ... more
0 votes 1 answer Share Flag
Tue May 13, 2008
Trey Bowden answered:
Michelle,

Co-signor a.k.a. Non-Occupying Co-Borrower (in the language of financing) are a recognized and acceptable form of mortgage pre-approval.

Your Father-in-law will have to qualify for the home along with you and your husband. You all should be aware that his co-sigining on your note can obligate him to make the payments should you and your husband not be able to fulfill the obligation.

Also the mortgage he co-signs on most likely will show up in his credit report and could impact his ability to secure his own future financing.

When shopping for this type of financing you might run into a mortgage provider who wants to charge for the extra work involved with a non-occupant co-borrower. Lenders generally do not charge for this type of underwriting. Any such charges are most likley those imposed by your broker/banker for the extra work involved in processing this type of mortgage.

Good Luck!

Trey Bowden
(405) 340-3277
... more
0 votes 2 answers Share Flag
Wed Apr 23, 2008
Judy Davis, CRS answered:
This is another consult an attorney answer. I believe part of the answer will depend on who is in tile, Who is on the loan and what type of deed.
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