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Financing in Douglas County : Real Estate Advice

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Activity 4
Sun Nov 22, 2009
Rob Lang :) answered:
Hi Paizley79,

Harold Arnold from Chicago is correct. Find a local Realtor who will help you get pre-qualified so you can obtain financing. There are several financing options besides loans from banks that should be pursued such as seller financing that Mr. Arnold mentioned. A few others would be relatives buying the property for you and you buying it from them, your employer buying the property for you and you buying it from the employer, etc. There are other options to pursue as well along with variables such as how much money you have as a down payment, the interest rate that will be charged, the term of the loan (number of years), to name a couple.

Again, find a local Realtor who will help you through this process and even if this house does not work out, he may be able to help you find another house that does.

Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob Lang, CRS, ABR, ePro, GRI, CFPS Realtor®
Sellers (Marketing homes to 2 MLS's, to over 10,0000 websites, and virtual tours, and a $1,495 full service listing side option to save home owners thousands of dollars when they sell their home)
Buyers: Property Searches to Video Conference with me
At Home Kansas 300 Rockfence Pl, Lawrence, KS 66049
(Serving Lawrence, Eudora, Baldwin, Topeka, Olathe, Tonganoxie, Leavenworth, Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)
785-813-1357 (cell) 206-339-3199 (fax)
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Wed Oct 28, 2009
Dallas Texas answered:
It depends on how term(s) are used. Have you been issued a lender letter of statement of what type of loan, % as down payment, interest rate and etc.

It can take approx. 4 -5 working days complete a file based on information provided.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Wed Oct 28, 2009
I'm happy to see the Q&A in this area is helpful.

Marilyn, great answers below.

Rob, the 203k does finance above the value of the home BUT the buyer needs to put 3.5% of the acquisition cost+ rehab work. If those figures equal over 100%, FHA allows it up to 110% or 35k in rehab, whichever is less. However, the buyer should still be expecting to bring money down UNLESS it's for a HUD home in which you can do a $100 down HUD 203k. ... more
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Tue May 6, 2008
Maria Morton answered:
Get a letter of pre-approval from a reputable lender. For a couple of reasons:
1. You know what price range to look in.
2. Many sellers will not even show their home to a buyer who they feel is not serious.
3. Most realtors will not work with you until you are pre approved.
4. When you find the property you want to buy, you will be able to move quickly to make your offer.
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