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Financing in Dublin : Real Estate Advice

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Wed Apr 18, 2012
Roswell Moore, answered:
There is a provision in the lending guidelines that states something along the lines that if you convert your current primary residence (PR) to a rental, then you as a borrower must prove (thru an appraisal) that you have either 25% or 30% equity in the property before they will use the rental income to offset your NOO mortgage payment. The 25% to 30% equity depends upon the type of loan you take, an FHA or Conventional loan.

If, however, you moved to Columbus & are now renting, you did not convert your PR in order to buy a new home, so you should be able to use 75% of the rental income to offset your current mortgage payment.

If you cannot show that you've owned the property for the last year on your 2011 tax returns, (if you can, the lender will use the income reported from the tax return) the banks will use 75% of your rental income. The remaining 25% not used, is to cover your maintenance costs & any potential vacancy issues.

Hope that helps,
Ros
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Mon Mar 19, 2012
Roswell Moore, answered:
The problem is finding a Mortgage Insurance (MI) company that will cover a Non-Owner Occupied (NOO) property. You will be required to have this MI coverage if the ,loan amount is greater than 80% of the value of the property.

You could search around for a local bank or credit union that would do a second mortgage on a NOO property. You may be capped at 85% CLTV (combined loan to value).

If you have the resources, you could also look at bringing in the 5% difference with you to the closing to pay down the mortgage to an 80% LTV.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
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Wed Sep 14, 2011
Biancamosey answered:
If you are seeking information about the FHA 203k loan program or new home construction loans, you have found the right source! American Midwest Mortgage Corp. makes FHA 203k and Conventional renovation loans in Ohio and a few other states. Please call or e-mail us for details. .

Chances are you have visited our site because no mortgage banks offer the FHA 203k loan program in your community (very few lenders offer these programs at all). Or perhaps you are seeking information because you have found that the FHA 203k loan programs offered in your area are not competitive. Or perhaps you’ve simply heard about the FHA 203k loan program and you are trying to learn more.

We are American Midwest Mortgage Corp. and we are specialists in the FHA 203k loan program and new home construction loans.

American Midwest Mortgage Corp. makes competitive renovation loans (including the FHA 203k loan program) in Ohio and elsewhere in the nation, possibly where you are. Please call or e-mail us to see if we can assist you with your renovation loan.

We offer the following loan programs:

Traditional (Standard) Loan Programs available for purchase or refinance.

> Conventional Loans :-

* Fixed Rate Loans - 40, 35, 30, 25, 20, 15, and 10 year

* Adjustable Rate Mortgage (ARM) Loans - 10/1, 7/1, 5/1, 3/1, 1 year, 6 month, 3 month, 1 month

* Balloon Loans - 7 year, 5 year

> Special Features:-

* Temporary Buydowns 3-2-1, 2-1, 1-0

* OHFA Bond Program / My Ohio Mortgage - Below market rates for First Time Homebuyers

* Zero Down Payment - 100%

* Interest Only Payments

* New Construction Extended Rate Locks

* Jumbo Loan amounts greater than $417,000

* Condominiums, Second Homes, 1-4 Family Investment Properties

> FHA Loans :-

* Fixed Rate Loans - 30, 25, 20, 15 year

* Adjustable Rate Mortgage (ARM) Loans 3/1, 1/1

* 203 (k) Substantial Rehabilitation Loans - Purchase and Refinance

* 203 (k) Streamline Rehabilitation Loans - Purchase and Refinance

> Special Features :-

* Temporary Buydowns 3-2-1, 2-1, 1-0

* OHFA Bond Program - Below Market Rates for First Time Home Buyers

* County and Municipal Down Payment Assistance Programs

> VA Loans :-

* Fixed Rate Loans 30, 25, 20, 15 years

* Adjustable Rate Mortgage (ARM) Loans 5/1, 3/1, 1/1

> Special Features :-

* Temporary Buydowns 3-2-1, 2-1, 1-0

* OHFA Bond Program - Below market rates for First Time Home Buyers

* Zero Down Payment with VA Eligibility

Reference Link:- http://fha203kloan.org/
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Fri Oct 3, 2008
Brittany Simonelli answered:
Marlowe:

I absolutely would not refinance at this point especially with 5 years remaining on your rate. Ride out the downturn in the values for a few more years. Besides, you will be paying almost a point higher in interest which will increase your payment dramatically. ... more
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