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Financing in El Paso County : Real Estate Advice

  • All22
  • Local Info1
  • Home Buying11
  • Home Selling2
  • Market Conditions1

Activity 20
Sun Feb 14, 2016
Gillsrealestateinvestors answered:
Sun May 31, 2015
Edna Lorena and Erin Salsbury answered:
Hello, This is a great question and one that other home buyers often ask me as well. In order to know exactly how much home you can buy, a licensed mortgage loan originator is your best source for information. However, you may be happy to know that with most types of mortgages, you can qualify for a home loan based soley upon your personal financial status. You need not include your husbands credit when qualifying. Keep in mind that of you do not use his credit, you can also not use his income to help you qualify. So, you will be able to purchase a home based only upon the payment that your income alone will support. Some loans will require that you include your husbands income, so, one of the first things that you'll want to do is seek out a loan officer that you feel comfortable with and talk with him or her about this. ... more
0 votes 1 answer Share Flag
Tue Nov 18, 2014
Raul Becerra III answered:
I work with a lender that can do 500 FICO Va/FHA., Stated Income loans and a variety of other loans. Call me or email me to get you in contact with the lender.

My name is Raul 915.996.2229 and email: raul@epbuyandsell.com

Also you can contact me Via profile. Thanks!
... more
0 votes 4 answers Share Flag
Wed Nov 12, 2014
Michael Brownstead answered:
Typically, when a property does not meet a lender's underwriting requirements, such as an appraisal issue, the earnest money is returned to the buyer; this is not legal advice.
0 votes 8 answers Share Flag
Thu Nov 6, 2014
George Raymondo answered:
As stated below, how you file your taxes can completely derail your chances of buying a home as a Self-Employment Borrower. Having said that, depending on your credit and the loan program you choose, y might just have a chance. As a Direct Lender/Servicer, we follow the AUS (automated underwriting system) Findings. If those Findings call out for only (1) year's filed 1040s, then you might have an window of opportunity this upcoming tax year but you have to stop "Writing off every legal deduction" and take the hit like the rest of us.

I too was 1099'd in the past, and knowing I was going to buy a home, had to bite the bullet and eliminate many of the deductions afforded me by the IRS. There are some cool things you can keep in mind though, we can add back in your "Depreciation" found on your Schedule C. So maybe you can change how you claim those deductions and serve both purposes. Just a thought. Let me know if you need any further assistance by shooting me a email or message.

Best of Luck!
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0 votes 6 answers Share Flag
Fri Jan 3, 2014
Lorena Mejorado, Broker answered:
Yes, there is still bond money available for first time home buyers. Will be glad to forward lender information. Lorena@MejoradoRealty.com
0 votes 8 answers Share Flag
Wed Dec 4, 2013
Don Groff answered:
Hello Danny,

What is your question?

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com
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Tue Dec 3, 2013
Jesus answered:
Notice of Sale. This property is scheduled for a public foreclosure auction.
0 votes 3 answers Share Flag
Tue Aug 13, 2013
Cesar Torres answered:
Hi,

I am local loan officer, as long you have enough equity, sufficient credit score & income among others factors you could be eligible to refinance.

Call me at your best convenience time to evaluate your options.


Cesar Torres
Loan Originator # 227135 at Marquis Lending Inc.
Direct Line (915) 383-9611
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0 votes 2 answers Share Flag
Sat Jul 13, 2013
Alexander Greer answered:
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options. ... more
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Thu Jul 11, 2013
Tommy Burris answered:
loan officer messed up.
Rate locks can be extended.

Tom Burris
Mortgage Banker
http://www.servicefirstmckinney.com/
(214) 763-4629 cell/text/nights/weekends(Really!!)
tburris@servicefirstmtg.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
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Thu Jul 11, 2013
Don Groff answered:
Your lender or broker should have talked to you as the lock was about to expire and extended that lock. There is a cost to do that but the cost could be much less than the dramatic changes in rates for the worse we have experienced over the past 6-8 weeks.

Here is the easiest way to see if you have a chance at fighting the lock expiration. Did you get the lender all of your information in a timely manner? Did you delay any part of the process? If all of the hold ups were caused by the other side then you can sometimes get a free no cost extension. I have done that with my lenders many times when they have had an issue on their end. I have been able to extend a lock and they paid for the cost for my client.

So you really need to speak with your lender about this and get down to the root of the issue of why the lock expired in the first place. If your loan originator is to blame then take it to their boss or broker.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com
... more
0 votes 3 answers Share Flag
Wed Jun 19, 2013
Jim Simms answered:
HAHAHA, just when I thought I had heard everything, so you deed title to an infant that can’t legally sign a deed, note or mortgage? What happens if they need to do something to/with the house before they become of age? And no, you can’t add or subtract anything from a title you don’t own, it would belong to the child. Let’s see, your child gets punished someday down the road then retaliates by suing you because you did something to their house when they were an infant. A trust for the child, okay… title to a child, HUMMMM. Grandma lives there rent free? Income to grandma? Gift tax?

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
... more
0 votes 5 answers Share Flag
Sun Mar 3, 2013
Maria De La Vega answered:
Thu Sep 6, 2012
Michael Bray answered:
There are 3 or more programs in our area that may be of interest to you. They each have different criteria and provide different type of benefits.

You are absolutely correct to check out your options before quiting your job and making the move!

Call me at (915) 549-1770 so we can discuss the various programs and I can point you in the right direction.
... more
0 votes 1 answer Share Flag
Tue Sep 6, 2011
Anna M Brocco answered:
Consider asking your attorney the question, he/she can better advise regarding the circumstances and how they apply to you, than any of us can...
0 votes 6 answers Share Flag
Mon Aug 1, 2011
Bruce Lynn answered:
Just depends on your goals.
If you want to use other peoples money and you think you can get a higher return in another place, for example your 401k , perhaps smart to refinance at super low rates and invest your excess cash elsewhere and not in your house.

Some people like the feeling of being FREE and CLEAR....just different philosophy. If you want to get your house paid off as quick as possible, stick with the 15year.
... more
0 votes 8 answers Share Flag
Fri Jun 10, 2011
Angela Ochoa answered:
You probably qualify for an FHA Home Loan which is 3.5% Down Payment. It works off the sales price of the home, so it depends on what house you pick. There are also Down Payment Assistance Programs out there, you can view a couple at: http://www.tdhca.state.tx.us/homeownership/fthb/buyer_intro.htm

Not every mortgage company is approved to do each Bond Program, so if you want to use a bond, you need to work with their approved lenders. Also, most bond programs have requirements about repayment policies and about how long you have to live in the home as your primary residence.

There are also 100% Financing/No Money Down Loan Programs if you purchase in rural areas. That is basically anywhere that is not in the City of El Paso or City of Socorro.

All of these programs are subject to qualifing for the loan with the mortgage company reviewing your income, debts, credit score, and credit history.

If you need help figuring it all out, please let me know. I'll be glad to help. Angela
... more
0 votes 1 answer Share Flag
Thu Apr 28, 2011
Gregorio Denny answered:
This is one of loan structuring where an experienced loan officer will be of value. Since you are getting money credited from 2 sources, it would be wise for the loan officer to exhaust all of the seller credit first, then apply the lender credit secondly. Any excess lender credit may be used as a principal reduction whereas the excess seller credit may not. ... more
1 vote 10 answers Share Flag
Wed Aug 27, 2008
Bruce Lynn answered:
Very tough. You do need to take care of this in the divorce. Likely you will want your x to refinance.....however that is to be accomplished you want it done quickly. You do want off the loan as it could keep you from purchasing a home in the future, depending on your income, debts, etc. Make sure you use an attorney in the divorce. Your attorney should guide this for you. Believe me I've worked on these before and whatever you have to do to get your name off NOW is what you want to do. Even if you have to sell the house and loose money now. Otherwise you may get a ex-in-law living in a house with your name on the mortgage and be responsible for it and that's never any fun. You might end up paying for him to live there until the loan is paid. ... more
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