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Financing in Fairfax County : Real Estate Advice

  • All75
  • Local Info4
  • Home Buying42
  • Home Selling8
  • Market Conditions1

Activity 63
Thu Jan 4, 2018
armybuyer99 asked:
Reference: https://www.zillow.com/advice-thread/FHA-Deduct-alimony-from-income/559539/
0 votes 0 Answers Share Flag
Sat Nov 11, 2017
Latoya Sharon Butler-jones asked:
My husband an I currently rent a townhome in Northern Virginia. Due to health conditions I can no longer withstand a multilevel home. We aren’t finding a single story home to suit our…
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Mon Mar 20, 2017
answered:
Hello, I'm a mortgage professional.

Based on what you detailed you would qualify for a VA mortgage.

I can help with a pre approval.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
0 votes 1 answer Share Flag
Tue Feb 21, 2017
brad.r.clark asked:
The original construction loan included $1800 in loan draw inspections, these were never conducted since loan was refinanced, can I get these refunded
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Mon Jul 25, 2016
Bboywhitesamoan asked:
I have over $250k in equity in my house which I'd love to use. The house mortgage and escrow is $1600 and my monthly income from the spare rooms (with over three years of tax records)…
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Sun Jun 5, 2016
Sclozano38 asked:
Can you tell me where I go on your website to add a review for a mortgage broker I used?
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Tue May 31, 2016
Karen Peyton answered:
Review your contract to determine the legality or just speak directly with your agent asking the question you've posted here. Many contracts contain language allowing information regarding the Buyers loan to be shared with the Seller's Agent who when working with the Seller is an "extension" of the Seller.

Don't worry...
Your private information (specific income, credit score, date of birth, social security number, etc) is usually not shared with anyone! It is confidential between you and your lender. A typical conversation is...yes, they have sufficient income, yes, they have acceptable credit, yes, they have the resources for the down payment. That's it!

Good luck and do speak with your agent!
... more
0 votes 1 answer Share Flag
Thu Apr 14, 2016
Five Stars answered:
You can go up to 95% for the Jumbo assuming your credit meet the requirements.
1 loan up to $850,000 - 95% financing, no monthly PMI.
Combo 80/15/5 - 1st and 2nd mortgage up to $1,000,000 - 95% financing. No PMI

These programs are full documentation (assets and income) We offer other solutions for reduced documentation, investor and vacation homes has well, please contact us below to discuss the details.


Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
http://www.FiveStarsMortgage.com
... more
0 votes 8 answers Share Flag
Mon Apr 4, 2016
Toni asked:
I have a 200k HELOC and wanted to use 50k for some much needed ADA renovations. Does this mean that I will continue to pay for 200k, but only have 150k? Or will my mortgage payments increase?
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Wed Jan 20, 2016
Five Stars answered:
95% would be difficult at that loan amount. We do offer 95% NO PMI up to 850K At that loan amount you would likely be required to put down 10-15%.

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
www.FiveStarsMortgage.com
... more
0 votes 13 answers Share Flag
Wed Sep 16, 2015
Amelia Robinette answered:
What kind of broker? If you need a loan officer, I can recommend someone in Fairfax, if you need an agent, I'm happy to help. Both me and the loan officer have 203K experience.

703-407-3426 or amelia@novahouseandhome.com ... more
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Fri Apr 24, 2015
Josh Barnett answered:
Depends on that property's mortgage and what the clauses in the mortgage state. Consult an attorney for legal guidance on your mortgage and the mortgage's clauses.

Be sure to thumbs up helpful answers. ... more
0 votes 9 answers Share Flag
Mon Dec 29, 2014
Kelly Putz answered:
Hi there,

What was your question? You only made a couple of statements and didn't post an actual question.
0 votes 1 answer Share Flag
Wed Jul 2, 2014
Rick Phillips answered:
You could hire an appraiser to perform an "appraisal review." There's no guarantee the bank would accept it, but if it were done by an appraiser who had experience with reviews and who was competent in your market area, they would have to at least consider it.

Of course, you might also find that the original appraisal was adequate (in its opinion).
... more
0 votes 11 answers Share Flag
Mon May 12, 2014
Sahar Bashir answered:
Phenominal1999,
I know a great lender that works with buyers whose credit score is below 500. They have been successful in getting them to close on properties. Please reach out to me so I can put you in touch with them.

Sahar Bashir
703.994.3300
... more
0 votes 3 answers Share Flag
Fri May 2, 2014
Missy Leary answered:
I believe Flagstar and Wells Fargo offers these loans. If you are still in the process and need some referrals, please let me know!
0 votes 1 answer Share Flag
Sun Sep 1, 2013
Don Tepper answered:
9%-12%

OK, OK, it's a bit more complicated than that. But not as complicated as some of the answers below suggest.

From a financial standpoint, you're lending money out. So what are other lenders getting? Mortgages right now are going for about 4% to well-qualified borrowers. If someone is looking for owner financing, they're not a well-qualified borrower (otherwise, they'd borrow from a bank). So you want to charge more than 4%.

How much more?

You have to ask yourself: How much could I earn if I invested the money somewhere else? You want to make at least that much. Otherwise, just borrow against the townhouse and invest that money instead. You'd get almost nothing if you put it into a bank. Other investments are riskier. However:

The average sold price for real estate in Northern Virginia rose 6.98% during the past year. See http://www.rbintel.com/statistics/northern-virginia-association-realtors-nvar There's no assurance that'll continue, but that's one benchmark to consider.

You can earn a fairly predictable 10% using various peer-to-peer lending organizations out there. (Do a search for "peer-to-peer lending." So why would you lend money to a borrower with owner financing for any less than you can get with peer-to-peer lending. You can lend money to a real estate investor doing rehabs--with the loan secured by the real estate--for about 12%-15%. Or, over various 10-year periods, the stock market has gone up an average of 8%-12% per year. See http://www.aaii.com/journal/article/historical-performance-and-future-stock-marketreturn-uncertainties.touch

Notice a pattern here? Other somewhat volatile but long-term predictable investments can yield 10%-12%--or more if you really know what you're doing. So why would you want to earn less than that?

Your loan will be secured by your real estate, so you're minimizing your risk. You can minimize it more by requesting a substantial down payment. And you can even ask for points. (A point is 1% of the mortgage. So you might ask for 10% and 1 point, for instance.) So you might aim for the lower end of 9%-12%. But that's up to you and your risk tolerance.

Certainly have a lawyer do the paperwork to protect you.

Hope that helps.
... more
0 votes 14 answers Share Flag
Sat Aug 17, 2013
Joycelewis412 answered:
You may qualify to purchase a home just 1 day after a short sale. I just found a site that tells you if you can qualify for a mortgage after a short sale or foreclosure. Try http:www.whywaitbuytoday.com ... more
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Mon Jun 10, 2013
tlon2010 answered:
Thank you, all. One other question. The sellers are willing to finance some of the purchase. Are there any programs where we could finance 15%-20% with the sellers holding the second? ... more
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