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Financing in Farmington : Real Estate Advice

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  • Local Info7
  • Home Buying3
  • Home Selling1
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Activity 5
Fri Jun 21, 2013
We offer loans for borrowers with only an ITIN. feel free to email me some contact information and some more details and we can discuss things
1 vote 1 answer Share Flag
Sat Jan 23, 2010
Hi, Ryan Her

There's a lot of variables involved in determining closing costs. Property taxes is a major one, esepcially in today's market where homes are selling well below the value their taxes where originally based on and still remain.

That said: For FHA, your closing costs are typically 6-8% of the home's negotiated sell's price. This is separate and apart from your 3.5% down payment.
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Sun Jan 17, 2010
Hi Ryan Her

Funds of this nature can be used as either assets or income, but not both. Since I don't know your over all profile, I can't answer which would be best for you. However, If these funds are required to be used towards your down payment and closing costs, then they will be looked at as income by underwriting.

If so, this is how you need to proceed: FHA/VA/FANNIE MAE guidelines are that all large deposits must be sourced. That said, if you recently liquated some stocks and placed them in your checking account, underwriting will require 1.) a copy of your most recent stock/mutual fund/retirement statement; 2.) a copy of the check and/or check stub you received from the liquidation of your stocks; and (3) your most recent bank statement that you deposited the funds into. That simple.
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Fri Jan 8, 2010
Hi Ryan
a 662 credit score should be fine for FHA. If you have a stable job and $$ in reserve, a debt to income ratio approaching 50% should be OK too. I would speak to a lender first to see what you qualify for, and if you are approvable for your desired mortgage amount "as is", then I would keep your money in the bank until you get into the new home, THEN decide what to do with it. A lot of people go out and pay off all their debt before buying a home, only to find out the home requires a substantial investment (paint, carpet, furniture, etc). In my mind, it doesn't make sense to pay things off now only to find yourself in the same situation 6 months or 12 months down the road.

If you must pay off some debts now, focus on paying off the debt with the highest interest rate first. Keep the car loan, because installment loans (as opposed to revolving debt like credit cards) weigh in heavier towards building up your credit score.

If I can be of any assistance please feel free to contact me at 313-622-7383 or via email at

Best of luck
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0 votes 2 answers Share Flag
Mon Sep 28, 2009
Luke Allison answered:
Assuming a 720 credit score and a loan-to-value at 80% - the par rate is 5.5% with no points and no origination.
Let me know if the variables are different and I can adjust it if need be.

Luke Allison
Bank of America Home Loans
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