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Financing in Fort Myers : Real Estate Advice

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  • Home Buying453
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Activity 37
Mon Jul 10, 2017
Cfrederick answered:
AAFMAA Mortgage Services does but only for military and veterans.
0 votes 17 answers Share Flag
Fri Jun 23, 2017
Kathy Burgreen answered:
This is a U.S. website. Nobody here can help you with mortgage loan advice in Canada.
0 votes 1 answer Share Flag
Wed Jun 21, 2017
Qzeng0920 asked:
Sat Jun 17, 2017
Shay Skilling asked:
A lender quoted me PRIME 0.50% rate for a HELOC. My primary home is worth $250,000, and I owe $170,000. (I have retirement assets and additional equity in a rental home). This line of…
0 votes 0 Answers Share Flag
Fri Jun 2, 2017
Maryakarp352 asked:
Hi,
I was living with my family in Boston and last month, I got transferred to one of our branches in Timmins. Actually, we had a plan to settle in Canada and that is why, I tried for a…
0 votes 0 Answers Share Flag
Thu May 4, 2017
answered:
If there is sufficient income and down payment, then I don't see why there'd be a problem getting financing for a 2-unit owner occupied property. Depending on how much you are putting down, it may put you in non-conforming jumbo territory with more stringent qualifying requirements, but it would still be possible.

You'd want to discuss any implications of gift taxes with your CPA. As long as your father's credit and debt to income ratio are OK, then adding him as a co-signer (would technically be a co-borrower, since he'd be occupying the property) should be fine too.

I'd be happy to help out if you'd like.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans.com | 949-322-3616 direct
... more
0 votes 1 answer Share Flag
Tue Apr 25, 2017
answered:
If you paid $314k with 20% down, then your loan amount would've been $251,200, and may even be lower now depending on the terms of seller financing and if you've paid any principal off. That loan amount falls within the FHA loan limits for Lee County, FL. FHA financing allows higher debt to income (DTI) ratios: up to a housing DTI ratio of 46.99% and a total DTI ratio of 56.99%. If you are an eligible veteran, then VA financing also allows a much higher DTI (there is no specified limits, and I've gotten DTI's into the 70's get approved in the past). If you are self-employed, then there are loan programs that will use bank statement deposits over 12 to 24 months to calculate your qualifying income (rather than tax returns). There are also loan programs that will only look at the equity you have, but the types of terms those loan offer aren't as good as the other options I mentioned.

If you'd like to go over any of your options or just discuss your situation in general I'd be happy to help you out.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans.com | 949-322-3616 direct
... more
0 votes 1 answer Share Flag
Wed Nov 16, 2016
Michael Castilleja asked:
If I get a home appraised while initiating a refinance, can I switch and sell my home instead? Does that require a different /additional appraisal?
0 votes 0 Answers Share Flag
Thu Feb 18, 2016
MarZia RiVera asked:
I am looking for construction financing for Spec Home in SW Florida, Cape Coral. The waterfront lot is owned free and clear, the seawall was just completed, the home and pool permit are…
0 votes 0 Answers Share Flag
Fri Nov 21, 2014
Tim Moore answered:
If they own it free and clear they could give it to you and you can make payments to them. Let them act as the bank.
0 votes 1 answer Share Flag
Thu Jul 17, 2014
Christopher Stowe asked:
My grandfather is gifting us 1 acre of land to build a home on. Mortgage broker we were working with previously says land must be in our name for 12 months to use the land as equity, but…
0 votes 0 Answers Share Flag
Tue Feb 18, 2014
Anna M Brocco answered:
Rent to own is not a good idea, therefore fix whatever is preventing you from purchasing outright. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made..... ... more
1 vote 5 answers Share Flag
Wed May 29, 2013
Tammy Hayes answered:
Property Tax Disclosure: Buyer should not rely on the seller's current property taxes as the amount of property taxes that the buyer may be obligated to pay in the year subsequent to purchase. A change of ownership or property improvements triggers reassessment of the property that could result in higher property taxes. If you have any questions concerning valuation, contact the county property appraiser's office for information. The home you are interested in purchasing may be homestead. Homesteading caps the tax assessments on the home during ownership. MLS records do not necessarily reflect current tax assessments. ... more
0 votes 5 answers Share Flag
Tue May 14, 2013
Kirsten Prizzi 239-248-1667 answered:
Chuck,
Did you called Wells Fargo or Bank of America?

Kirsten
Kirsten S. Prizzi
AC Global Property Management Lee County, LLC
FL Lic Real Estate Broker
Immobilienfachwirt / Immobilienmakler
Telephone: 239.248.1667
Residential & Commercial Real Estate
Email: Kirsten@RealEstateFloridaUSA.com
www.RealEstateFloridaUSA.com
www.Immobilienmakler-in-Florida.com
www.VillaFloridaFewo.de
Location is just the beginning!
... more
0 votes 1 answer Share Flag
Mon Feb 25, 2013
Cynde Snow answered:
Yes, Orange Harbor Mobile Home Park is a Cooperative, you can purchase a share and a home and own your land, you can purchase the mobile and pay the cooperative the monthly lot rent or you can purchase a home that is inclusive of the share. You can finance the share through various banks as it is real property. We are located on 5749 Palm Beach Blvd. Ft. Myers (Route 80), Exit 141 off 75. We have a great inventory of homes and would be happy to show you around. Our website is www.orangeharborsales.com
Sincerely,
Cynde
Sales Agent
... more
0 votes 2 answers Share Flag
Thu Dec 13, 2012
NoFear20m answered:
I'm in CO in the middle of trying to refi and ran into this 60-day waiting period issue, as the rates went lower. The loan officer extended the lock for another 60-days to try and renegotiate with the bank, which he did, and they met half way between the lock at 3.875 and the current rate at the time of 3.375 for a new rate of 3.625. But the rates are still lower than that now. My question is does the waiting period still apply if you are in a rate extension and/or does the renegotiation have any impact on the waiting period? ... more
0 votes 5 answers Share Flag
Wed Jun 27, 2012
Craig Reynolds GRI Broker answered:
When you're at the bottom with not much room to go down any further, you can not expect rates to drop much lower. That doesn't mean they won't but really, with rates this low there is no time to lose to either purchase or refi.
Craig Reynolds
... more
0 votes 12 answers Share Flag
Mon Jun 18, 2012
Kristen Pell answered:
Why not develop office and retail space in Florida? Then, we can help :)
http://propertyguiding.com/
0 votes 2 answers Share Flag
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