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Financing in Frederick : Real Estate Advice

  • All121
  • Local Info11
  • Home Buying37
  • Home Selling8
  • Market Conditions4

Activity 8
Tue Aug 2, 2016
Rosemarie Smith asked:
My husband had to short sale his condo and when we tried to get financing they said we had to wait three years. It will be three years in December. Some conventional building mortgages want…
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Sun Jan 10, 2016
Amelia Robinette answered:
you have to have some proof that you're able to make the payments. you must have some kind of income, interest income? investment income? or are solely living off the cash in the bank?


mortgages are based on debt to income ratios, so no income = only debt

you might want to check with the bank that holds your cash assets, some wealth management groups have mortgages available to their high net worth clients.
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Thu Feb 6, 2014
Matt.Donnelly answered:
Late to the game, but the first thing i would do is make sure you are working with a correct value. While Zillow and other online AVM's are a decent tool to get a ballpark value, they can often be way off. This is especially true if your property is located in a niche market like Historic Frederick or similar market.

It may be that you have enough equity to refinance the home without tapping your primary residence, or it may be that you have even less equity than you thought. Either way, you want to know this before you spend any time or money working on a refi solution.

My advice is to have a few Realtors who sell a lot of property in the location of your home give you a market analysis. (Of course, if this is YOUR market, you will know if the Zillow estimate is accurate). Once you know the true value, you will be better postioned to make an informed decision as to whether it's worth the cost of refinancing. My guess is that you will only come down 1 to 1.25% without paying a lot of fees. That's not going to save much on that size loan, so it may just be best to stay with what you have.

Happy to discuss options. I've been doing this for 25 years. Pop me an email if you like at matt.donnelly@prospectmtg.com Thanks and good luck!
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Tue Jan 29, 2013
Michael Mastro answered:
51% it is! under that number, forget about being able to get a conventional loan
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Mon Aug 29, 2011
Jenn Moore answered:
Here's an update to my story for anyone who comes across this thread and is interested in low appraisal scenarios.

The seller completed his appraisal and agreed to lower the price of the condo. He said he's unwilling to haul away some of the junk that's on the property so I'll have to pay someone to take away a couple of broken dryers, shelves and old furniture in the shed.

The downside to all this is it appears my lender wasn't doing any work towards underwriting while I was waiting for the first appraisal and negotiations with the seller after it came back low. Now, 4 business days before closing, they are saying they need to perform a full condo review on the property and can't get it done in time. I have to see if the seller is willing to extend the close date.
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Mon Jun 13, 2011
Charles Flynn answered:
This is one very good reason to have a Buyer Agent involved from the very beginning. I suggest securing an attorney immediately. You should be OK, but you need to have legal support. Good luck. ... more
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Wed Sep 8, 2010
Jessica Hood & Laura Roskelly answered:
If only it were that easy. Appraisers have to go through rigorous schooling and apprenticeship before they can practice on their own. Especially when they are doing government (FHA/VA) loans the criteria is exacting and the penalties are stiff if they are deemed not to have done a good or fair job. ... more
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Fri Aug 13, 2010
Ben George answered:
I'm a real estate agent in Maryland. My wife and I a few years ago helped our daughter buy a home in Alabama. Our daughter did not have good credit, so she was not on the application for a mortgage. The title company that did the settlement included our daughter on the title/deed. She was not part of the financing processing, but still is a legal part owner of the property.
I would think that your husband could go throught the re-finance mortgage process alone, and you and he could be placed on the deed/title.
I am not an attorney and cannot give you legal advice. I suggest that you speak to a real estate attorney (perhaps one who would also do the re-finance settlement) and he/she could give you the legal advice you need.
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