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Financing in Germantown : Real Estate Advice

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  • Local Info7
  • Home Buying40
  • Home Selling6
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Activity 10
Wed Aug 12, 2015
Investinahome answered:
I am a realtor and my client is scheduled to close with her CHIP program instead of FHA due to it being a better program for her. The program is better due to she is Not a first time home buyer, not PMI, fixed rate and 100% financing. This is in the Charlotte, NC area.

So therefore, if I was looking to purchase a home today, I would go with the CHIP program.

Phyliss Twitty
... more
1 vote 8 answers Share Flag
Fri Jul 10, 2015
Kenji Inui answered:
To add to the correct answer from Cstumbaugh... if your appraisal is a VA or FHA appraisal it can be transferred to your new lender upon payment. If you would like to work with another lender let them know about this and they may be able to assist. ... more
0 votes 2 answers Share Flag
Thu Oct 17, 2013
john124 answered:
Hi Neenee Sheppard

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... more
0 votes 3 answers Share Flag
Fri Sep 20, 2013
Lisa Plushnick answered:
Hi....It's interesting...people ask me this question daily. The first time homebuyers save on transfer and recordation taxes mostly. There are different programs out there, but the best way to save being honest is having a great agent negotiate the closing cost being paid by the seller etc. This way you have less out-of-pocket when you go to settlement. I specialize mostly with buyers and there are ways to strategically help cost-wise for my first time homebuyers. FHA, you put down only 3.5% at the minimum, Conventional is 5%, and there is a program a Preferred Lender I work with personally uses called HOC. It is only for Montgomery County buying and has to be owner occupant. They will pay 3% of your down payment on an FHA loan and all you pay is .5%. The closing costs can still be paid by the seller as well. This is at least a place to start. Getting pre-qulaified is the only place to start. This begins with a 15 minute conversation with a Lender and then they will ask for W-2's ,Tax Returns to verify, and do a credit check. I believe 640 minimum for FHA and 720 for Conventional, I hope this helps:) Lisa ... more
0 votes 16 answers Share Flag
Thu Feb 21, 2013
michelehana answered:
I'm in a similar situation. My loan officer asked me for my credit card number in order to hire the appraiser, but he specificially told me that I would NEVER see the charge on my credit card because the appraisal fees would come out of my closing costs. As it turned out, the guy appraised my house (which I bought only two years ago) at $50K less than what I purchased it for. So, I no longer have the ability to refinance. On the day the appraisal papers showed up in my mailbox, the $380 appraisal fee was taken out of my credit card!!! ... more
0 votes 8 answers Share Flag
Sun Jul 3, 2011
answered:
If you are referring to FHA's guideline which requires 3 years from a foreclosure period, then yes FHA will even lend less than 3 years from a foreclosure if it was due to extenuating circumstances (medical condition that prevented you from working, a death of a wage earner, etc.)... in that situation FHA just requires 12 months of re-established credit after a foreclosure sale (so you need to wait at least 1 year from the foreclosure). USDA financing also has the same guideline, and Germantown is actually on the border of where homes start to become eligible for that program.

VA financing is fine with a foreclosure after 2 years, no matter if it was due to extenuating circumstances or just financial mismanagement (which is the other category underwriters use).

Fannie Mae & Freddie Mac both require at least 3 years, even if it was due to extenuating circumstances.

What was the situation regarding your own foreclosure?
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0 votes 1 answer Share Flag
Mon Jan 31, 2011
answered:
Hi, Charmed. FHA requires a min of 3 active trade lines that are at least 12 months old. If these installment loans fit that bill and are not adversely affecting your DTI, leave them alone. If you close them, you not only lose an active trade line, but it can also kncok your credit score down as well. ... more
0 votes 5 answers Share Flag
Sat Oct 9, 2010
Dan Tabit answered:
Ddhp,
After checking one of my lenders sites, your second home would be at 75% loan to value or less, you'll need a 720 score or better and need adequate liquid reserves for both properties.
Different lenders may have different requirements, but this would likely be the case for major conventional lenders.
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0 votes 2 answers Share Flag
Wed Oct 6, 2010
Anna M Brocco answered:
Much will depend on just how bad is your credit.....consider a visit with any qualified loan officer(s), see if you qualify, how much and have your credit score checked as their scoring is often different--if your score needs improvement, your loan officer may suggest great ways to improve it in the fastest time--then go from there. ... more
0 votes 5 answers Share Flag
Wed Jan 21, 2009
Plano answered:
I’m pretty sure she is correct. Just because she "put in the order" doesn't mean you do not pay the fee. You did not stop her when she continued with the process so i don't think that argument wouldn’t be legitimate.

It's just like buying a house... you find one you like and have an inspection but the inspection doesn’t go your way, you still have to pay the inspection fee.
... more
0 votes 2 answers Share Flag
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