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Financing in Gilbert : Real Estate Advice

  • All286
  • Local Info22
  • Home Buying116
  • Home Selling23
  • Market Conditions9

Activity 23
Mon Jul 14, 2014
Gordon Hageman answered:
You have provided a ton of great information.

I would recommend speaking with a reputable local mortgage lender.

They will be able give you solid advice as to what "to do" and what "not to do" to get you to a point where you want to be.

I would be happy to help you.

Gordon@az1homesearch.com
602-552-6421
... more
0 votes 10 answers Share Flag
Wed Mar 19, 2014
answered:
If you current loan is conventional and you are not looking to change the loan type (ARM to Fixed) or term (30 year to 15 year etc), and you rate is same or below the prevailing rates then you can simply call the existing lender and discuss removal of PMI directly with them without actual refinance.
Good Luck!

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
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0 votes 6 answers Share Flag
Thu Jul 11, 2013
Shawn Rogers answered:
Hello,
I asked our strategic partner, lender, Mr. Chase McLane at People mortgage and he said this: "they can get an FHA mortgage with 5% down and a foreclosure on their record however they cannot qualify for a conventional with 5% down until after 7 years from date of trustee sale. "
If you wish to work with the best team in town, please give us a call. We are the #1 ranked team on Trulia and several other websites. Check out the links below my signature line,
Thanks,
Shawn I. Rogers, REALTOR®, CSSPE - West USA Realty
Website: www.MisterRogersHomes.com
Email: MisterRogersHomes@hotmail.com
Cell: 480-313-7031
Fax: 602-863-4619

ZILLOW: www.zillow.com/profile/Mister-Rogers-Homes
... more
0 votes 7 answers Share Flag
Thu May 16, 2013
Jennie Miller PLLC answered:
Yes, there are lenders that will loan to Canadians. Have you spoken directly with anyone yet? One of my clients used a firm that he quite liked.
0 votes 1 answer Share Flag
Sun Mar 24, 2013
answered:
Hi Gary,

There can can up to 30 different criteria for quoting a rate. Bill gave you some good answers regarding anyone providing you an interest rate. You also mentioned that you(?) are a "non-resident" - are you referring to citizenship, or that this property is a rental property, or both?

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
Roswell.Moore@cox.net
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required), HARP 2.0 - No Appraisal Required for Refinance for Underwater Home Values, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
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0 votes 2 answers Share Flag
Sun Jan 13, 2013
answered:
Funindasun - not sure where you read about 29/41% ratios. On a manual underwrite (the most strict type of underwriting review for an FHA loan) ratios are expected to be no more than 31% for the housing portion & 43% for the total debt ratio. However with the use of automated underwriting (which every loan officer utilizes first) housing ratios up to 44.99% & total debt ratios up to 56.99% can qualify with some compensating factors - i.e. decent credit & usually 2 months of PITI reserves.

Your loan officer would run FHA TOTAL (FHA's automated underwriting) with your numbers and if an "Approve/Eligible" response comes back then that means those debt ratios can qualify. Some lenders have "overlay" guidelines on top of those debt ratios though, which would limit the debt ratio that they would approve, so even though FHA TOTAL may approve a 56.99% total debt ratio the overlay guidelines may prohibit anything higher than 50% or 55%, etc. Best plan of attack is to go over your income with a loan officer so your debt to income ratios can be calculated without the rental income.

The guidelines that Bill posted are what all FHA lenders need to follow when they are trying to count rental income from your departing residence.

Shane Milne | Lending in all 50 states | NMLS #81195
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1 vote 6 answers Share Flag
Thu Sep 20, 2012
Marie Wagner answered:
We are experienced at doing the HARP program loans. We have flexible hours that will work with your schedule and are committed to superior customer service. Call me today.

Marie Wagner, Mortgage Originator
Open Mortgage
623-703-8890, direct

NMLS #950530
AZ #LO-0921403
MarieWagner@Openmtg.com
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0 votes 7 answers Share Flag
Wed Dec 28, 2011
answered:
Joe -

I'm glad everything worked out for you. Merry Christmas.

Brian Cardenas
Sr. Mortgage Loan Originator
1st Rate Home Mortgage, Inc.
Mobile: 480.233.7897
0 votes 17 answers Share Flag
Tue Nov 22, 2011
answered:
Matt nailed it! One item the balloon may have that he didn’t mention is a conversion clause. Some balloon products contain an option to roll it over to a fixed rate 25 year loan at the end of 5 years.

Also the rates are probably not the same so the payments will be different.
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0 votes 5 answers Share Flag
Mon Nov 21, 2011
Stephanie Weiss answered:
My foreign investors are using:

Scott Mendez
Mortgage Banking Officer
480-203-6183
Scott.Mendez@BBVACompass.com
NMLS# 595263
1 vote 7 answers Share Flag
Thu Oct 13, 2011
answered:
All the previous answers are all correct. You would be best served with a conventional loan to avoid mortgage insurance. To answer your specific question - if you are getting 20% gift funds you don't need them to sit in your account for any period of time. So you shouldn't need to wait. Is there some reason you were thinking you needed to go FHA vs. conventional that you didn't state above?

Let me know if I can help futher,
Brian Cardenas
480.233.7897
... more
0 votes 7 answers Share Flag
Sun Oct 2, 2011
Gregorio Denny answered:
Most likely because you are looking at the GFE and what is listed on the GFE on page 2, box #1 is the origination fee plus lender fees such as underwriting and processing if applicable. If your origination as listed on a worksheet is $2200, this means your other lender fees would total $1125. This would not be completely out of the norm to have $1125 in lender fees on top of the origination fee. Ask your loan officer for the breakdown in a worksheet so you can see exactly what goes where. ... more
1 vote 10 answers Share Flag
Thu Jul 14, 2011
Branka Knapp answered:
Hi Myra,

If you have a job/income/cash, you should be able to find a nice rental. What is the reason that the banks would not loan to you? Every situation and circumstance is different. I'd be happy to help you find a rental in Gilbert. Feel free to call or email me anytime.

Thanks,
Branka
... more
0 votes 2 answers Share Flag
Mon Jun 27, 2011
Jose Dias answered:
Dear Steven,

Your loan officer keeps referring to FHA probably because this is the product he is most familiar with. I would strongly encourage you to make sure he has done VA transactions, as they are different.

I would also encourage you to evaluate different loan products. VA is typically a very good deal - depending on your entitlement you can get a loan with 0% down; very low closing costs; and no private mortgage insurance. However, you might find another product that suits your needs better. It doesn't cost you nothing to ask your loan officer to show you a few products so you can compare them.

Your old debt, if still owed will be part of your DTI. If your wife is on the loan, her old debt will also be part of the DTI. However if she is not on the loan, your loan officer may be able to disregard her old debt. My suggestion is to ask your loan officer to run both scenarios so you will be able to compare them and decide which one will work for you.

As a side note, because AZ is a community state, even if you buy the house on your name, your wife will still have to sign as you are assuming a debt that she will be responsible for. And when it is time to sell the house, she will also have to sign. This is a general rule based on my experience and understanding. This may or may not be true for you.

Also when it is time for you to start looking for homes, make sure you find a REALTOR that you trust and feel comfortable with.

Good luck!

Jose Dias, REALTOR
(623) 418-5700
Jose@MyFirstHouseAZ.com
Realty One Scottsdale
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0 votes 9 answers Share Flag
Fri Jun 24, 2011
answered:
Steven -

I answered before, but I have seen some agents give you answers to your financing question that are not exactly accurate. I strongly suggest talking to a mortgage broker first, then an agent second. While they are well intentioned and trying to help you, agents do not always know differences in pricing, loan to values, and debt-to-income ratios - as can be seen from some of the answers to your question. Agents have their areas of expertise which lenders should not delve into and vice versa. As always, your first step should be to get your financing lined up and then begin working with an agent. Agents appreciate working with qualified buyers so that they, and you, are using your time effectively by looking at homes you can afford and get financing for. ... more
0 votes 10 answers Share Flag
Wed Jun 22, 2011
Jeffrey Masich answered:
Dear Steven:

Yes, See this link for more information: http://arizonahomesland.com/firsttimehomebuyers.html Often it is less expensive to buy than rent in the current environment.

Most banks and Fannie Mae and Freddie Mac homes are offering to pay towards the buyers closing costs when buying a foreclosure home. The USDA loan is 0% down when buying in a qualifiying rural area like Anthem or Buckeye.

FHA has 3.5% down and Fannie Mae has 3% down.

Let me know if you have any more questions.

Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart Realty
Scottsdale
... more
0 votes 7 answers Share Flag
Tue Jun 14, 2011
answered:
Yes there are lenders that go down to a 600 score (even lower) for VA financing, but equally as important as the credit score is what is on credit that is leading to the 600 score (vs. a much higher score). When you meet with a loan officer (face to face, over the phone, etc.) be prepared with details on:

1. Your credit scores - you can get Equifax & TransUnion from http://www.myFICO.com
2. What is on your credit - you can get these for free from https://www.annualcreditreport.com/cra/index.jsp
3. What your monthly income is - copy of a paystub is good to have on hand as well as 2 years of tax returns
4. What your checking/savings/retirement asset situation is - while VA does not require a down payment or reserves, having either can help offset negative credit when going before an underwriter
5. What your monthly debt obligations are - you can get these off of the credit report
6. What sales price range you are looking in - work with a real estate agent or get preliminary readings by using Trulia.com or Realtor.com
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0 votes 1 answer Share Flag
Thu Jun 9, 2011
answered:
Hi, Steve. Your credit score alone is not everything or enough. Your credit history is a major factor as well. Before you send someone your personal financial information, have that loan officer pull and review both your credit score and history. By doing so you will know what your actual score is. Mortgage or auto loan credit inquiries are the most accurate, and depending on where you obtain your present FICO, your credit score could be higher or lower. A knowledgeable LO (loan officer) will also be able to tell what if anything can be done to improve your credit score and chances of getting approved.

With VA, you also can't have certain past dues, collections, or judgements showing on your credit report. A licensed and experienced LO will know what to look for and, if necessary, how you'll need to go about correcting this. VA loans are very convoluted and complicated, requiring someone with extensive experience doing them to make certain you're taken care of.
... more
0 votes 9 answers Share Flag
Wed Jan 5, 2011
Doug McVinua answered:
Apollo

Did you get the answer to the questions you ask or would you like to explore it further?

Doug
HomeSmart

Arizona Homes For Sale by a Guy from Iowa
0 votes 4 answers Share Flag
Sun May 2, 2010
Scott Mendez answered:
I work for BBVA Compass and we offer loans for Candians in Arizona up to $1 million.

Please feel free to contact me if you would like some more information.

Thank you,
1 vote 6 answers Share Flag
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