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Financing in Haymarket : Real Estate Advice

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  • Home Buying16
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Activity 4
Tue Mar 18, 2014
Jon Wald answered:
If you're buying a second home you have to put down a minimum of 10%. You however have the ability to ask for 6% seller contribution (these funds can only go towards closing cost). The other good news is there is NOT an adjustment in your interest rate for buying the house as a second home. If were to buy the house as an investment property you must put down 20% and you'll find the interest rate to be higher.

In today's "Mortgage World" there are only two loans which allow for 100% financing. They are USDA, and VA. Both are restricted to owner occupied borrowers.

Jon Wald
www.JonWald.net
NMLSR ID 571973
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Mon Sep 23, 2013
Ryane Johnson answered:
The new FHA program will allow you to buy 1 year after a bankruptcy if the borrower lost their job – I think this is going to have a very limited application as it is very narrow in its definition of job loss and of course you must have reestablished credit and now have a stable job in order to qualify for the loan

A very busy year if you ask me – it takes people 2 to 3 years to truly recover from a bankruptcy

Ryane Johnson ® - Realty Direct
Real Estate Consultant VA.
Cell: 703-499-4202
Fax: 703-852-3508
Email: Ryane@realtydirect.com
Search For Home Values @ www.ryanehomes.com
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Wed Mar 16, 2011
Elliott R. Oliva answered:
Tue Feb 1, 2011
Elliott R. Oliva answered:
You may qualify for 100% USDA Financing depending on where you are buying in Haymarket as much of it is in a USDA eligible area.

Here are some highlights of the USDA No Money Down program:

Finance full purchase price plus closing costs up to 103.5% of the appraised value with or without seller concessions
No cap on seller concessions, if seller is not paying closing costs, they can be rolled into the loan amount up to 103.5% of appraised value, not sales price. Great on foreclosures.
One lien, no down payment assistance required
No post-closing reserve requirements
Not limited to first time home buyers
Finance needed property improvements into loan amount up to 103.5% of “After Repaired Value” (case by case, contact me for details)
NO MORTGAGE INSURANCE: That means lower payments than FHA
Full doc only, must have stable work history (2+ years)
Self-Employed borrowers okay with 24 month average income
620 minimum credit score
No open collections, charge offs, judgments or tax liens
No pre-pay penalty
30 year fixed rates
Primary residence only
Available for SFR’s, condos & town-homes only, No mobile homes or multi-family properties

To verify if a property is in an eligible area go to the following link:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

If you would like more details on how to qualify for this loan please feel free to contact me at your convenience.

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage, LTD.
202.681.1636 direct
eoliva@envoymtg.com
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