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Financing in Hidalgo County : Real Estate Advice

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  • Local Info1
  • Home Buying1
  • Home Selling0
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Activity 15
Tue Jan 27, 2015
tallen00001 answered:
Experian just finished putting "Disputed" on each entry of my report, even ones I did not request a dispute on and the good ones too. What can we do about these criminal acts?
0 votes 8 answers Share Flag
Tue Jul 16, 2013
Don Groff answered:
You may. I work with several lenders that will work with clients down to 580 but it's not always easy. You would have to go FHA and would not need to put more than 3.5% down unless you wanted too. If you would like to talk please give me a call. As a broker I work directly with 4 or 5 lenders that can go that low so I have several options even for somebody like yourself.

You can also go back and look over my answers on how to rebuild your credit. I have answered countless questions on this.

Hope this helps.

Thank you,

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com
... more
0 votes 9 answers Share Flag
Mon Feb 11, 2013
answered:
Hi Richard,

What kind of quote are you looking for? I'm going to guess mortgage interest rates?
0 votes 1 answer Share Flag
Tue Aug 7, 2012
Don Groff answered:
You definitely can and should. Honestly they should be have informed you of the timeline and kept you updated along the way. Most of my lenders I work with take about 3-5 business day to issue an approval on an FHA purchase. You should have something shortly I would think. Many lenders are at full capacity these days with rates at historic lows.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | www.AustinListed.com
... more
0 votes 4 answers Share Flag
Fri Oct 7, 2011
Scott Godzyk answered:
The only way to know for sure is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for. They can discuss the different types of mortgages available and the costs.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_know_if_i_can_get_a_mortgage_given_today_s_real_estate_market


Please see my blog for tips and advice on getting a mortgage
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0 votes 4 answers Share Flag
Thu Sep 8, 2011
Sera Smith answered:
I do have a few lenders that will do a FHA loan under 580 FICO score. It will require a higher down payment. Depending on why your FICO score is low, they may require extra criteria to be met. If you want to go this path, you may contact me either by email or telephone. It will not be as easy and will require extra work.
Thanks,
Sera Smith
NMLS # 354776
Loan Officer
Bluesky Lending
214-405-7264 cell
1-800-887-5824 fax
ssmith@1bluesky.com
... more
0 votes 2 answers Share Flag
Tue Sep 6, 2011
Bruce Lynn answered:
Get with a loan officer in your city.
Let them help you go over your credit report.
They can likely provide you guidance on how to improve it.

The basics are pay all bills on time, pay down balances on credit accounts to less than 50% of balances,
make sure all items are yours and dispute any that aren't. If there are any inaccuracies such as balances on items you have paid off, ask reporting agency to update.

Save money now for down payment and closing costs while your score improves.
... more
0 votes 2 answers Share Flag
Mon Aug 8, 2011
Steve Tennison answered:
Actually Roy there are only a couple of banks in this area that will even touch an investment property at this point in the game.

If you need the names and contact people, send me a private email and I will share them with you.


Steve Tennison
RGV Realty
steve@rgvrealty.com
... more
0 votes 6 answers Share Flag
Fri Mar 18, 2011
answered:
Hi Steve,

You shouldn't have any problems at all qualifying for a VA loan with the best rates available in the market.

What type of loan did you have on the home that went into foreclosure? ... more
0 votes 10 answers Share Flag
Thu Feb 17, 2011
Bruce Lynn answered:
Never owner finance....
Double never if you still have financing of your own in place.

Renting your place is a possibility, but I would only do this if you are really set on being landlords.
If that is part of your financial plan do it. If not you will only create headaches for yourself.
... more
0 votes 7 answers Share Flag
Mon Jan 31, 2011
Frank Zhu answered:
If you have decent credit score (above 620), definitely FHA loan with only 3.5% down. Or if you find an area that is qualified, get a USDA loan with 0% down.

Let us know if we can help you.

Frank Zhu
www.mylendingplace.com
... more
0 votes 6 answers Share Flag
Wed Apr 29, 2009
Steve Tennison answered:
Hi Desparate,

Is your real question, is there light at the end of the tunnel? Consult a bankruptcy attorney for the legal questions. Also consult a financial adviser to see what can be done in your situation.

I was also recommend for you to read http://www.daveramsey.com/the_truth_about/bankruptcy_3018.html.cfm
... more
0 votes 2 answers Share Flag
Sun Jan 11, 2009
Other/Just Looking answered:
Lending answer:

Going from self-employment to wage earner is much better than the other way around. Both conventional and governemnt insured loans require at least two years of self-employment income in most situtions.

FHA requires no minimum time on the job for wage earners. Stability of income is more important. Most lenders underwriting FHA insured loans prefer to have 30 days of pay stubs to work with. You and your husband's prior self-employment income will not be counted towards calculating your qualifying income; you will have to qualify on the amount of your new W-2 income jobs.

From HUD Undwerwriting Manual 4155.1:
"2-6 STABILITY OF INCOME. We do not impose a minimum length of time a borrower must have held a position of employment to be eligible. However, the lender must verify the borrower's employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers. The borrower also must explain any gaps in employment spanning one month or more. Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the lender.
To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability."

A couple of caveats
You will be qualified on base income only. Bonuses and commissions in the new position require a two year history to count.

If your prior business shows a loss in 2008, the underwriter might count that against the amount of your qualifying W-2 income. You will be asked to provide tax returns for 2008 as well as proof of 2007 income and employment, although the self-employmen income will not be used.

It is best to contact a local FHA lender for details. Good luck!
... more
0 votes 6 answers Share Flag
Tue Mar 18, 2008
Steve Tennison answered:
Contact me and I try to get get you the exacts on the tax amounts for a certain property.
0 votes 4 answers Share Flag
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