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Financing in Irving : Real Estate Advice

  • All250
  • Local Info28
  • Home Buying84
  • Home Selling8
  • Market Conditions5

Activity 10
Fri Aug 12, 2016
Kendratara answered:
The credit requirements for USDA rural development loans are highly flexible. While the USDA official guidelines state no particular credit score requirement, the lenders actually underwriting a rural home loan may ask for a credit score above 600. You should contact a USDA approved lender in your area to understand their required credit qualifications.
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Wed Sep 24, 2014
Jake Jamison answered:
One thing I would consider is interior demolition services. Sometimes demolishing the whole structure is unnecessary if only certain rooms need re-modeling. An interior demolition can save you lots and lots of money in the long run.
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Mon Jul 7, 2014
Kenneth "Kenny" Bebensee answered:
Mon Feb 24, 2014
James Ryan answered:
Just a few issues. First, closing costs. Without question, your present mortgage company can refi you with the lowest costs. Whether they will or not is another question. All mortgage loans incur costs, how and who pays them is the key. With a higher rate, lenders can rebate you money to close.
Now, when you apply to refinance, since you are planning to rent this home, you must certify to the fact the home is primary, second home, or investment. This is tricky since your plan is to make it an investment property. Investment loans require lower LTV's and higher rates. Lenders are on the lookout for fraud, so you must think long and hard when filling out your application. Certainly if you plan on renting it 6 months out, this is not as critical as two months out. However, if you choose to refi as a primary residence, do not share your future plans with your loan officer. This will put them in an untenable situation.
Shop for your lender first, then pre-qualify. I would begin with your present lender, then interview 3 or 4 lenders with regard to rates, costs, and service levels.
In terms of reviewing items for new homebuyers, in this age of the internet, there are so many blogs, articles etc a quick Google search is probably your best bet. Check out Fannie Mae and FHA's websites too, good info there. Perhaps your county has a free first time homebuyer class as well.
Best wishes, Jim
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Mon Feb 24, 2014
Susie Reichley answered:
Based on your price range you may h ve several options.

I know of program that offers no downpayment, no closing costs, and below market interest rate.

So, i would like to interview with you and help get you on your way to home ownership.

i will be waiting for your call.

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Mon Aug 19, 2013
Tommy Burris answered:
While that sux..... It isn't necessarily a deal killer.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
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Tue May 14, 2013
George Raymondo answered:
This is not a problem for make sense lender. A garnishment in a sense, is a guarantee to the Underwriter, that they will not have to worry about you not paying a collectable debt again. Your boyfriend I'm assuming didn't go to court and contest his case or if he did, he did not make restitution so the creditor took him back to court and got a judgement and they levied his paycheck. Either way it doesn't matter. As long as he's been paying for at 3 months he is good to go. Let us know if you need assistance as we are licensed in TX and or OH.

FYI, for those consumers and even Realtors unfamiliar with mortgage lending guidelines, we can actually fund a home loan when a borrower has either a Child Support, IRS and even State Tax Liens.

Best of Luck!
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Wed Sep 8, 2010
Ronda Allen answered:
If you are wise, your first step is to ask a local REALTOR for help. If you have an area or builder in mind, that's great. It saves a little of the legwork, but not much. You need someone who is representing only you - and the builders in our area will typically cover our fee, so that service is not an expense to you. There are lots of places that a build job can go awry. Not to scare you off from building - but I've seen on-site builders melt-down from overwork and quit mid-job, sales reps for the builders get cases of amnesia regarding conversations that took place but were not documented, builders go bankrupt 12 weeks before the completion of a new home, loan programs dry up, and buyers who split up and decide to divorce mid-construction. Oh, and these are scenarios I've seen and had to overcome personally for clients. I would not recommend that anyone just pick a builder, sign their contract, and hand over their money without the representation of a good, local agent. ... more
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