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Financing in Livonia : Real Estate Advice

  • All178
  • Local Info10
  • Home Buying67
  • Home Selling11
  • Market Conditions6

Activity 17
Mon Mar 21, 2016
Incognitorelocations@live.com answered:
Unfortunately not a lot of options in your situation, but I have a family looking for a house in that area and we can help you find a new property without bank financing. Privately Email me incognitorelocations@live.com ... more
0 votes 1 answer Share Flag
Sun May 17, 2015
Staceylackey answered:
landcontract/rent to own we just payed off our home in this june amount was 25,000.00 it took us 5 years @ 520 mounth. we are happy with this kinda payments.....
0 votes 7 answers Share Flag
Mon Jul 7, 2014
Robert Torrey answered:
Definitely speak with a mortgage broker. They can walk you through the steps to rebuild your credit.
0 votes 10 answers Share Flag
Tue Jan 8, 2013
Ron Thomas answered:
Your plan has merit:
You're probably the only investor out there who wants to use someone else's money to buy and flip a house, and just pocket the profit.
I can't understand why there aren't 50 programs to help you do that.

This is the 2013 equivalent of the Klondike Gold Rush.
... more
1 vote 5 answers Share Flag
Fri Dec 14, 2012
Carl Henker answered:
The only loans available for investment property with 10% down would be on a Home Path home exclusively. I am unaware of any lenders offering conventional financing with 10% on investment properties, as mortgage insurance is unavailable. Search out Home Path properties for sale and lenders in your area offering Home Path financing. Good Luck ... more
0 votes 5 answers Share Flag
Tue Aug 14, 2012
Donnie Worthington answered:
Melissa,

I am a local agent (lived in Livonia my entire life) and have been in the buisness for 14yrs. You would be surprised how much values have gone up, maybe you wont have to short sale??? I sold a beautiful colonial in Kimberley Oaks (96 and Farmington) in Nov for 165k and the same layout, with no where near the updates, listed in July for 195k and sold in 2 days!!!

I would love to help you make the best decision for you and your family. If a short sale is the way to go, then there are some very important reasons why you should do it immediately!!

If you would like to talk more about it, please feel free to contact me. 248-872-6628
... more
0 votes 3 answers Share Flag
Fri Jun 15, 2012
Andy Hargreaves answered:
Generally speaking, it is 2 years from your discharge date to be eligible.
If you've been proactive with rebuilding your credit, you'll likely qualify for a loan now.
Most lenders are using a minimum 640 credit score to qualify, so keep that in mind.

If you want some loan advice and seek a referral, feel free to email me or look me up and I will point you in the right direction.

Enjoy your weekend!
... more
0 votes 2 answers Share Flag
Mon Dec 19, 2011
Imad answered:
Thank you for the helpful responses. One more question then - if I have 4 separate single-family rental homes in my name with personal mortgages, and I want to roll them into an LLC, can I get commercial mortgages for (a) the refi, and (b) additional homes purchased in the LLC beyond the 5 rolled in on day 1. ... more
0 votes 8 answers Share Flag
Sun Dec 18, 2011
Imad answered:
I have an existing rental property held personally, which I can roll into the LLC but would need to get the financing to do so (since I would trigger repayment clauses if I transferred the deed with my existing mortgage)... Does that help or complicate the situation? If not at 75% LTV, then where? I am willing to go higher on both rates and down payment... there must be a point where lenders will lend, no? ... more
0 votes 5 answers Share Flag
Tue Oct 18, 2011
Annette Levinson answered:
Shannon,
Your father is looking for a $40,000 mortgage and not too many lenders will even like at that amount. If he belongs to a credit union, he should speak to them. If not, he should speak with the bank he does business with. It would probably be cheaper for him to get a personal loan.
If he can't get financing he will need to pay cash.
... more
0 votes 5 answers Share Flag
Thu Sep 22, 2011
Derek Bauer answered:
I had heard that Wells Fargo may do 580 ... but who knows if that is true. I imagine there are many loopholes to get that even if so. Good luck.
0 votes 3 answers Share Flag
Wed Sep 21, 2011
Tim Krukowski answered:
Just wanted to make sure Dudeman (the home buyer) understands:

We own a mortgage company. We can do loans in the $20-50k range.

Tim Krukowski
Manager. Elias Realty
734-377-5126 ... more
1 vote 7 answers Share Flag
Mon Jul 19, 2010
Dwellings by Rudy & Hall answered:
Call me and I will give you the different options I am aware of.
0 votes 3 answers Share Flag
Mon Nov 16, 2009
Rudy McDowell answered:
Hi John

Being a LO I can tell you that a Lender's full transparency and open communication---whether with the realtor or buyer---is key. In an era of every changing lending guidelines and programs, purchasing a home is an even more convoluted and stressful process. And that's just on the LO side! Even more so and worse if the buyer is pulled into it as well. Especially if its unnecessary.

Regardless of the incentives, such inducements loss appeal and value if you can't get quick honest answers and full understanding of where you are, where you going, and what you're getting once you get there. And given how significant of an investment and commitment this is, the impact it will have on you and your family for years to come, you need to be sure and certain all the more.

As stated, GMAC is looking to either mitigate some of their losses or insure your credit worthiness if you're going through a broker or another direct lender. Either way, they still want to do the deal. That said, given how they/GMAC has interacted with you to date, and so long as your other pre-approval is solid and you like the rate and costs, I would deal with your other lender/broker. I hope this helps.
... more
0 votes 4 answers Share Flag
Tue Sep 8, 2009
Rudy McDowell answered:
John

As already stated by Bill and Derek's responses, this is not a simple black and white answer. Without knowing all the essentials to give you a fully informed answer, I still however suggest that you consider or ask your current loan officer the following:
- Is your higher interest rate in conjunction to off setting adjustments for your credit score or loan amount? Typically if your FHA loan amount is below 100K and your credit score is below 620 or 660, you will have adjustments for this.
- Furthermore, depending on the loan amount, (especially if its at or below 100K) there may/will not be a significant difference in your monthly payment even if your rate was lowered to 5%. However, it could have a significant impact on how much cash you need to close. In this reagrds, is your interest rate saving you thousands in closing costs?

Finally, your interest rate should be tailored to your specific credit qualifications and mortgage needs. It also should be structured to accomodate your desire for either the lowest monthly payment or closing cost, or something in between. All of which should have been discussed, disclosed, and agreed upon between you and your loan officer in advance of you getting to this point. If you have not already done so, and if your realtor says you should still have time to make a change if necessary, talk to your present loan officer first and give him/her the opportunity and courtesy to go over all of this with before deciding to go some where else.
... more
0 votes 4 answers Share Flag
Wed Apr 8, 2009
Other/Just Looking answered:
Lending answer:

No matter where you go, you will have to qualify for both mortgage payments (current home plus new home) and have 6 months worth of mortgage payments in the bank after closing. "Mortgage payment" includes principal, interest, property taxes, home owner's insurance, and association fees if applicable.

Fannie Mae, Freddie Mac, and FHA all now require the above in reponsesto "Buy and Bail" fraud in which homeowners buy a new home and allow the prior home to foreclose.

Only borrowers who are on the note may have their incomes count towards qualifying.
... more
0 votes 5 answers Share Flag
Thu Apr 17, 2008
Tony Grech answered:
Hi Ivy,
I'd be glad to help you out with your FHA needs. I've been in the business for over 7 years and have been doing FHA loans since the very beginning and even when FHA was out of favor due to the vast amount of 0% down financing that was widely available up until about 6 mos ago. Feel free to contact me if I can help
Tony
... more
0 votes 2 answers Share Flag
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