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Financing in Louisiana : Real Estate Advice

  • All118
  • Local Info5
  • Home Buying63
  • Home Selling11
  • Market Conditions3

Activity 105
Mon Dec 5, 2016
Cwesttexan answered:
Is the Broadmoor area near AC Steere an area for a 1st time home buyer?
0 votes 4 answers Share Flag
Mon Sep 19, 2016
ian cockburn answered:
It depends on who you are using.
With my clients, we sit down and go through:
1) How much cash they have on hand
2) Their credit score
3) Develop a Personal Financial Statement


Now we take this package and we call on specific banks that offer construction loans at competitive interest rates and terms.

The closing costs will vary depending on:
1) How you present yourself - everything noted above, with a construction schedule, projected cash flows, plans for the property and how you can show you can handle the construction.
2) Who you know to call for the loan
3) How you negotiate the points/interest rate/terms
4) Last but not least..how you negotiate the deal on the property to get the lowest price/highest equity in the property the day you buy it.

I do this for clients...from $100K to $4 million projects.

Call me at (504)615-2333 if you need help.
... more
0 votes 3 answers Share Flag
Sat Jun 18, 2016
Kazi Islam asked:
I am considering to buy an apartment here at New Orleans. I am an international PhD student at Tulane and living here on F1 visa along with my wife. I am wondering if I am eligible to get…
0 votes 0 Answers Share Flag
Thu Apr 14, 2016
Golivier777 asked:
My primary residence and rental property is with my credit union. I want to buy a condo in New Orleans but my investments company's mortgage house appears to have a lower closing costs…
0 votes 0 Answers Share Flag
Fri Nov 20, 2015
Quickprotax answered:
Have you tried rapid rescore or repairing your credit first? The company I work for is having their quarterly FREE Credit repair service give away. I used them and very satisfied with the results. The drawing is December 1st.
Text " crm yes" to 25827 and the link for the contest will automatically respond back. Or click on the link below.
Their prices are low, they analyze and develop a customize plan for each client (that's my job! :-)) and you don't have to pay for the service until after it is complete!
Good luck
... more
0 votes 9 answers Share Flag
Fri Nov 20, 2015
Quickprotax answered:
Have you tried rapid rescore or repairing your credit first? The company I work for is having their quarterly FREE Credit repair service give away. I used them and very satisfied with the results. The drawing is December 1st.
Text " crm yes" to 25827 and the link for the contest will automatically respond back. Or click on the link below.
Their prices are low, they analyze and develop a customize plan for each client (that's my job! :-)) and you don't have to pay for the service until after it is complete!
Good luck
... more
0 votes 6 answers Share Flag
Wed Nov 11, 2015
Kathy Lewis answered:
For civilians yes.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
www.UsdaMortgageHub.com
0 votes 4 answers Share Flag
Fri Oct 30, 2015
Rob asked:
I have been getting the run around by middle men that are not loan processors but commission seekers.
0 votes 0 Answers Share Flag
Thu Feb 19, 2015
Dan Tabit answered:
Joseph,
The price of the home has nothing to do with the borrowers credit score. Your score puts you out of range for FHA and Conventional loans. However, you only posted one. Lenders base their decision on the middle score that they obtain from all three credit agencies.
Your borrowing capacity has to do with your down payment, income and debt.
I'd encourage to to talk to a local lender about your desire to buy a home, your credit issues and see what they suggest. It may be that they can direct or assist you with some credit repair or have another plan available. Don't try to figure this out on your own, talk to a local pro and give them a full picture of your situation.
... more
0 votes 1 answer Share Flag
Fri Dec 19, 2014
Melissa Stutes answered:
I'm a mortgage broker licensed and registered in the state of Louisiana, and I would suggest comparing the difference in rates, fees, down payment and monthly payment amount between a FHA and Conventional loan product. The 97% Conventional Loan is back...meaning a minimum 3% down payment. FHA's minimum is 3.5%. Conventional rates tend to be a bit higher than FHA, but the monthly mortgage insurance places a higher amount on FHA loans than what is normally added to conventional loans (assuming you're making a minimum down payment). This means that with a conventional 30 year fixed, you can expect a LOWER MONTHLY PAYMENT than a 30 year fixed FHA loan (even if FHA is offering a lower rate). Another perk to going conventional over FHA is the MMI (monthly mortgage insurance) falls off at 80% loan-to-value, where as for a FHA loan the MMI stays on for the life of the loan.

Feel free to call me, and I can run through some scenarios with you. Thanks!!
... more
0 votes 2 answers Share Flag
Mon Nov 17, 2014
freemancherry asked:
is it for sale and is there renovations funds available?
0 votes 0 Answers Share Flag
Tue Jun 3, 2014
mmerc55 asked:
Tue Jun 3, 2014
Hope Whiteford answered:
Hope Whiteford, Home Seller, Raleigh, NC
I am selling my dad's home (near Riverside Swim/Tennis club) if you are looking for a home in Harahan. It is a 3 bdr, 2 ba home with a 2 car garage in a great neighborhood and I will be asking $224,900. If that falls in your price range, please feel free to contact me at (919)608-5949. ... more
0 votes 4 answers Share Flag
Mon Feb 3, 2014
Mark DeWitt answered:
HI Kimthile,

If you will be obtaining a loan that is Fannie Mae, Freddie Mac, FHA, USDA, or VA it will be ran through an Automated Underwriting System (AUS). The AUS will issue findings based on your overall position. It will take into consideration the purpose of the transaction (purchase, refi, cash-out refi, etc.), your debt-to-income ratios, your loan-to-value ratios, your assets & reserves after closing, credit scores & credit history, among other metrics. It is very possible to be approved with the DTI ratios you describe, but one would need to look at your complete situation and run it through an AUS to determine if you would qualify. There are also Portfolio lenders that could possibly assist you if you do not meet the requirements of the GSEs. I would suggest speaking with an experienced lender in your area and providing them with your full details to get an idea of what you qualify for.


Regards,

Mark DeWitt
V.P. Branch Manager
HomeStreet Bank
(858) 212-7054 Direct
(760) 331-2063 Fax
NMLS #633211
Mark.DeWitt@HomeStreet.com
www.homestreet.com/mdewitt
http://www.linkedin.com/pub/mark-dewitt/3b/100/59b/
... more
0 votes 3 answers Share Flag
Sun Jan 26, 2014
Meir Aloni answered:
203K is a FHA loan/product
ANY FHA knowledgeable lender can assist you

****Did you like this post? If so, please click Green thumb. Thank you!

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!
... more
0 votes 6 answers Share Flag
Tue Dec 17, 2013
Connie Wright answered:
I am a private loan lender. i can help you with the loan you need.kindly contact me on my email address": deanie_ron@aol.co.uk
0 votes 4 answers Share Flag
Mon Nov 11, 2013
Jessica Bateman answered:
I work with a lot of people who have less than perfect credit. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can...

Good luck!
... more
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