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Financing in Maricopa : Real Estate Advice

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  • Local Info17
  • Home Buying55
  • Home Selling2
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Activity 8
Sun Aug 28, 2016
Donald Dicarlo asked:
Thu Aug 11, 2016
Rob Halkides asked:
I started work as an independent consultant several months back and dont have all the standard documents required by banks in gaining pre-approval. Thank you, Rob (whalkides@yahoo.com)
0 votes 0 Answers Share Flag
Mon Nov 9, 2015
Tony Grech answered:
Cash out refinances on investment properties shouldn't be too tough unless you own more than 4 financed properties.

Fannie Mae and Freddie Mac permit you to take cash out on an investment property up to 75% of the appraised value of the home (70% limit on a 2-4 unit property), HOWEVER, if you have more than 4 financed properties (including your primary residence), then a cash out refinance on an investment property is not permitted.

The one exception to this rule is called the "delayed financing" exception. If you bought the house within the last 6 months AND you paid cash for it, then you may be permitted to do a cash out on that property only.

If you don't meet any of these requirements, then you wouldn't be able to do a conventional loan on your planned refinance. You'd need to do some sort of portfolio loan, which would likely mean more restrictions, perhaps a lower LTV limit, and a higher interest rate.

My branch is not licensed in AZ so I can't help you, but my advice is to speak to a mortgage broker, who may have access to some portfolio lenders. A big bank or credit union most likely wouldn't be able to help you on this one.

Hope this helps. Best of luck!
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0 votes 1 answer Share Flag
Sat Jul 7, 2012
Loren Green answered:
Ken,

There is no such thing as a permanent foundation on a manufactured home. It is either ground set or raised. there is AC ducts and plumbing underneath which prevent use of a solid slab. It may have continuous footers under the piers, which will help to minimize settling. A manufactured home will still move more than a regular home. Even if the piers are on continuous footers, the house still has to be releveled from time to time. Climbing down in the crawl space is the only way to know for sure what is under it.

I agree with Carlos. If it is 33% of area comps then what is wrong with it? Are you borrowing enough money to cover the fixup cost?

Good luck
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0 votes 3 answers Share Flag
Thu May 10, 2012
Bill Parker, CPA* answered:
Couple things:

Is anyone else realizing this question was from LAST October?

Second, since this idea was just introduced, when someone tells me they got a loan without a credit check (insinuating they have credit issues) and at 3%, when long-term interest rates have never been that low, my instincts are to run away, as fast as I can. Lending is all about risk vs. benefit--what is the risk the lender is going to get repaid vs. the rate of interest someone is willing to pay for the benefit of getting money lent to them. NO ONE is going to lend to people with credit issues at such a low rate (as we all know some of those loans are not going to be paid back, erasing any profit from a whole bunch of other 3% loans) and stay in business very long. It just does not work that way.

Which tells me there are some other costs being assessed which make that particular lender "whole". Are there excessive Points? Are the fees enough to make up for the low interest rate? Something is out there, and I hope whomever contacts ANY lender, goes into the deal understanding these facts.

Good luck, out there. It is a jungle! :)
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0 votes 7 answers Share Flag
Thu May 10, 2012
Fran Holsinger answered:
I just spoke to the lender we use, Chris Berry @ IMortgage, 480-258-6511. She would be more than happy to detemine if they can finance a loan for you. She's very good and recently handled a unique loan for us and we were able to close on time. She had several questions I couldn't answer given I don't know your overall circumstances.

If you do obtain financing, and are not working with a Realtor, we'd be more than happy to help you. We've been residents of Maricopa for 8 years.


Fran
Classic Desert Properties
22108 N Reis Dr
Maricopa, AZ 85138
4800-510-6002
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0 votes 2 answers Share Flag
Wed Jul 27, 2011
scott farmer answered:
You can save the money of refinancing and just pay off your mortgage early by making additional payments to reduce your principal. One extra payment a year on a 30 year fixed mortgage reduces the loan to about 17years. Of course you will want to make sure that there are no penalties for early payoff. ... more
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Sun May 29, 2011
Shane Milne answered:
Is your interest rate high now? What is it? How many years left on your mortgage term? How much is owed on your mortgage balance? Like Doug asked, do you have any equity/how much do you believe your home would appraise for?

Equally as important questions, but are a little more personal, are: What is your credit like? Do you know what your credit scores are? How much is your income? Self-employed or employed? Salary? Commission? Bonuses? What are your annual property taxes & homeowners insurance? What are your other monthly minimum required debt payments (credit cards, car loans, student loans, personal loans, alimony, IRS payment plans, etc.)? How much is in savings/checking/other assets like stocks, mutual funds, IRA's, 401k's, etc.?

I am not expecting you to answer those questions (at least not in this Q&A so everyone can read), but I am just letting you know what information you should be prepared with to make it as quick and painless as possible to determine your refinance options with any mortgage loan officer you approach.

As far as purchasing, in addition to the information in the information above, you should also have a rough idea of the price range you are looking at, how much you want to put down in terms of down payment, and if there is a renter in there already then that can help with the debt to income ratio if needed.
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