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33190 : Real Estate Advice

  • All7
  • Local Info0
  • Home Buying6
  • Home Selling0
  • Market Conditions0

Activity 6
Sat Jul 29, 2017
Thomas Martin answered:
VA loans down to a 550 fico!
0 votes 25 answers Share Flag
Thu Jul 27, 2017
Scott Godzyk answered:
Typically you close 3 days minimum after you get clear to close per the newer federal laws on settlement. Get ahold of your loan officer and ask for answers
0 votes 2 answers Share Flag
Sat Oct 27, 2012
Stephen McRory answered:
A score can be as low as 500 and I can still help serure a loan

Response from a retail Bank Rep. after I asked her how many of the below programs they can offer... Honestly Steve, after reviewing them, I don’t think we can do any of these. We are pretty vanilla, Straight FHA VA conventional. I will keep your flyer and if I run across anyone we can't help I will send them your way. thanks

100% LTV- USDA/12 mo. into Chapter 13 BK is OK!
100% LTV- VA/can pay off debts on purchases too!
99% LTV- FHA

97% LTV- No PMI/MI and No 1.75% FHA FEE
95% LTV- No PMI
95% LTV- CONDO purchase

90% LTV- No PMI-2nd Home
90% LTV- JUMBO w/cc
85% LTV- NO PMI to Super Jumbo
80% LTV- Invest. Prop.

STATED INCOME ALT loan programs:

80% LTV- FIX n’ FLIP Invest. Prop.

80% LTV- NEW- Stated Income Alt

75% LTV- NEW- Foreign Nationals- Stated Income Alt

75% CLTV-NEW- after Short Sale, BK or Foreclosure

70% LTV- Soft and Hard Money -Stated Income Alt


COMMERCIAL PROGRAMS (many programs available nationwide)

Steve McRory

Pro Option Mortgage/Florida

Ph: 888 662 4404

Prior Service U.S. Marine Corps
... more
0 votes 6 answers Share Flag
Thu Sep 6, 2012
Magda S. Saltzman answered:
0 votes 8 answers Share Flag
Fri Jul 3, 2009
Tony Grech answered:
Hi Emora,

In a situation where you own one home and are attempting to buy another home without selling your current home you would have to be able to qualify to afford BOTH house payments to get a new mortgage. Prospective rental income would not be able to be used to help you qualify. This is called a "buy and bail" policy and these guidelines are in place to deter people from buying a new home and dumping the old home if times get tight or rental plans don't work out.

So basically a lender will not give you a mortgage on a house if you couldn't afford both the house and the townhouse payment.

To answer your question though, the mortgage on the townhouse is SECURED by the townhouse itself. If you did decide to let the townhouse go they could not come after your new house, however depending on state law they may be able to come after other assets such as personal savings or they may potentially be able to issue a deficiency judgement against you or tax you on the loss. Not the mention your credit would be shot and it would impact your future ability to get mortgages, car loans, credit cards, etc

Good luck
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0 votes 5 answers Share Flag
Mon Jun 2, 2008
Wenceslao Fernandez Jr answered:
If you haven't already, choose a professional Realtor who is also a Certified Distressed Property Expert. Realtors with this designation have received addional training on the matter and can help you navigate through the negotiation process with the bank.

Banks who own real estate are sellers. In this market, most sellers are motivated to some degree. Lenders sitting on unsold, repossessed property are loosing money every month. They will want to negotiate with a serious buyer any time of the day, every day of the week.

What is a serious buyer? One with Proof of Funds submitted with the offer or Lender Approval Letter (not a pre-qualification letter - this is worthless in today's market).

The worst that can happen is that you buy the house thinking $210k was a good deal and when you begin the rehab, you find out you should have paid $190k! Other than that, this is nothing time wouldn't cure.

However, your intentions with the property will dictate your exit strategy, timing, etc. Consult with a professional familiar with investment property before making your move and congratulations!!

Most people wait a lifetime and even die wishing they had even taken the step of deciding to become an investor. You've come farther than most people.

Happy investing

Wenceslao Fernandez Jr, BS, CDPE
Keller Williams Realty
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0 votes 8 answers Share Flag
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