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Financing in Miami : Real Estate Advice

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Activity 111
Tue Dec 27, 2011
Shirley Rico answered:
Good Morning,

Yes it is possible up to 75% Loan to Value. A full condo questionnaire will be needed which will be done by us.
Please contact me at 305-949-5626 (LOAN). You would get a 30 year fixed low interest rate also.

Shirley Rico
Sr. Loan Officer
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0 votes 3 answers Share Flag
Sun Oct 30, 2011
Steve Vinson answered:
A Chapter 7 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage if at least two years have elapsed since the date of the discharge of the bankruptcy. Additionally, the borrower must have re-established good credit or chosen not to incur new credit obligations. An elapsed period of less than two years, but not less than 12 months, may be acceptable if the borrower can show that the bankruptcy was caused by extenuating circumstances beyond his or her control and has since exhibited a documented ability to manage his or her financial affairs in a responsible manner.

Additionally, the lender must document that the borrower's current situation indicates that the events that led to the bankruptcy are not likely to recur. A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory, In addition, the borrower must receive permission from the court to enter into the mortgage transaction.
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2 votes 3 answers Share Flag
Thu Oct 27, 2011
James Tan answered:
As stated by others, there is a minimum of 30% down payment for foreign national loans, for residential properties. For apartments, they will have to look at the cash flow of the property. But typically you would be looking at 30-40% down as well. Check with your mortgage brokers. There is only a limited number of lenders for foreign national loans (residential). Please visit www.BuyHomeInUS.com for more info for foreigners buying homes in USA. ... more
0 votes 10 answers Share Flag
Tue Sep 27, 2011
Astolfo Bolivar answered:
You have instant equity in your property investment, first is clean and update the property to star producing with your new tenant. Second is prepare your profit and loss statement and copy of bank statement, others income to present to a lender.
Best way is think like a lender and see by your self the abilities to repay and purpose of the money that you asking for. if sound reasonable to you, possible sound reasonable to the lender. The credit history may see considered by some lenders.

Astolfo Bolivar
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0 votes 6 answers Share Flag
Thu Jul 28, 2011
Yolande Citro answered:
Very complete answer from Shane Milnes. Guide yourself accordingly.
Best regards

Yolande Citro
305 705 9105
0 votes 3 answers Share Flag
Sun Jul 10, 2011
Shane Milne answered:
Florida is *NOT* a community property state.

Florida *IS* an equitable distribution state.

In Florida, all property acquired and income earned during the marriage is considered marital property and subject to “equitable distribution.” Equitable does not necessarily mean equal, although 50-50 is the norm. Note that property acquired prior to the marriage and property acquired by gift or inheritance, even during the marriage, is excluded.

http://www.divorcenet.com/states/florida/equitable_distribution_of_property
http://www.divorcenet.com/states/florida/flfaq_01

There are certain lending guidelines which require that the non-borrowing spouse's credit is checked in community property states when doing a government (FHA, VA, USDA) loan, but there is no such requirement in non-community property states, and if you are in a community property state and you are using conventional financing there is no requirement to check the non-borrowing spouse's credit either.

There is *NOTHING* that says MERS has to be checked on a non-borrowing spouse either. Thumbs up for Steve Vinson on that one. MERS is checked though on a majority of transactions, our underwriters check it on every loan. But we only check the borrowers MERS records, not the non-borrowing spouses, or the borrowers other family members.

Like Steve Vinson says, in the situation of a non-community property state or even in a community propery state but using conventional financing, there may be concern from the underwriter on what your current living situation is, or what your spouse's situation is... but that is a lender specific concern, that would not be an "industry wide standard" by any means.

Gemgem67 - since you are not on the loan, and if you are not on the title of the property, and if your spouse isn't going to be on the new loan, then I wouldn't be terribly concerned with this, as we are doing a purchase for someone in an *actual* community property state, here in California, and using conventional financing. The non-borrowing spouse's credit wasn't checked, they did not have their MERS record checked, and the non-borrowing spouse is actually in foreclosure/doing a short sale on a home that the borrower is not on nor on the mortgage of. Our underwriters were fine with it, we even had a mortgage insurance provider review and approve it as well since it was less than 20% down. So if two very thorough reviews were done, and we're *in* a community property state, that is why I think you won't have any issues if your situation is as I described.

If your wife is going to be on the new mortgage, then I honestly doubt it'd even get to the point where an underwriter would be reviewing it, it'd be stopped dead in it's tracks when the credit was pulled and the loan officer saw severe mortgage delinquency OR when the schedule of real estate was being completed and your wife disclosed she owns another home, it's address, the mortgage, etc. OR when the declarations section of the application is completed and it asks if you have owned another home in the past 3 years and the details of it. For a loan officer to fail picking up that information *3* times would be very rare, unless it was actually omitted/covered up by your wife.

Hope the way I foresee it working out is the way it goes down for you.
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3 votes 5 answers Share Flag
Fri Jul 8, 2011
Gerard Carney answered:
Ready to pay more bank fees? sit still, why do you need to finance so soon?
0 votes 2 answers Share Flag
Fri Jul 1, 2011
Edward Reyes answered:
Hello,

Jessica, as far as credit score is concerned you qualify, as far as qualifying with your income for such a loan will depend on what your installment and revolving debt you may have on your credit. My office is right here in Miami, I can get you a pre-qualification in minutes, so that you know exactly what you will qualify for. We are direct lenders and can close your loan within 15 days. Once you see our rates, service, and experience, you won't want to do business anywhere else. I urge you to look at at other companies, banks, brokers, and compare and you will without a doubt see that we will help you get what you want! If you don't have time to waste come directly to my office and I'll take care of you. My contact number is 305-978-3600...

Eddie
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0 votes 6 answers Share Flag
Sat May 21, 2011
RAQUEL CORONEL P.A., REALTOR answered:
Good afternoon Coconut Grove home buyer!
there are several reasons why a person can lack of credit history, maybe your credit is brand new because you are young, or you never actually worked on building it, maybe you are new to the country, maybe your credit has just been inactive for a too long, or other deeper reasons. (for more information you can read the Fair Credit report Act, it s free and public or contact a credit professional). But you also need to have income proof, last 2 years tax returns and bank statements reflecting your income deposits in order to have a pre-qualification done by your bank of any mortgage professional.
if you do have the rest of the documentation and you feel ready to start looking for your new home, I am a Realtor and a Licensed Mortgage Broker also, I can help you with that step if you like; but it is extremely important to remark that it is essential that you go through a pre-qualification processo BEFORE you start looking for your new property, so you can save some time, gasoline and headaches in the near future!
Have a great day!
Raquel Coronel P.A. - Realtor
(305) 989-5894
info@raquelcoronel.com / www.raquelcoronel.com
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0 votes 9 answers Share Flag
Tue Apr 12, 2011
$tarvest answered:
Do you have any reference to that lawsuit? What is the claim, and for how much? is it against the unit, the south building or the condo ass'n as a whole?
0 votes 1 answer Share Flag
Fri Feb 11, 2011
Sherry Greenwald answered:
Gerard Carney posted his answer that 'married man' and the bank will want to see the wife on the loan. This is incorrect! In the State of Florida, if the husband qualifies on his own as far as credit, income and debt to income ratio's.....the wife can appear on Title/Deed. This means that the wife at the Closing will have to sign the mortgage, but not the note.
Please feel free to email or call me any further questions you have in reagrds to qualifying your husband.
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0 votes 17 answers Share Flag
Wed Feb 9, 2011
Mathew Tarka answered:
Hi Henry,

In today's mortgage market, proving income is one of the key decisive factors in successfully obtaining a loan. As was mentioned earlier, having a co-borrower with documented income is one option. I would be happy to discuss this further with you.

Please feel free to call or email me anytime. I look forward to hearing from you.

Sincerely,

Matt Tarka
Licensed Mortgage Professional
Serving All of Florida
Direct: 954-605-2450
Fax: 954-343-8098
mtarka@amplending.com

Advanced Mortgage Planners, Inc
120 NE 51st Street
Fort Lauderdale, FL 33334
http://www.amplending.com
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0 votes 3 answers Share Flag
Sat Jan 29, 2011
Ana Schmelz PA answered:
You can purchase a home in USA as a foreigner with 30% downpayment but you have to proove your income in your country including bank statments, pay stubs and also if you have any other asset in your country. ... more
0 votes 4 answers Share Flag
Fri Jan 14, 2011
Carlos Del Amo answered:
Jack, I commend you in wanting to purchase property in Miami. It is the greatest real estate buying opportunity in the Magic City and possibly in our lifetime. I see you want to give a total of 30% down on each purchase.

The down payment is more than adequate for obtaining a loan here in Miami if you are a foreign national,however banks and non-private lenders still require that the income you receive to be in line with the debt to income ratios. If your rental income plus the current income from your line of work are sufficient you should have no problem. If not you may consider a private equity lender were the rates are much higher and usually require a 2-3 yr lockin and prepayment penalty.

If you are flipping and the return is there, that might be a viable choice. If not you may contact me and I can steer you to some lenders I have worked with for many years that will cut to the chase and give you a realistic
answer.

Good Luck.

Carlos del Amo is a Florida real estate broker and President of Smart Growth Realty,LLC with over 20+ yrs experience in real estate and the financial services industry.
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0 votes 8 answers Share Flag
Tue Jan 4, 2011
Dallas Texas answered:
HOW would a Realtor know how much you are required as a downpayment ONLY a mortgage broker is qualified who presents the lender for the required amount(s) you will need.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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0 votes 4 answers Share Flag
Wed Dec 15, 2010
Yabadaba answered:
Why would the "hard money loan" be at 10%? It's not a personal loan, but a "secured line of credit". The bank would have the property as collateral.
1 vote 4 answers Share Flag
Fri Nov 19, 2010
John Walin answered:
No offense, but it doesn't sound like you need help, but you want out. If you have cash monies and want the bank to lower your debt obligation to match the current appraisal value and give you a lower interest rate when you can afford the current home payments, you seem opportunistic. ... more
0 votes 6 answers Share Flag
Sun Nov 14, 2010
Audra McCollum answered:
It's listed under financing in Miami. Seems she wants to APPLY for FINANCING IN MIAMI. Maybe you should only post if you have some assistance to offer her on the subject, instead of just repeating the same question others have already asked. ... more
0 votes 7 answers Share Flag
Sat Sep 11, 2010
Jeff Zerrer answered:
Hi Maria,
I agree with Alma that a condo that is listed on Homepath does not qualify for FHA financing unless it is listed on the HUD FHA approved condo list. The best way to check is to go to the HUD site at https://entp.hud.gov/idapp/html/condlook.cfm
This site will show you all of the FHA approved condos in any city you search for. However, it is very important to note that a Townhome that has a "lot and block" listed in it's legal description, is automatically eligible for FHA financing just like a single family home. If you have any questions about this feel free to call me at 305-535-9950
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0 votes 5 answers Share Flag
Sun Sep 5, 2010
William Polack answered:
Thanks Ms. Clarke. I'll be sure to send you business.
0 votes 10 answers Share Flag
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