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Mishawaka : Real Estate Advice

  • All56
  • Local Info2
  • Home Buying26
  • Home Selling0
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Activity 55
Wed Sep 4, 2013
Monique asked:
Fri May 31, 2013
Stephanie Weldy answered:
You can get an FHA 203 loan to fix the house up. Then the cost of the work is included in your loan. Let me know if you would like more information.
0 votes 3 answers Share Flag
Fri May 10, 2013
Shanna Rogers answered:
Hi Brenda,

You can use a loan for HUD homes - including FHA. The price listed for the HUD home is the FHA appraised value so if you are using an FHA loan you may not have to pay for another appraisal - if the current appraisal used to determine list price is not 'expired'. However, to submit your offer on a HUD home, you will need to use a Realtor who is registered with HUD and has a NAID number.

Shanna Rogers
SR Realty
www.RealtyBySR.com
... more
0 votes 2 answers Share Flag
Wed May 1, 2013
Matt Parker answered:
If you are looking for foreclosure listings please feel free to sign up on our website. They will be in your email as soon as they are listed.


http://realtyresultstoday.com/sign-up-for-foreclosure-listings/ ... more
0 votes 1 answer Share Flag
Wed May 1, 2013
Matt Parker answered:
Here is a company that does rent to own:

http://www.5starhouses.com/home.asp
0 votes 2 answers Share Flag
Thu Feb 28, 2013
Pam answered:
No, 3% down with good credit is available at Notre Dame Federal Credit Union.
0 votes 5 answers Share Flag
Wed Feb 13, 2013
Flora Tibbetts answered:
you can ask for necessary repairs. our local bank will escrow for up to 5000 in repairs if allowed by hud so it all depends on how the offer is written and what your lender allows. If you get a FHA 203k you can easily work a large repair in the loan. This will all be done with your realtor and and a lender.
Please call for more specific information.
... more
0 votes 1 answer Share Flag
Wed Jan 30, 2013
Heather Sanders asked:
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This question was asked from this property: http://www.trulia.com/property/3107334646-56045-Hoosier-Ave-Mishawaka-IN-46545
0 votes 0 Answers Share Flag
Wed Sep 19, 2012
Jody Jones answered:
If the room has a closet and there is an egress window either in the room or its a walkout, then you may advertise it as a bedroom and it should be included as finished footage in the appraisal. ... more
0 votes 5 answers Share Flag
Thu May 24, 2012
Larry Johnston answered:
The largest Mortgage Company in Chicago is Guaranteed Rate Mortgage. Contact Roger Maxwell at 574-533-1360 or call me

Larry Johnston
Agent/Broker
Elkhart County Subdivisions
574-304-7577 ... more
0 votes 8 answers Share Flag
Mon Apr 30, 2012
Jody Jones answered:
Hi Mary,

The best thing is to set down with a couple of different agents. You need up to date solds/pendings and current listing information for your neighborhood. What is selling in one part may not be selling elsewhere. Also no matter what an agent says you have the crucial ingredient in your hands..your home... Your location and your willingness to move the house is KEY to a quick sale.

If you would like to speak to me, please call or text me @574 214 2746
Jody Jones
Realty Group Resources
... more
0 votes 6 answers Share Flag
Wed Apr 25, 2012
Emily Erekuff answered:
Hi there,

I don't see that you've submitted any listings to us from this particular profile. If you submitted any listings to Trulia using another account, you should be able to find and delete the listing in the My Listings section of your account, which you can access via the link below.

If that doesn't work for you our Customer Service team can also help. You can give them a call at 888-466-3501 Monday - Friday 7am to 4pm PST, or send them an email via http://www.trulia.com/help/ask/

Best Wishes,

Emily
... more
0 votes 1 answer Share Flag
Wed Apr 18, 2012
Tom & Katrina Canarecci answered:
The listing information comes from the listing agent when the house was sold. If you're home is not currently on the market, you can go to your property address and hit the edit details tab under the picture. You will then be asked to identify yourself and you can correct the information then. ... more
0 votes 1 answer Share Flag
Mon Dec 26, 2011
Delaney31lessie answered:
I think that to get the <a href="http://goodfinance-blog.com/topics/home-loans">home loans</a> from banks you must have a firm motivation. But, one time I have got a commercial loan, just because I wanted to buy a house. ... more
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Tue Nov 15, 2011
Realty Results answered:
It depends. Probably not what you want to hear but BOA (Bank of America) handles all their short sales through a third party, Equator. I have had them answer in as little as a month and as long as eight months. It is also very common for BOA to order a second appraisal before approving a purchase amount. Further if BOA is servicing the loan they may approve your offer and the settlement statement, give the OK to close and the investor or whoever holds the note may reject it. I have had this happen. Short sales with BOA are difficult. The good news is they are getting better... Good luck!

Matthew Parker

Realtor/Owner

Realty Results

55807 Currant Road Ste. 101

Mishawaka, IN 46545

Mobile - 574-383-3069

Email - matt@realtyresultstoday.com

Office - 574-889-0893

24hr Voicemail/Fax - 574-651-1618

Facebook - http://www.facebook.com/realtyresults

Web - http://www.realtyresultstoday.com
... more
0 votes 3 answers Share Flag
Tue Nov 1, 2011
Trudiemullins asked:
Underwater at least 10%
Current more than 12 months
Credit score in the mid 600s
Currently - conventional mortgages (1st and 2nd)
Not Fannie or Freddie
Loan modification - 2009 (non-HAMP).…
0 votes 0 Answers Share Flag
Tue Jul 5, 2011
answered:
Your existing lender has to agree to do a short-refi, but if they do then it is certainly possible with a new FHA mortgage. Requirements are explained in detail at http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf however the bullet points are:

1. Your new loan amount needs to be within FHA loan limits - which for Saint Joseph County Indiana is $271,050.
2. The homeowner must be current on the existing mortgage to be refinanced
3. The existing first lien holder must write off at least 10 percent of the unpaid principal balance
4. The refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent (so if your home appraises for $250,000 then you could get a new FHA loan amount of $244,375)

One item to note, is that the program allows for a 2nd mortgage up to 115% of the home's value (called combined loan-to-value, or CLTV for short). So the current mortgage lender can convert the portion of your loan over the amount needed for FHA financing into a 2nd mortgage, and it's permissible per the loan program.

Not a lot of lenders offer it though, so it is a tough find.

FHA's regular refinance program will do the same - it will have all of the 4 requirements above except for #3, and you cannot put a 2nd mortgage on the home over 97.75% doing what you'd be doing. See http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-24ml.pdf for those requirements on maximum CLTV when you are refinancing with FHA. More lenders are doing that, including us.

Scott's advice is spot on when trying to get your existing lender to accept a short-payoff. It is very similar to doing a short-sale, so a review of your current situation as well as the reason you are looking/need to do a short refinance will be considered.
... more
1 vote 3 answers Share Flag
Thu May 5, 2011
Colleen Cena answered:
One thing that a lender makes their decision on is whether there are more loans on the property than just one to negotiate with. If there is a second (or more) those lenders may want to be paid also. If not the entire amount, then a portion of it---or some type of offering may make them happy.

Have you made an attempt to find out if this is the case? If you are working with a realtor he/she can get this information for you. It makes quite a difference. If the second lender refuses an offer for less money than is owed the offer usually will not go anywhere.
... more
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