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Financing in Nebraska : Real Estate Advice

  • All24
  • Local Info1
  • Home Buying12
  • Home Selling7
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Activity 24
Tue Jul 26, 2016
Joe Borelli answered:
The streamline 203k is typically for the "minor" stuff in a home. There can be no structural changes so pretty much cosmetics. This is a great option for homes that won't pass FHA due to small items. The max is $35,000 so there is for sure a lot of options. Even septics and HVAC are included.

http://203klenders.org/
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1 vote 5 answers Share Flag
Wed Feb 18, 2015
Brian Martucci answered:
Hello. Are you needing help with a mortgage? Or finding a house? Feel free to find my contact information by clicking on my profile, and we can talk about getting prequalified. Thanks.
0 votes 2 answers Share Flag
Wed Aug 21, 2013
Brian Nguyen answered:
Brian Nguyen, Mortgage Broker or Lender, Mission Viejo, CA
You should shop around and look at different lenders and see what they can do for you. When applying for a loan, lenders like myself will need to look at several different things though if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)
2) Credit Report which they will pull
3) Employment History
4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

If you have any other questions or need a loan please contact me through the information on my profile page!

Hope this helps and good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
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0 votes 6 answers Share Flag
Thu Jul 18, 2013
Jessica Bateman answered:
If you use the right lender, Talk to a broker first that actually has lenders that can first get a 580 score approved and closed. I would recommend the lenders network, if any company can get you a loan they can. I have had clients with under a 600 score get approved and we closed within 30 days... Brilliant real estate minds with a ton of lending contacts.

Good Luck!
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4 votes 7 answers Share Flag
Thu May 16, 2013
Lorie Gould answered:
The problem today is that most lenders do not provide mortgages on properties that are $15,000. You will likely need to take out a line of credit to purchase the property versus an actual mortgage. ... more
0 votes 1 answer Share Flag
Sun Apr 14, 2013
Annali Leach answered:
1. Offer to buy the house from your ex for the price of the remaining balance of current mortgage. Maybe offer her more so she has an incentive to part ways. That way she is removed from title and you hold the responsibility of the mortgage.
2. That reverse mortgage company is taking advantage of you. If the house is currently worth $300k and their appraisers appraised it for $250k... they are immediately stealing $50k of your equity (which is your earned interest.. your cash.. sitting in the form of a house). Plus they have all sorts of fees and when they pay you up to the agreed amount, your kicked out with no money other than the liquid you have saved.

This is just my professional opinion on how you can solve your real estate issues. You may want to find a patient attorney who can help clear your thoughts and meet your needs. Good luck!
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0 votes 2 answers Share Flag
Wed Mar 27, 2013
Adam Banark answered:
Douglas County Assessors website would be a good place to start.
0 votes 3 answers Share Flag
Mon Dec 17, 2012
Monica Lang answered:
If you are considering a new home in Omaha, Celebrity Homes has 4 preferred lenders that could potentially help you. http://celebrityhomesomaha.com/financing.html

If you would like to visit our model homes, please stop out to 6016 S 191st Terrace (corner of 192 & Y Street) I have 3 models here you can tour. I have represented Celebrity for over 15 years. http://www.TucsonDLX.com
I would love to help you find the perfet new home to fit your needs.
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0 votes 3 answers Share Flag
Mon Sep 24, 2012
Billie Atkinson answered:
Start with the court house. Find out when the lien was placed on your home and who is the lien holder.
Contact that holder to try and remove the lien. If the lien was placed on the home before you owned it,
get the title company you worked with when you purchased the home involved.
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0 votes 3 answers Share Flag
Sun Jul 15, 2012
Gregorio Denny answered:
You need to check to see who owns your mortgage. If it's owned by Fannie Mae or Freddie Mac you may qualify for a HARP refinance. These refinances allow you to refi an underwater property and they do allow you to remove a co-borrower's name as long as you can prove you have been making the payments on your own for the last 12 months. Visit http://HarpSupport.Com for eligibility requirements and links to Fannie and Freddie to check to see if they own your mortgage. ... more
0 votes 6 answers Share Flag
Wed Jan 4, 2012
Elliott R. Oliva answered:
Yes they do and we still offer them.

Elliott R. Oliva
NMLS #353884
Mortgage Banker
Primary Residential Mortgage, Inc.
202-681-1636 direct
eoliva@primeres.com
"Se habla Espanol" ... more
0 votes 1 answer Share Flag
Mon Aug 22, 2011
Mac answered:
Don,
Thanks for the response..I'm looking for a investor to buy a $250K house in Nebraska. Then do a lease back to me for 24months...Have $$ to put down towards lease and a monthly $$ lease amount..That make more sense? ... more
0 votes 2 answers Share Flag
Sun Jul 24, 2011
answered:
When you refinance an appraisal is needed most of the time, but it is just between you and the lender, it does not get forwarded to the county.
0 votes 1 answer Share Flag
Mon Jun 6, 2011
answered:
You may want to look into a rehab loan like FHA's 203k which will use the "after improved" value of the home to help base your new loan amount on, and so if the issue is the amount of equity like it sounds like it may be (getting all of that done sounds like a heckuva deal for $7,900) that can help you increase the value that the lender will use to base your new loan amount on.

FHA 203k details: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
Fannie Mae HomeStyle is another rehab/remodel loan program (video presentation): https://www.efanniemae.com/lc/mtgproducts/index.jsp#renov

Has your loan officer at Wells Fargo told you specifically what their issue is? It may not be the value, if it isn't, then it'd be nice to know so we can provide advice on what their issue is.
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0 votes 4 answers Share Flag
Fri Apr 29, 2011
answered:
Katherine-

It really does depend on your goals, current situation and the refinance packages that are being offered to you. The myth that you have to "save 1% from where you are now" is completely inaccurate. Time, costs and savings should be your guide and that is going to vary from borrower to borrower. Also take into account whether you have an ARM that is adjusting and you need the security of a fixed rate.

If nothing else, ask for a "no cost" refinance. In exchange for taking a slightly higher than market rate, many lenders will offer to pay your closing costs out of the spread of the loan. It is in essence the opposite of paying points for a lower rate. That way, if rates go lower, you can refinance again and it didn't cost you anything the first time.

Example 200,000 dollar current balance with a current rate of 5.5% and P and I payment of 1136. Offered rate 4.75% zero points with 3,000 closing costs and a new P and I payment of 1043. Recoup time on cost is about 32 months.

No Cost option 5.125% No closing costs and a new P and I payment of 1089. Savings of $47 per month with NO RECOUP TIME!

Of course this is a very elementary example and I did not factor in amortization differences but those differences would increase per month savings. Also, I didn't factor in the cost being rolled back in the loan but that also would make a no cost more attractive especially for someone who is hoping rates may come down further or that they may be leaving the house in a few years possibly. Its a great hedge.

I hope this helps.
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0 votes 4 answers Share Flag
Wed Apr 20, 2011
Nicholas Lorber answered:
When you purchase, you'll need an exceptional home inspector!! As a licensed California Professional Engineer (P.E.) and certified home inspector (member of CREIA) based in San Diego, I’m focused on providing the highest quality pre-purchase home inspections with a specialty in foundation and structural evaluation/opinion/forensics. Please check out my website, Lorber Engineers at http://www.EncinitasHomeInspector.com or call (619) 917-8077. Thanks, Nick ... more
0 votes 3 answers Share Flag
Mon Jan 24, 2011
Hannah Fliegel answered:
Hi Mindy,

Hopefully you haven't acquired new debt after gaining debt relief from your previous bankruptcy. You would want to start with your credit report. Here is a link where you can pull your credit report for free.
http://www.annualcreditreport.com

Here is a link where you can pull your credit score for free

http://www.creditkarma.com

Even if you have terrible credit you might be able to qualify for a home loan. It will not be a good loan product. There are thousands of mortgage brokers out there who would be thrilled to work with you and get you into the first mortgage product they can, even with less-than-perfect credit.

However, if you take the time first to work to improve your credit profile through credit repair and some credit restoration strategies you can probably expect to get 100 points or so added to your credit score. What this means to you is that your mortgage product will be a better mortgage product with a much lower interest rate.

Example

$100,000 home loan at 7% interest rate with poor credit will cost you $665.30 per month

$100,000 home loan at 4.5% interest rate with GOOD credit will cost you $506.69 per month

What can you do with an extra $158.61 dollars in your pocket each month for the same house?

The yearly difference is $1,903.32

Over 20 years the payment difference is $38,066.40

I trulia hope you make the sensible financing choice and start with improving your credit first, then select a home loan product which is right for you and then select the house.

Good luck!

Hannah Fliegel, FICO Pro
415-999-9348
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0 votes 4 answers Share Flag
Mon Jan 10, 2011
Dan Cheuvront answered:
I deal a lot with commercial real estate and Government owned homes in the Nebraska area. I would be able to set you up with a few hard money contacts but, also have lenders that deal solely with 203k and 203B FHA Financing which allows you to borrow additional funds for rehab projects on a home. FHA approved contractors must be used for all repairs.
I have been getting my clients incredible deals on single family homes, allowing them to rent below market and/or flip a home in the current real estate market.
Dan Cheuvront
Deeb Realty
www.omahanebraskaforeclosures.com
www.omahaforeclosedhomes.com
www.deebcommercialrealestate.com
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0 votes 1 answer Share Flag
Wed Mar 31, 2010
Karen Stephens answered:
FHA guidelines for housing vary with manufactured and "frame built" houses. Let me explain a bit. manufactured housing is a pre-built structure that has the steel beams it was built on still attached. Your typical mobile home in a park is manufactured. A modular home had those beams removed when it was set in place. These can look manufactured but are viewed differently by lending institutions. Manufactured homes finance with 20% down usually, as the asset is considered depreciating. A modular home finances like a regular home as an appreciating asset. Older manufactured homes generally have stricter rules than newer ones.

FHA guildelines have to do with the condition of the home. They have to meet certain criteria to make sure the home meets a basic standard of living before the FHA will allow loans to be placed against the asset. Some of the criteria is that there cannot be any peeling paint; there cannot be any exposed wires, such as electric light that was removed and the wires capped but not enclosed in a box. The systems in the house have to be in working order, the water drainage around the house has to have a minimum slope, etc. I have not been there in a while, however, I would guide you to the FHA website to look for specific answers. In addition, your lending institution may have additional answers or could lead you to them.

You can go to the County assessors office and look up information on the home. I did not find it for sale on Realtor.com so I cannot see any specific information regarding the home. Contact a local REALTOR, we can be most helpful.
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