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Financing in Norfolk County : Real Estate Advice

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  • Home Buying6
  • Home Selling0
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Activity 27
Wed Sep 28, 2016
Dimaggiomit asked:
I have income of about $300k (very stable and verified), zero debts and fico close to 800. Do I have any options?
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Sat May 21, 2016
Jeansullivanssc asked:
we have an opportunity to buy a turnkey restaurant at a great price but have bad credit from bad luck and bad marriages. we have 30 years experience in corporate and private catering and…
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Fri Oct 30, 2015
USMortgageRanger answered:
Conforming home mortgage rates in Massachusetts are the most popular type of mortgages rates you can find advertised for home buyers in Massachusetts. Conforming mortgages, also known as conventional mortgages, are mortgages that meet certain criteria set out by Federal Housing Finance Agency (FHFA). There is a loan limit set for each county in the United States. Higher mortgage loan limits are set for high housing cost areas. Massachusetts mortgages that 'conform' to the standards set out by the Federal Housing Finance Agency can be purchased by government sponsored entities (GSE) like Freddie Mac and Fannie Mae.

Unfortunately your request does not meet the guidelines for FHA (loan limit $625,000 for single family home) or Conventional loan where 5% down payment can get you qualified. Above that limit your loan would be qualified as a Jumbo loan and would require 10% minimum down payment. I would be delighted to provide you with some mortgage options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation. My Office hours are 08:00 AM-08:00 PM Mon-Fri and Fri and Sat 08:00 AM-06:00 PM CST.

Lowell Sterling
Mortgage Banker
NMLS 968898
Capital One Bank
Phone (469) 315-1709
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Wed May 6, 2015
Tony Grech answered:
Hi Erin
A home equity loan and a cash out refi are two separate things. On a first mortgage (unless one you is a veteran and qualifies for VA) generally you can finance 80-85% of the appraised value. To get the additional equity out up to 90% you would have to get a 2nd mortgage (either an equity loan or home equity line of credit). Not every bank does them and not every bank will go to 90%. But at least around here (Michigan) it seems to me that there a handful that offer the equity programs especially if you do the first mortgage though them. Credit unions seem to offer them more frequently. You could also check with TCF bank. They may be able to help you out as well.

Good luck!
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Thu Oct 2, 2014
Michael Suffoletto answered:
That is a great offer if it's real. Unless you are eligible for a HARP refinance, 92 LTV/CLTV on a 2 family is a rare find.
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Fri Feb 7, 2014
Richard Shapiro answered:
89/10/10 is available. We offer two products for the 2nd mortgage.
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Sat Jul 20, 2013
Jessica Bateman answered:
Yes!!! Yes you can get a Jumbo loan with a 685. I tell all my clients looking for jumbos to visit The Lenders Network, I have had several of my clients get approved and close even with scores under a 680 for jumbos up to 4 millions. So if anyone can get you a loan they can.. ... more
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Mon Jun 3, 2013
Eric Erickson answered:
Renovation loans are the only loans I finance. If you contact me va my profile I would be happy to answer all your questions.


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Thu May 30, 2013
Tony Maziarz answered:
I'm sure the lenders can find some way to do this for a vet.
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Thu May 30, 2013
Tony Maziarz answered:
Thu May 30, 2013
George Raymondo answered:
This is actually quite common with borrowers whom have had previous loan mods or short sales. Once a borrower hits that magic 120 day late, the lender can encrypt an I-9 MOP Code on the tradeline. Therefore any lender who attempts to run a loan application through the AUS (automated underwriting system) will get a Refer meaning the AUS can not approved them. Although FNMA recently put out a Memo stating these loans can be purchased by FNMA but must be manually underwritten, the problem is many lenders won't do manual Conventional underwriting due mainly because their Investors won't purchase these on the Secondary Market. The only other option is to remove anything over 90 days from your credit report. I have seen this done a number of times over the years with a persistent consumer or with the help of a credit specialist. Hope this helps! ... more
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Thu Jan 3, 2013
Nicci Hyatt answered:
Please note, all responders, this is a question about conventional mortgage INSURANCE, not the loan itself. I have run into this twice in the past 2 weeks, has nothing to do with the lender but the insurance. I am being told it's 20% down or 70% OO to get condo insurance OR go FHA (which we all know is tough in most markets and super expensive for their MI now). ... more
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Sat Jul 28, 2012
Christine Moran Realtor & Notary answered:
Mon Mar 12, 2012
Joe Cawley answered:
This is a big investment, so make sure you are comfortable with the entire process. My advice is to shop your personal bank for a mortgage, so that you know what the fees will be in comparison to that provided by the Pulte mortgage. I am not aware of the discount wording, offered by Pulte, so please provide that detail, as well.

If you need assistance, let me know. I am a real estate broker in Braintree.

Take care,
Joe Cawley
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Sat Sep 3, 2011
Rudy McDowell answered:
Hi Linseyj. If your husband is currently laid off, he will not be able to be on the mortgage. You will have to qualify on your income alone. However, your husband can always be added to the title/deed at a later date if you wish. Also, given how much homes are still depreciating, unless this home is going substantial below its conversative estimate of value, and so long as you can still qualify, I would put as little down as possible. Right now your money would earn you a greater return in mutual funds than a property. Also, by getting an FHA mortgage, once the market turns around, you can always put more down on the home or pay it off completely without incurring any penalties. ... more
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Wed Aug 17, 2011
Cecilia Hensel answered:
Cecilia Hensel
Wellesley, MA
I think you should explore the financing options very carefully before you start the project. While anything is possible, today the mortgage and apraisal industries are very difficult to predict. I recommend you look into a construction loan that will convert into a conventional mortgage upon completion. You need to have a reputable builder with a track record to qualify for the construction loan. Ask your builder. He may have some financing recommendations. I have had success with Rockland Trust. Let me know if I can help you further. ... more
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Wed May 18, 2011
Deb Frank answered:
There are different stages of conditions, that include : Prior to underwriting, Prior to Docs and Prior to Funding.
If the loan has cleared to close, that means that all borrower conditions have been met and the lender is prepared to lend the money to the borrower.

Prior to Funding conditions typically include:

1. The closing attorney must prepare the HUD Settlement Statement according to the lender's instructions and send it for the lenders' approval.
2. The closing agent verifying all signatures, accepting identification and notarizing as necessary.
3. The closing agent verifying homeowners policy is paid.
4. The closing agent verifying other property specific items (flood insurance).
5. If the purchase is contingent on the sale of another property or that monies for closing are coming from that sale, the closing attorney may need to verify that the borrower closed on that sale and received the monies received from it.

You're pretty safe. :)
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Fri Apr 29, 2011
Teri Rugeley answered:
The appraisal won't be ordered until you have the house in contract, applied for your loan and lock in your rate. At the loan application you will be ask to put up some money to pay for your credit report and appraisal. Then the bank will order the appraisal. It will also depend on how far along the building process is of the new construction. Usually, the bank won't order the appraisal until the house is 85% complete.
If you are looking for a comparative market analysis, then you can ask your Realtor to run comps and see if that price you are thinking of offering is fair. A CMA is different than an appraisal.
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Wed Mar 2, 2011
Lee Adler answered:
here's what you should do in my opinion. go to Look at the properties that are coming up for foreclosure soon. Contact the owners of those properties with the postcards you can get through If you get lucky, you may find someone willing to lease with option. it's certainly better than ruining their credit with a foreclosure for most people. And worst case scenario, if you are not a good person and you default on the current owners and don't pay them, they just end up where they started and would have been foreclosed on anyway. so they delay a foreclosure at the very least. at best, they sell you the house in 5 years and don't have to get a foreclosure at all.
That's my suggestion.
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Sat Jan 22, 2011
Mikel DeFrancesco answered:
Yes, as long as the Purchase and Sale Contract show the total amount as the purchase price.
The contract needs to be structured correctly, and you should make sure your atty makes it so.

It's always important to have a skilled R.E. Atty ... doubly so when buying a REO or auction.
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