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Financing in Ocean County : Real Estate Advice

  • All37
  • Local Info5
  • Home Buying15
  • Home Selling1
  • Market Conditions0

Activity 28
Fri Feb 17, 2017
Riadnancy33 asked:
Thu Sep 29, 2016
Trashmail2222 answered:
It actually depends on how fast/busy the appraiser is. I work for an AMC in California. We get the report back to the bank within three days. However that is not always typical. I would assume the bank would ask for a family quick turn around. So I would think a week to 10 days would be sufficient time to complete a typical property appraisal. If your home is unique, it might take longer as well as cost more. ... more
0 votes 1 answer Share Flag
Wed May 18, 2016
Harrysforza8 asked:
Thu May 12, 2016
June Buerkle answered:
Marion -

The reason they count 100% against you is because if your family members stop paying, you will have to assume the full mortgage. You don't get to say i'm only responsible for 39%.

As for counting the the payments from the other family members as income .... if you have a signed annual lease showing that your family members pay you rent for the property, then they would count it as income.
... more
0 votes 1 answer Share Flag
Fri Apr 29, 2016
Edenseeker asked:
Tue Mar 10, 2015
Brian Martucci answered:
We are licensed in all 50 states. We can do loans down to 620 credit score, for both conventional as well as FHA loans, we also do VA loans if you happen to be a veteran. Please click on my name to find my contact information if you think I can help you. Thank you. ... more
0 votes 2 answers Share Flag
Wed Feb 25, 2015
Shane Milne answered:
Hi Chuck,

We offer Fannie Mae MyCommunity Mortgage in New Jersey. Community Choice is a program under the MyCommunity Mortgage program. Usually Community Choice isn't needed, but we can review that to see if there'd be any benefits in using it.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
... more
0 votes 1 answer Share Flag
Tue Jul 15, 2014
Ray Stevens answered:
The ability to repay a loan is the most important aspect of a mortgage application. No lender will lend you money if you currently don't have a means to repay the loan.

If you have passive income from retirement or investments, you may be able to qualify.

Please call or email me anytime.


Ray R. Stevens
GSF Mortgage Corporation
Branch Manager
Branch NMLS #1122003
Originator NMLS #177825
Office: 239-471-7971
... more
0 votes 3 answers Share Flag
Wed Feb 12, 2014
Frank Tenner answered:
I agree, you should contact an insurance professional. My office handles flood insurance issues for many Ocean County home owners. It is a good place to start.
0 votes 3 answers Share Flag
Sat Jan 25, 2014
Joseph Jones answered:
If you have a question about mortgage rates in the Long Beach Island area one of the people you should speak with is Bob Faust with Guaranteed Rate. His number is 609-294-4314. He has extensive knowledge of mortgage lending in the LBI area. ... more
0 votes 15 answers Share Flag
Wed Oct 2, 2013
Rob Weber answered:
You should be fine for almost any lender out there. You'll need 1-2 pay stubs after you start your new job. If you were switching from a salaried position to a self employed position, that'd be a different story.

Will you have 25% or more ownership interest in the company? If not you'll be good to go, assuming your debt-to-income ratio and credit are sufficient (sounds like none of this will be an issue based on your post).
... more
0 votes 7 answers Share Flag
Thu Apr 25, 2013
Most likely your offer wasn't accepted due to the terms of your offer. As you are well aware, the inventory in Jackson is very low. As such, you need to be very aggressive with your initial offer to show the seller that you are a serious buyer. The sellers are of course going to take the offer that is stronger. Your agent should be able to tell you the reason your offers are being rejected. ... more
2 votes 7 answers Share Flag
Sat Mar 23, 2013
Abby Walters answered:
You can do it..If you put anything less than 20% down, you will have to pay MTG insurance,
however this can be added into the rate...probably in the low 4's...(depending on your qualifications)
Nine times out of 10 the monthly payment is less than getting a rate in the 3's and paying monthly
mortgage insurance. Please call me if you have further questions 609-636-0075
... more
0 votes 3 answers Share Flag
Mon Aug 20, 2012
Camille Marotta answered:
FHA once the first 60 months have passed you will no longer have mortgage insurance. They require that you have 22% equity.

Conventional loans entertain lender paid mortgage insurance which is financed into the loan and there is no monthly payment, if you have a conventional loan that requires mortgage insurance and you beleive that you have 20% equity in the loan you can provide your lender with an appraisal and a letter requesting that the mortgage insurance be dropped. Iit is however at their dicression that it be removed.

hope this helps.

Camille Marotta, Branch Manager, NMLS 9838
Bayville, NJ
First Alliance Home Mortgage
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0 votes 9 answers Share Flag
Fri Jul 27, 2012
Annette Levinson answered:
You can refi on your name only John, but you need to prove that the current mortgage has been paid on time. So gather the last 2 years canceled checks for your mortgage payments before going to a lender. ... more
0 votes 3 answers Share Flag
Thu May 24, 2012
Joe Cordova answered:
I would be glad to help you out with your USDA financing. I have been originating loans since 1997 and my company closes USDA loans on a daily basis. There are two informative links below. The first is a 30 minute online workshop to help educate yourself on the loan. The second is a website to see which locations are eligible for usda financing, and what income limits are allowed in the area you are looking to purchase a home in.

Of course, you can always give me a call and I would be glad to help you with a usda loan (which allows no money down!!) Best of luck to you!!

Joseph S. Cordova NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
... more
1 vote 4 answers Share Flag
Fri Mar 16, 2012
Francesca Patrizio answered:
You need to speak with a mortgage specialist. I would recommened the following direct lenders . . . shop around., (773) 435-0979; or

Herb McGee, (609) 698-1500, HERB.MCGEE@PROSPECTMTG.COM.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
... more
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