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Financing in Payson : Real Estate Advice

  • All87
  • Local Info5
  • Home Buying23
  • Home Selling6
  • Market Conditions4

Activity 4
Jim Jakubek, Real Estate Pro in Payson, AZ
Thu May 14, 2015
Jim Jakubek answered:
My name is Jim Jakubek. I am a real estate professional in Payson, Arizona. The banks generally look at
income, debt, and credit rating. I recommend you first talk to a good mortgage broker. Brokers generally have the most flexibility because they work with multiple lenders. FHA loans are currently available with 3.5% down. I have successfully negotiated a few owner carry contracts for purchase of a home in all of those scenarios the buyer would have gotten a better deal if they qualified for a conventional loan. With an owner carry generally 6% goes to Realtor commissions and 2% generally goes to closing costs and title insurance fees. If you put 10% down the owner will only get 2% of the purchase price plus a promise for future payments. Under this scenario, the seller is taking a high degree of risk that the banks consider to be not worth it.

If you cannot qualify for lending with a good mortgage broker, He or She should be able to tell you why and help devise a plan so you can can qualify for a home in the near future. It is my experience on an owner carry contract you will pay over market price for the home and get locked into very high interest rate. I believe you would be better of renting and buying a home when you can qualify.

Please call me and I will do all I can to help.
Jim Jakubek
Prudential Arizona Reality
928-951-0679
... more
0 votes 1 answer Share Flag
Margaret Ram…, Real Estate Pro in Tonto Basin, AZ
Sat Oct 12, 2013
Margaret Rambo answered:
Yes A new program with First Cal Mortgage on site built homes only. 4 % of purchase price.
Laura Hartnell loan officer.
0 votes 3 answers Share Flag
Rosio Robison,  in Goodyear, AZ
Fri Nov 11, 2011
Rosio Robison answered:
As real estate professionals we are unable to answer that question. Speak to a tax advisor, I'm sure they'll have the answer for ya.

Best of luck!
0 votes 5 answers Share Flag
expired,  in Seattle, WA
Sun Feb 22, 2009
expired answered:
Hi Bob,

Unfortunately, your current position is common, fortunately, there is help for you.

You can try to contact your mortgage company; typically they won’t help you until you are up to 90 days late. A lot of times when you call your mortgage company you will only reach the mortgage servicer who gets paid by collecting payments and they really have no say in changing your mortgage.
The option that most homeowners that want to keep their home are turning to is Mortgage Modification. With Modification you must be very careful who you choose to represent you, Mortgage Modification attorneys are the best solution for this as they get results, unlike what a licensed Loan Officer or Realtor can get you. Our attorneys are averaging 20-50% reductions and you don't have to wait for 90 days to start the process. You can start now, if you want to save your credit. Also, a guarantee is extremely important for your safety.

If you would like more info, call or email me.

Lise Shdo
Choice Loan Consultant
Area Manager
206-650-8511
... more
0 votes 3 answers Share Flag
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