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Financing in Pinal County : Real Estate Advice

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  • Home Buying4
  • Home Selling1
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Activity 17
Sun Aug 28, 2016
Donald Dicarlo asked:
Thu Aug 11, 2016
Whalkides asked:
I started work as an independent consultant several months back and dont have all the standard documents required by banks in gaining pre-approval. Thank you, Rob (whalkides@yahoo.com)
0 votes 0 Answers Share Flag
Mon Nov 9, 2015
Tony Grech answered:
Cash out refinances on investment properties shouldn't be too tough unless you own more than 4 financed properties.

Fannie Mae and Freddie Mac permit you to take cash out on an investment property up to 75% of the appraised value of the home (70% limit on a 2-4 unit property), HOWEVER, if you have more than 4 financed properties (including your primary residence), then a cash out refinance on an investment property is not permitted.

The one exception to this rule is called the "delayed financing" exception. If you bought the house within the last 6 months AND you paid cash for it, then you may be permitted to do a cash out on that property only.

If you don't meet any of these requirements, then you wouldn't be able to do a conventional loan on your planned refinance. You'd need to do some sort of portfolio loan, which would likely mean more restrictions, perhaps a lower LTV limit, and a higher interest rate.

My branch is not licensed in AZ so I can't help you, but my advice is to speak to a mortgage broker, who may have access to some portfolio lenders. A big bank or credit union most likely wouldn't be able to help you on this one.

Hope this helps. Best of luck!
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0 votes 1 answer Share Flag
Sun Feb 8, 2015
Edward Maddox answered:
You are right on about at least getting a second opinion. Not all online or local brokers are the same as far as costs.
0 votes 7 answers Share Flag
Fri Nov 23, 2012
Scott Saults answered:
In addition to the numbers and thoughts that have been provided, I would like to add a couple of thoughts:
1. The average SOLD price of a home in San Tan Valley has increased 36.7% year-over-year from October 2011 through October 2012.
2. Closed Sales have decreased 20.3% in the same timeframe.

As a San Tan Valley resident and a Realtor that works exclusively in the San Tan Valley area, I am confident that the San Tan Valley market is strong. Listings of homes have recently increased and the activity from investors has slowed. With that said, it is becoming more likely that a person who would like to purchase a home in San Tan Valley to live in can buy a home at a reasonable price without the overwhelming competition from investors of years past.
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1 vote 4 answers Share Flag
Wed Oct 17, 2012
Michael Cheng answered:
If there's anything we've learned from history, geology, and physics, then it's that nothing is permanent. Over time, everything changes. Prices don't go down or up forever.
0 votes 1 answer Share Flag
Sat Jul 7, 2012
Loren Green answered:
Ken,

There is no such thing as a permanent foundation on a manufactured home. It is either ground set or raised. there is AC ducts and plumbing underneath which prevent use of a solid slab. It may have continuous footers under the piers, which will help to minimize settling. A manufactured home will still move more than a regular home. Even if the piers are on continuous footers, the house still has to be releveled from time to time. Climbing down in the crawl space is the only way to know for sure what is under it.

I agree with Carlos. If it is 33% of area comps then what is wrong with it? Are you borrowing enough money to cover the fixup cost?

Good luck
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0 votes 3 answers Share Flag
Thu May 10, 2012
Bill Parker, CPA* answered:
Couple things:

Is anyone else realizing this question was from LAST October?

Second, since this idea was just introduced, when someone tells me they got a loan without a credit check (insinuating they have credit issues) and at 3%, when long-term interest rates have never been that low, my instincts are to run away, as fast as I can. Lending is all about risk vs. benefit--what is the risk the lender is going to get repaid vs. the rate of interest someone is willing to pay for the benefit of getting money lent to them. NO ONE is going to lend to people with credit issues at such a low rate (as we all know some of those loans are not going to be paid back, erasing any profit from a whole bunch of other 3% loans) and stay in business very long. It just does not work that way.

Which tells me there are some other costs being assessed which make that particular lender "whole". Are there excessive Points? Are the fees enough to make up for the low interest rate? Something is out there, and I hope whomever contacts ANY lender, goes into the deal understanding these facts.

Good luck, out there. It is a jungle! :)
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0 votes 7 answers Share Flag
Thu May 10, 2012
Fran Holsinger answered:
I just spoke to the lender we use, Chris Berry @ IMortgage, 480-258-6511. She would be more than happy to detemine if they can finance a loan for you. She's very good and recently handled a unique loan for us and we were able to close on time. She had several questions I couldn't answer given I don't know your overall circumstances.

If you do obtain financing, and are not working with a Realtor, we'd be more than happy to help you. We've been residents of Maricopa for 8 years.


Fran
Classic Desert Properties
22108 N Reis Dr
Maricopa, AZ 85138
4800-510-6002
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0 votes 2 answers Share Flag
Wed Apr 11, 2012
Roswell Moore, answered:
Hi Jo,

As a lender, I would say that you need to know how much of a home you would qualify for, before going to a real estate agent, but that is a matter of your personal preference.

May I suggest you contact Loren Hoboy, who answered your question below, as I have worked with him in the past & know him to be very good, both in terms of taking care of his clients & having a full grasp on today's market.

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
NMLS ID 263779 | AZ BK 359295
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1 vote 11 answers Share Flag
Sat Nov 19, 2011
Doug McVinua answered:
Tue Aug 23, 2011
EB answered:
Hi Darose,

Usually when a home goes through the foreclosure process in Arizona all liens against it are extinguished. Of course, more can accrue after the foreclosure has occurred, from mechanics' liens to tax liens, HOA liens and so on. It is not clear whether your seller bought the home at an auction of bulk foreclosed homes (such as an REDC auction - www.auction.com) or on the courthouse steps at Trustee's sale (when the bank forecloses), or something else.

How did you find this home? Do you have any agent representing you? I'd certainly agree that there are some red flags with this home, and I wouldn't consider proceeding without a title search and title insurance paid for by the seller.

Hope this helps.

Emma Beyer
RE/MAX Casa Grande Yost Realty
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0 votes 6 answers Share Flag
Wed Jul 27, 2011
scott farmer answered:
You can save the money of refinancing and just pay off your mortgage early by making additional payments to reduce your principal. One extra payment a year on a 30 year fixed mortgage reduces the loan to about 17years. Of course you will want to make sure that there are no penalties for early payoff. ... more
0 votes 3 answers Share Flag
Sun May 29, 2011
Shane Milne answered:
Is your interest rate high now? What is it? How many years left on your mortgage term? How much is owed on your mortgage balance? Like Doug asked, do you have any equity/how much do you believe your home would appraise for?

Equally as important questions, but are a little more personal, are: What is your credit like? Do you know what your credit scores are? How much is your income? Self-employed or employed? Salary? Commission? Bonuses? What are your annual property taxes & homeowners insurance? What are your other monthly minimum required debt payments (credit cards, car loans, student loans, personal loans, alimony, IRS payment plans, etc.)? How much is in savings/checking/other assets like stocks, mutual funds, IRA's, 401k's, etc.?

I am not expecting you to answer those questions (at least not in this Q&A so everyone can read), but I am just letting you know what information you should be prepared with to make it as quick and painless as possible to determine your refinance options with any mortgage loan officer you approach.

As far as purchasing, in addition to the information in the information above, you should also have a rough idea of the price range you are looking at, how much you want to put down in terms of down payment, and if there is a renter in there already then that can help with the debt to income ratio if needed.
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0 votes 2 answers Share Flag
Wed Sep 2, 2009
Robert Hyder answered:
If you are still current on your monthly mortgage payments, then refinancing into a low current mortgage rate is your best option. Banks are inundated with borrowers who are facing foreclosure with restructuring their mortgages due to missing monthly mortgage payments. Please don't be mistaken with my response. I am not saying to skip a montly mortgage payment. That is the exact opposite of what you should do.

If you're current with your monthly mortgage payment and your home is underwater, and your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible to refinance under the Home Affordable Refinance Program (HARP). If that is the case, you can benefit from the incredibly low current mortgage rates.

I hope this information helps. Best of luck!

Regards,
Total Mortgage Services
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0 votes 4 answers Share Flag
Mon Mar 9, 2009
Brian Cardenas answered:
Hi Vanessa -
If you haven't had your question answered yet, I'd be happy to help. Luke's answer is the best so far. You will only know for sure if you have your application run through the automated underwriting systems. If it is not approved through that method, you can not be approved until you’ve gone 2 years since the bankruptcy discharge. If you were not on the mortgage that was foreclosed upon, then when you are past your two years you will be the only one that can be on the loan. So you will have to qualify based upon your credit and income alone. Having your credit run will not be a huge hit to your credit scores and it is the only way to see what you can do. After 60 days, it will not be a negative on your scores any longer. The credit score you are referring to may not the score we would be looking at for mortgage qualifying if you got the score by obtaining a consumer credit report. They use a different scoring model now that is not directly correlated to the mortgage scoring models used. However, pulling the consumer reports is a good way for you to keep tabs on what is going on with your credit and disputing items that should be disputed. It is very helpful to work with a lender who is knowledgeable about how to work with your credit report to maximize your scores. Planning ahead is also a great idea. If buying a home as soon as you are two years removed from the BK discharge is an important goal, then working with a mortgage professional to plan for that event is the best thing you can do to help you attain your goal. Let me know if I can be of any help!

Brian Cardenas
President / Mortgage Consultant
Antigua Capital Funding
(480) 515-1491x1
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0 votes 8 answers Share Flag
Fri Sep 28, 2007
Jay answered:
I'm not sure if there is a "best" but there is a company that happens to be out of AZ that may help you see the differences in the loans you are considering. Most of it is free, it's worth a look. ... more
0 votes 3 answers Share Flag
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