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Financing in Port Saint Lucie : Real Estate Advice

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Activity 14
Thu Sep 19, 2013
Gregorio Denny answered:
The guideline only applies when purchasing an investment condo. If you are purchasing the condo as owner occupied, it doesn't matter what the occupancy ratio is. Since you cannot purchase a non-owner occupied property with FHA, the rule only applies to conventional, conforming financing. The specific guideline dealing with this reads as follows:

"At least 51% of the total units in the project must be conveyed to purchasers as principal residences or second homes. This requirement does not apply when lenders deliver mortgage loans secured by principal residences or second homes. "
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Thu Sep 19, 2013
answered:
Ron and Debbie,

Just like any profession, there are the bad and good, experienced and inexperienced.

Underwriting is predicable. We have submitted many files and already know what to expect concerning income and assets. If the property is a condo, we know what to look for on the questionnaire.

So this really reflects on the loan officer or mortgage broker. Too often, there is haste and pressure to submit and things are missed.

In my branch, we act more like junior underwriters before we submit a loan into underwriting. We even take it a step further and run Automated Underwriting decisions on many of our pre-qualifications.

Ray Stevens
Branch Manager
239 481-9514
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Sun Jul 28, 2013
Jessica Bateman answered:
I work with a lot of people who have less than perfect credit, seems like you can get approved now. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 60o even jumbo FHA loans up to 735k. So if anyone can get you a loan they can.

Good Luck!
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Mon Feb 18, 2013
Jessica Bateman answered:
Go to thelendersnetwork.com I send all my clients there - they can tell you everything you need to know about different mortgage loans, and cover the scenarios of each option. You need to talk to someone well versed in all the issues you have. Fill out their app form and request to speak to Randall Yates he is the President and good friend of mine.

Good Luck!

Jess
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Fri Jan 7, 2011
Dallas Texas answered:
Majority of lenders will require the loan be seasoned Some are from one - two years. If you need repay your parents why worry about equity loan which you pay interest on and additional fees. Pay off their loan w/o any additional loans.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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Thu Oct 21, 2010
Alma Kee answered:
try www.cyberhomes.com or zillow.com they will both show sold property prices to give you a ballpark idea of value.
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Wed Apr 14, 2010
Broker RMS Realty answered:
Mon Mar 15, 2010
AlphaDog Realty & Mortgage answered:
Please stop in and see us, we are right here in PSL. Our mortgage team is ready to help!
0 votes 9 answers Share Flag
Mon Feb 1, 2010
answered:
Rudy

That may not a good idea if Anthony misses a payment on his credit card out of no fault of his own. It could destroy his brother's credit and any chances of him buying a house of his own in the future. Brotherhood is more important than a house. The rate difference is minimal and far less destructive than joining creditors. ... more
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Fri Jan 29, 2010
All Nations Towing answered:
Now hearing everyone's suggestions made me think of another avenue to buying a home here, my brother has lived in port st lucie for 15 years and in the area 30 years, he has had a steady in come for all of this time, he makes around 60,000 a year but he has never had credit, he has never bought a house, so i was thinking that it would be possible for me to sign with my brother and buy the house together i have a good credit score and he would have the residency and income to do this. do you think this would be a better option for me.

Anthony
ALL NATIONS TOWING
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Sat Dec 5, 2009
Teddy Jagessar answered:
Not many there as most are under water and it is risky to hold a note now as it is common for people to stop pay mortgage and live for free for a while
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Mon Jul 6, 2009
David Chamberlain answered:
You can get a rate quote here: http://www.floridadreamloans.com

You have not provided enough information for me to give you one at this time.
0 votes 1 answer Share Flag
Tue Feb 17, 2009
answered:
If your daughter has decent credit and income ask a LOCAL (Stay off the internet) mortgage broker about an "FHA Kiddie Condo"

It will allow you to be a non-owner occupying co-borrower. Both Credits and both incomes will be used. You can qualify for FHA putting as little as 3.5% down and get a good rate under 6%. ... more
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Sun Dec 7, 2008
Corey Grushin answered:
Dear John since it looks like you reside in Puerto Rico currently you would have to have a job locally to use FHA. which would fit the loan amount mentioned above. A good rule to use for the amount you can borrow without over extending yourself would be 3 to 3.5 X your annual before tax income, so in this instance your looking for income of $50K to 80k per year. Good luck ... more
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Financing in Port Saint Lucie Zip Codes

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