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Financing in Prince William County : Real Estate Advice

  • All22
  • Local Info4
  • Home Buying8
  • Home Selling0
  • Market Conditions2

Activity 29
Fri Sep 2, 2016
Jcc6800 asked:
I have arm with index rate 1 year libor and margin 2.25%. Rate cannot go higher than 10.875% over life of loan. Rate can increase at adjustment period no more than 2. Would it be good idea…
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Mon Jun 20, 2016
Shannon asked:
Anyone familiar with Ocwens Shared appreciation mortgage. I saw this on their website. I was looking into this.
0 votes 0 Answers Share Flag
Thu Nov 5, 2015
Amelia Robinette answered:
You would do a cash out refinance on the rental property, use the cash to pay off the HELOC debt. This can usually be done in one transaction and the payoff can be handled by the settlement agent.

You would get investor rates, programs and restrictions on the cash-out refi. Look at some options, they may not be as good as your HELOC rates/terms.
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Thu May 15, 2014
Marilyn Cunningham answered:
Your best bet on purchasing notes is to get an attorney experienced in such matters.
0 votes 3 answers Share Flag
Thu May 15, 2014
Marilyn Cunningham answered:
Most jurisdiction mark foreclosures or bank owned properties so they should not pull down your value. Go for it if the bank will pay the expenses if the appraisal is too low.
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Thu May 15, 2014
Marilyn Cunningham answered:
Ask for a Truth in Lending on the various loans are programs you are looking at in order to for an compare the APR which is the interest plus certain costs like points or just ask the loan officers for the APR. ... more
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Tue Mar 18, 2014
Jon Wald answered:
If you're buying a second home you have to put down a minimum of 10%. You however have the ability to ask for 6% seller contribution (these funds can only go towards closing cost). The other good news is there is NOT an adjustment in your interest rate for buying the house as a second home. If were to buy the house as an investment property you must put down 20% and you'll find the interest rate to be higher.

In today's "Mortgage World" there are only two loans which allow for 100% financing. They are USDA, and VA. Both are restricted to owner occupied borrowers.

Jon Wald
www.JonWald.net
NMLSR ID 571973
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0 votes 8 answers Share Flag
Thu Mar 6, 2014
Shane Milne answered:
Hi wendie, thanks for providing the additional information. In the future, just so you know, responding right under where we replied does not notify us that you replied. You should just post something new under the "Help the community by answering this question:" spot, as we all get notifications that way.

Anyway... you said it's a mortgage that was included in a Ch 7 BK that was discharged just under 4 years ago. If that is the case, then I suspect you are trying to qualify for an FHA loan and not a Fannie Mae conventional loan, is that correct? The reason I suspect that is because Fannie Mae needs 4 years on a Ch 7 BK discharge (unless due to extenuating circumstances, then just 2 years is needed). DesktopUnderwriter (DU) is still used when running automated underwriting for an FHA loan (Freddie Mac's LoanProspector, LP for short, can also be used). FHA just needs 2 years on a Ch 7 BK, but 3 years on a foreclosure (but 1 year on each can be OK if due to extenuating circumstances). So what happened with the mortgage that was included in BK? Was it eventually foreclosed on or are payments still being made this very day? That is information that is needed.

If it was foreclosed on, then nothing needs to be paid off because nothing is owing. If it's still being paid on, then it can still be OK as long as you & your sister's income still qualifies when considering its mortgage payment. If it's not foreclosed on yet, and the payments aren't being made, then that can be an issue because technically the foreclosure activity hasn't occurred (a mortgage included in Ch 7 BK discharge relieves you from owing the debt, but it doesn't mark the foreclosure date).

Your loan officer may be a pretty smart cookie, and part of the issue could be that its stating it's in your name instead of your sister's name, but I think there could be more to this then you are being told.

I know you don't know me, but click on my picture (or profile link below) and read the testimonials my colleagues & past clients have given me. If you'd like I can review the already checked credit report & DU findings and try to help you figure this out. Like John Burke said (hey John!) it may have been the way that the application information was entered into DU.
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Mon Sep 23, 2013
Ryane Johnson answered:
The new FHA program will allow you to buy 1 year after a bankruptcy if the borrower lost their job – I think this is going to have a very limited application as it is very narrow in its definition of job loss and of course you must have reestablished credit and now have a stable job in order to qualify for the loan

A very busy year if you ask me – it takes people 2 to 3 years to truly recover from a bankruptcy

Ryane Johnson ® - Realty Direct
Real Estate Consultant VA.
Cell: 703-499-4202
Fax: 703-852-3508
Email: Ryane@realtydirect.com
Search For Home Values @ www.ryanehomes.com
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1 vote 1 answer Share Flag
Fri Aug 16, 2013
Jason Todd Smith answered:
http://www.fanniemae.com/loanlookup; https://ww3.freddiemac.com/corporate.

Start by checking out both of these websites. Depending on your current loan to value, credit scores and debt ratio you may be eligible to refinance through Fannie Mae, Freddie Mac or FHA.

You may be able to refinance with FHA up to 96.5% of the current appraised value. Depending on your current loan terms and interest rate with Emigrant Bank it may help you.

If you are active duty or a veteran, you may qualify for 100% VA financing.

Feel free to give me a call at 703-840-4170

Jason T Smith
Senior Loan Officer
Atlantic Mortgage Direct
13221 Woodland Park Road Suite 110
Herndon, VA 20171
MLO-1694VA
O 703-840-4170
C 571-212-8507
F 866-324-4476
jsmith@amdloans.com
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0 votes 3 answers Share Flag
Mon Jun 24, 2013
Andrew Wilkinson answered:
Hi there,

This is a great question. I recommend that you repost it in the location most relevant to your question to get more answers, which you can find here: http://www.trulia.com/voices/Woodbridge---40513

Good luck with your search,

Andrew
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0 votes 1 answer Share Flag
Wed Mar 27, 2013
Faiza Alvi answered:
Samuel:

Some of my clients have bought homes after the 3rd anniversary of their foreclosure, however each situation may vary. I can get you connected with one of the finest lenders in the area which can look into details for you and guide you through the process.
One you are approved, I'd be glad to find you the perfect home. Please give me a call and I will get you started. Thanks ~
I wonder, why your foreclosure is not showing on your report though!!

Best Regards,
Faiza Alvi - Realtor®
Prince William Realty, Inc.
703-389-7973 (Direct)
703-580-9995 (Fax)
http://www.house2homeva.com
MILLION DOLLAR CLUB - PWAR 2011

I believe:
Real Estate is about building relationships
& serving clients with honesty, integrity & passion.
... more
0 votes 1 answer Share Flag
Sat Mar 23, 2013
Tony Brula answered:
You can call me, Tony Brula at Access National Mortgage and we are a Division of Access National Bank and we do have Portfolio products. 571-331-3219
0 votes 1 answer Share Flag
Fri Feb 22, 2013
Faiza Alvi answered:
Dear Dodo:

Your rates aren't bad at all as we are seeing general interest rates between 3 - 3.5% these days.
I would say: Instead of refinancing, if you can afford then pay off your second lien... as you may have to come up with a few grands anyways while refinancing, depending on the program you get.
I would definitely not recommend on refinancing your current residence as a primary and then rent it out later if you are thinking of moving out in near future. Basically, by paying off your 2nd lien you will have only one mortgage which your rental income can accommodate and you won't have to pay anything from your pocket towards this property once you upgrade.

Hope this information is helpful to you and that you make the right decision!!

Sincerely,

Faiza Alvi - Realtor®
Prince William Realty, Inc.
703-389-7973 (Direct)
703-580-9995 (Fax)
http://www.house2homeva.com
MILLION DOLLAR CLUB - PWAR 2011

I believe:
Real Estate is about building relationships
& serving clients with honesty, integrity & passion
... more
0 votes 9 answers Share Flag
Thu Jul 28, 2011
brent mendelson answered:
Jen,

You got a lot of GREAT info from other posters. I would ask the same question "who told you that and why?" It may or not be true. All I can tell you is how I would approach it and you can go from there. I believe local is better in many cases. I have closed loans in different states and there are MANY quirks and just little different things from state to state, county to county and even city to city. Even in a small state like MD. I can write loans in eight states VA being one of them. I do enough VA business that I am comfortable but there are differences between MD and VA that are important. But if my bank was suddenly licensed in CA that would be totally different for me and it would make me nervous. I know nothing about loans in that state. Not that I couldn't do it but someone local would have the edge on me in many ways. Like Shane. One good thing about using the realtors agent, they are accountable to said agent to come thru and close on time. One bad thing, there are real estate companies that push and push hard to get their agents to refer to their preferred title company, in house lender and even insurance company. I have had agents tell me they get pressured and incentivized to do so. One of my former companies paid us to use the preferred title company. I never did by the way I didn't think they did a good job and used my own. So no matter what you hear it DOES happen. I also would ask for recommendations from the loan officer. I would also Google their name and see what pops up as well. I do this when I don't know a person or company that I am dealing with now. Also important is whether they are a broker or a direct lender. Do they have an UW there on site to make the decisions? Trust me that is HUGE. I was a mortgage broker for seven years and a mortgage banker for just over one year. There is no comparison to which one is better for my clients. I never knew how the other half lived. Then is also comes down to just the personality of you and the loan officer. Some click, some don't . Talk to 2-3 local loan officers and see which one has the best program, rate and track record. The rates are all in the same range and so are the fees for the most part. So again it boils down to who is willing to work hard and close on time. We all say we can and will do that but how do YOU KNOW. That's why I Google. Anyway hope this helped and please let me know if I can be of service.

http://reviewbrentmendelson.blogspot.com/2011/05/i-can-honestly-say-brent-mendelson-made.html
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0 votes 13 answers Share Flag
Wed Mar 16, 2011
Elliott R. Oliva answered:
Tue Mar 15, 2011
Lori Jeltema answered:
Do you have a VA loan? If so, call the lender you last financed with and ask about doing a streamline - may be no appraisal requirement and little closing fees.
0 votes 4 answers Share Flag
Tue Feb 1, 2011
Elliott R. Oliva answered:
You may qualify for 100% USDA Financing depending on where you are buying in Haymarket as much of it is in a USDA eligible area.

Here are some highlights of the USDA No Money Down program:

Finance full purchase price plus closing costs up to 103.5% of the appraised value with or without seller concessions
No cap on seller concessions, if seller is not paying closing costs, they can be rolled into the loan amount up to 103.5% of appraised value, not sales price. Great on foreclosures.
One lien, no down payment assistance required
No post-closing reserve requirements
Not limited to first time home buyers
Finance needed property improvements into loan amount up to 103.5% of “After Repaired Value” (case by case, contact me for details)
NO MORTGAGE INSURANCE: That means lower payments than FHA
Full doc only, must have stable work history (2+ years)
Self-Employed borrowers okay with 24 month average income
620 minimum credit score
No open collections, charge offs, judgments or tax liens
No pre-pay penalty
30 year fixed rates
Primary residence only
Available for SFR’s, condos & town-homes only, No mobile homes or multi-family properties

To verify if a property is in an eligible area go to the following link:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

If you would like more details on how to qualify for this loan please feel free to contact me at your convenience.

Elliott R. Oliva
Mortgage Banker
Envoy Mortgage, LTD.
202.681.1636 direct
eoliva@envoymtg.com
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0 votes 14 answers Share Flag
Wed Aug 11, 2010
Andres Piedra answered:
HI USAF05. I guess you could call me USAF07, as that is when I left active duty.

Anyway, you're received some great information here. USAA, with whom I used to have a mortgage as well, is the one's who have the 720 rule. You really should shop around for mortgages to find the best rates and to see where you can get approval. Since you are federal employees (I am too, as well as a Realtor), check with Pentagon Federal Credit Union (There should be a branch in almost every possible location we work in this area), Navy Federal Credit Union (they accept all services for membership now) and I can also refer you to some brokers to whom I often refer my clients.

If you need any help along the way, please don't hesitate to ask. If you're not working with an agent yet, I'm more than happy to send you listings and help out in any way, really. Also, if you haven't done so yet, be sure to file a disability claim with the VA which may help you avoid paying a VA loan funding fee in January which could save you thousands of dollars.

Very best to you.

And Piedra
Keller Williams Old Town Alexandria
703-344-6885
... more
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