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Financing in Raleigh : Real Estate Advice

  • All784
  • Local Info78
  • Home Buying291
  • Home Selling49
  • Market Conditions22

Activity 39
Fri Jun 9, 2017
Ndwilli6 asked:
Purchased home for $90,000.00, received loan amount of $95,900.00, which is 70% of ARV. The ARV is no less than $137,000.00.

Again, here are details:
Closed on home—05/26/2017
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Fri Mar 3, 2017
Simon asked:
4 years tax records. Have a full-time job. In the middle of applying a non-profit H1b visa. But in F1 (OPT) visa with EAD card (work permit).

Can people with above situation get a home…
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Wed Oct 19, 2016
Gusdud1989 asked:
I graduated end of last year. I have been working for over 1 year in restaurant as a server. I'm tired of paying rent fee and it increases every year. So I try to get the mortgage before…
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Thu Oct 13, 2016
Blizzardjh asked:
When filling out the information to get a refinance quote there's a field called "cash out". I'm not sure what to put there.

Thanks, Jami
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Thu Oct 6, 2016
Adil asked:
I am not qualified to get a traditional mortgage to purchase a home and i heard about companies who purchase the home for you and leases back to your for three years giving you the option…
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Thu Sep 29, 2016
Kris asked:
My husband is our family's primary breadwinner and recently left his corporate executive position and is now doing consulting work for his own newly formed LLC. His income is currently…
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Tue Jun 14, 2016
Sundharsham007 asked:
I have a signed a contract and I got preapproved for a loan with the builder's lender. The builder mentioned that I am not obligated to use their lender. The closing date will be in…
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Wed Mar 16, 2016
At 510-515 the options are very slim. you'll need at least 20-25% down payment and it will be a non-prime loan meaning the rate is gonna be pretty ugly.

You should definitely work on getting your finances/credit in order before purchasing. This will help you qualify for a more consumer-friendly loan (lower rates and down payments) and it will help ensure that not only do you get into a home, but you STAY there! After all, the goal is to be a SUCCESSFUL homeowner.

Most lenders will require at least a 620 credit score to do a 3.5% down FHA loan or a 5% down conventional loan. There are a small handful of lenders who are able to do FHA with as little as a 580 credit score (us included), but just meeting the credit score requirement will not ensure you get approved.

Your best bet is to speak to a lender now to see where you are at and to identify areas to work on over the next 5-6 months. Maybe enlist professional help with raising the credit.

If you develop a plan and stick to it, then you'll achieve your dream of owning a home!
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Thu Jan 7, 2016
Catherine asked:
We currently have an FHA loan for our home, but are looking to refinance the loan and finance a home renovation and addition. I think we would need more than the current equity we have…
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Thu Jul 16, 2015
Hi Matrix4749,

It depends on several things.

Will this be a new primary residence or is it a true 2nd or vacation home?

If it's a new primary, the answer will depend on the loan program and the lender due to overlays.
The guidelines for FHA, VA, Fannie Mae & Freddie Mac are all different when comes to the requirements for buying a new primary where you convert the current primary to a rental.

If it's a true 2nd or vacation home you'll be looking at either a Fannie Mae or Freddie Mac loan. The requirements will vary depending on your credit score and how much money you're putting down.

I would be happy to go over all of your options and answer all of your questions so you can make an informed decisions.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
NMLS# 787231
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Mon Apr 13, 2015
Ernie Behrle answered:
I have 3 lenders I can recommend that are great to deal with:
Natalya Hill with Hamilton Funding Group 919-881-4121 x101
Joe Mecca with Mecca Mortgage 919-790-8300
Chad Erling with Primary Residential Mortgage 919-256-3150

Good Luck
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Thu Mar 12, 2015
Ernie Behrle answered:
Tanya.. for a lender, try Natalya Hill with Hamilton Group Funding 919-881-4121 x101. She and I have known each other for over 20 years now and have collaberated to assist many first time home buyers. I can be contacted using the link under my picture or thru my website shown below.

Good Luck!!

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Thu Mar 12, 2015
Ernie Behrle answered:
Try Natalya Hill with The Hamilton Funding Group 919-881-4121 x101 I have known and worked with her for over 20 years now. Very Reputable !!
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Tue Mar 3, 2015
Tim Moore answered:
It is possible, it will depend on many things but mainly how much equity you have in it. Speak to some banks and see if they offer home equity loans.
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Mon May 26, 2014
Jessica Rollins asked:
number for my HOA so they can obtain a copy of the master insurance policy. I have written to the HOA (a Garner PO box) but have not heard back in nearly 2 weeks. Is there somewhere I can…
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Sat Jan 25, 2014
Important Back to Work Definitions

HUD announced several key terms that must be reviewed in accordance with this program.

•Economic Event: an occurrence beyond the borrowers control that resulted in a Loss of Employment, Loss of Income or a combination of both which resulted in a loss of Household Income of 20% or more for a period of six or more months.
•Onset of Economic Event: the month of the start of or loss of income.
•Recovery from an Economic Event: the re-establishment of acceptable or satisfactory credit. Satisfactory Credit equates to no derogatory credit for any mortgaged or leased property in the 12 months preceding the mortgage application. This also includes any installment or revolving debt for the same period.
•Borrower: “Borrower” includes all parties including primary and/or co-borrower as listed on the loan application.
•Borrower Household Income: the income of all parties on the application or Household Members as listed from the previous Economic Event and derogatory credit.
•Housing Counseling: Counseling from a HUD-approved housing counseling agency related to home ownership and meets acceptable requirements.

If you feel that you might qualify or have any questions regarding this new FHA Back to Work mortgage program, then please give us a call.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
Fill out my form!
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Wed Jan 15, 2014
Angie Cole answered:
I would be happy to connect you with a mortgage broker. Give me a call 919-538-6477 or
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Wed Jan 15, 2014
Marc D'Angelo - Lender answered:
Olend, I help clients all the time clear up their issues at no cost. In most instances we can accomplish this in as little as a week. Please feel free to rech out to me any time. I am available 7 days a week.

Marc D’Angelo
Mortgage Banker
678.442.3405 Office
678.985.6834 Fax
404.925.8291 Cell
apply online:

50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
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Sat Aug 17, 2013
Irina Bennett answered:
Here is an answer from a lender for you:
In general, there are no prepayment penalties allowed in NC on primary residence loans. When you initially "buy" a loan, if there is a prepayment penalty, it has to be disclosed and many times, you are allowed to "buy it out" by paying for this up front. Ask your lender about this.

Amy BonisMortgageTeam
(919) 414 - 4430
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