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Financing in Rhode Island : Real Estate Advice

  • All111
  • Local Info3
  • Home Buying61
  • Home Selling10
  • Market Conditions1

Activity 49
Thu Nov 30, 2017
Tammy Bell Brackett answered:
Which score do banks use most for mortgage lending
0 votes 15 answers Share Flag
Tue Oct 24, 2017
Bcrandall03 answered:
0 votes 1 answer Share Flag
Thu Jun 29, 2017
Justiner2 asked:
0 votes 0 Answers Share Flag
Mon Jan 30, 2017
Karen Lodge Staco asked:
Tue Jul 26, 2016
Joe Borelli answered:
In order to underwrite a 203k renovation loan in Rhode Island, the lender must be approved by the FHA. As there are extensive lending requirements that need to be fulfilled both during and after the loan approval, it is advisable that you work with a FHA 203K lender directly. The complete list of approved 203K lenders in Rhose Island can be accessed below.

http://203klenders.org/rhode-island-ri/
... more
1 vote 6 answers Share Flag
Mon Mar 9, 2015
Brian Martucci answered:
Lenders cannot discriminate on age, if you are qualified for a mortgage, you should be able to get one at any age.
0 votes 12 answers Share Flag
Sat Oct 4, 2014
Allan Erps answered:
Fri Jan 31, 2014
Josh Greenwald answered:
Hi Steve, I have a few properties and development projects on the books right now which you might be interested in - give me a shout at joshg@alumni.brown.edu and 401 527 1994. Talk to you soon. J ... more
0 votes 3 answers Share Flag
Wed Nov 20, 2013
Dennis DelGizzo answered:
Having a 50% down payment is a very good thing and currently the market has lots of incentives for first time buyers and people with low incomes. But the bottom line is you need regular income to own a home. Not only to pay your taxes, mortgage etc. but for general maintenance and repairs. Houses cost money there's no way around it! ... more
0 votes 9 answers Share Flag
Thu Oct 3, 2013
Denis DaSilva answered:
I may be interested in helping you with hard Money loan if the deal looks right. Call me 401-519-4444 and I will review the property.
principal
Denis DaSilva-Broker CDPE, LMC e-Pro
Managing Partner | reavolv real estate | Website: www.reavolv.com
phone: 508-813-6875 | email: Broker@reavolv.com
Broker License for Massachusetts and Rhode Island
... more
0 votes 4 answers Share Flag
Fri Dec 28, 2012
Epicsconartist asked:
I'm going through a divorce and trying to find options that will allow me to keep my current home. I have a significant amount of equity in the home and staying here is essential to…
0 votes 0 Answers Share Flag
Mon May 21, 2012
answered:
Hi Helene,

This is from the FHA handbook:

2-6 STABILITY OF INCOME. We do not impose a minimum length of time a borrower must have held a position of employment to be eligible. However, the lender must verify the borrower's employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers. The borrower also must explain any gaps in employment spanning one month or more. Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the lender.
To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability.

I suggest you speak with a local mortgage professional to discuss your situation.

Best regards,

Elva A. Wormley
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
... more
0 votes 1 answer Share Flag
Sun May 20, 2012
Rich Homer answered:
That is a question for good local Mortgage Broker. Find one here http://www.trulia.com/voices/directory/02917-mortgage_broker_or_lender--41723
http://www.naplesrealestateguys.com/
0 votes 1 answer Share Flag
Tue Feb 28, 2012
Vickie Pizzarelli answered:
Nancy,
I am holding a Free Home Buying Seminar on March 7th at Coastway Community Bank at 1155 Reservior Avenue in Cranston, RI from 5-6:30pm. There will be a Loan Officer there, an Attorney and Myself from New England Realty Group. It might be benefical for you to attend so you can get all of your questions answers with no obilgation. This is for educational purposes. Please feel free to contact me if you can not make it as we will be holding them monthly. Vickie Pizzarelli 40-432-4129 or vickiepizzarelli@gmail.com I look forward meeting you. Vickie Pizzarelli


p.s. Hi Joe :)
... more
0 votes 8 answers Share Flag
Mon Jan 9, 2012
Lynda Mckenzie answered:
Are you looking at condominium properties? If so then the date represents when the condominium approval will expire.
Once the expiration occurs, new paperwork will need to be submitted to obtain FHA approval again. ... more
0 votes 1 answer Share Flag
Sun Jan 8, 2012
Annette Levinson answered:
Even if your charge off for the auto is older then 7 years old it would probalby still show up on your credit report. Many companies report charge offs every couple of years so that it will show. Also did they get a judgment against you? If so it will also show on your title report and you would not be able to close on the mortgage. ... more
0 votes 2 answers Share Flag
Sun Jan 8, 2012
Annette Levinson answered:
0 votes 1 answer Share Flag
Sun Jan 8, 2012
Bob Movin-On answered:
Did you check all 3 credit reporting agencies?

If it was charged off and there was no law suit or judgement you could let it ride, depends on how you feel as a person.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movn-On LLC
Helping families/people that have lost or will loss their homes get back into another in as little as 6 montrhs
... more
0 votes 1 answer Share Flag
Wed Nov 2, 2011
Bethany1201 asked:
In my world of subs they are taking the name for the mtg from there some are adding names dropping middle initials ect... My thought in my head is that you need a deed marr cert to make…
0 votes 0 Answers Share Flag
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