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Financing in Saint Petersburg : Real Estate Advice

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  • Local Info47
  • Home Buying201
  • Home Selling17
  • Market Conditions31

Activity 18
Fri Dec 2, 2016
Adrimmer asked:
I own my home with no mortgage. Estimated value (low) $350k. I would like to make improvements costing about $50K. I am looking for a home equity loan. When I go to banks they ask me…
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Fri Dec 2, 2016
Pleasedonotcallus asked:
I am looking for a more technical than off the cuff answer. Not just referring to income tax returns but New Income, Gross Income, Income before Expenses or a simple summation of all income…
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Fri Feb 13, 2015
Budd Morris answered:
Yes- this can be done but I would suggest a real estate attorney
0 votes 4 answers Share Flag
Wed Jan 15, 2014
Lola H Walker answered:
I'm really not aware of whether you can do a short refi. Contact a good mortgage broker or lender to get that information. I can personally recommend Dave Ansel with VanDyk Mortgage, DAnsel550@vandykmortgage.com. Best of luck! ... more
0 votes 3 answers Share Flag
Tue Jun 11, 2013
Bobbur answered:
we loan private money but will not go to st pete, just dumped 2 houses there. private money does not grow on trees. It is a rare and valuable commodity and advertising for it is a violation of sec regulations. You must have experience and down payment and ability to repay not just based on the property cash flow. the smartest advice i can give you is to get your private lenders in NY where people know you and trust you. if you can't do that i have serious doubts about you getting it in Florida.

Bob Burozski
Private Banker Loans
... more
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Tue Sep 18, 2012
Alma Kee answered:
Tue Sep 18, 2012
Fred Glick answered:
No, because we get people pre-approved with mortgage people that know what they are doing and we train our agents in financing so they don't waste their time with people who have deals that can't be done.

That's a hard reality that most agents won't accept but need to understand.
... more
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Wed Aug 31, 2011
Annette Levinson answered:
Sallie Mae is for student loans. FHA and FreddieMac allow relatives to be co-borrowers even though they won't live there. If your parents are 62+ have they explored a reverse mortgage? There is no income or credit qualifications. ... more
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Mon Aug 8, 2011
Cathy Sloan answered:
Braeden

Many of the professionals here suggest you look for a FHA approved Condo community. I have provided two excellent sources below for finding FHA Approved Condo Communities:

http://www.forfha.com/florida

https://entp.hud.gov/idapp/html/condlook.cfm

I agree with many of the professionals here that dealing with a local Mortgage Broker has proved more successful in obtaining financing on Condos in Jacksonville.

While a comunity must be on the FHA Approved list that does not guarantee you will secure an FHA loan. I recommend you to ask your lender to begin with getting the Community HOA to complete the condo questionnaire before you invest $700 or more for appraisals & home inspections.

Many condo communities in Florida no longer meet the FHA guidelines to aprove funding for your loan. Condo communities whose HOA deliquency rate exceeds 15%, HOA is involved in litigation, or % of rentals to Owner occupied units no longer meet FHA guidelines to fund your FHA loan.

Look for foreclosed bank owned units. Many of those are offering 3% financing. If financing is offered it will usually say so in the listing. The rate is a little higher but you will not pay MIP which usually will result in a lower payment for you than FHA.

Best of luck in your search.
... more
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Sat May 21, 2011
Caroline York answered:
Is this a bank owned or short sale? I recently had a buyer under contract with a bank owned condo. One week before we were to go to closing the bank came back and said that the buyer had to pay an extra $14000 to cover "costs." This was in addition to the normal HUD closing statement expenses. So if you are purchasing a REO/bank owned or short sale property the terms can change at the end of the transaction prior to settlement. If this is purely a lender altering your loan at the 11th hour I would take the package to another lender and see if they can put your loan together. Do not go to a lender on line. Make sure you are in front of the person and can really communicate. ... more
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Fri Mar 18, 2011
Alma Kee answered:
Oops! I meant to try www.AimLoan.com if you are putting 20% or more down, they're pretty much unbeatable on the rate and the lowest "lender related fees".

And beware because some lenders will incorrectly estimate your closing costs and not include things you are responsible for and likewise they may overstate some costs. You need to only look at the "lender related fees" that they actual control. All other costs will be the same regardless of which lender you select. ... more
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Tue Mar 8, 2011
Jon Trombetta answered:
If you were approved for a $98k loan, and you want to purchase a property at $120k, then you would need to just come up with the $22k difference as your down payment then add your lenders closing costs. On a $120k purchase price, $22k is just under a 20% down payment. If you can come up with just a bit more to get to the 20% down payment you will find that mortgage interest rates become more favorable giving you a better chance to hit that monthly payment you are looking for.

I hope this information was helpful.
... more
1 vote 1 answer Share Flag
Wed Dec 29, 2010
Alma Kee answered:
Dear Nurse Ed,

Unfortunately the "servicers" for your mortgage have their own best interests at heart, not yours. They most likely do not OWN the mortgage, they are just "servicing" it by collecting your payments and putting you through this distress. Call them and ask them who the actual "investor" is for your mortgage. If it's Fannie Mae or Freddie Mac, they are required to adhere to certain strict guidelines. If they tell you that you cannot be told who the actual investor is that owns your mortgage then ask for a supervisor. You can also do an online lookup to see who actually owns your mortgage. www.MakingHomeAffordable.com for Fannie Mae and Freddie Mac or if not found then go to: Tracey Martin's advice below is the best... https://www.mers-servicerid.org/sis/

Contact your Congressman:

Congressman Bill Young
9210 113th Street
Seminole, FL 33772
(727) 394-6950 begin_of_the_skype_highlighting (727) 394-6950

Also send any requests to your new servicer "in writing" and via certified mail so you can have proof.

Hope this helps you and good luck with getting the new servicer to do the right thing!

All my best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
www.SoldOnTampa.com
... more
0 votes 8 answers Share Flag
Fri Oct 16, 2009
Pamela Cohn answered:
Hi Julie,

Yes you can apply for your loan on line with many lenders. Some Lenders will give a pre-qualification letter and some a pre-approval letter. Most Sellers or REO bank owned properties require a pre-approval letter and do want to know that credit has been check. I know that Wells Fargo and it's affiliates have an online process. A full pre-approval requires you supplying W2's and paystubs and the lender sending it to underwriting. Different loans-different requirements.

Applying online is great way to get started on your home search. I do encourage you to speak with a mortgage broker directly. Choose someone in the area you wish to purchase. If you need help finding one and you have a professional Realtor they should be able to suggest someone. Local lenders have an insight into the area, just as Realtors do.

When applying online, make sure the on-line lender has a local branch. If a problem or question arises, you want to be able to speak to a real person. Some lenders attend their buyer's closing, an additional safety measure to handle any last minute questions or issues that might come up.

Good luck! If you are looking to interview professional Realtors, give me a call or email me directly.

Sincerely,
Pam Cohn
Broker Associate GRI, CDM
Prudential Tropical Realty
727-204-7155
pcohn@prutropical.com
... more
0 votes 7 answers Share Flag
Mon Sep 7, 2009
Pamela Cohn answered:
Love,

As a professional Realtor, I would suggest checking with local lenders/brokers. Local lenders/brokers will be more apt to know about the value of property in your area and use appraisers that are familiar with the area. As for the details of the loan, restructuring or refinancing, I leave that to the professionals. The worse thing to do is nothing. Check out your options and good luck!

Sincerely,
Pam Cohn
Broker Associate GRI,CDM
Prudential Tropical Realty
pcohn@prutropical.com
727-204-7155
... more
0 votes 5 answers Share Flag
Wed Sep 3, 2008
Barry Lynn Miller J.R. answered:
What better way for them to know if you are a serious buyer than to look at your credit - Just because you have cash doesn't exclude you because no one else can come back and claim special treatment- not that it has been a problem in the past they are just cutting out another law suit ... more
0 votes 26 answers Share Flag
Sun Mar 9, 2008
Andrew Adams answered:
If you don't know don't give advice.....

The allowable repairs or improvements are very flexable. You can't add a pool but you can repair one that already exists. The current appriased value would not disqualify the property from the 203K program. ... more
1 vote 11 answers Share Flag
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