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Financing in Savannah : Real Estate Advice

  • All324
  • Local Info30
  • Home Buying107
  • Home Selling8
  • Market Conditions16

Activity 14
Fri Jun 30, 2017
Valerie Garrett answered:
hello I'm coming from Milwaukee Wisconsin I'm trying to relocate to Atlanta but I'm having a hard time due o an eviction on my record can you help me and kids get into a house ... more
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Mon Sep 19, 2016
Rosejudyy answered:
For a jumbo construction loan, I have not seen anything besides 20% down. I have not heard of anyone that has 10% down on a jumbo construction loan I am afraid. Hopefully you get some positive responses though. If not, I wonder if you can come up with 20% down (maybe get some gift money?), and then after settlement, get a 10% equity line to pay back whomever you borrow another 10% from? Just a thought. Good luck.
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Sat Feb 15, 2014
Trey Swain answered:
Call me Cheniqua. I am right here in Savannah and I can get you into a home in the area with only $500 out of pocket! My preferred lenders have some awesome programs available!0
0 votes 9 answers Share Flag
Mon Nov 11, 2013
Jenny Rutherford answered:
If you mean RD as in USDA loan... the loan is specific to the property. In Savannah that will be for anything west of I95 and you must close on the property you're having the loan written for. ... more
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Tue Sep 17, 2013
Allyson Venglik answered:
Yes, talk to a lender and see if you can recoup the closing costs with 24 months.

0 votes 8 answers Share Flag
Wed Aug 14, 2013
Joe Iannacone answered:
Sorry spoke with TH from Brand Mortgage and she said it was possible? Please contact me so we can sort through this for you.
0 votes 5 answers Share Flag
Tue Aug 7, 2012
Bill Eckler answered:
Hi Ben,

The value of any property is determined by the buyer.....a home is only worth what an individual is willing to pay for it. As a buyer, you are benefitting greatly form the REO an owner, regardless of what you pay for the property, its worth will still be dictated by the amount the an individual is willing to consider.

Many people confuse market value(appraised value) and assessed value. Assessed value is a number assigned to your property by the assessor that is used to determine the annual tax amount.

You are getting a great deal and the appraisal is supporting an even better one. If this is the right home in the perfect location don't get too bogged down with numbers that really are not of a great concern. Enjoy your new home.

Good luck,

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Wed Mar 28, 2012
Ken Krzak answered:
Yes this is true. Your lender has to be able to do these loans and you need to qualify with income and assets. The Federal Savings Bank and I are able to provide these loans.
0 votes 7 answers Share Flag
Wed Oct 12, 2011
Erin Rowley Stoner answered:
Hey Will.... something else you might want to consider: City of Savannah and the state of Georgia have programs that help first time buyers purchase homes. They will pay your down payment and often times you can negotiate a seller to pay your closing costs. The loan itself is backed by FHA, so I encourage you to look into it.

Patricia Small at FIrst Bank Mortgage is proficient in this program.

If you would like to discuss, email or call me anytime.

Best of luck!!

Erin Rowley
Realtor GA & SC
Century 21 Fox Properties
(912) 224-0460 cell
(912) 352-2747 cell
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Wed Dec 30, 2009
Jonathan Rainer answered:
More succinctly, your 3.5% down is cash you must bring to closing, AND then you add on closing costs.

As others have said, you can get up to 6% from a seller to cover the closing costs! That's a great benefit to the FHA loan.

Good luck in your search!
... more
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Thu Oct 22, 2009
Jinan Lamas Cole answered:
While I don't know all the particulars, you should be fine. Are you using your wife's income to qualify? Your buyer's agent should be told immediately(he/she works for you) But you need to let your lender know today as well. They WILL find out. He/she can guide you through the process of resubmitting or whatever you need to do. I don't know what your due diligence period is for your contract, but if you have to delay closing in order to meet lender requirements, or can't close at all you ,may be in a position to forfeit your earnest money if you don't clear things up right away. I would suggest extending your due diligence period to cover getting things straightened out. Your agent knows what to do! ... more
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Mon Feb 16, 2009
Jinan Lamas Cole answered:
It will depend on your income to debt ration and your credit score. Please contact me if you'd like more details.
0 votes 7 answers Share Flag
Wed Jul 25, 2007
Joshua Jarvis answered:
This is more common than most people think. Usually with an out of state lender, new construction or a small company. You should have no problem getting the appraisal fee back. If you are on good terms with the loan person you might simply ask him.

If this is New Construction, all bets are off, please call the builder immediately to arrange alternative financing. They use their own contracts most of the time so any advice would be very limited. If it's a resale then read on...

In terms of the earnest money, it's likely that you'd be past all your contingencies to keep it (although you should check with your agent), in which case you should switch loan persons. A good one will get you to the table on time but it will be very difficult (especially without the appraisal done). Standard Georgia contracts come with a unilateral extension right of 7 days. Assuming you haven't used it already, you could extend the closing by 7 days without penalty.

Your best bet, is to consult with your Realtor to find out what your options are. Communication is key, even if the loan person you mentioned here is their recommended person.

"Satisfactory" is not a term in the contract. Please review the contract, there are "ceiling" terms in the contract. Meaning, if you used a standard Georgia form, then you'll have the terms of your supposed loan spelled out. You should check immediately to see if you still have any financial contingency period left on your contract.

Something else to consider is who you were talking with, what is your financial situation, what loan would be satisfactory? In my experience, 8 loan officers will give you 8 different options, but most reputable companies will be close to one another with their quotes. You should always shop 3 and see which one would be best. You can have them check your credit up to 5 times without penalty.
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