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Financing in Southport : Real Estate Advice

  • All36
  • Local Info5
  • Home Buying9
  • Home Selling2
  • Market Conditions3

Activity 2
Andrew Luett, Real Estate Pro in Chicago, IL
Mon Jan 17, 2011
Andrew Luett answered:
Hello,

Gathering & sending all of the required paperwork to HUD in Atlanta, GA is a cumbersome process. The turn around time for approval is a minimum of 2 to 3 months.

We are DELRAP approved which means that we can side step sending all of information to Atlanta; our approval turn time is approximately 1 to 2 weeks once all of the documentation is received. I would be happy to help you facilitate this process if you're open it.

Regards,
Andrew
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Robin Silver…, Real Estate Pro in Garden City, NY
Sun May 9, 2010
Robin Silverberg answered:
I'll give you an idea of something that occurred with someone who contacted me back in January. He was buying an apartment for his son in Manhattan. The son did not have enough income to qualify, and the father did not want to go on the loan as anything other than a non-occupant co-borrower. I had someone who was willing to do everything he wanted, even on a condo that did not meet Fannie Mae criteria, new construction with less than 70% sold and owner-occupied. He was recommended to me by a friend who has been a very good client of mine over the last 10 years. He found someone on-line who promised him a lower rate than I could give him. He called me a month ago because the low rate was not the rate he was really going to get, but told me that he needed to close in 2 weeks. I couldn't get it done for him in that time, so told him to just close with that lender. Well, you guessed it, he called a few days ago, he still hadn't closed, is so mad with this on-line mortgage person he found that he is going to close with all cash ($1.5 million apartment) and wants to cash out after closing. The lender that I was going to use for him for a purchase will not cash out to a non-occupant co-borrower. I was finally able to find someone to do the loan for him, but although it is a very good rate, he will have to pay 1 point to get the loan. I think this person learned his lesson, and you can learn something from it too. You don't necessarily have to use a local bank, but you should use a loan officer that is recommended by someone who had success with them. ... more
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