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Financing in Sterling : Real Estate Advice

  • All49
  • Local Info7
  • Home Buying13
  • Home Selling0
  • Market Conditions4

Activity 4
Mon Jul 29, 2013
The Spear Realty Group answered:
Dear Paul,

This must be an exciting time for you and your family.

You may be able to purchase a home in VA using a loan product depending on your employment status and income to debt ratios and if you have any US credit trade lines open.

Have you been paying taxes through your ITIN?

I would recommend you contact a reputable lender. I know several fabulous ones!

Feel free to contact me and I will share their name and numbers/emails with you.
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Sat Feb 9, 2013
Elliott R. Oliva answered:
If you could tell me what area(s) you are looking to buy in I can put together some detailed information as to what loan programs are available. There are 2 or 3 no money down programs that may interest you.

Elliott R. Oliva
Loan Officer
Washington Mortgage Group, Inc.
703-344-8153 direct
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Mon Aug 30, 2010
Thom Colby answered:
Faith -

You've recieved some terrific answers - I agree you shoudl go see an attorney familiar with lending practices in your state.

Now, let me add a little tidbit that no one (in your loan transaction) may have shared. Did you use a Mortgage Broker / Lender who was afilliated with the RE Broker? If so, they may have a joint venture with a larger mortgage company that was re-branded for that Brokerage. If that Loan Officer and Broker didn't do everything they were supposed to do, correctly, the parent Mortgage Lender may be calling the loan from the RE Broker (not you) and they may be trying to dump the problem onto you.

Again, find an attorney for a consult, make sure you have a copy of every piece of paper you signed and if you don't get resolution in writing quickly, call the Attorney General's office in your state.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. There is NO benefit to the Seller or Buyer but only benefits the Agent.
888-391-5245 Direct Cell
DRE# 01398570
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Sat Sep 27, 2008
James Wheeler answered:
Hi Phil. Virtually anyone who offers "regular" conforming loans also offers the temporary conforming jumbo loans... Bear in mind, however, that use of the temporary conforming jumbo limits comes with strings attached - stricter rules and higher rates. Very few borrowers are actually using them. The vast majority of jumbo loans are being written as 5 yr ARMs or not at all... Another important consideration, if you really want a conforming jumbo, is the location of the subject property. Will this new home be located in in Loudoun County (in the DC metro area)? The temporary conforming jumbo loan limits are *not* uniform. They vary from county to county, based on area median home prices, like FHA loan limits. In Florida, for instance, the only county that temporarily has the maximum limit of $729,750 is Monroe (Key West). In Virginia, the counties that have that max limit are all in the DC metro area... It may be "easier" to use builder financing, but not necessarily better. You're not as likely to get the widest range of options and the best advice, and in the end, it could well be more expensive, despite appearances to the contrary. There are many variables in any purchase, and especially in new construction. When the seller also arranges your financing, you've just compromised what is otherwise a powerful safeguard for you as the buyer. Scrutinizing the transaction and the collateral protects the lender, of course, but it also protects you as the buyer / borrower. The lender reviews the purchase contract, orders and reviews the appraisal, orders and reviews the title work, etc. When the lender is an affiliate of the builder selling you the home, do you really think it's the same? Toll Brothers is a premier builder, but you can imagine that the very real people involved in selling their homes have very cozy relationships with the very real people involved in originating their mortgages. Your Toll Brothers mortgage specialist is going to care a lot more about Toll Brothers and the folks he or she works with everyday, than about you. Instead of seeking to build a long-term relationship with you by watching out for you and impressing you with great service and results, their natural inclination will be to preserve and protect the long-term relationships they already have. ... more
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Financing in Sterling Zip Codes