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Financing in Stone Mountain : Real Estate Advice

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  • Local Info30
  • Home Buying59
  • Home Selling7
  • Market Conditions15

Activity 10
Fri May 13, 2016
Brittani Mannings answered:
It may be possible, if you are making consistent payments to resolve the issue and you meet the required debt-to-income ratio. My lender is flexible and will be able to advise you on what is best, whether to consult a credit repair specialist or apply in spite the Repo. If you would like more assistance with the application process or have any additional questions, feel free to contact me. ... more
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Sun Feb 12, 2012
answered:
It is possible to do LLC loans. As a matter of fact, I'm financing 2 land developers, 4 foreign nationals and 2 US citizens via private equtiy funding using their LLC's. Although these are multi-million dollar deals, they all use multiple LLC's to buy property. They also use the EIN to qualify. At this level of the game, credit is irrelevant. Property value, down payment and income play a larger role.
Rodney is right though. For conventional deals, you have to play by the rules. Don is also correct-if i finance you via fannie mae, better to put it into a trust or LLC for liabilty purposes.
Bill Polack offers an entire selection of finance programs including but not limited to: Conventional/FHA 580 +/FHA 203K streamline & structural/homepath/VA/USDA/GA nightmare/Jumbo Financing/split loans for jumbo/hard money/HARP (part 2 when available)/business cash advances/zero down commercial and investment loans/stated income loans/just out of foreclosure/just filed for bankruptcy/business start up/franchise loans..ok..that's enough. No website. It's a waste of money.
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Mon Aug 15, 2011
Dan answered:
You can not purchase a home. If a bank is willing to work with you then, after 30 years of renting from the bank, you may be given a home.
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Mon Aug 30, 2010
Desari Jabbar answered:
As others have mentioned, consider using a 230K loan option. This would allow your repair and home purchase to be rolled into one loan. Consult with your mortgage broker for more information on this.

Best of luck to you.
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Mon Aug 16, 2010
answered:
The limitations will vary by lender. Some lenders allow you to refinance once your home has been off the market for 1 day. Others, as other contributors have mentioned, require longer (3-6 months). But ever lender I know of requires that the home not be listed for sale at the time of the refinance application.

There were also some comments about the maximum loan to value allowed even if removed off the market. FHA allows you to refinance 1 day off of the market for as much as 97.75% of the appraised value. Talk with a few lenders in your area and see what their rules are.
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Sat Jul 24, 2010
answered:
Well, you have a couple of issues first of all. If you want to refinance at the value of the home, you need to wait 1 year. Fannie Mae, Freddie Mac and FHA and VA will use the lesser value of the sales price or the appraised value. So, in your case even if an appraiser told you the house was worth $400,000, the lender will give you a value of what the sales price was. You need to wait 1 year.
If you want to refinance to lower your rate only, you need to wait at least 6 months to go FHA. Why FHA? Because if you wait a little while longer, you can do a 203K loan through FHA. This will allow you to refinance the home and add up to 35K or 110% of the after repair value, whichever is less. It's almost always the 110% numbers used. So, I would recommend finding out how much it will cost to repair or upgrade the house. The appraiser will do 2 appraisals and you will have to pay for both. The first will be for the value of the house (65K). The second for the value after repairs $75000 for example. So, if the house is worth 75K after you repair it, then you can borrow up to 82500 which equals 17500 in repairs. You won't get all that money as the lender will charge fees for the loan, escrow and 203K fees. You may have about 12000 left depending on the time of the year you close due to escrow reserves needed at closing. The contractor needs to be licensed, insured, have references, and a resume. He/She will be paid half at closing, in most cases, and the other half after repairs. The 203K loan gets complicated when you borrow over 16000 as it requires HUD inspections when you go over that amount. The loan process can take up to 60 days depending on your contractor's ability to get things to me as quickly as possible. One loan I'm working on right now, the contractor has delayed by 1 week because he was too busy to get me the information I needed to complete the invoice requirements by the bank.
With regard to your debts, you should never use your home equity to pay debts off. There are better ways to do that and I can help you with that at no cost. No, I can't pay them off for you, that takes all the fun out of it.
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Thu Dec 3, 2009
Michael Hammond answered:
Looking at the last two replies, Clif, Keane and Eric may well be correct. I know when the revised tax credit went into effect in February of this year, a few of the provisions changed from the original intent and interpretation, such as being able to take the new credit on either one's 2008 or 2009 filing and whether the $8K credit could be used as a down payment or not. Some clients received conflicting advice from different accountants on these issues. The good news, assuming you are ready to buy something right now, is you have some time before you have to file and these rules and regulations may (likely will) change before then. Once again, please consider making a call to your tax advisor for advice. ... more
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Thu Oct 15, 2009
Carl Henker answered:
What will be the use of the home in Mariposa? If it is a second home / vacation home the VA loan will not apply as it is only available for primary owner occupied loans. If you are moving to Mariposa you will need to show an income source or job in the area? If you go the second home route a down payment of 20% will be needed as PMI is unavailable for second homes. You may also purchase as an investment property in which case a 25% down payment may be needed. A few more details would be helpful in giving you more assistance. ... more
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Fri Sep 4, 2009
answered:
Holy smacks! I'm located in Alpharetta if you have questions even if you decide to use NACA. If you don't qualify, let me know and we'll see about getting you into a much lower rate. NACA may be able to help you. They are comprised of mortgage brokers who work with banks that get money from the federal government to help buy down the rate and pay your closing costs for you. They can get you into rates as low as 2 or 4%. It's a lot of hard work for you and can take up to 6 months to close. You'll also have to pay them a monthly fee of $50 for up to 10 years to cover the loan against default. You have to keep the loan through them for the life of the loan. So, if they get you a rate of 4% and you want to rent the house out, you can't. You can Google NACA and find their website. I don't know their number and because I don't believe in their product, I can't recommend you to them. Bill ... more
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