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Financing in Virginia Beach County : Real Estate Advice

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  • Local Info0
  • Home Buying6
  • Home Selling1
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Activity 31
Thu Aug 3, 2017
answered:
Some lenders can use your assets to approve you. We would need to generate an income based on your current assets. If that income is likely to continue for 3 or more years, it can generally be used. I hope that helps answer your question. ... more
0 votes 1 answer Share Flag
Thu Dec 22, 2016
Scott Godzyk answered:
Buying leads can be a waste of money, many people get the same leads, some can be old and not all are eve interested in buying or can buy. Generate your own. I find most of my leads come from my Active Rain Blog. Sign up for free, i put a link below. Market yourself, what you can do and attract your own leads that are not shared with anyone ... more
0 votes 1 answer Share Flag
Fri Oct 7, 2016
Johnathon asked:
Before looking at houses, I spoke with a loan officer and made it clear to him the nature of my work, my wife's work, and the amount of money we make. He collected various documents…
0 votes 0 Answers Share Flag
Fri Sep 9, 2016
Mariyaluci answered:
There are two types of FHA 203k Rehab loans available - Standard & Streamline ($35k max, no structural work). These loans can be used for purchase or refinance. They are similar to a one-time close construction loan. You can buy/refinance and include repairs/renovations in the same loan. Very few lenders offer this product today. I can refer you to a lender that does both types of these and has the lowest minimum fico score requirement at 580. Another thing to keep in mind is the time the lender takes to disburse the draws to the contractor. I've heard of horror stories where the lender takes 60-90+ days to get the contractor paid. The lender I know disburses in 10 days, probably the fastest in the industry.
http://usaconstructionloans.com
... more
2 votes 14 answers Share Flag
Fri Feb 20, 2015
Brian Martucci answered:
I can help with that if you like, we are licensed in all 50 states. But realize that on a rental property when you refinance you are typically limited to 75% loan to value on a standard Fannie Mae or Freddie Mac loan. So as long as you have 25% equity in the property you should be fine to refinance it. Or perhaps you have a substantial amount of equity, more than 25%, and you want to do a cash out refinance? That is possible too, you can get up to the same 75% loan to value. Please contact me with any other questions. ... more
0 votes 2 answers Share Flag
Tue Jan 14, 2014
Josh Barnett answered:
Visit a local branch in person and complete a new application to receive a more immediate response.
0 votes 6 answers Share Flag
Thu Jan 9, 2014
Todd Brozovich answered:
Brian,
I know this question was asked in April but the only lenders in this area that may entertain that type of property is Bank of America and or Wells Fargo. You can check there if you have not moved on. Have a great day. ... more
0 votes 1 answer Share Flag
Thu Aug 29, 2013
Drew Hitt answered:
One of our Rent To Own buyers is getting a new loan through Bank of America next month. (Rent credits usually just come off the purchase price, they don't account as money down).

We did have a rent to own buyer default this year. They had military orders out of the country. So lucky for them, they could walk away, and we just get the house back. Had they owned the house and had a traditional mortgage, they would have a short sale right now. So for them, it worked.

Good option for the Military if you're unsure of future orders.

Drew

P.S. We have three rent to owns coming available now if anyone is interested, 2 in Virginia Beach, 1 in Chesapeake.
... more
0 votes 6 answers Share Flag
Mon Aug 26, 2013
Chris Nealy answered:
What makes you think your HOA won't find out that you are not in the house and your friend is in fact renting it? Him paying the mtg is still money you are recieving and that sounds a lot like rent. Are planning on paying the utilities too? As soon as that name change on the utilities goes out its public info. Also if you have repairs needed your HOA may require them even if you do move out and you certainly need to do it if you home requires a rental inspection. Its a slippery slope when you try and do things under the table. Fix it up, sell it, then buy something else or stay put until you can afford to buy something.. Cleaning and paint are cheap and go a long way to make a place look nice. Do as much of the work as you can before you sell it. ... more
0 votes 9 answers Share Flag
Mon Aug 26, 2013
Vincent Paige, P.A . answered:
Nervous that the economy will nose dive again, worried about stability of work situation. Analysis paralysis..etc.

VP
0 votes 2 answers Share Flag
Mon Aug 26, 2013
Chris Nealy answered:
Conatact Sherry at Monarch Mtg. She may be aable to get you a loan. There was a new law passed where the waiting period has been shorted to a year if you can show there were extenuating circumstances such as illness, unemployment or some other hardship. Send me you contact info and I will forward it to Sherry. seashorenealy@gmail.com ... more
0 votes 16 answers Share Flag
Sun Mar 17, 2013
Lori Jeltema answered:
I'm glad you removed your last post! Good luck!
0 votes 5 answers Share Flag
Sat Mar 2, 2013
Robert H. Ashburner, Jr. answered:
Jeff,

Julie mentioned me and Nick in her recommendation... And yes I would also recommend myself, but to be of service to you please consider searching for a local lender that works for a firm that will take your application face to face, process, underwrite and close your loan locally and start your search at www.vhda.com for an approved mortgage lender. Yes I am on that list and I work for a local firm that will take your application face to face, process, underwrite and close your loan locally. If you are looking for an agent I also would recommend Julie Butler http://www.williamewood.com/juliebutler and her Team members Don Maclary http://chooseahomenow.com/ and Tabatha Evans http://www.williamewood.com/tabathaevans . To your question what is the minimum down payment - painfully it depends. If you have eligibility for a loan program guaranteed by the veteran’s administration you would not be required to make a down payment. Many factors will determine what loan program will be best for you and what sort of pricing you will receive for each respective loan program such as your cash available for down payment and closing cost, credit scores, total proposed housing payment (Principal, Interest, Property Taxes, Homeowners Insurance, Mortgage Insurance, any Association Dues or Special Assessments) divided by (total net effective gross monthly income) better known as the Front Ratio. Lenders will also take a look at (total proposed housing payment and add that payment to all of your monthly contractual obligations) and divided that figure again by your (total net effective gross monthly income) to arrive at your total debt to income ratio better known as your Back Ratio. In general a VA loan does not require a down payment within conforming county loan limits, FHA loans requires a minimum of 3.500% as a down payment, Conventional loans can be obtained with as little as 3.000% for a down payment depending on credit scores, front and back ratios restrictions and availability of private mortgage insurance. I hope this helps

Robert H. Ashburner, Jr. – Loan Officer
NMLSR 607856
Monarch Mortgage
2809 South Lynnhaven Road, Suite 200
Virginia Beach, Virginia 23452
(757) 390-2235 Direct Line
(757) 652-5851 Mobile
(757) 390-2335 Direct Fax
http://www.monarchmortgage.com/rashburner.php WEB
... more
0 votes 28 answers Share Flag
Thu Feb 28, 2013
stardow answered:
im a young lady in my 30's i have no good credit trying to build it back up. would like to know how can i rent to own a home in chesapeake. i rent 850.00 amnth but will purchase the property. can i find something cheaper bigger and own for that amount. ... more
0 votes 3 answers Share Flag
Thu Feb 14, 2013
Robert H. Ashburner, Jr. answered:
If you really want to obtain an educated grasp on the direction of mortgage interest rates sign up for a FREE trial of Barry Habib’s MBSHIGHWAY at http://www.mbshighway.com/registration/trial-registration once on the site watch today’s market commentary video why 1515 is critical to Mortgage Rates. Barry explains what moves the markets and what is currently having an impact on mortgage rates and what he sees as potential pockets of opportunity to obtain a better mortgage interest rate. There is an old adage about speculating in the markets. “Win Playing to Win Play to the Perception” what that means is that even if Barry is 100% correct and the perception of the market players is contrary to Barry’s insight the direction of mortgage interest rates will be unpredictable, and extremely choppy – buckle up. If you are considering locking in a mortgage rate you will need to keep your eyes on the markets until you lock. Once you lock get your lender everything and anything they ask for to document you loan file. ... more
0 votes 3 answers Share Flag
Sun Feb 10, 2013
Richard Calderon answered:
Hi Amber,
I noticed that no one ever answered your question.I hope everything worked out and wish you the best.

Again on behalf of VA..... SORRY
0 votes 1 answer Share Flag
Mon Jan 7, 2013
Robert H. Ashburner, Jr. answered:
Jeremiah, I am sorry I am just seeing your post. I hope you have experienced some success since your post. To that I would recommend that you sign up and attend a FREE first time home buyer education class sponsored by Virginia Housing & Development Authority www.VHDA.com. There you will learn ways to improve your credit as well directed to FREE resources that will help you. Here is a link to http://www.virginiahousingcounselors.org/ here you can trust that the people you find to help with your credit will one be for free and two qualified to help. I also facilitate the class at least once each month on a Saturday. My classes are taught at www.beachford.com because they have an excellent training room. The class is a 6 hour class from 9am to 3 pm. The course topics are personal finance, credit, role of the lender, role of the real estate agent, the home inspection and finally the loan closing. I will be posting my 2013 Schedule on the VHDA web site soon. Robert H. Ashburner, Jr. NMLSR 607856 (757) 652-5851 ... more
1 vote 8 answers Share Flag
Sun May 20, 2012
Jonathan O'Connor answered:
My very best guess is you need a Green Card. Call Cara Hunt at 757-348-2262 . She is with Atlantic Bay Realty. ALWAYS use a LOCAL LENDER. Local Banks and mortgage companies can do things for you that large massive banks cannot. Do you want somebody on your team looking into your eyes across a table or do you want to be a case file number? Local Bank, Local Mtg Co.... customized face to face service. http://www.atlanticbay.com/about ... more
0 votes 3 answers Share Flag
Fri Jan 13, 2012
Julie Butler answered:
I know someone who may consider doing owner financing. They are rentals for him and he doesn't have them listed yet, but they are condos in Portsmouth, not Virginia Beach. Let me know if you are interested... ... more
0 votes 4 answers Share Flag
Sun Nov 21, 2010
answered:
Hi, Don. Depends on how the market responds to the election results. Traditionally rates start to inch up around this time of year anyway. Lenders know everyone that 's trying to close before the end of the year for tax purposes will do so even if the rate does climbs .25-.50 bps. They then hedge their bets (and rates) accordingly. ... more
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