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Financing in Worcester : Real Estate Advice

  • All206
  • Local Info9
  • Home Buying57
  • Home Selling10
  • Market Conditions6

Activity 14
Tue Apr 7, 2015
Richard Shapiro answered:
Its possible but there are questions that would need to be answered regarding the lawsuit. They have been mentioned in previous answers. Do you have these answers?
0 votes 4 answers Share Flag
Mon Jan 20, 2014
Geof McLaughlin answered:
MassHousing loans are a great choice for a first-time home buyer, but they are not always the best choice.

For a home buyer like yourself that has excellent credit and a 5% down payment, you can get a better mortgage rate with a conventional loan with lender paid mortgage insurance (LPMI) than a MassHousing No MI loan.

You would also get a better mortgage rate on a conventional loan with monthly mortgage insurance (MI) than a MassHousing loan. However the MI will be higher for the conventional loan since MassHousing's mortgage insurance is discounted so the savings from the lower rate may be negated by the higher.
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Sat Jun 15, 2013
Leo DosReis answered:
You can search your self for free at ( LeoDosReis.KWRealty.com) thank you
0 votes 1 answer Share Flag
Thu Jun 6, 2013
Gregorio Denny answered:
It' snot only FHA that allows this, Freddie Mac does as well for a conventional conforming mortgage. Make sure you find a loan officer that knows this.
0 votes 3 answers Share Flag
Mon Feb 13, 2012
Heath Coker answered:
You will have more luck with a local lender/bank who can keep the loan "in house". They will be able to judge you, the property, and your request on a more personal level than those who would sell the loan to an investor like FNMA. Search for a smaller, local banking entity and ask for their most experienced originator.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
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Fri Jan 20, 2012
Heath Coker answered:
Eva's answer is the most complete and informative answer I have ever seen in writing about this subject. I hope you give her the "best answer" selection. I am going to give her a thumbs up.


(Choosing an answer as a best answer, or at least as a thumbs up, helps those who answer questions.)
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Wed Aug 31, 2011
Geof McLaughlin answered:
A great site to check MassHousing mortgage rates is http://www.massaffordablehomeloan.com/rates/.

That website also has quite a bit of information about MassHousing loans including income limits and general qualifying criteria and you can apply for a MassHousing mortgage there too.

Good luck!
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Tue Jan 4, 2011
Rudy McDowell answered:
Hi, Jokam49

You're considered self employed so you'll need your last 2 years of federal tax returns with all pages and schedules to qualify. Whatever your net income was for those 2 years after write offs will be what they determine your average monthly income by. They'll add both those numbers and divide it over 24 months. ... more
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Wed Jun 30, 2010
Debra Enos answered:
Shopping for rates and "pre-approved" isn't the same thing. You don't want your credit ran multiple times, that in itself can affect your credit score....and not in your favor. Don't go go online to one of those sites that says "get multiple quotes"...... Shop rates and APR - that is the interest rate and loan fees (origination) combined.....One of my buyers got a quote from someone they found on "the radio", they are devote Christians and it was a Christian radio show, so they thought that they would treat them fairly. I convienced them to talk to one of my direct lenders just to compare and they not only got a lower interest rate, but the cost of the loan was $1600 less. If you are serious about buying, find your agent first, talk to him/her about lenders they have worked with, interview with them find the lender you are comfortable with....let that lender run your credit and provide you with a prequalification letter. Depending on the market in your area, a pre-approval letter hold more weight with your offer, but you will have to supply all required documents to the lender to get that. Good Luck. ... more
0 votes 10 answers Share Flag
Mon Mar 15, 2010
Rudy McDowell answered:
Karadi. Hope this helps:

FOLLOWING IS THE FHA GUIDELINES FOR NON PERMANENT RESIDENT ALIENS LOOKING
to obtain a FHA insured mortgage within the Continental United States:

1.) Property must be the borrower's principal/primary residence
2.) Borrower must have a valid Social Security Number (SSN)
3.) Borrower must be eligible to work in the U.S. as evidence by his/her Employment Authorization Documents (EAD) issued by the US Citizen and Immigration Services (USCIS)

Note: Social Security card alone can not be used as evidence of work status. Although Social Security cards may indicate work status, such as "not valid for purposes," an individuals may change without being reflected on the actual Social Security card. Therefore your EAD must be used instead.

EAD NOTE:
if your EAD expires within 1 year and a prior history (12-24 months) of residency status renewal exists, must lenders (including us) may assume that the EAD continuation will be granted. If there is no prior renewals, a lender will determine your likelihood of renewal, based primarily on information from the USCIS.

REFUGEE OR ASYLEE STATUS:
Aliens that have been granted refugee or asylee status by the USCIS are automatically eligible to work in this country. Therefore, an EAD is not required.
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Sat Jul 4, 2009
Angela Dolber answered:
Hi Karen,

I am not a mortgage broker, but a realtor who works with some excellent mortgage brokers who I refer to my clients all the time due to their expertise in the mortgage industry. With so many different types of programs out there to fit your financial needs, I feel it is very important that I refer my clients to someone reputable and someone who is personally dedicated to helping you buy a home. I think it is a good idea to see if you can get a personal reference as well from friends or family members, or if working with a realtor, see who they can refer to you. I have one that works in Westborough, one in Quincy, and another in Needham I can refer you to if you are interested. I would check out at least 2 people to get some ideas on rates and programs, since any more and your credit may take a hit in points. If your score is 680 or higher, you'll definitely get the better rates, and if not, then the mortgage brokers I work with may also help you with a financial plan to better your score so you can be successful at buying a property in the future. I wish you well on your search for a home. Now is a great time to buy!

Angela Dolber
Prudential Prime Properties
608-826-8553
angela@pruprimehomes.com
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0 votes 7 answers Share Flag
Tue Sep 30, 2008
Tom C. answered:
From the website posted, it appears to be for houses within the city limits only. I assume you know this already. That may be why banks aren't too familiar with the program -- it covers a very small area.

Most of the participating banks are small, local banks... to me then, they have no excuse. BoA and Sovereign on the other hand might route you through a national mortgage office in some other state whose employees would likely not have a clue.
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Mon Sep 15, 2008
Slowhaze answered:
Not sure about Condo association control I know the management company started in May 2008. The condos were converted in 2005.
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