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Federal Employee Home Loans All Locations : Nationwide Real Estate Advice

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Showing results for Federal Employee Home Loans [Clear search]
Sat Mar 14, 2015
Gerard Dunn answered:
There are no restrictions against Mortgage Bankers holding licenses for both originating loans and selling real estate.

They will be restricted from originating loans on any property they are involved with on the sales side. You cannot wear both hats.

Some companies may have prohibitions against doing both. As in most things, full disclosure is important.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, D.C and Northern Virginia
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0 votes 32 answers Share Flag
Wed May 18, 2011
Terri Vellios answered:
It wasn't only Palo Alto people bought into. Everything just kept appreciating so quickly buyers jumped on the band wagon.

The reality is Palo Alto is a very desirable area and will hold value to those who had the means to purchase. They will be affected by the buyers who should not have been purchasing - on margin - outside of their income (interest only).

When you are looking at prices the value is what a ready willing and able buyer offers. An appraiser can also help a buyer understand the value along with their agent.
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0 votes 47 answers Share Flag
Sun Feb 13, 2011
anita bolinjkar answered:
Advantage of using a mortgage broker is that you have more options/programs available since most of them work with a number of lenders. Its like approaching multiple lenders in one go. Look for one well established with a long track record. ... more
0 votes 10 answers Share Flag
Sun Feb 6, 2011
Dan Tabit answered:
A few years ago you would already be approved and picking out flowers for your new garden. Today, unless you are a Veteran or qualify for USDA financing, without cash there are few options.
USDA is for rural properties, so I don't think within San Francisco you'll find many options. You can go to the link below to see if you qualify according to the income guidelines. Next would be to find out if you are willing to move to an area considered Rural enough to qualify.
There may be other state programs a local lender can offer. Contact a local lender to see if there are programs available or start saving.
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0 votes 6 answers Share Flag
Sun Feb 8, 2015
C2 Financial Loans answered:
you should be fine in terms of your debt to income ratio since they are being paid off. I would highly advise getting pre-approved to ensure that your properly qualified since the file would be pre-underwritten.

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0 votes 7 answers Share Flag
Tue Jan 18, 2011
Tony McMahon answered:
Hi here is the link to a very knowledgable local lender that services your area.
0 votes 5 answers Share Flag
Wed Jan 5, 2011
Jose Morales answered:
I may be able to. It depends what is in your credit report. Call me to discuss.

Jose Morales
Florida Mortgage Coach
0 votes 8 answers Share Flag
Fri Aug 3, 2012
Mortgages By Mark answered:
Hi Mike, I can recommend a mortgage broker that I have personally used based in College Station. They aren't local to you, but they've done good work for me and can get the loan taken care of for you. Feel free to go to my website (the link is below) and contact me via email. i can send you the information.

Mark Fitzpatrick
American Capital
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0 votes 41 answers Share Flag
Thu Sep 30, 2010
if you're self employed, you would need 2 years in business and 2 years of tax returns with enough net income to qualify for the loan. If your fiance has bad credit, then it'd be best if you filed separately with most income going to you. Once you do that for 2 years, you'll be able to buy a house, given that your score and situation stays the same.

Elena Ollick
Amerivest Realty
Faith Home Loans
Latest Post: Naples Luxury Home on Fire
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0 votes 4 answers Share Flag
Fri Jan 11, 2013
Michelle Minik answered:
You must list it at market value to begin the process. If after some time you don't have any offers then you reduce the price. Of course if you are in a foreclosure situation it is always nice to have an investor bid on it in the beginning to see where the bank stands and to prolong the foreclosure, but most likely they will go with market value or slightly below market value based on a cash offer. You must play your cards right in this situation because each short sale is different and each will have a different outcome.

You also must consult an attorney and an accountant regarding the implications you may have prior to listing your home. Make sure a short sale is the right choice for your situation. Feel free to email me your contact information and I can send you a list of three attorneys and accountants.
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0 votes 152 answers Share Flag
Fri Jul 9, 2010
Keane Ng answered:

Was the foreclosure on a VA Loan? If so, you won't be able to get another VA loan until you pay back the losses. If it wasn't a VA loan, you only have 1.5 years left because VA only needs a 3 year seasoning.

Now is a good time to start building your credit. 1.5 years left to wait is just enough time to get your score to 620 or higher, which is what most VA lenders will want to lend you a new loan. You can easily start building tradelines by opening secured credit cards in case no lender will give you a loan. Try to have 3, active tradelines open between now and when you hit your 3 year seasoning. It's VERY important you're not late on these during this time.

Most first time home buyer programs, such as Mortgage Credit Certificates, define a 1st time buyer as someone who has not owned a house in 3 years, which is perfect for homeowners who lost their home in foreclosure and want to buy via FHA or VA financing. You may qualify for these programs as soon as you hit your 3 year mark.

Here are some extra details on a blog I wrote specifically to help homeowners who lost their home in foreclosure or suffered a bankruptcy build their credit to buy again. You may find the info useful.
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0 votes 4 answers Share Flag
Sun Jun 7, 2015
Don Tepper answered:
Well, you asked the "best way" to invest $300,000, and then you proceeded to limit yourself to two very poor choices.

Do you want advice on the poor options you presented? Or do you want the "best way"?

On top of that, there are a couple of critical questions. The first is: What's your goal? Is it appreciation? Cash flow? A combination of the two?

If you want cash flow, buy some cheap properties in Baltimore, Buffalo, or Cleveland. Maybe a few other places, like Spartanburg. You can pay $20,000-$50,000, maybe a bit more, and cash flow several hundred dollars a month. That's a very nice return on investment.

If you want appreciation, then you'd buy so-called "bread and butter" properties in areas that are economically strong. Or there are plenty of other ways, too.

Another critical question: What are your other finances like? Real estate is great, but you don't want to put all your eggs into one basket. Diversify some.

Another question: What's your tax situation? One strategy may be better than another, depending on your tax situation. Work with a good accountant.

And consider putting some of that money into a self-directed IRA. That'll allow you to invest in real estate (or other investments, such as notes and mortgages) without having to worry about taxes and capital gains. So, you'd be using the same money, except now it's sheltered. Again, your accountant can advise you. Or look up "self directed IRA" online. There are 4 or 5 major companies, all quite good, that can help you.

Now we get to your specifics.

Why would you want to pour $300,000 of your own money into a property. And not multiple properties, but just one? Bad, bad, bad idea. Sure, you have more negotiating power with cash. But not enough to compensate for the risk, for putting all your eggs into one basket. Really bad idea.

You want to buy properties for cash? Then consider the cash flow scenario above, and sink $20,000-$50,000 into one or two properties. But you don't even have to do that. Again, your accountant can advise you on the tax consequences, but you can put 20%-30% down, get financing on the rest, and still cash flow.

You ask "Is it good idea to buy an old victorian house"? If you want to live there, fine. But as an investment--no, of course not. As an investment, you look at the numbers.

You ask about buying a newer house to rent out as an investment. Maybe, so long as you don't overpay and so long as you've got positive cash flow. Again, it's a question of numbers.

You say you're a house manager. Then perhaps you'd want to look into buying a smaller multi-unit building--for instance, a 4-8 unit apartment building.

But use leverage. Don't sink the entire $300,000 into one property. Bad, bad idea.

Contact several Realtors in the general geographic area you'd like to invest. Look for Realtors who at least claim to know something about real estate investing. Ask what their strategies would be. Then run those strategies past an accountant to see whether they're viable from your financial standpoint.

Hope that helps.
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0 votes 5 answers Share Flag
Wed Jun 30, 2010
Kent Gagon answered:
You need to consult directley with a qualified loan officer or banker in your area!
Good luck
Kent Gagon
0 votes 4 answers Share Flag
Tue Dec 13, 2016
Rudy McDowell answered:

Concerning your income specifically, so long as your temporary position can be documented to continue for at least the next 3 years you will be fine. This can be done by a letter from the government agency employing you. It must be on that agency's letter head and signed by an authorized representative. Ask your lender what they letter need to specifically say. ... more
0 votes 9 answers Share Flag
Wed Dec 31, 2014
Dallas Texas answered:
Just another form of collateral determine if all is valid, many try to submit alter documents bank just wants additional proof. All home buyers must submit bank statements, I am a Realtor, and loan officer if I were purchase any property I still have do same as any home buyer even if I were do my own loan

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0 votes 41 answers Share Flag
Wed Oct 27, 2010
Barry Shapiro answered:
I work with several cash buyers that attend the daily trustee sales in Ventura. Let us know what the property address is, and we'll research it for you. Our team subscribes to, so we can watch for postponements, etc. Try not to get too emotionally involved in any one property. There are more "dream homes" to be found. ... more
0 votes 31 answers Share Flag
Tue Jan 3, 2012
Luke Allison answered:
As a former employee of Flagstar Bank (you said Flagstar Mortgage but I think we are talking about the same one here), I will tell you that they are quite reputable. They are a national lender based out of Troy, Michigan and have won many awards for their technology and loan processing systems. Their servicing is also very good. They are not a run-of-the-mill shop or anything like that. However, as with any bank/lender always check your pricing with a GFE just to ensure your rate is the best going. If you have any questions, you are more than welcome to contact me.

Luke Allison
Bank of America Home Loans
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0 votes 3 answers Share Flag
Thu Jun 25, 2015
Bill Szydlowski answered:

If your loan was denied by the loan officer, why is it going thru underwriting, unless your loan officer is setting you up for an interest rate increase??? Underwriting is the last step before the committment to close. The underwriter has the power to break a deal, but usually never to make a deal happen, unless the loan officer is so inexperienced, Your mid-credit score is one of the main determining factors for submittal to the underwriter. There are still a few lenders that still will take a mid-credit score above 550, but very few. Most want a 620 minimum. I would be leery of an approval and, if perchance it happens, review the committment and costs associated with the loan to see that you are comfortable with them.

Bill Szydlowski
The Szydlowski Team
Future Home Realty
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0 votes 11 answers Share Flag
Sun Jan 17, 2010
J answered:
Hi Garet,

All things being equal, it's almost always better to buy; however, if your move is short term, there are a few things to consider, such as will the market have completely stabilized and begin appreciating in value again in 2-3 years? With this in mind, it may be worthwhile to deal with a landlord for a while.

If you plan on renting out your home when you move and hold the property long term, you'll build equity and get to write off your mortgage interest, insurance, property taxes, maintenance, depreciation, etc.

Here are some pros and cons of renting:
Flexibility (can relocate easily)
Can invest money elsewhere
No upkeep fees (dripping faucets, broken dishwashers, etc.)

No Equity
Annual rent increase could outpace inflation

Pros and Cons of Buying:
Tax-break: deduct mortgage interest and property taxes
Potential tax-free capital gain
You set your own rules when owning your home, not the landlord

Less flexibility should you want to move; in very bad housing markets, you could be upside down.
Mortgage Costs

In Conclusion, if you plan on turning your home into an investment property, take the plunge and enjoy homeownership! If you plan on selling your home in 2-3 years, it may be best to continue renting. It's really hard to predict where home prices will be in the next few years. I believe the market has already somewhat stabilized and home values will begin to appreciate with inflation again, albeit we are in a deflationary period. The latest CPI released was -0.8% year over year, but on a higher note, it has risen 1.0% month to month.

In translation, although we're in a pretty good recession, the economy as a whole is beginning to slowly recover.

Hope this helps!

Joey Dodge
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0 votes 21 answers Share Flag
Thu Mar 26, 2009
Scott Thiel answered:
Hi Mike,

I am pretty sure all of the "First Time Home Buyer Programs" have been exhausted. They noramlly come through a particular county or city and are called "Mercy Housing Programs". The programs are terrific, but have stict guidelines as to who can qualify and the condition of the home to be purchased. There is a limited amount of money available and must be paid back when you sell the home.

Luckily enough, there is the tax credit afforded to first time home owners that offer UP TO $8000, and you don't have to pay it back. Of course, income requirements and price of home are just 2 of the conditions for the credit.

FHA allows ANY buyer to put only a 3 1/2% initial investment, or down payment, on a home when they purchase it. This, coupled with asking the seller to pay 3-4% of your closing costs, lets you get into a home very reasonably, especially with the super low interest rates!

VA loans require NO MONEY down and any costs associated with buying the home can normally be credited to you by the seller, if asked for.

I hope this helps.

Thank for asking!

Scott Thiel
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0 votes 4 answers Share Flag
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