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How To Take Over Mortgage Payments All Locations : Nationwide Real Estate Advice

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Showing results for How To Take Over Mortgage Payments [Clear search]
Fri Mar 15, 2013
michael beninato answered:
Your in great shape there will be plenty of options here in the Sarasota area. When it comes to the money side of a deal I would introduce you to our in house mortgage person Ian McKennon call him direct 727-459-4646 CTC Lending he can help you with any questions you may have and let you know what programs are avalable. If you want me to send ytou some properties to look at contact me as well and I will put a search together for you. Hope to hear from you in the future.

Michael Beninato
RE/MAX Alliance Group
cell: 908-578-0886
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0 votes 4 answers Share Flag
Tue Aug 20, 2013
cwmani answered:
Details for 2007 newly built TH:
2900 sq. feet (3 levels)
Backing the woods
custom painted
4 bedrooms (3 upper level and 1 in basement)
3.5 baths (2 full at upper level, 1 full in basement, powder room on main level)
Deck installed
Gourmet kitchen with stainless steel appliances
12 additional parking spots in front
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0 votes 13 answers Share Flag
Thu Oct 31, 2013
Melinda J. Robison answered:
I suggest that you call a loan officer and have a conversation with them. I am not a loan officer, however, I think those scores will be too low for a traditional lender. If one lender says no, then ask if they know of any banks/mortgage companies or credit unions that accept lower scores. You might need to find a hard money lender.

The other thought is, if you think that there are errors on your credit that should be removed, it maybe worth it to call a company that helps assist getting the errors off your credit. I just had someone who had an issue on his credit. He hired a company to work with the credit bureaus to have it removed. This is unusual how high his score went up, but it did go up 130 points! Crazy Amazing! Feel free to contact me through my website and I can give you a name and number of a company that does a great job with this!

One other piece of advise. You may want to only have one lender pull your credit. Get a copy of your credit report and then if you speak with other loan officers, show them the report you have. Getting credit pulled, will pull your score down.

I hope this information helps! Best Wishes!
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0 votes 9 answers Share Flag
Thu Mar 14, 2013
Jill and Matt Crofcheck answered:
I am not in either of your areas, however I have seen this situation accomplished many times.

This can be difficult to pull off, but the easiest way to do it is to make your purchase contract (on the home in San Antonio) contingent upon the sale of your home in Utah. This means you won't and are not obligated to settle on the new house until your previous one sells.

The challenge is that some home sellers will not accept 'contingent' contracts... and want you to buy it regardless of whether or not you sell your other home. Have a good local San Antonio real estate agent help you pick houses that would accept this contingency.

If your income is high enough you can sometimes purchase the new home and still keep the old one until it sells (obviously you would have to make both payments)

You can also possibly obtain a 'bridge loan' - these can be dangerous types of loans to get into. They are not common much anymore, but were popular back during the 'boom' years. These loans are set up so that you can purchase a new house while avoiding a payment for a certain amount of time... and hopefully within that time you will sell the house. If that's the route you really want to go, talk to some local lenders and see if they offer it and get all of the finite details as they can change from lender to lender (many don't offer them any longer).

Your best bet is the contingent route - but you want to make sure that your Utah home is priced to sell because even if a seller accepts your offer, they will usually have a 'kick-out' clause attached to it... That basically means that your contract to purchase could be kicked out if they get another offer they like better. They will give you (x) many days to remove your contingency or they will cancel your contract and go with a new one.

It can be difficult, but certainly not impossible. Get good local representation in each area and coordinate it with them - you should be fine!
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0 votes 7 answers Share Flag
Tue Apr 16, 2013
Russ Douville answered:
If you have money for the down payment on the "new" home, and you have a renter lined up for the "old" home, you should consider talking to a local lender near the new home.

From your question it seems you have the abilty to pay higher interest, so you should have the ability to make the mortgage payment. And if you have a signed lease on the "old" property, the full payment on that one shouldn't have a huge affect on your debt ratio. If it's possible to structure a mortgage deal for you it would be considerably less costly than using the investor option. ... more
0 votes 1 answer Share Flag
Mon May 13, 2013
Michael Hammond answered:
With cash or very creative financing it's possible. With a standard mortgage, not so likely. Please call, text or email if we can provide further assistance. Good Luck!

Michael Hammond
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0 votes 7 answers Share Flag
Sat May 4, 2013
Lance King answered:
probably because they want to make sure that you will be able to afford the property including all costs, especially if you are looking at places with high HOA fees.
0 votes 24 answers Share Flag
Fri Aug 4, 2017
Irina Karan answered:
Hello Jon,


Check out

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes 14 answers Share Flag
Thu Mar 14, 2013
Stephen McRory answered:
Get pre qualified
Below are some of the best programs from A to Z available, including the all new Stated Income Alt Loans for Self Employed borrowers

After reviewing program # below, please call me to go over loan options.

1) 100% LTV- VA - pay off debt at closing on a purchases too!
2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!
3) 99% LTV- FHA
4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!
5) 95% LTV- NEW-No PMI!
6) 95% LTV- NEW-CONDO Loan
7) 90% LTV- NEW-No PMI -2nd Home
8) 90% LTV- New-Jumbo w/cc
9) 85% LTV- NEW- No PMI to Super Jumbo
10) 80% LTV- Rental Property

------------STATED INCOME ALT Loan programs-------------
11) 80% LTV- to Super Jumbo
12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!
13) 75% LTV-to Mega Jumbo
14) 75% LTV- Foreign Nationals-to Super Jumbo
15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo
16) 70% LTV- Hard Money to Jumbo
17) Lot Loans / Land Loans Too!

Go to: WWW.PRO-OPTION-COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
Ph: 888 662 4404

Prior Service U.S. Marine Corps
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0 votes 14 answers Share Flag
Fri Mar 22, 2013
Todd Akes & Team answered:
The choice is dictated by your current financial position and your game plan. I prefer to put down the largest down payment you are comfortable making. It will get you into better rates, no mortgage insurance, and will give you more market leverage with sellers and agents. A simple way to determine the actual cost is to multiply your monthly payment times the number of months you plan to stay in the property vs. a different loan type and down payment. If it's a short term living situation, paying up front points to reduce the rate is not advisable.

Hope this helps,
Todd Akes
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0 votes 8 answers Share Flag
Sun Mar 17, 2013
allan erps,ABR,SFR answered:
And how much more will it cost you to stay(mortgage payments, taxes, insurance, maintenance, etc.) to get you another 1-5% which is not guaranteed?
0 votes 11 answers Share Flag
Mon Mar 11, 2013
Don Groff answered:
Did you mean a down payment? If so no it will not make a difference. Even 50% will not make a difference. Maybe you could go owner financing but that has a lot of potential issues you really need to educate yourself and consult a real estate attorney to ensure your rights are fully protected.

I would recommend finding a lender who will work with you so you can get your credit where it needs to be. You need to fully understand where your credit is and ensure you are doing everything you can to make sure your scores are going up each and every month. Be weary of credit repair companies as I have been in the business over 10 years now and have not found one I would recommend to my clients. You can do everything you need to do yourself and working with a lender who will take the time to work with you.

Hope this helps.

Don Groff
REALTOR® & Mortgage Broker
Austin Real Estate Pros | 360 Lending Group
o 512.669.5599 m 512.633.4157
websites: |
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0 votes 4 answers Share Flag
Wed Nov 12, 2014
If you are doing a USDA RDL loan in Menifee, CA you do not need to turn in your 1040s for to me only W-2s unless you are self-employed. If you have to do a FHA loan because you exceed the maximum income limits of $77,050.00 for a family of 1-4 or $101,700.00 for a family of 5 plus, you will be required to turn in the most recent two years tax returns, and you will be hit with any 2016 unreimbursed expenses you claimed. My company has a policy regarding amended taxes, and I do believe we are as liberal as any lender out there. The rule allows any borrower to have amended taxes along as it is only one year (not both) AND the new amended taxes will pull up via a 4506-T. Let me know if you have any questions.

Best of Luck!
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0 votes 13 answers Share Flag
Sat Jul 15, 2017
Scott Godzyk answered:
Usually the only 2 options are having 20% to put down or finding a local and trusted loan officer who will work throuh the process with you to guide you on building your credit and saving money for a down payment and closing costs. ... more
0 votes 68 answers Share Flag
Fri Apr 26, 2013
Jessica Tracy answered:
You can go online at and click on the FHA Lender list to find a mortgage broker in your area. I would also check to see if any local banks or mortgage brokers are holding classes for first time home buyers. The classes noramally have mortgage brokers there to answer any of your questions, plus Realtor, attorneys, home inspectors, and insurance agents to discuss the home buying process. Good luck with your first home! ... more
0 votes 14 answers Share Flag
Sun Mar 17, 2013
Nadine Mauro answered:

Have you considered getting a mortgage on your property in Panama, and then using the cash to purchase the house you want in Port St. Lucie.

If I can be of further service please contact me directly.

Nadine Mauro
Highlight Realty
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0 votes 15 answers Share Flag
Mon Mar 18, 2013
John W. Chang, MBA, Broker answered:
I have several questions to ask:
-Did you ever pay your bills/credit card payments/loan repayments on time?
-Any previous history of bankruptcy? Any previous issues with tax or child support liens?Any previous or current court judgements?
-Did you ever default on student loans? Auto loans?
-Closed accounts with bad history?
-Have you ever over-utilized/maxed out on your credit cards?

Any of these issues can negatively affect your credit score.

There are several ways to improve your credit score.

Here are some good links advising on what to do if you have a low credit score:
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0 votes 5 answers Share Flag
Tue Apr 16, 2013
Russ Ravary answered:
You can buy a home with as little as 3.5% down with a FHA mortgage. Call a local lender to sell all your options
0 votes 15 answers Share Flag
Wed Apr 10, 2013
Keith Jean-Pierre answered:
Your dept to income ratio is a little on the higher side. If you are at 45% of gross income, that leaves you 55% for purchase of a home. With that ratio, you should be able to purchase because banks wants 35% typically for your mortgage. What you qualify for is a whole different story. I would speak with a local mortgage broker, who can give you a more specific outlook. Good luck with your search. ... more
0 votes 13 answers Share Flag
Wed Jul 22, 2015
You just need a minimum of 10% equity to refinance and get rid of your PMI.


Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
NMLS 304353 - DRE 01380701
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0 votes 24 answers Share Flag
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