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First Step Equity All Locations : Nationwide Real Estate Advice

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  • Home Buying256K
  • Home Selling42K
  • Market Conditions26K

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Sun Dec 23, 2012
Mike Kelcher answered:
You could have 20 mortgages and 20 HELOC loans and still qualify for a fixed, 30-year mortgage with 20% could have no mortgage and 50% down and still be disqualified by every lender you talk to. There's are many, many other things that lenders take into consideration.

Your employment, time on that job or a similar one, your earnings, your income-to-debt ratio, your credit score, your credit history, the property you wish to purchase, what type of property it is, the appraised value of that property, the neighborhood that property is located in, etc., etc. etc. All of those things and a lot more, is taken into consideration by very cautious underwriters.

You'll never know for sure until you talk to someone who lends money. Some lenders are better than others when it comes to non owner occupied properties and investment properties. For some lenders, it's their "niche", and for others, it's not.

My suggestion is that you let an experienced real estate agent guide you toward a few lenders who may be able to answer this, and all of your other loan-related questions. I can introduce you to a couple of very good and very experienced mortgage advisers who can review your situation, explain to you your loan options, help find a loan program that meets your needs, make suggestions, etc.

Call me. Click my ugly picture to get my contact info.
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Fri Sep 20, 2013
Michelle P. Bardsley, Pllc answered:
Hi Gary

I am a UK citizen who made the move from the UK to Florida in 2004.

Please contact me for more in depth assistance.

Thank you,

Michelle Bardsley

DIRECT SELL & TEXT: (407) 619-1961
SKYPE: michelle606379
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0 votes 29 answers Share Flag
Fri Dec 7, 2012
Terri Vellios answered:
You have an agent who listed your home. They should be able to give you the local pulse of the real estate market and demand for rentals.

The question is what is your goal? Your house is paid off, so even though you are listing it for less than you paid it is considered an equity sale. If you are tired of paying the cost associated with holding the property discuss rent to own options with you agent. That could be a win-win in your situation.

Have an amazing day!
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0 votes 6 answers Share Flag
Sat Sep 29, 2012
Jim Olive answered:
Good question Ali. Numbers I've seen suggest a historical appreciation rate for stock portfolios at around 10% (long haul, averaging out the big ups and downs), while real estate figures are closer to 6%. However, you can't live in your stock portfolio! One thing that is certain, you will NEVER recover your spent rent payments. Current conditions suggest that we're poised at a low-point for real estate, so near-term gains should be much higher than the long-term historical rate. Put it all together and I think a 20 something would be well advised to buy real estate. And buy a lot of it. Spread your capital across several properties and the income from them could well carry you into your retirement years. As a retired military officer, I know lots of folks who purchased different homes at each duty station and ended up with a NICE portfolio of properties that will make them wealthy in their twilight years and leave a healthy estate for their children and grandchildren. Good for you for planning for your future! Best of luck...Jim ... more
0 votes 12 answers Share Flag
Sat Apr 6, 2013
Matiffany17 answered:
Hi Christine,

I would suggest looking around Woodley Park, Cleveland Park or Columbia Heights areas. They are all near a red line metro and you can find condos that are reasonably priced.

If you have any more questions or would like help with your home search, please don't hesitate to contact me!

Meegan Tiffany
Long and Foster Realtors
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0 votes 12 answers Share Flag
Thu Nov 15, 2012
Maggie Gurrola answered:
It's always good to know what your home is worth now so you are able to get it listed and alsoyou would want to get prequalified for your new home from your bank or if you need a referral I have great Lenders. Here is my phone number 6192137422 and we can you started in the right direction.

Maggie Gurrola
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0 votes 9 answers Share Flag
Sun Feb 3, 2013
Craig Chastain answered:
Hi Roy,

Don't get discouraged. The market right now is extremely competitive. Although your VA loan is playing into account in the overall decision process it probably isn't making that much of a difference. With all the cash buyers out there, and with those guys even making over asking offers any loan would be at a disadvantage.

Stick with it, I'm sure it will work out in the end.

Best of luck!
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0 votes 22 answers Share Flag
Thu May 15, 2014
Debra (Debbie) Rose answered:
unfortunately, there is often a lot of lip service provided online that some agents will do us all proud, and live up to.......and some, sadly, will not.

As the saying goes, you may need to kiss a lot of a few agents first...........get a sense of how responsive and professional they are.

You can even ask for references from apst buyers.......and...........if you're not comfortable, or feel your best interests are not being represented or not hesitate to move onto the next agent!!

(do not sign any agreement that will keep you from moving onto someone new - if asked to sign an exclusive buyer's agent agreement - make sure you have a out clause)

Good luck!
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0 votes 21 answers Share Flag
Fri Sep 7, 2012
Mark Sonnier answered:
It depends upon the loan type. You can't have more than one FHA loan at a time, unless the distance between home will allow one to count as a vacation home. The rest will depend upon your credit worthiness, debt to income ratio and what you qualify for while carrying your original house note. Most lenders won't count your rental income unless you have a least 1 year experience with income producing property. ... more
0 votes 12 answers Share Flag
Fri Aug 31, 2012
Sue Baillio answered:
You will neve know if you may have that option if you do not ask. With more information, I can represent you in your efforts to find out if this is an option for you.

0 votes 5 answers Share Flag
Tue Jun 14, 2016
William Polack answered:
I should be able to help you with that. First step, she'll need to create an LLC, Corp, or Trust if she doesn't already have one. Eventually, she'll want a trust and when we talk, I'll explain why (I want to stick to the question here). This will change her from being a person buying a property to a business buying a property. This also protects her from lawsuits personally aimed at her.
This will be a hard money loan. A soft money loan with a better rate can be costly short term. Minimum down is 35-40% (residential) plus lender fees due at closing. Fees may be assessed up front to pay for loan application, appraisal. There is no credit check, no income requirements. Seller allowed to hold back a 2nd mortgage up to 15% of the purchase price. Rate ranges from 12% to 18%, depending on property type, rehab requirements, location. Rate reduction allowed after 6 to 12 months on time payments (because there is no credit check, the company has to show ability to pay on time). Minimum loan amount $10,000.
Other type loans have similar rates (10-15%) but may allow less money down if rehab work is needed (min $100k loan or case by case if less than $100k).
One thing on the rehab that many banks don't tell you is that they may require the borrower to put the repair money in escrow at closing plus the down payment. They don't let you finance repairs. The only way I know of financing repairs is to obtain a Note Purchase loan, but again, those are NOT for short term financing, rather for 15 to 30 years.
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0 votes 10 answers Share Flag
Mon Jul 28, 2014
Anu Dutta answered:
You need to contact any local agent, use any referrals you might have. You need an agent who will communicate with you and explain his/her marketing plan. Interview atleast 3-4 agents and pick the best one you feel will get the job done. ... more
0 votes 45 answers Share Flag
Tue Sep 4, 2012
Fred Yancy answered:
Tips for Finding the Perfect Neighborhood

Your neighborhood has a big impact on your lifestyle. Follow these steps to find the perfect community to call home.

■Is it close to your favorite spots? Make a list of the activities — movies, health club, church, etc. — you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.

■Check out the school district. This is especially important if you have children, but it also can affect resale value. The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, visit schools in the neighborhoods you’re considering. Also, check out

■Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type — such as burglaries or armed robberies — and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?

■Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months?

■See if you’ll make money. Ask a local real estate agent to get information about price appreciation in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good of an investment your home will be. A government planning agency also may be able to tell you about planned developments or other changes in the neighborhood — like a new school or highway — that might affect value.

■Make personal observations. Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? How does it feel? Pick a warm day if you can and chat with people working or playing outside.
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0 votes 6 answers Share Flag
Tue Apr 30, 2013
Stephen McRory answered:
Many just out of Short Sales, Foreclosures, Bankruptcies, Low Credit Scores or Self-Employed with High or Low Scores don’t want to be sidelined, missing out on buying Florida real estate at these extremely low prices!

With as little as 25% to 30% down buyers can purchase a Primary Residence, 2nd Home or Rental Property now!

Also now available are the new Stated Income Alt loan programs for self-employed, Commissioned or 1099 borrowers!

Reasons to purchase now: 3 'R's

1. Recover past lost equity through buying a Florida property at these extremely low prices

2. Re-establish mortgage credit quickly to then refinance while rates are still low

3. Retain as much income as possible with Mortgage Interest write off savings on taxes

85% LTV- NEW NO PMI to Super and Mega Jumbo

80% LTV- Rental/Invest. Prop.

80% LTV- FIX n’ FLIP Invest. Prop. – No credit score required!

80% LTV- Stated Income Alt to Super Jumbo

75% LTV- Foreign Nationals- Stated Income Alt to Super Jumbo

75% CLTV-NEW- after Short Sale, BK or Foreclosure to Super Jumbo

70% LTV- Soft and Hard Money -Stated Income Alt to Super Jumbo

Steve McRory

Pro Option Mortgage/ Florida

Ph: 888 662 4404
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0 votes 10 answers Share Flag
Mon Apr 29, 2013
Brian Hayes answered:
Aonika: You are exactly the client I specialize in. All of your questions are relatively easy to answer. I work with clients like you in very similar situations, and along with team of experts, we get you into a home. The process is not difficult , but it is much easier to explain over the phone or in person. Would you allow me the opportunity of guiding you through the process? I too, live in Bountiful. Let me help you out.
Here to Serve,
Brian Hayes
Horizon Investment and Management
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0 votes 6 answers Share Flag
Fri Jan 18, 2013
Beth Jenkins answered:
Yes, find a local realtor in the area of interest.
If you are looking in the western suburbs such as Kendall you should be able to find plenty of options. If you are looking further east toward the beaches you budget will not suffice.
There are many options in the middle range, it is just a matter of having a competent realtor guide you and keep you updated daily with a search proram that will find the homes as they come on the market.

Best of luck,
Beth Jenkins
South Fl. Brokers
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Fri Aug 24, 2012
Brian Yoak answered:
That all depends on what your are looking to spend on rent and what you are loolking to spend on a purchase. When you have a chance contact me and we can discuss the pros and cons
0 votes 22 answers Share Flag
Fri Aug 10, 2012
Jackie Thom answered:
You should probably have a market analysis done on your house so that you can see how that compares to how much you owe on it. If you can sell without having to bring too much money to the closing table, you may want to take advantage of the low interest rates and move up in house while those values are down. Even though you may lose some money on the sale of your home, you will make up for it on the purchase of the larger home. Don't hesitate to call me if I can help. 773-617-7361. ... more
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Wed May 29, 2013
Don Ernle answered:
Buying a property using cash is always the quickest and lowest cost to ownership. Financing will allow the interest deduction if you need it. Cash is King!
0 votes 11 answers Share Flag
Sat Aug 25, 2012
John Peitler answered:
Please contact me for assistance. My name is Tanuja and I can be reached at 347-882-0353. Thank you and good luck!
0 votes 7 answers Share Flag
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