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Financing : Nationwide Real Estate Advice

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Activity 14,085
Tue Nov 26, 2013
Steven Ornellas answered:
Hi Norm,

You assumption is correct. Here are a few links you might find interesting:

"Retail Banks vs. Mortgage Broker/Bankers"
http://tinyurl.com/6qln6nd
Personally, I only work with Mortgage Broker/Bankers.

http://docs.Steven-Anthony.com/SAR-HowMortgageRatesAreDetermined.pdf
http://docs.Steven-Anthony.com/RateShopping-DoItRight.pdf

-Steve
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0 votes 8 answers Share Flag
Fri Apr 5, 2013
Tony Garcia answered:
What sort of Snafu. I need a minimum score of 620, feel free to emial me at tony.garcia@everbank.com to discuss your situation. Depending on your tradelines we might be able to re score your score to 620 in a little more than a week. ... more
0 votes 1 answer Share Flag
Fri Apr 5, 2013
Anna M Brocco answered:
Your loan officer can better advise as to the best loan option for you after he/she has reviewed your overall financials. FHA loans cannot be used for co-op purchases, and it excludes some condos. ... more
0 votes 4 answers Share Flag
Wed May 29, 2013
Deborah Miller answered:
Hey Rey, If you will contact me I will speak to a couple of lenders I know who have a national presence for their peer counter parts that can handle USDA and less than the traditional in loans, I am in NC but certainly willing to help if you do not find someone local who has solved this for you.

Deborah Miller, Real Estate Broker
Coldwell Banker - Advantage
919-491-2826
DMiller.ColdwellBanker@gmail.com
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0 votes 9 answers Share Flag
Thu Feb 5, 2015
Fred Yancy answered:
MORTGAGE LOANS FOR NON-US CITIZENS


We receive requests from people interested in buying a home in the United States who are not US citizens. The status of a person in the United States makes different loan programs available depending on the length of stay that the person is allowed to stay in the country.

We will try to describe these options from least difficult to most difficult.

PERMANENT RESIDENT ALIENS

These people are able to apply for a loan in exactly the same conditions as any US citizen. Loans to these customers are purchased automatically by Fannie Mae and Freddie Mac. The person must show us the ?green card? issued to him by the Immigration and Naturalization Service (INS). Sometimes the bank will ask for an authorization to contact the Social Security Administration ( SSA) to confirm the social security administration. These borrowers have access to all loan programs, first mortgages, second mortgages, home equity lines of credit and mortgage insurance. Borrowers must have a valid social security number.

H1B VISA HOLDERS

H1B visas are issued to international workers who come to the United States for a definite period of time. Usually between three and six years. Normally banks treat these applicants as permanent residents, in some cases they will ask to see a petition to extend the residency permit. Interest rates and conditions will be similar to those offered to US citizens. The SSA will have provided these applicants with social security numbers.



WORK PERMIT

Known as the Employment Authorization Document ( EAD) the work permit is given to students, fiancées of US citizens, foreign diplomats, special workers. Fewer banks are willing to provide a mortgage to these persons due to the short term they are allowed to stay in the country. Other banks state that they are only concerned that the person is in the US legally and will provide a mortgage under normal conditions.

FOREIGN NATIONALS

It has become very difficult to obtain mortgage financing for foreign nationals in the last year. Fannie Mae and Freddie Mac have removed those options from their offerings. Most national mortgage lenders that provided foreign national mortgages no longer offer them. Several banks in Florida still offer loans to foreign nationals who are buying property in that state. The borrower usually has to put 25% as down payment and provide proof of employment and credit in his native country. They must provide a tourist visa that allows them to visit the US and the home they buy in the US will be considered a second (vacation) home for them. It is unfortunate that this kind of financing is so restricted at this moment. Investments by foreigners at this time of a glut in the housing market and a weak dollar would open up many options to sell homes.



ITIN MORTGAGES

For many years the Internal Revenue Service ( IRS) has provided non US citizens with Individual Tax Identification Numbers (ITIN). These numbers are used by the IRS to track (and be able to tax) income from dividends, savings, commissions and other income generated in the US. The ITIN does not allow the person to live or even be in the United States, it is only a medium for tax control. Some companies however are using the ITIN to identify their customers in credit transactions and thus reporting them to the credit bureaus. A limited number of national banks offer mortgages to ITIN holders. Some banks will use the ITIN number when assigning customers checking, savings accounts and CDs. Some local and regional banks offer mortgage loans to customers with ITINs. These customers provide a history of employment, sometimes alternative credit documents ( utilities, insurance bills, retail accounts, cellular phone bills) and bank statements to qualify for a mortgage loan. At one time loans for these customers only required 3% down payment, now most programs require between 10% and 15% down payment.
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0 votes 9 answers Share Flag
Thu Apr 4, 2013
inna ivchenko asked:
I'd hope to hear from a lender who has experience with such programs or pro and buyers who successfully purchased a property with their help. Thanks!
0 votes 0 Answers Share Flag
Fri Apr 12, 2013
answered:
Let's discuss your loan scenario in more detail. I would appreciate the opportunity to earn your business, contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I work for a lender that has been lending for over 100 years. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend nationwide.


Until then, I look forward to hearing from you.





Bart Gabe

www.bartprequalifies.com

bart@bartprequalifes.com

bgabe@englending.com

800 315 8803



NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
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0 votes 11 answers Share Flag
Thu Apr 4, 2013
Melvin List answered:
Yes, as long as it is your primary residence. I have a portfolio loan with 10% down and no mortgage insurance.
0 votes 2 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
Wed Apr 10, 2013
Ben Johnson answered:
Depending on the rest of your financial situation Matt Stengle at RoundBank may be able to help you 651-463-8300. I have used him for unique situations in the past and he has done a great job. ... more
0 votes 5 answers Share Flag
Sat May 14, 2016
Bill Szydlowski answered:
Mike and Mary,

I would be happy to recommend one of the brokers I work with. I just got one of my clients approved in less than 20 days for an FHA loan. I am a little curious though. Did your realtor not give you a few to talk to??
Let me know and I will email my list to you.

Bill Szydlowski
813-323-4443
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0 votes 24 answers Share Flag
Sat Jan 21, 2017
Julie Horvath answered:
Hi Reginald,
I would be happy to get you a letter today. Please call me at 740.602.3320 or on my office line at 866.901.3570. I am very experienced working with VA borrower's and look forward to working with you.
Regards,
Regards,
Julie A. Horvath
Northpointe Bank
Area Manager
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
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0 votes 14 answers Share Flag
Mon Aug 8, 2016
Loreen Cinganelli answered:
Unfortunately, Gary, with any financing, the lenders will not allow you to finance if repairs are needed or "in process". When it's a new purchase of an unfinished home, buyers are required to apply for a special rehab loan via FHA called a 203(k) loan. This loan encompasses the cost of the home and the cost of the renovations. I must be honest that I'm not sure if this would be an option for a refinance, but I would check with the lender, especially if you need money to complete the renovations. Best of luck to you! ... more
0 votes 12 answers Share Flag
Thu Apr 4, 2013
Tony Grech answered:
No. Appraisals are between you and the appraiser (and the lender if you are refinancing).

Your taxable value is determined by the assessor, who will look at recent property sales to determine this value.

Now if you do extensive improvements, especially ones that require a permit such as renovating or adding onto your home, that could trigger the assessor to re-evaluate things.

But to answer your original question, getting the home appraised in and of itself will not trigger an increase in your property taxes.
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0 votes 4 answers Share Flag
Thu Apr 4, 2013
Sheila DeCamp answered:
Hi there,
Most likely they will. Most builders are willing to help out owners with closing cost and or upgrades. Feel free to contact me and I will go over the details.

Thanks Sheila DeCamp
sheiladecamp@kw.com
727-265-2678

Realtor Keller Williams Realty
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0 votes 5 answers Share Flag
Fri Apr 5, 2013
Gregorio Denny answered:
I don't lend in Florida so don't confuse my question with having anything to do with me submitting my name for consideration.

With that said;

Why do you need 10 years experience? The mortgage industry looks nothing like it did 10 years ago. Virtually every regulation, has changed from licensing requirements to the forms used to originate a mortgage. You should be asking for proven competence under current guidelines and licensing instead of a ridiculous 20 day guarantee to close. One of the biggest problems these days is adaptability. Many that did it "the old way" have problems doing it "the right way", which is under today's strict regulation. When you focus on the wrong issues you don't do yourself or your clients any favors.

You are a dreamer and anyone that would even want to work with you must be desperate.
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0 votes 2 answers Share Flag
Tue Jun 25, 2013
Gail Gladstone answered:
Lease the furnitute for a required amount of time and either own it at the end of that time or you may be given a dollar amount buyout at the end of the period.

It is very similar to leasing a car with an opportunity to buy it at the end of the lease. ... more
0 votes 3 answers Share Flag
Wed Apr 3, 2013
Richard Matus answered:
Not always, sometimes it is a decision of using a different product at a similar cost. There is an organization called Build It Green (builditgreen.org) that has lots of good info that can help a lot. Some items may cost a little more up front but be a lot cheaper in the long run due to lower usage costs. LED lights cost more upfront but save a lot of money in the long run and last 20+ years! You spend nothing on light bulbs, just install and enjoy. ... more
0 votes 3 answers Share Flag
Wed Apr 3, 2013
Gail Gladstone answered:
Typically it would mean you are no longer on the deed, but do check with an attorney and possibly your CPA.
0 votes 1 answer Share Flag
Wed Apr 3, 2013
Laura Feghali answered:
Hi Samsam,
Yes, jumbo loans are still available to buyers that qualify. I suggest that you contact a few lenders to determine if you qualify and inquire what their rates and fees are as they vary.

Best wishes!

Laura Feghali
Prudential Connecticut Realty
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0 votes 2 answers Share Flag
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