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Financing in 02124 : Real Estate Advice

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  • Local Info1
  • Home Buying2
  • Home Selling1
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Activity 74
Mon Feb 22, 2010
answered:
Hi D...

I don't do financing in Boston but I can lend you some advise form California. With 5% down here that would still be an FHA loan. I'm pretty sure its the same in Boston where conventional loans start at 10% down. There are rumors though here that 95% should be available soon so maybe Boston is ahead of the curve.

A GFE is provided with a loan commitment. I would ask a broker there to list their fees in an email that way you can compare a few.

I hope this helps D. Good luck shopping.
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0 votes 24 answers Share Flag
Thu Jan 14, 2010
Jenny Talasazan Realtor answered:
There are two debt ratios. There is the debt to income ratio and the housing ratios. If you would like me to tell you what your is I can help you. We will want you to be under 45% to start at a minimum. The goal is to get you to the lowest possible so you can become less risk to a lender!
Please feel free to ask me any questions.
Jenny Talasazan
You can find me in Google .
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0 votes 2 answers Share Flag
Mon Dec 14, 2009
McCormack Scanlan answered:
The only way I have seen exceptions to the strict guidelines is through a
small private lender. They are open to keeping a loan in house (sometimes)
if it seems like a good canidate.

Good luck.

www.kpsells.com
Karen & Paula
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0 votes 2 answers Share Flag
Wed Nov 25, 2009
Bruce Bills answered:
RTW,
You will have a difficult time finding a lender that will not have the six month seasoning requirement. Your best option may be a local bank where you already have contacts and know the people. I will ask around and see if any lender will do it and get back to you with any positive outcome.

Bruce Bills
RealESpace, LLC
401.829.1550
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0 votes 2 answers Share Flag
Tue Dec 1, 2009
Scott A. Nelson answered:
I haven't heard of anything other than perhaps company policies on the transfer of large sums of money and the federal requirements to verify the ability to do business with certain blocked persons, enterprises etc. Large sums of money are a concern for any bank due to the importance of verifying the source of the funds & the time it takes. With counterfeiting so easy understandably anyone looking at an out of state check draws concern for it's validity. This is where the wiring of funds is more secure, documentable & researchable by federal & local authorities & parties to any transaction.

With any check drawn for escrow it could take up to 20 days for all the routing to verify & certify the funds to be transferred. If the source of the funds for some reason puts a hold on the funds it can cause a cascade of problems down the chain. That might be one reason why companies set up policies to operate by to make sure risk is reduced as much as possible and to make it as fair and equitable in accordance to local, state, federal laws and the interests of their clients. Escrow companies aren't as common here in Massachusetts but in the rest of the country I've found they're common and they are a business and need to reduce their risk and maximize their profit potential. Whenever you are dealing with large sums of money and different jurisdictions and laws you should absolutely consult with a qualified attorney to best advise you on your legal options , local customs and how to best protect your interests when it comes to contracts and local laws.
Hopet that helps,
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0 votes 1 answer Share Flag
Sun Oct 3, 2010
Ken Lambert answered:
Hello- I'm not a CPA- but I would say Not. That wouldn't make sense that the IRS would allow you to take a tax deduction (or credit) on something that you did not pay into at all.
I've always heard and said that you can deduct as REFI/ loan expenses points or other such mortgage company fees that YOU pay. What does your current borker/ lender say? Call him.
Let me know if I can help at all. Thanks, and good luck,
Ken L.
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0 votes 2 answers Share Flag
Mon Nov 9, 2009
Jessie Cuddy answered:
Mark,

Generally with Coops there is what is called a blanket mortgage and depending on how the original corporation was set up, the blanket mortgage covers a portion of an individuals mortgage. So it is likely, again depending on the building, you will have to get your own mortgage. The asking price should include the portion of the blanket mortgage. So as an example if the asking price is $500K and the blanket mortgage on that particular unit covered $100K, and you had a downpayment of $50K you would have to get a mortgage for $350K. Also understand there are certain lenders who will write a mortgage on coops and you will have to qualify for the entire amount meaning... purchase price $500K; downpayment $50K, entire mortgage amount $450K. The lender will just want to make sure you are not in over your head.

Hope this helps.

Jessie Cuddy, Realtor
Boston Bayside Properties
www.jessiecuddy.com
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0 votes 2 answers Share Flag
Sun Feb 16, 2014
Jesse Carlton answered:
There is quite a bit more than just the loan amount that goes into what your qualifying rate will be. The two main factors are:

Your ability to repay the loan
Your willingness to repay the loan

Your ability to repay a loan is determined by verifying your current employment, total income and current assets. Generally, mortgage companies like to see that you've been employed at the same place for at least two years or that you have been in the same line of work for a few years.

Your willingness to repay a loan is, in part, determined by examining how you will use the property you're planning to buy. For instance, will the property be owner occupied, non owner occupied or an investment property. In addition, they will try to determine your willingness to repay a loan by looking at your previous financial commitments and how you've handled them. They will gain this information by looking at your credit report.

Also your qualifying rate will be based on your down payment. Obviously, the more you are willing to put down the better your qualifying rate will be.

Hope this information is helpful.

To get an exact quote I would encourage you to speak with Christina Longo

Christina Longo
Prospect Mortgage
81 Newbury Street
Boston, MA 02116
978 886 9359
617 236 7764
Christina.longo@prospectmtg.com

If you have not yet put in an offer please call me to discuss. Condo Domain is an exclusive buyer’s agent and due to our business model we are able to share our commission with you!!

Jesse Carlton
Condo Domain
Real Estate Consultant
319 A Street 3rd Floor
Boston, Ma. 02210

Office 877.852.6636
Cell 508.241.0449
Fax 617.507.8447
Jesse@Condodomain.com
www.CondoDomain.com
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0 votes 8 answers Share Flag
Mon Oct 26, 2009
Lew Corcoran answered:
Most lenders offering FHA loans today require a minimum FICO score of 620. A handful of lenders will go down as low as 580. If you have only two scores, it will be based on the lower of the two. If you have 3 scores, it will be based on the middle score. ... more
0 votes 2 answers Share Flag
Wed Oct 7, 2009
Scott A. Nelson answered:
You as a real estate professional should know several lenders to field these questions to or your broker of record should be able to assist you with this type of financing.
0 votes 2 answers Share Flag
Mon Oct 5, 2009
answered:
You need to ask an accountant or CPA a question like that. There are several tax implications that can occur doing one and not the other. For the most part, Realtors and Loan Officers are not licensed to advise you on this information. ... more
0 votes 1 answer Share Flag
Wed Jan 13, 2010
Jeff Chin answered:
Hi Karen, I've done some of these loans. Verify with the mortgage lender/broker on the buyer's credentials and make sure that they've run the qualification against a new condo conversion. More often now, a new condo conversion has lenders in fits.

I hope this helps.
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0 votes 5 answers Share Flag
Thu Aug 27, 2009
answered:
J,

Your best bet to get the best deal is to do a little bit of both. Go to a banker and a lender. Compare offers. See which one fits your goals. To get free quotes, you can fill your infomation out on sites like lending tree.com or lowermybills.com. Or you can contact several bankers/lenders on this site. All would be more than happy to give you a free loan quote. Good luck and happy house hunting!


Danny Castagna
Sr Loan Officer
E-Mortgage Management
wwww.emmloans.com
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0 votes 16 answers Share Flag
Wed Aug 5, 2009
Luke Allison answered:
I can. Do you need a rate quote?
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes 8 answers Share Flag
Fri Jul 31, 2009
Robert Chomentowski answered:
FHA is changing the guidelines on this putting it in the hands of lenders. There are a laundry list of items:
-51% owner-occupancy
-no 1 entity can own more then 10% of the units
-90% of the units have to be sold (tough with a new condo project)
-no more than 10% of the loans in the project can be FHA
-no special assesments pending
-no legal action against the HOA pending
-reserve fund separate from operating account

As of Oct 1st you will no longer be able to get FHA spot approvals on condo's, the whole building will have to be approved by confirming the above and more.

...search around www.hud.gov and you are bound to find some more helpful info.
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0 votes 1 answer Share Flag
Thu Jul 30, 2009
Ken Lambert answered:
Hello bbox- This is a tough question. Can't really post a true answer.
Bottom line is that in October FHA is laxing their guidelines and restrictions for condo projects, to make it more in line with Fannie/ Freddie requirements (conventional). So, my guess is that pretty soon both will be close to the same.
FHA has something called Spot Approval which makes it easier.
Fannie has a limited review offering, which can make it easier on their end.
There are many factors. If it is BRAND new (new construction or a conversion) then it is more difficult to get it approved.
If I can answer any specific questions, with the address you have in mind, please contact me. Thanks, and good luck,

Ken L.
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0 votes 1 answer Share Flag
Fri Jul 24, 2009
Christopher Lawton answered:
This is a loaded question, do yourself a favor and contact a Real Estate Law Firm if you are considering this.
0 votes 4 answers Share Flag
Wed Oct 11, 2017
Linda Scheifler Marks answered:
The best thing to do is work directly with a lender. It's never too early to get their professional expertise on your team. A mortgage broker, mortgage banker, credit union are the 3 I suggest to my client in order to get a variety of options. Any of them can do conventional vs. FHA loans in a comparison table. Any loan with less than 20% down is going to charge Private Mortgage Insurance (PMI). This and any other cost associated with the loan will be on this table.

Once they have your income, credit, and asset statements, they can take your qualifications and give you interest rates for each scenario.

Remember that the less you put down, the more you are actually borrowing and the larger your monthly payment will be.

How do you find a good lender? Work with a real estate agent. They see many transactions and the lenders that get the job done well. Also ask parents, siblings, and friends who have people they work with. Finally, do no overlook your own finance relationships at banks and credit unions.
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0 votes 13 answers Share Flag
Wed Jul 22, 2009
Andrew Adams answered:
I looks fair to me the processing fee is on the high side but the rest are on the low side so it all works out in the end.
0 votes 5 answers Share Flag
Thu Jul 23, 2009
Dallas Texas answered:
You would have go thru entire process again with another lender from start to finish may not be able close the file timely manner based on executed sale offer you could loss your earnest money.

Review all with our buyers agent.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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