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Financing in 15233 : Real Estate Advice

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Activity 24
Tue Oct 23, 2012
Anthony Gigie Sciandra answered:
Yes I would agree with your mortgage broker on this point. When showing homes in my area a lot of attics are not livable and the ones that are bring more desire from buyers. Also, you are making an investment by adding the additonal rooms. When and if you decide to sell this will make it more benefical for you also because it could help your home sell quicker if this is something that most homes in your area do not have being a liviable attic.

Feel free to contact me with any further questions...
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Fri Sep 20, 2013
Fred Glick answered:
Mon Jul 30, 2012
Doug Rees answered:
Hi Frank, now is a great time to refinance your home while interest rates are at historic lows. I have a wonderful Mortgage Representative that I use moat of the time. Feel free to contact me if you would like her information.
Good Luck on the Refinance of your Home Mortgage!
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Fri Sep 13, 2013
Doug Caye answered:
I am not aware of any stated loan programs at all anymore?? I sold 40 homes last year and with the exception of a few cash sales all are full doc loans-- Thats just my experience, You may need to seek a private money lender and thats not something I would suggest. ... more
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Sun Feb 5, 2012
Joann Snyder answered:
Potential rental income is not considered when applying for a mortgage unless you have a tenant already and have signed a lease with them. If you have any other questions, I would be very happy to answer them. ... more
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Fri Aug 26, 2011
Deeley Chester answered:
Always check with a local bank. Sometimes they have a better understanding of your area than national banks. Depending on your income to debt & assets they are willing to do a loan's. good luck to you.
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Wed May 4, 2011
Jill Stehnach answered:

You may want to check with Sewickley Savings Bank. We have many cooperative buildings in Sewickley. Many of these transactions are done with cash, but not all. I have not checked with them lately, but in the past they would work with co-op buyers. Good Luck! - Jill Stehnach ... more
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Mon Apr 18, 2011
Fred Glick answered:
You should be good for an assumption. Make sure Citi knows all the details upfront.

Good luck!
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Sat Feb 5, 2011
Laura Stevens answered:

I have a number of lenders I could give to you. I have them in a word document which I cannot add in this form. Feel free to email me, and I can send over. ... more
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Wed Feb 2, 2011
Doug Caye answered:

It really depends on where you are in Pittsburgh- but on average we have still seen an annual increase of about 1.34% accross the board- In most of the areas that I have been working there is no "drop" at all. We are all selling for more than was paid even if the purchase was from 2006 until now- again that depends on your area and the number of foreclosures etc.. some places will have been hit harder- Most of the reputable lenders that I deal with could give you a pretty good idea of what you should expect and have data available without charging you upfront for a complete appraisal fee- ... more
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Wed Oct 27, 2010
Eric Thompson - Coldwell Banker - answered:
You do not need an agent to purchase at the sherrif sale. I have to say that this is a more difficult purchase than most people think. The price advertized in the Post Gazette or online is not the total price. There may be a number of leins on the property that will also need to be settled so you'll need to have someone perform a title search before you bid on the property. Also, make sure you go to a couple of these sales so you get an understanding of how they work. The sale pace is very fast. You'll need to put down 10% the day of the auction and come up with the balance within a week so no real way to get a loan. You really do need to be a cash buyer from what I can tell. 99% of the time the bank takes the property back and will outbid you. If you're seriously considering this I would suggest giving me a call and I'll tell you everything I know about this process. ... more
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Wed Jan 27, 2010
Anna M Brocco answered:
Why not visit with any qualified loan officer(s) first and see exactly what your budget can handle and check that credit score again--your officer may have great tips on how to best improve it , and as fast as possible, if needed. FHA requires a minimum score of 620 and 3.5% down--Again, a qualified loan officer is your best source of advice and a good place to start before making any decision to purchase, or not. ... more
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Mon May 11, 2015
The appraiser will provide a market value based on the size, year and comparative sales.

They are also responsible for deterining any maintenance needed for the property and if the proprety is livable. The best thing I can tell you is to fix/repair any major issues that are visable by the naked eye. Make it look good too. ... more
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Fri Apr 11, 2014
John Shellington answered:
Sounds like he has agreed to purchase the property and has put his earnest money at risk in the event the mortgage company has any additional approval requirements. If there were any contengencies with the lender that he could not meet to close the transaction, it seems like he has removed any protection for his earnest money in case this event were to ocurr. Probably has the cash to close without a mortgage. ... more
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Wed Oct 7, 2009
Jeffrey Bennett answered:
Conventional loans from A lenders generally require 680-720 these days, and a BCD lender would have a tough time with 530. Even if it were possible, the interest rate would have to be so high it might not make sense. (Not to discourage you :-) I'm sure any number of internet lenders would say they could help you, but I've had enough of those fall through to say if it looks too good to be true, it probably is!

I would work with a qualified credit counselor to see what is best for you given a full description of your situation (cash available, reason for low credit score, employment, income, current debt load, etc.) It might make more sense to repair your credit and build up savings before trying to buy. The last thing you want is to buy at the very limit of your means, then lose the house when something else adverse happens in the future.

If you do need to buy, there might be ways around not qualifying for a conventional loan. If you have cash or "investors" (e.g., close family members with cash), you might finance it that way. For instance, a property owner might draw on a secured line of credit (e.g., a 2nd mortgage on a different property). You can also receive gifts from individuals for up to $10K each.

There are also credit repair programs, some at local banks or credit unions, that will do things like provide matching funds for a downpayment, or give you a lower rate if you maintain an account in good standing (perhaps with a minimum balance). Good luck!

Good luck!
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Tue Sep 1, 2009
Jeffrey Bennett answered:
It is tough to get a conventional mortgage under about $40K, secured against the property you're buying. Small loans just aren't cost effective (or even possible in some cases with all the new regulations, interest caps, etc.) Most people borrowing small amounts either do it privately (e.g., family) or draw on other resources, such as bank lines of credit.

Are you selling the first condo? If so, you could try to time it such that you could use cash proceeds (if there will be enough) to fund the purchase. If not, can you get a second mortgage against the first condo? The $40K limit applies to securing loans against the house you're buying; you can take out any amount against *other* property.

Make sure the co-op allows mortgages in the first place; many in this area are cash only. Good luck!
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Mon Jul 13, 2009
Jackie Hamilton answered:
What you are looking to do? Many local lenders here. Are these investors?
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Tue Aug 11, 2009
Chris and Stephanie Somers answered:
How did you get a loan to purchase the property in the first place ? And didn't you plan ahead for this type of endeavor ? I am not sure who is going to lend you money for that type of project. ... more
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Thu Jul 9, 2009
Ken Herrera Group answered:
Hello Michael,

Try and get an opinion from a couple different Lenders. There must be more to your story. What is your credit scrore? You mentioned you were told you did not have enough positive credit? How much negative credit do you have? Do you know your credit score? If you provide some additional details, more people on Trulia may be able to help. Have you looked into alternative trade lines? ... more
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Mon Mar 31, 2008
Darren Miller answered:
Gene, I assume that by Villa you mean condo, or condo like with a HOA? Basically the association does not have Fannie/Freddie approval to lend government backed institutional loans in the complex because of a specific reason, it may be that they are currently in litigation or something of the like. This can present problems in the future, especially going to refi later down the road. You want to ask your Realtor why they are not approved and then go over the HOA material as soon as you get it (required by the contract).

Check the name of the complex on the HUD website:
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