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Financing in 19122 : Real Estate Advice

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  • Local Info4
  • Home Buying6
  • Home Selling2
  • Market Conditions1

Activity 161
Tue Nov 2, 2010
Francisco Carreno answered:
Your agent can ad an addendum that says that if you cannot settle by a certain date because construction is not finished then the seller must pay a penalty in the form of money back, lower price or more amenities. ... more
0 votes 7 answers Share Flag
Fri Nov 5, 2010
Ed Fallon, MBA answered:
No, the money is provided at closing, it cannot be used for earnest money deposit.
0 votes 6 answers Share Flag
Sat Feb 5, 2011
Ed Fallon, MBA answered:
Lisa,
I can assist, and it will depend on the condominium. Some condominiums are not eligible for financing with only 5 or 10% down.
Ed Fallon, MBA NMLS#144708
Experienced Mortgage Professional
Helping homeowners in the Delaware Valley since 1984
Arlington Capital Mortgage
300 Welsh Rd. Bldg 5
Horsham, PA 19044

CELL: 610-308-9001
Office: (215-591-0222
FAX: 215-793-8382
... more
0 votes 12 answers Share Flag
Wed Aug 25, 2010
Christopher Luckowski answered:
Hi Troy,

The answer is no. You have to have two years of documented rental history to be able to use some of the rental income towards your total income. Reason is banks do not and can not afford to lend on an unproven rental history income.

Christopher Luckowski
CENTURY 21 Alliance
2009 Multi-Million Dollar Producer
2009 Quality Service Award Winner
... more
0 votes 2 answers Share Flag
Thu Aug 19, 2010
Ed Fallon, MBA answered:
It is possible, but we would have to look at your complete financial picture to see if you could qualify.

Ed Fallon, MBA NMLS#144708
CELL: 610-308-9001
Office: (215-591-0222
FAX: 215-793-8382

Arlington Capital Mortgage
300 Welsh Rd. Bldg 5
Horsham, PA 19044
... more
0 votes 8 answers Share Flag
Mon Aug 9, 2010
Alan Openshaw answered:
Hello Patelprash,

I know that Sovereign bank will do down to $40k....not sure if they do homepath. They are not on the list
http://www.fanniemae.com/homepath/financing/lenders.html;jsessionid=JZ3E34AEC1EAPJ2FQSHSFGQ

Alan
... more
0 votes 2 answers Share Flag
Tue Aug 3, 2010
Renee Porsia answered:
Hi Alisa,

A question I would have for you is do you also have money saved for a down payment and closing costs. Now, you don't have to answer that here on Trulia but if I were an agent you were talking to, I would need to know this. Most people have money for a down payment but then completely either forget about or know nothing about closing costs. There is something called seller assist and that is when a buyer can ask the seller to help pay some or all of their closing costs. It's an option depending on the situation.

If you are seriously wanting to buy a home or start the process, my professional advice to you is to find a buyer agent now so that you can build a relationship with and look to for advice and guidance and when you are ready to start the process, you will have your buyer agent.

There is a lot to know about the home buying process and now with all of the new mortgage rules and guidelines so its important to learn everything before you start the process.

I'd love to talk with you further about your situation and answer all of your questions. Feel free to either contact me directly at (215) 669-0589 or email me at reneeporsia@mac.com

Renee Porsia
Associate Broker
RE/MAX Action
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com
Servicing all of Philadelphia, Bucks, Montgomery Counties and New Jersey
... more
0 votes 2 answers Share Flag
Wed Aug 4, 2010
Mike B answered:
Looks like you'll need to reduce the price range in which you are looking then to be within the current Fannie loan limits, or come up with 20% down.

https://entp.hud.gov/idapp/html/hicost1.cfm ... more
0 votes 7 answers Share Flag
Fri Aug 13, 2010
Alan Openshaw answered:
Hello Jason,

I can do a renovation loan at 4.75%. Call me at 267 992 7276

Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa 18966
0 votes 8 answers Share Flag
Fri Jul 16, 2010
Chad Landry answered:
Your best bet is to talk with a local lender in your area. While most lenders like a 620 to be the minimum score, a local lender may be able to help you if not immediately maybe down the road. There are some things that you may be able to do to help your scores sooner then you think.

Hope this helps.
... more
0 votes 1 answer Share Flag
Tue Jul 27, 2010
James Yoakum, SFR answered:
Mortgage companies are more strict than ever on credit these days, so I'd say you're probably going to have a very hard time finding a lender. However, in many cases a credit score can be brought up a lot in a rather short amount of time if you know the right things to pay off and get the right documentation. I know a mortgage broker who is very good at helping people get their credit over the finish line so that they can qualify for a mortgage, if you'd like to talk to him let me know and I can give you his info.

James Yoakum - Realtor, SFR
Brown McKinney Real Estate
1631 W. Cabot St.
Philadelphia, PA 19121
office: 215-825-2250 x.1002
cell: 267-496-7739
fax: 610-910-3046
jyoakum@brownmckinney.com
... more
0 votes 5 answers Share Flag
Mon Sep 23, 2013
Mechelle Reasoner (Gooch) answered:
I would recommend you talk to a lender to see how it would affect you.

I recently have had buyers in that same sort of position. They were told by the lender that as long as they were putting 20% down on the house they were buying, and they had equity in the house they were going to rent out, they would qualify for another loan.

If they did not have equity in the house they were going to rent out, and/or were not going to put 20% down on the house they were purchasing, then they would have to qualify for their loan, and include the mortgage payments on the home they were going to rent out as part of their debt ratio.
... more
0 votes 10 answers Share Flag
Tue Jun 29, 2010
Christopher Lefebvre answered:
No money down loans are difficult to find these days. Contact some mortgage brokers to inquire, but it may be difficult. You may want to consider an FHA loan if the property you want to buy qualifies for it. ... more
0 votes 5 answers Share Flag
Fri Aug 12, 2011
Leon answered:
Thu Dec 1, 2011
Timothy Garrity answered:
Hi, Gary.

"Hard Money Lender" in today's lending environment is a pretty broad term. There are many lenders out there today that offer non-traditional financing options typically backed by private sources.

My professional background is in mortgage financing and I know a good lender who might be able to help you out. Drop me a line if you'd like more information (tgarrity@brownmckinney.com). Our company specializes in working with real estate investors.

Best,
Tim
... more
0 votes 3 answers Share Flag
Sat May 22, 2010
Erin Rowley Stoner answered:
Wed May 5, 2010
Bill Eckler answered:
So.....................you are seeking a lender for a loan and want them to approve funds for you without any assurance of the value of your home?

Based on your information provided......this is doubtful. I'll be interested in what others have to on this.

Bill
... more
0 votes 4 answers Share Flag
Fri Apr 30, 2010
Dan Tabit answered:
Frank,
Closing tomorrow is unlikely. No one can say for certain, but whoever told you that a job change in the midst of your application wasn't a problem amazes me. Lenders don't like change and are looking for reasons to turn down a file. 3 years ago it may have been less risky, but I would never have said, "no problem."
At this point all you can do is build the best case you can, supply all the requested documentation and work through it.
Call the bank in the morning and speak to the lending dept manager and explain your situation and ask for them to work on your behalf. It's your best bet.
... more
0 votes 3 answers Share Flag
Thu Apr 29, 2010
Jackson Masih answered:
Please call me I will be abel to assist you with that, since I am already working with an over sees buyer. I am aware of the immigration status and will be abvel to assist , however I do need some more inforamtion.
Jackson Masih
267 253 7276
Masih.realtor@gmail.com
... more
0 votes 1 answer Share Flag
Thu Jun 10, 2010
Tomasreed0099 answered:
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Regards.

Tomas Hilario

Private Agent - Investor
Private Email: tomas@pbizzel.com
Phone Number: +447529844912
... more
0 votes 1 answer Share Flag
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