Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in 20019 : Real Estate Advice

  • All17
  • Local Info1
  • Home Buying7
  • Home Selling0
  • Market Conditions0

Activity 38
Thu Jun 3, 2010
Lori S LaRue answered:
If you are speaking of an FHA 203K loan (home improvement and repair loan) then no you cannot use an FHA Streamlined loan. HPAP will require that the property pass inspection prior to settlement. Therefore you will not have the opportunity to use 203K funds to make the necessary repairs. However, there are lots of homes currently on the market that in in the proper condition to pass HPAP inspection OR sellers are willing to go the extra mile to get it into condition. It may take a little extra work to find that house in the right price range but believe me, they are there and ready to go!! ... more
0 votes 1 answer Share Flag
Wed May 5, 2010
Paul Denmon, NMLS ID: 280766 answered:
21 to 30 days

Thank you,
Paul S. Denmon
Sr. Loan Officer
Renovation Loan Specialist
Prospect Mortgage LLC
12150 Monument Drive Ste 825
Fairfax, VA 22033
FAX: 877-284-9069

My Website:

In the news: We are now one of the TOP 2 FHA, FHA 203k and HomePath® Lender’s in the Nation!

Start the process:

Renovation, 203(k) Existing Homes and New Home Financing, Purchases and Refinances
FHA, Veteran’s Home Loans, Conventional, Jumbo/Owner Occupants, Investors & Vacation Homes

Prospect Mortgage, the Nation's Largest Independent Direct Mortgage Lender - 50 States
... more
0 votes 0 Answers Share Flag
Mon Sep 27, 2010
Dan Chase answered:
One key consideration. In todays market loans get considered as
0% down dead last.
3.5% down almost last
conventional mortgage second place
cash, top billing and most wanted.

It is always nice to have extra money available to cover problems that eat money when they occur. Furnace and transmission repair or replacement comes to mind.

You also need to cover closing costs.

If you have any job security concerns, it is probably better to rent for awhile. If not, just have a cash cushion to cover some problems just in case.
... more
0 votes 18 answers Share Flag
Thu Mar 11, 2010
Chris Lyon answered:

If you purchase them prior to closing you can be reimbursed on the closing statement or you maybe able to do an escrow hold back and purchase the appliances after the closing and then you would be reimbursed. The best thing to do is to check with your lender and ask them which option they would prefer. Any left over funds would be used for a principal reduction.

Good Luck

Christopher Lyon
Fidelity LLC
... more
0 votes 2 answers Share Flag
Wed Jul 25, 2012
Dallas Texas answered:
I would recommend have your buyers agent, mortgage broker, and CPA review all your pro's and con's determine what is you best interest.

CPA can provide you annual tax benefits how to structure loan .

... more
0 votes 6 answers Share Flag
Thu Jan 14, 2010
Gerald Seegars answered:
I have worked recently with some clients on this issue recently and I can pass on the names of a few brokers who may be able to help you. Please email me directly at and I will forward you the information. ... more
0 votes 5 answers Share Flag
Thu Dec 31, 2009
Sat Oct 17, 2009
Saab Realtors answered:
U need to take the advise of a good loan officer.
The letter should stae funds has been setaside for this purpose and committed to this transaction.
They need to have proof of funds, preferably in an escrow account.
Ramesh Chandra
703 635 8209
... more
0 votes 1 answer Share Flag
Sat Oct 17, 2009
Lanre Folayan answered:
Hello Eanr. I would definitely call Laurie Evans-Branch Manager at Eagle Mortgage Bank. Her telephone number is 410-320-9616. She works with people with 500 credit scores. Please tell her that I refer you to her. ... more
0 votes 1 answer Share Flag
Fri Sep 18, 2009
Saab Realtors answered:
U need to have 3 payments received by the lender.
U may want to try getting under contract now and close after the third payment is received by the lender.
For a better answer, check with a good loan officer. ... more
0 votes 3 answers Share Flag
Mon Jul 27, 2009
Lanre Folayan answered:
Hello Clw1624. Besides HPAP,EHAP,DC Bond and NACA,I would also check with lenders. I can recommend you to some lenders if you like. Please send me an e-mail to Good luck to you. ... more
0 votes 3 answers Share Flag
Mon Jul 20, 2009
I don't know about this one but Look at this blog it will help you to learn more about mortgages.
I've got most of my answers there as well.

Good Luck.
0 votes 1 answer Share Flag
Tue Dec 12, 2017
Yes, this is true. Fannie Mae is 6 months and FHA is 12 months. Try a local bank or credit union

Danny Castagna
Sr Mortgage Consultant
EMM Loans
800-793-9633 x 185 ... more
0 votes 6 answers Share Flag
Fri May 29, 2009
CSB answered:
Give Addie Gil with Prosperity Mortgage a call.

Her cell is 703-350-6709

Shoot me an email and I'll provide a couple of additional references.

Need assistance purchasing?

Great luck,

Christopher Beaumont
Georgetown Long and Foster
... more
0 votes 5 answers Share Flag
Mon Nov 17, 2008
Jeff and Ginny Mitchell answered:
NO, your applications within a short period of time to various mortgage lenders will not adversely affect your credit score. They all assume that you are shopping around. That has not always been the case, but fortunately it is expected now that people will shop for the best rates and terms. By the way, please ask for the APR (Annualize Percentage Rate) in writing from each source because that is really the only way to compare the packages. That rate is supposed to include ALL of the fees and points (pre-paid interest) together to let you know what the REAL interest rate will be. Otherwise it is a guessing game. You may or may not wish to pay any points to buy down your rate mostly depending on how long you believe that you will stay in this home. There is a break even point out several years that until which you would have been better off paying the higher rate before you actually start saving money.

There are really good mortgage brokers and some not so good as well. We recommend that you check Coldwell Banker Real Estate Mortgage as one of the options. You can access that contact number on the website. They are usually very competitive and may even offer a guaranteed lowest rate.

If this is your first home purchase, please be aware that you should qualify for up to a $7500 tax credit rebate. Congress will be debating whether that will eventually need to be repaid over many, many years, or maybe not at all if they modify the current law as they are considering. Good luck to you.
... more
0 votes 3 answers Share Flag
Fri Oct 17, 2008
real estate md va dc answered:
I believe so, up to 65% of your home's value. Up to $500,000. Prime + 2.00, maybe lower depending on the size of the HELOC.
Talk to Alex Echeandia of Choice Finance
301-881-8900 x208 ... more
0 votes 2 answers Share Flag
Tue Jul 11, 2017
M answered:
Contact Michael Spies @ 847-975-6800. He can put you touch with his people in the DC area. You are correct, you should have no problem getting a mortgage.
Good Luck. Please let Mike know we referred him
If you know anyone looking for retirement, second home or vacation property, please pass our name along.
The Schaffer Realty Group
... more
0 votes 16 answers Share Flag
Mon Jul 16, 2007
Dave answered:
Yes, I Do think that real estate prices will rise. There is so much coming to Anacostia and Congress Heights (streetcars, new United Stadium, new Anacostia Park, renewed St. Elizabeth's, MLK and Good Hope street renovation, DDOT relocation to Anacostia, WMATA relocation to Anacostia, etc etc etc) that it is hard to imagine prices Not continuing to rise. ... more
0 votes 1 answer Share Flag
1 2
Search Advice