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Financing in 21230 : Real Estate Advice

  • All26
  • Local Info1
  • Home Buying9
  • Home Selling4
  • Market Conditions0

Activity 20
Mon Nov 26, 2012
June Piper-Brandon, MRP answered:
You do not have to include your wife on the mortgage or title and therefore you don't have to include the debts in her name. But, if you do that you also can not include her income to qualify for the loan. I'd be happy to refer you to trusted lenders that I work with and trust.


June Piper-Brandon, ePro, CIAS, CDPE, WHC
Associate Broker
Century 21 New Millennium
410-292-0100 (Direct)
410-730-8888 (Office)
http://www.JunePiperBrandon.com
http://www.JuneHelpsBaltimore.com
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0 votes 10 answers Share Flag
Thu Sep 13, 2012
The Roskelly Team answered:
Wow, I've never heard of such a thing. But in searching the web it appears they do require special financing. I'm attaching a link that I found that may help in your search.
0 votes 2 answers Share Flag
Sun Sep 22, 2013
Asha Goel answered:
Yes, you do. If you don't want to pay out of your pocket then you can finance the amount also. You might go to title company who did your settlement earlier and should get a break with closing cost. If you which I think you must have, took owner's title insurance policy at the time of closing then your cost should be much cheaper. If you have owner's title insurance then you should be getting reissue policy price.

Thank you,
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0 votes 9 answers Share Flag
Sat Apr 21, 2012
Robert Mcgee answered:
The Title Company underwriters (the insurer of the title) have become more demanding because a lot of the bank work in the past was sloppy. For example, in Maryland they want to see evidence that that the new rules laid down by the Court of Appeals have been followed. In a foreclosure the action of the first lien holder wipes out all junior lien holders except taxes. if the bank doesn't conduct the foreclosure legally the junior lien holders may still be able to claim a legitimate interest.

Bob McGee
Advance Realty Timonium
(410) 560-4574

My Blog: www.baltimorerealty.blogspot.com
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0 votes 7 answers Share Flag
Sun Apr 22, 2012
The Roskelly Team answered:
Hi Dar,

Need a bit more information. Are you talking about keeping your existing home which has FHA financing and purchasing a new home with your VA loan? If so, the answer is yes you can. ... more
0 votes 10 answers Share Flag
Wed Jul 27, 2011
answered:
50 miles is the definition a lot of lenders use, but depending on the situation it can be further or shorter than that.

If you are living in Ladera Ranch currently - you'd probably have to move down to the main Del Mar or even further, or to the north probably to Los Angeles (the city, not county) or further north.

However I have helped someone buy with a 2nd FHA loan when they moved from Oceanside to Lake Elsinore, which is less than 50 miles, but because their work was in Riverside it made sense and the underwriter agreed.

Ladera Ranch - > Baltimore *definitely* would be considered an unreasonable commuting distance.
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0 votes 2 answers Share Flag
Mon Mar 7, 2011
Lisa Scott answered:
Hi Ashley,
I have worked with investors for several years, including Baltimore. I'd be happy to assist you. ROI and after repair values will vary widely depending on the neighborhood/street on which the property is located, but there are quite a few property options where seller financing is concerned in the Baltimore city area due tot he low sales prices. Keep in mind that most sellers willing to hold a note will want you to make a substantial downpayment. Feel free to give me a call to discuss further.

Lisa Miller Scott
Sellstate Dominion Realty
301-642-4469
Lisa@LisaMillerScott.com
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0 votes 1 answer Share Flag
Mon Feb 28, 2011
Brent Kluge answered:
Richard, I would go for the local community banks. There are many that still have lot loans and beneficial terms as well. Start with the community banks in the area you are looking. Try Nelson Bayne, at St. Casimirs, if he can't do it, he will direct you.

:)

best,
b
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0 votes 1 answer Share Flag
Mon Jun 14, 2010
June Piper-Brandon, MRP answered:
Give Rachel Schaeffer a call 240-643-3989, I may have some other resources as well. You can email me directly at junepiperbrandon@advancerealtyusa.com.
0 votes 2 answers Share Flag
Tue Sep 21, 2010
Anne Coscia & Lora Graetzer answered:
Daniel,

First off, congratulations on the new job! Sorry it's causing concerns in other areas.

Have you talked to a loan officer yet and gotten pre-qualified to be able to handle two mortgages? That would be the first thing you should do because unless you've had previous rental experience and able to prove it using tax returns, you'd need to qualify for both payments.

Yes, we've used the exception on many occasions but this is a new reason so I've contact an Underwriter to see if this situation would apply as well. I'll post a reply again to provide an accurate answer.

Anne
Loan Officer
1st Preference Mortgage
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0 votes 15 answers Share Flag
Mon Jan 12, 2015
Bob Lowery answered:
No, VA does not offer a rehab loan. Your only choices would be the FHA 203k or a USDA Rehab loan. USDA does have a rehab loans, but I don't believe they lend that much for the rehab. There are also income and geographical limitations. So, that would put you back to the FHA 203k or find a different home that can fly with a VA loan.

Below is the site for USDA.
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0 votes 9 answers Share Flag
Tue Oct 20, 2009
Dan McDevitt answered:
Best thing to do is speak with a qualified Mortgage Consultant. I have 2 that I highly recommend. Please e mail me at dannymcdevitt@hotmail.com or Call or text at 410.499.5714 and I will send you contact information ... more
0 votes 6 answers Share Flag
Tue Jun 23, 2009
Chad Boyers answered:
There are probably too many details that are needed to give you an exact answer to your question, but I will try to answer the best that I can. Your current house doesn't really matter when it comes to qualifying for another mortgage other than the amount of equity that you hopefully have in it. For example, if you sell your house and have $50,000 in proceeds to put towards your new house, that will affect the price of the home you can afford versus having $25,000 or some other number.

Regarding using your salary but not your credit history, I don't think that that will be possible. Unfortunately, you have to take the bad with the good sometimes, and this is one of those situations. Your salary may help you to qualify for a larger mortgage, but it would likely be at a higher rate. For example, if you use only your husband's salary, you might qualify for a $500,000 house at a 5.5% rate. If you include your salary, you might qualify for $600,000 at a 7% rate.

I would talk to a reputable lender in your area and see what his/her insight is into your particular situation. Also, you'll want to talk to a good real estate agent to discuss your current home's market value, as that will affect your net proceeds and thus affect what you can afford for your next home. If you don't know of any agents in our area, I would be glad to help you locate one. Good luck in your selling and buying endeavors!
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0 votes 5 answers Share Flag
Wed May 27, 2009
Marilyn Emery answered:
There are some banks who are doing investor loans again. They will take rental income as part of your income for borrowing against your investment properties. If you would like a referral for a lender I know who is currently doing investor loans drop me an e-mail and I will pass along his contact information ... more
0 votes 3 answers Share Flag
Fri May 22, 2009
Luke Allison answered:
I don't want to sound skeptical but I honestly do not know of any mortgage insurance companies (other than FHA) that will insure cash out above 80% LTV. If a lender is offering you 90% w/MI then I would take it and run with it.

However, you did ask for other options. There is a renovation product available that is a one-time close which allows you to add the renovation costs to the loan payoff and base the news loan's LTV against the value of the home subject to the work being completed. I.E.:

Current Value $300,000
Payoff $200,000
Renovation Costs $70,000

New Value once Complete $400,000
New Loan $270,000
LTV 68% - NO MI

As you can see too, you only need to increase your home's value to $337,500 to avoid MI on the new loan!

At least in a renovation loan, you have the potential to avoid MI, plus it is a fixed rate loan that does not need to be refinanced. It counts as rate/term, not cash out so you will probably even see a better rate.

Let me know if you have any questions.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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0 votes 5 answers Share Flag
Thu Apr 29, 2010
Scott Stulich answered:
Pam Hi, please feel free to contact me and I can get you linked with a loan institution that will best suit your needs. 443-992-3608
0 votes 5 answers Share Flag
Mon Jun 14, 2010
Jonathan S Tucker answered:
Hi Brandon, I am Jon Tucker with RE/MAX 100. I work with a variety of investors on the residential and commercial side. I can work with you diligently to find the best deals. I have several automated systems to make you aware of new listings in your search areas the day they hit the market (JustListed, Matrix). I am a certified JustListed agent for the Baltimore region. You will see new listings, price changes, status changes (contract, sold, etc) the same day that I, as an agent see them for your search specifications. Once you see something of interest, I will send you the full 3 page Realtor version of the listing, the tax record, all pictures/tours, and all historical listings for that same property. We can go an personally review the best ones, or I can preview them for you. I also receive automated alerts from all the auction houses for good opportunities. Finally, I review the REO or bank owned listings regularly for my buyers. You will find good investments before most others. You can reach me via email at TuckerRealty@comcast.net, cell 443.538.4316, or my web site www.JonTuckerHomes.com.

Likewise, I am also a certified HouseValues agent for valuation and marketing when it comes time to profit from your investment. I use pricing strategies that are internet based to maximize the number of views by potential buyers. Your listing will appear on the MLS, every broker site, and almost every consumer web site that exists. It will show up on over 50 real estate search or related sites, just like Trulia.

I provide personal service and handle your transaction from start to finish. You will have my direct cell, blackberry, & email access. I have won the RE/MAX Platinum award and was #17 for RE/MAX in Maryland for 2008 1stQ. I currently lead my office for revenue in 2008. 17 years of internet, marketing, negotiations and contract experience ensure your smooth transaction.

RE/MAX is the largest and most successful broker in the world. We have 130,000 agents in 47 countries. We have excellent search tools at REMAX.com. Additionally, I have over 2,500 active opt-in clients receiving local listings from JustListed and HouseValues.

90%+ of Buyers go On-Line. I am internet intensive and maximize the number of web sites, pictures, and exposure to bring in the best buyers. I fully populate the MLS with 30 pictures & virtual tour, Realtor.com with 25 pictures & virtual tours plus over 50 other top web sites. Traditional tools include the MLS, eFlyers, brochures, signs, & open houses. These methods bring the best local, regional & national buyers.

Again, You can reach me via email at TuckerRealty@comcast.net, cell 443.538.4316, or my web site www.JonTuckerHomes.com.
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0 votes 2 answers Share Flag
Sun Sep 28, 2008
Maria Morton answered:
Please get with a local realtor to find out more specific information.
The federal gov't., state, and local city & county will have some programs you may qualify for.
HUD may also have something for you.
The amounts and criteria of each loan/grant is very specific and will vary from one locale to the next.
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0 votes 3 answers Share Flag
Fri Apr 11, 2008
Don Tepper answered:
Not on that basis alone. Lenders will lend money either on (1) your ability to pay (based largely on your income and credit), or (2) equity in the property. You'd be looking at the first option; your position would be that the monthly rent would cover the mortgage.

However, lenders will discount your projected rent (that is, the fair market rent) for the property by 25%. So, if all expenses (PITI, condo fee, etc.) come to $1,500, a lender would want to see a lease showing someone's paying $2,000 a month.

Second issue: You're talking about an investment loan. Your interest rate will be somewhat higher, and lenders in general will want you to put more money down; they'll want more equity in the property than if it were your primary residence. That's certainly possible, but may make the purchase more expensive than you initially calculated.

But, if you've got the money to put down, are willing to pay a somewhat higher interest rate, and can keep the expenses to 75% of the rental income, you can probably do it.

In the D.C. area, some investors are finding cash flow properties in Prince William County--Woodbridge and surrounding areas. They're buying foreclosures--3/2s or larger--for as low as $110,000--without much money out of pocket.

Hope that helps.
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0 votes 2 answers Share Flag
Sat Oct 20, 2007
Bill Wootan's Team One answered:
I am not familiar with the area you are in, but we have a similar area in Indian Head Maryland, and the association has several banks that finance the units - I think there must be funds somewhere for your unit too! I can check on Monday to see what banks finance these units and you can email or call me after that!
Bill Wootan 301-893-6207 or bill.wootan@century21.com
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