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Financing in 23456 : Real Estate Advice

  • All37
  • Local Info3
  • Home Buying15
  • Home Selling3
  • Market Conditions3

Activity 20
Thu Jan 9, 2014
Todd Brozovich answered:
Brian,
I know this question was asked in April but the only lenders in this area that may entertain that type of property is Bank of America and or Wells Fargo. You can check there if you have not moved on. Have a great day. ... more
0 votes 1 answer Share Flag
Thu Feb 28, 2013
Drew Hitt answered:
With a rent to own you should expect to put down 2 - 6% of the purchase price of the house up front. If you find a rent to own with no money down ($0) I'd be concerned its a scam.

Rent to owns are good for people with bad credit but have money.

Buying is great for people who have money and great credit.

Renting is good for people with any level of credit and some money.

You can't have one without the other though...
... more
0 votes 3 answers Share Flag
Thu Feb 14, 2013
answered:
As long as the Stock Market continues to hold or inch up the answer is most likely. In my opinion, we should be heading for a sell off, but it over due that's for sure. Until the Stock Market corrects, rate most likely come down again. The U.S. Dollar is in the dumps which most people don't follow unless you send money to another country. The dollar has lost big time over the past 4 years, and is a big contributing factor as the cost of goods continue to rise. The only way to make up for the lost of buying power is to pay more for products or as you see on the grocery shelves, buy items in smaller quantities. The FEDs can't hold down the rates forever by printing and buying our on Bonds and as soon as there is a sign of inflation, there we'll go. I have tried to encourage everyone I can to get back into the housing market especially first time buyers while the rates are at a all time low, but with the lack of inventory in many areas, poor Joe and Patty Smith Homebuyer can't catch a break. ... more
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Fri Sep 9, 2016
Joshua Parnell answered:
Val Parnell. 749-2181. TowneBank can do it.
0 votes 15 answers Share Flag
Mon Jan 7, 2013
Don Tepper answered:
Check with a loan officer or mortgage broker. But, basically, you'll have to improve your credit. While ability to pay is important, so is your credit history. I know that lots of people are more willing to rent to military because, if the tenant doesn't pay, the landlord can go to your commanding officer. But that same advantage doesn't apply when you're buying and the other party is a mortgage company.

Good luck.
... more
0 votes 8 answers Share Flag
Sun May 20, 2012
Rich Homer answered:
Good question and you should start with a local Mortgage Broker. Find one here http://www.trulia.com/voices/directory/Dams_Neck_Naval_Air_Station-mortgage_broker_or_lender--86854
http://www.naplesrealestateguys.com/ ... more
0 votes 3 answers Share Flag
Mon Aug 26, 2013
Kathryn Sharpe answered:
I would reconsider remodeling the house if you are going to rent it out. Unfortunately renters put a little more wear and tear on homes which would defeat the purpose of updating the home.

Kathryn Sharpe
Rose and Womble Realty
757-692-1964
ksharpe@roseandwomble.com
... more
0 votes 9 answers Share Flag
Sat Mar 2, 2013
Rhyan Finch answered:
We have two local mortgage brokers that we recommend to our clients!! James Walrod at Union Mortage Group & Nathan Techanchuk at New American Mortgage. I've added the link with their information so you can contact them to see which one could meet your needs. If you need assistance with finding the right home please call us - agents are on duty 24 hours a day, 6 days a week ! 757-255-8289.

Thank you so much!
RE/MAX First - The Rhyan Finch Team
... more
0 votes 28 answers Share Flag
Mon Aug 26, 2013
Scott Godzyk answered:
Your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. No one will be able to do anything but guess without seeing your actual financials. please be careful giving out info over teh internet, work with someone you can meet in person.

Good luck with your loan, please see my blog with tips and advice on getiing a mortgage in todays market
... more
0 votes 16 answers Share Flag
Fri Jan 13, 2012
Drew Hitt answered:
We sell homes with owner financing in Virginia Beach. What are you looking for in particular? We have one available in Norfolk and another in Chesapeake on the water available with Owner Financing. Let me know what you're looking for in particular and we might have a property to match or one in the pipeline coming up.

Drew
... more
0 votes 4 answers Share Flag
Thu Oct 14, 2010
Jim McCowan answered:
How much of a difference will the lower rate make in your monthly payment? How important is the $600 interms of helping with your closing costs? $600 really isn't a huge amount.
0 votes 7 answers Share Flag
Wed Oct 13, 2010
answered:
This depends on what your loan amount is. Normally, the .125% difference is worth 1/2 point, so if your loan amount is $120,000 that sounds about right. If you don't need the lender credit because you have the money, you are correct that you will make it back in the long term. If you answer about the size of your loan, and let us know what your credit scores are, I will let you know whether either rate is a good one. ... more
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Wed Apr 7, 2010
Carina asked:
0 votes 0 Answers Share Flag
Sun Feb 10, 2013
Richard Calderon answered:
Hi Amber,
I noticed that no one ever answered your question.I hope everything worked out and wish you the best.

Again on behalf of VA..... SORRY
0 votes 1 answer Share Flag
Mon Sep 21, 2009
Luke Allison answered:
Candi-
A 3-year history of clean credit is a very solid factor and your scores are fine as far as I am concerned. At Bank of America Home Loans, we do not have a minimum credit score requirement in place to qualify an FHA loan. I think you and your husband may actually be closer to an approval than you might think. Your mid-score of 590 should be enough to qualify you and the file would be rated using a combination of things including your debt ratios, income, assets, etc. If you would like any more information about qualifying for a home, you are welcome to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
... more
0 votes 4 answers Share Flag
Tue Jun 2, 2009
Barbara Q. answered:
Sorry for you and your family.
The rule on Down Payment Assistance changed and perhaps this is the reason you have beed denied.
Do you have money for the down payment or can you have a family member give you a gift?

Let your mortgage rep know that your attorney is going to contact "his big boss".

Hope everything works out for you...
... more
0 votes 3 answers Share Flag
Thu Apr 23, 2009
Sandra Musselwhite answered:
your lender is confusing the refi for people with payments that are current with the program for people who are behind in their payments. President Obama has asked us all to refi under the new program in order to help the recovery. If you owe more than your property is worth you qualify. basically a 5 minute call to your lender is all it should involve. perhaps signing a paper or two.


check out http://makinghomeaffordable.gov/
note there is no (s) after home.

sometimes you have to know more than the people you are dealing with to get things done--if your lender still doesn't come around--talk to his supervisor.
... more
0 votes 4 answers Share Flag
Wed Jun 25, 2008
Other/Just Looking answered:
Only an attorney is licensed to advise you on the advanatges and disadvantages of filing bankruptcy.

From a lending standpoint, the impact will be significant. All borrowers who have a bankrupcty discharged fewer than four years are ineligible for a loan delivered to Fannie and Freddie. This will lock you out of the low rate market for half a decade.

FHA insures loans made to borrowers with discharged bankruptcies in as few as two years provided the borrower can demonstrated the bankrupcty was due to circumstatnces outside the borrower's control such as job loss, major health problems, or death of a co-borrower.

In any event, you must have re-established credit with no lates and no collections for at least a year to be considered for a Fannie, Freddie, or FHA loan AFTER the 4 year period has passed.

There is no guarantee that Fannie, Freddie, and FHA won't chnage their guidelines. Just last month, Fannie and Freddie chnaged the seasoning time on foreclosures from 4 years to 5 years for a primary residence and 7 years on a second residence or investment property. If the foreclosure crisis leads to a wave of Chapter 13 filings, it is very likely that Fannie and Freddie will lengthen the time after bankruptcy before accepting a loan.

Even if all conditions above are met, banks can impose their own restrictions on top of Fannie, Freddie, and FHA guidelines. I heard today from a collegue whose borrower was denied for an FHA insured loan bya particular lender due to 3 late credit card payments in the 8 years sine the borrower's Chapter 7 filing was discharged. Obviously this lender is much more risk averse than FHA guidelines require, but FHA only insures loans made by banks; it does not lend.
... more
0 votes 1 answer Share Flag
Mon Feb 25, 2008
Danilo Bogdanovic answered:
Before you rejoice too much about the new loan limits, consider this:

1) The new loan limits won't be set until March 14 so you'll have to wait until then to find out what they'll actually be.

2) Though the new limits are required by law to be set by March 14, this allowance will not go into effect until July 1, 2008 and loans must be funded and closed prior to December 31, 2008.

3) These new loans have a maximum 90% LTV so be prepared to put 10% down.

4) The way these new “jumbo conforming” loans are structured and sold on the open/secondary market may actually cause the rates to increase on those loans, as well as current conforming loans under $417K. These new loans could potentially freeze up loan markets due to illiquidity. This would wreak additional havoc on the lending and housing markets.

5) There is not a set date by which Fannie, Freddie, Ginnie, SIFMA, HUD and everyone else involved have to work out the liquidity issues. Who knows when that will happen or whether the affects will be positive or negative on the housing market.
... more
0 votes 2 answers Share Flag
Fri Dec 19, 2008
Jim Duncan answered:
Cb -

I can't speak for the VA Beach area, but interest rates aren't high, as the link below shows. I've found that buyers who have good credit, job history and cash available have no problems getting mortgages right now. ... more
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