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Financing in 31146 : Real Estate Advice

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Activity 182
Sun Apr 14, 2013
Bruce Ailion answered:
Without commenting on the classification of income a potential solution would be an intermediate adjustable rate loan, 5,7 10 years to lower your payment and debt ratios. Most people do not understand that when you take out a 30 year loan you are buying a rate commitment for 30 years and if it is unlikely for you to consume that rate for 30 years you are paying for something you will not use. Say you were buying frozen chickens. Would you buy a 30 year supply if they would become stale or unsafe after 10 years just to know the price was fixed. Consider other stable index intermediate term adjustable loans as an option and discuss these with your lender.

Bruce Ailion,
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Investment Agent Specialist
203K Certified Specialist
2050 Roswell Road
Marietta GA 30062
404-978-2281 Direct
404-386-3682 Assistant Robin
678-760-6266 Buyer’s Agent Adam
770-973-9700 Office
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0 votes 4 answers Share Flag
Thu Jun 9, 2016
Michael Connelly answered:
What your really after is a construction loan and there are a few institutions handing them out again finally. You will need a full set of construction documents and usually two fixed bids from different contractors. I know that Wells Fargo and Suntrust are doing both owner occupied and investor construction loans. If you would like more details or a referral to a mortgage consultant I've worked with recently on construction loans I would be happy to make the connection for you. ... more
0 votes 8 answers Share Flag
Thu Feb 5, 2015
Fred Yancy answered:

We receive requests from people interested in buying a home in the United States who are not US citizens. The status of a person in the United States makes different loan programs available depending on the length of stay that the person is allowed to stay in the country.

We will try to describe these options from least difficult to most difficult.


These people are able to apply for a loan in exactly the same conditions as any US citizen. Loans to these customers are purchased automatically by Fannie Mae and Freddie Mac. The person must show us the ?green card? issued to him by the Immigration and Naturalization Service (INS). Sometimes the bank will ask for an authorization to contact the Social Security Administration ( SSA) to confirm the social security administration. These borrowers have access to all loan programs, first mortgages, second mortgages, home equity lines of credit and mortgage insurance. Borrowers must have a valid social security number.


H1B visas are issued to international workers who come to the United States for a definite period of time. Usually between three and six years. Normally banks treat these applicants as permanent residents, in some cases they will ask to see a petition to extend the residency permit. Interest rates and conditions will be similar to those offered to US citizens. The SSA will have provided these applicants with social security numbers.


Known as the Employment Authorization Document ( EAD) the work permit is given to students, fiancées of US citizens, foreign diplomats, special workers. Fewer banks are willing to provide a mortgage to these persons due to the short term they are allowed to stay in the country. Other banks state that they are only concerned that the person is in the US legally and will provide a mortgage under normal conditions.


It has become very difficult to obtain mortgage financing for foreign nationals in the last year. Fannie Mae and Freddie Mac have removed those options from their offerings. Most national mortgage lenders that provided foreign national mortgages no longer offer them. Several banks in Florida still offer loans to foreign nationals who are buying property in that state. The borrower usually has to put 25% as down payment and provide proof of employment and credit in his native country. They must provide a tourist visa that allows them to visit the US and the home they buy in the US will be considered a second (vacation) home for them. It is unfortunate that this kind of financing is so restricted at this moment. Investments by foreigners at this time of a glut in the housing market and a weak dollar would open up many options to sell homes.


For many years the Internal Revenue Service ( IRS) has provided non US citizens with Individual Tax Identification Numbers (ITIN). These numbers are used by the IRS to track (and be able to tax) income from dividends, savings, commissions and other income generated in the US. The ITIN does not allow the person to live or even be in the United States, it is only a medium for tax control. Some companies however are using the ITIN to identify their customers in credit transactions and thus reporting them to the credit bureaus. A limited number of national banks offer mortgages to ITIN holders. Some banks will use the ITIN number when assigning customers checking, savings accounts and CDs. Some local and regional banks offer mortgage loans to customers with ITINs. These customers provide a history of employment, sometimes alternative credit documents ( utilities, insurance bills, retail accounts, cellular phone bills) and bank statements to qualify for a mortgage loan. At one time loans for these customers only required 3% down payment, now most programs require between 10% and 15% down payment.
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0 votes 9 answers Share Flag
Mon May 15, 2017
Hi Reginald,
I would be happy to get you a letter today. Please call me at 740.602.3320 or on my office line at 866.901.3570. I am very experienced working with VA borrower's and look forward to working with you.
Julie A. Horvath
Northpointe Bank
Area Manager
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
... more
0 votes 15 answers Share Flag
Mon Apr 1, 2013
John Walin answered:
Fri Mar 29, 2013
Fidelity has a "Renovation" loan with just 5% down, but our "Construction to Perm" loan won't be available until later this year. You could have your builder finance the construction project and then get a permanent loan at the end of the construction for as little as 3% down. If you'd rather finance the constrruction yourself, email me. I have a few friends at other banks that offer Construction to Perm loans, but I believe they do require 20% down.

Warm regards,
Kim Jones
Senior Mortgage Banker
Fidelity Bank
3490 Piedmont Road, Suite 750
Atlanta, GA 30305
CELL/TEXT: 678.468.4046
eFAX: 678-829-0612
CLICK TO Apply Here!
NMLS# 545217
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0 votes 3 answers Share Flag
Wed Jul 22, 2015
Keith Jean-Pierre answered:
Many loan types have clauses that prohibit loan assumption, but mortgages insured by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) continue to be assumable.

According to the Department of Housing and Urban Development (HUD) guidelines for FHA-insured mortgages, all FHA loans are assumable. Any loans originated before Dec. 1, 1986, are freely assumable, which means there are no restrictions on the assumption. Mortgages from 1986 through Dec. 14, 1989, are freely assumable as well because of congressional action in 1989 that voided the closing document language of loans from that period.

FHA loans originated on or after Dec. 15, 1989, are assumable only by borrowers who can demonstrate creditworthiness. This means the new owner must go through the same approval process he would go through for a new FHA mortgage. Investors cannot assume an FHA mortgage originated after this date under any circumstances.

Good luck!
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0 votes 7 answers Share Flag
Mon Mar 25, 2013
Robert Taylor answered:
I would hope that all of them would be, but sadly that is not the case. Feel free to contact me if you would like more information on it or would like assistance in finding a home that qualifies. ... more
0 votes 3 answers Share Flag
Fri Mar 29, 2013
Michael Kempter answered:
Absolutely, we offer construction to perm with great rates on both products, currently you Jumbo is at 3.99% Please give me a call and I can go over some different options for you.

Michael Kempter
Senior Loan Originator
NMLS# 101596
GRMA# 30094

Angel Oak Funding
One Buckhead Plaza Suite 1560
3060 Peachtree Road NE
Atlanta Ga 30305
Office 404-637-0362
Cell 678-427-4217
Fax 404-410-6898
Apply online-
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0 votes 5 answers Share Flag
Tue Jun 7, 2016
We have Jumbo loans with as little as 10% down! One Loan - NO PMI....

In today's mortgage market, this is a very unique product. The guidelines are below. Please call me with any questions. This is a one loan product with NO PMI ( private mortgage insurance).

Minimum FICO: 680
* Owner Occupied Only
* No first time home buyers (must have owned SFR in previous 3 years)
* Only 1 unit, detached SFR allowed (no attached homes or condos)
* Max debt to income ratio of 45%

Historical rates on this program have been very good. Please call or email me for rate inquiries or questions @ 678.468.4046 or
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0 votes 12 answers Share Flag
Sun Mar 17, 2013
Michael Hammond answered:
By qualifying for and borrowing 95% of the Purchase Price.
0 votes 13 answers Share Flag
Sat Nov 2, 2013
It really all depends on when the late payments started vs when you moved out and relocated. Pelase call me to discuss your details.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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0 votes 13 answers Share Flag
Wed Feb 20, 2013
Shaukatali Kadibhai answered:
U are upside down by 100K.

Ayou do not cover the expenses from the rent you receive.
Can you frinance it??
Have the market changed whee the house is located??
Talk to a lender and see the best way out.
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0 votes 4 answers Share Flag
Thu Feb 28, 2013
FHA/VA mortgages are the least restrictive for a previous bankruptcy. HUD requires that a minimum of 24 months must have elapsed from the DISCHARGE date of a Chapter 7 Bankruptcy before a borrower can be eligible for an FHA or VA mortgage.

For a Chapter 13 Bankruptcy, then you must have made at least 12 on time payments. Additionally, you must also have permission to purchase from the Bankruptcy Court.

In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.

If a mortgage was included in the Bankruptcy, HUD requires that you must wait at least 36 months from the foreclosure date to be eligible for an FHA or VA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was not re-affirmed, there is not much that can be done until the property get foreclosed on.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 4 answers Share Flag
Tue Jan 29, 2013
Brian Berman 678-564-1522 answered:
Hello Bill- there are lenders in GA that will do this - We can do 80% on the first and then you can have a second up to 90% with no problem. We do this all of the time with our clients. We also have single loan options up to 90% with no PMI which is a really great program. Feel free to give me a call and we can talk about your specific needs at 678-564-1522 Thanks ... more
0 votes 5 answers Share Flag
Sun May 21, 2017
Fred Yancy answered:
What You Need for a Mortgage

W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.

Copies of at least one pay stub for each person signing the loan.

Account numbers of all your credit cards and the amounts for any outstanding balances.

Copies of two to four months of bank or credit union statements for both checking and savings accounts.

Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.

Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.

Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

Copies of your most recent 401(k) or other retirement account statement.

Documentation to verify additional income, such as child support or a pension.

Copies of personal tax forms for the last two to three years.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
... more
0 votes 15 answers Share Flag
Wed Jan 23, 2013
Fred Yancy answered:
I would recommend renting for two years to get your credit established, save for a down payment and closing costs etc.

Get Your Finances in Order: To-Do List
Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.

Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.

Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.

Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.

Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.

Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.

Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.
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0 votes 8 answers Share Flag
Wed Apr 26, 2017
Brian Berman 678-564-1522 answered:
Hey Lynn- i may be able to help- do you have other tradelines? feel free to give me a call 678-564-1522 and we can talk about your credit and see what we can do.

0 votes 31 answers Share Flag
Thu Jan 10, 2013
You will have to use private money. Minimum down is zero. Minimum rate around 9.5%. You'll have 3 to 5 years to refinance out. That's about how much time you'll have to wait to qualify for FHA. Make sure that the price point of the house is within FHA loan limits for the county you plan on living in. Each county has its limit. It takes about 30 days to close. Must have a job or some form of income to qualify. There is an application fee. ... more
0 votes 8 answers Share Flag
Sat Dec 29, 2012
Michael Cheng answered:
There are no special challenges for a foreign investor to buy a property. Prices are so cheap today as many US buyers are still uncertain about the 3 year housing rebound. If you're looking to get a loan to buy a property, that would be extremely difficult to get from a US lender. You may have to go get private financing for 40-50% of the price and pay 10-12% interest. It's just easier to pay all cash, especially when the homes are so cheap. ... more
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