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 33021 : Real Estate Advice

  • All26
  • Local Info0
  • Home Buying16
  • Home Selling0
  • Market Conditions1

Activity 15
Sun Dec 1, 2013
Yes. You can get a mortgage. You'll probably have to go the unconventional way, also known as hard money or private money. I offer both. Private money is just that. It is money offered by individuals rather than by an institution. Private funds are not regulated by the federal government and can pretty much lend to anyone for any rate and charge any amount of fees they wish to charge. Private money allows you to choose your appraiser whereas hard money (named after "cold hard cash") must order the appraisal through a third party company.

Hard money lenders are restricted on the amount of fees they can charge. Because of this, the rate may be higher and the underwriting is a little tougher to get through.

You'll want to explore both options depending on what you plan on doing with the property after you buy it. Hard money is for temporary financing (up to 24 months max, whereas private money can be for 30 years. Both offer financing for commercial and residential, however, private money allows a person to buy the property and live in it, whereas, hard money can only be used for investment properties.

You'll also want to establish an LLC (Limited Liability Company). If you need help, I can refer you to someone. With the LLC, you'll need a Federal Tax ID Number or TIN. The TIN will be used to start your credit in this country. You'll need to open a checking account in the US as well if you haven't already.

You are welcome to visit my website listed below for more information.
... more
0 votes 5 answers Share Flag
Mon May 6, 2013
Tamika Moses answered:
For your situation you will need a hard equity lender that will lend for the difference. I can recommend a few or send you condos that are a little lower than the 55 k to see if you can purchase straight cash.

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
... more
0 votes 6 answers Share Flag
Sat Mar 16, 2013
Tamika Moses answered:
Hello Mike,

I have a in-house loan officer that you can work with to get you financing. Please feel free to contact me and I will be more than happy to assist you, with your home search and financing. I look forward to hearing from you. Our in-house loan officer will be able to direct you on exactly what you need to do.

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
... more
0 votes 12 answers Share Flag
Mon Sep 17, 2012
Hello Ron,

please feel free to contact me at your earliest convenience regarding the refi (cash-out) of your investment property.

Best Regards,

Beate Rodriguez
Lic. Loan Originator
NMLS# 299244
Cell: 954.695.4849
... more
0 votes 2 answers Share Flag
Thu Aug 9, 2012
Tim Moore answered:
I am thinking they are going to have to appraise for a little more than what is owed and if you got them 6 mo ago I am not sure there are up enough or seasoned enough, but then I am not a lender which is who you need to speak with. Good luck. ... more
0 votes 4 answers Share Flag
Fri Jun 3, 2011
It depends on what your contract says.

Normally your options when the appraisal comes in below the agreed upon purchase price, if your contract has an appraisal contingency, are:

1. The buyer can proceed to purchase using the lower appraised value but still paying the seller the full purchase price (because seller won't budge on the price, etc.). Example if the purchase price is $100k, appraisal comes in at $95k. Buyer can still purchase for $100k, the buyer will just have to bring in the $5k difference plus the % down payment on the $95k appraised value.
2. The buyer & seller agree to a new purchase price, be the appraised value or some other figure. Continuing with the example above, the buyer would propose to seller to lower purchase price to $95k, seller agrees, and new purchase price is $95k and that is what the % down payment is based on.
3. Buyer does not want to purchase at the purchase price, seller does not want to budge on the purchase price, buyer gets to back out of transaction with their earnest money but no refund for any other expenses paid (appraisal, home inspection, etc.).

Unless it states in your purchase contract with the short sale lender that THE APPRAISED VALUE WILL BE THE PURCHASE PRICE, you and your agent are going to have to start doing some negotiating.

Call your real estate agent and loan officer in the morning and go over your options.
... more
0 votes 5 answers Share Flag
Fri Jun 3, 2011
Gregorio Denny answered:
Why do you need a portfolio lender? Not all are created equally so the reason you need one will be important in recommending one.
0 votes 3 answers Share Flag
Wed Jun 13, 2012
Anna M Brocco answered:
Without any financial information, etc.-- consider visiting with any qualified loan officer(s), after reviewing your overall financials, a determination on qualification can be made, the type of loan, how much, etc.; interest do vary and constantly change, your loan officer will best advise. ... more
0 votes 7 answers Share Flag
Sat May 5, 2012
Hi Nisse,

You'll need to work with a mortgage professional to determine what price you can afford. The main thing here is to not get too hung up on what you qualify for. You want to focus on what you're comfortable with paying every month for your mortgage.

As far as the down down payment is concerned, it depends on the loan program. FHA only requires 3.5% so on a $200,000 home you're looking at $7,000 for your down payment. You can usually get the seller to cover your closing costs or at least some of them. You should figure the closing costs to run 3-6% of the sales price depending on the sales price.
... more
0 votes 11 answers Share Flag
Thu Oct 28, 2010
David Jaffe answered:
Not sure what you mean by "number" on your tax return... The lender uses a variety of very important information including your credit score, dept to income ratio, verifcation of income (on your tax return over a 2-year period), all your debts (car payments, credit cards, student loans, alimony, etc). All of these are used to qualify you for a loan.

As a rule of thumb 28% of your monthy income can go towards housing expenses (principal, interest, taxes, and insurance), 42% of your monthly income includes your debt. These are Fannie Mae & Freddie Mac guidlines.

I would encourage you to speak with a mortgage professional to guide you through the entire process.

Best of luck!

... more
0 votes 7 answers Share Flag
Fri Jul 23, 2010
Don Tepper answered:
See a good mortgage broker.

While you've got a nice positive cash flow now, depending on how much you want to refinance it for, you may not in the future. You way that it's rented for $1,800 and you've got a positive cash flow of $800. That means you've got $1,000 in monthly expenses. That sound high if you bought for all cash--unless you financed (and are still paying off) the renovations.

The duplex being owned by your LLC probably isn't much of a problem. However, the lenders will probably want your personal guarantee on the mortgage. It's unlikely that they'll loan solely to the LLC.

So: See a good mortgage broker to see how much you'd be able to finance and at what rate.
... more
0 votes 2 answers Share Flag
Thu Aug 15, 2013
Scott Godzyk answered:
By public adjuster are you meaning the tax assessor? If so you will want to get an abatement form and a copy of teh directions, follow the directions to a tee or your application will get denied in an instant. usually you include an appraisal showing why you feel you were over valued. If you are asking about an insurance adjuster than that is a question for the insurance industry. ... more
0 votes 5 answers Share Flag
Sun Oct 11, 2009
Diane Loveridge answered:
Hi 80andsunny,

I know someone who can help you. Would prefer to give you details offline. Send me a note and I'll pass along the contact details.

Diane Loveridge
Majestic Properties
(786) 210-3449
... more
0 votes 3 answers Share Flag
Mon Dec 29, 2014
Frank Olguin answered:
Sue Weaver,
My firm AmericaHomeKey is a direct lender, so we can do portfolio loans. For condos our policy is only FHA approved, and even then we have assisted developers in getting FHA approval. On FHA loans we cannot accept NO DOC, or STATED at any down%. Please call me for a private consultation and I may be able to get your clients the "documentation" they need to process the loan.
Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
office 954-771-7715 x104
cell 561-386-9731
... more
0 votes 1 answer Share Flag
Search Advice