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Financing in 33432 : Real Estate Advice

  • All55
  • Local Info9
  • Home Buying19
  • Home Selling5
  • Market Conditions4

Activity 13
Mon Aug 6, 2012
Marilyn Farber Jacobs answered:
You need to talk to a mortgage broker. If you want suggestions for brokers, email me.

Regards,
Marilyn Jacobs
marilynfjacobs@gmail.com
Jeffrey Ray & Associates
0 votes 3 answers Share Flag
Mon Nov 21, 2016
Annette Levinson answered:
If you have no earned income, do you have income from investments? trust? interest? If you have income that can be used for a mortgage. Also if you have investments, that can be securitized for a mortgage.
In other words you need to speak to a lender on what your options are.
... more
0 votes 6 answers Share Flag
Mon Apr 30, 2012
Russ Greenberg answered:
Hi Chrisian,
you can use this link and set up a search from the Realtors MLS and put in your price, city, criteria and it will send mails with property matches. feel free to contact me for assistance.
http://russgreenberg.sef.mlxchange.com/

Best Regards,

Russ Greenberg, Realtor RELO "Experience Counts"
Florida's Real Estate Leader since 1926, 30 offices serving South FL

(561) 445-8782 -direct http://russgreenberg.live.keyes.com
Keyes Real Estate, Mortgage, Title, & Insurance
Boca Blue Lake Office
1200 Yamato Rd Suite B-1
Boca Raton, FL 33431
... more
0 votes 1 answer Share Flag
Wed Feb 8, 2012
marni zuckerman answered:
I suggest you call Rob Zuckerman of Wells Fargo. he only handles renovation loans and can assist you with any question you may have. Even if you don't use him, pick his brain.
561-741-7766 Robert Zuckerman ... more
0 votes 9 answers Share Flag
Sun Oct 8, 2017
answered:
Good morning Tamarah,

In this day and age of Super-Cynical underwriting standards, I think an underwriter would have a difficult time approving a mortgage loan request with an eviction judgment. The thinking goes like this: "All the other credit is paid on time but not the housing payment? Well, now we know how this applicant will treat the mortgage loan."

Unless your friend can prove with documentation that the eviction was completely out of her control---and I mean serious and extensive documentation such as cancelled checks, attorney affidavits, and an affidavit from the former landlord---she will hit a brick wall in the underwriting process.

Here's my suggestion: your friend rents for the next 2 years. Pay the rent monthly on time and by check---NOT money order or cash---so there is a documented record of an on-time housing payment history. Then, meet with a Local Mortgage Banker to get thoroughly prequalified. You'll find the best information on mortgage loans coming from Local Mortgage Bankers, not the "Big Banks."

Trevor Curran
NMLS #40140
... more
0 votes 9 answers Share Flag
Thu Jun 16, 2011
answered:
It could be because the condo may be considered "non-warrantable", which is tough to find financing for, and thus whoever is "telling" you that all is offered is 3/1 & 5/1 ARMs may have a portfolio lender who is willing to lend on it (since they don't want to tie up their money for 30 years at a specific rate).

Have you actually looked into financing yourself? If so, what have the lenders said about the particular condominium? Is there an occupancy percentage issue?

Is it listed as an approved condo on Fannie Mae's website? https://www.efanniemae.com/sf/refmaterials/approvedprojects/
... more
0 votes 3 answers Share Flag
Thu Feb 14, 2013
David answered:
If you are buying the property to fix and resell ("flip") private money is available for up to 80% of present market value (PMV) for 3 to 12 months at: http://mypmbi.com/welcome

This would be for both non-owner occupied residential and commercial to include apartment buildings or motels.

Your credit rating doesn't need to be high because they loan against the value of the property. Funding can usually be available in 8 days or less once all your documentation is complete.
... more
0 votes 5 answers Share Flag
Wed Oct 13, 2010
Monir Mamoun answered:
Did you assume the second loan from someone who had an FHA already? Generally you are limited to one primary residence. What were the conditions so I can understand the total circumstances? ... more
0 votes 6 answers Share Flag
Tue Sep 19, 2017
Tonya Brobeck answered:
Evelyn, you are going to have a ton of pro's responding to this question. Be cautious in allowing your credit to be run over and over again. Talk to a few lenders, compare programs and rates, pick the one that is best for you and don't forget to hire an agent to represent you. ... more
0 votes 12 answers Share Flag
Sun Mar 14, 2010
Scott Miller answered:
Hi Fish,

Call both of these excellent brokers and see if you can get approved. The rules are changing daily. Tell them I sent you:

Matt T. Weaver
Sr.Mortgage Banker
WCS Lending, LLC
Ph: 561.864.2458
Cell:561.212.6503 7 Days 8am-9pm
Fx: 561.864.2858
NMLS ID #175651
www.wcslending.com/mweaver


Michael Childs
SunTrust Mortgage
Sr. Home Loan Consultant
561-470-3707 office
561-445-8502 Cell
561-470-3705 Fax
www.suntrustmortgage.com\mchilds

GOOD LUCK!!

Scott Miller, Realtor®
Estate Specialist
Commercial RE
Business Broker
Realty Associates
561.716.4060 direct
561.451.9377 fax
http://www.SunnyBoca.com
http://twitter.com/ScottSellsFL
... more
0 votes 2 answers Share Flag
Thu Apr 29, 2010
answered:
Duplexes, for the most part, are treated like a house (vs a condo). That said, non-owner occupied properties require a minimum DP of 25%. The required credit score will most likely be over 700 (under that, points will change your mind to move forward). Preferably you should have scores above 720. The rate depends on your score, but typically it can have as much as 3 discount points added in fees which in turn affect the rate (unless you prefer to pay the fees out of pocket. The seller can only pay up to 2% in closing costs. ... more
0 votes 5 answers Share Flag
Sat Sep 12, 2009
Sheila Amster answered:
By checking out mortage percentage's, point's and closing costs
0 votes 9 answers Share Flag
Sat Sep 15, 2007
Sheila Amster answered:
Wells Fargo, Bank of America, Wachovia, First Federal,Am Trust.Bank United,Citibank and Northern Trust
0 votes 9 answers Share Flag
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