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Financing in 37212 : Real Estate Advice

  • All9
  • Local Info1
  • Home Buying4
  • Home Selling2
  • Market Conditions0

Activity 28
Sun Apr 21, 2013
Sharon Wayman answered:
Check with your investment broker, or cpa. As realtors we can't answer that. I did have one customer that was hit pretty hard on his 401K, the value was about half but that was a couple of years ago. FYI, investment properties will need about 25% down, check with your mortgage person on that as well. ... more
0 votes 6 answers Share Flag
Thu Feb 14, 2013
Terry Booth answered:
Good for you paying off all your debt...that is a HUGE accomplishment! A credit score of 671 is high enough to secure a mortgage. With that being said, there are other factors that affect your ability to get a mortgage....length of time on job, income, etc. The time has come for you to contact a lender and get pre-approved. Feel free to contact me and I will give you the names of several great lenders in our area who can help you with this next step in your journey to home ownership. Just give me a call at 615.582.4783 or email me at terry@terrybooth.com.

Visit my website at www.SoldOnNashville.com
... more
0 votes 4 answers Share Flag
Tue Feb 12, 2013
Shane Milne answered:
Hi Lotus,

Yes you can use your condos rental income to help offset it's mortgage payment if you are using either FHA financing or Fannie Mae financing (which is a type of conforming loan program) to purchase the new home. Freddie Mac financing (another type of conforming) requires a 2-year landlord history to use rental income to qualify though. The amount of rental income used to qualify will be determined by your Schedule E of the tax return which will account for any additional rental property expenses (such as maintenance, rental management fees, etc.) in addition to your mortgage/HOA/property taxes/homeowners insurance. Since it is cash-flowing I'd strongly consider holding onto it so your tenants can eventually pay off your mortgage.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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0 votes 4 answers Share Flag
Sun Sep 1, 2013
Kathryn Grindstaff answered:
CONGRATS! Looks like you are working hard to get things turned around for you!

The way I understand it Sean, is that it takes 24 months to sign on the dotted line. But, since it may take 1-3 months to find a home and another 30 days to close, you are right on time.

Your best best is to get with a lender and he/she can walk you through step by step. I have a couple of lenders I work with, that are great and my clients have loved them. I am NOT a finance agent so they know the very latest.

I would love to help you make this next Real Estate move. But whatever you do I wish you continued success!

Sincerely,
Kathryn Grindstaff
http://kathryngrindstaff.com/
615.456.4462 Direct
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0 votes 8 answers Share Flag
Sun Sep 15, 2013
Gayle Stellas answered:
Using an FHA loan will allow you to put only 3.5% down and will not penalize you for a lower credit score. You must be qualified by a lender and that would be a great place to start. Some government owned homes give extra assistance depending on what programs are offered on the home. For example, a home that you pay $237,500 will cost you with a FHA 30 yr fixed rate approximately $8313 in down payment with an interest rate of .0325 with a APR of .0377 the monthly mortgage payment would be $1015. Plus monthly taxes (you'd take the year's taxes divided by 12 months) plus insurance plus any homeowner association fees plus PMI ( private mortgage insurance)? There is a wonderful resource called the down payment resource that is tagged to the homes on the MLS -multiple listing service - that helps realtors and lenders identify special buyer assistance programs that the home can qualify for prospective buyers. Work with a local agent to help locate homes that can offer you more assistance. And Good luck! ... more
0 votes 7 answers Share Flag
Tue Jan 19, 2016
Joseph answered:
The FHA guidelines may not require a credit check but the Lenders will. Most a 640.

Everything depends on if you are going to refi with an appraisal or without an appraisal. The rules vary accordingly.

If you go with out an appraisal get ready to bring money to the closing table because the loan cost can not be rolled into the loan. You may receive a small lender credit but that is all. However in a refi you can skip the next months payment so this can be applied to the loan cost recovery.

I have one lender who goes down to a 530 credit score but other factors must be met. The rate is of course a little higher so we would need to evaluate your current rate against their rate offering.

Contact me if you wish to pursue what I have to offer. Thanks, Joseph MLO Nashville TN
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0 votes 5 answers Share Flag
Fri Nov 30, 2012
Marilyn Bell answered:
A finished basement does add value. The better the basement, the more value it adds. One caveat though, getting rid of a garage takes away some value. It sounds like you have a lot of daylight so that helps. A lot of agents say basements count at 50% of the upper level prices per foot. I have seen daylight basements which had wine rooms and theatre rooms on the side without daylight that sold at the same prices per foot of upper levels.

Was the basement permitted and approved? Although your appraisal didn't list the basement square footage, you can still list the square footage in the future when you choose to list the home. For the MLS you can use the tax record square footage (which should include it if it was permitted) or a professional measurement rather than the prior appraisal.
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0 votes 12 answers Share Flag
Thu Dec 22, 2011
Annette Levinson answered:
Where you in the same field before? How shy of 2 years? What does your tax returns say your income was for last year? These are some of the questions you need to answer to get a correct answer. ... more
0 votes 2 answers Share Flag
Tue Oct 4, 2011
Scott Godzyk answered:
Rudy you will receive only estimates or guesses so 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 the interest rate, donw payment requirements and any costs for this type of mortgag.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_know_if_i_can_get_a_mortgage_given_today_s_real_estate_market

Please see my blog for alist of tips and advice on getting a mortgage
... more
0 votes 6 answers Share Flag
Thu Sep 26, 2013
Pat Walker answered:
Homepath owner occupant 97% LTV, 660 min score, no appraisal required, no MI required if thru the Homepath program.
0 votes 5 answers Share Flag
Tue Dec 24, 2013
Michael Haddock answered:
Yes I have a few lenders I work with that I would be happy to introduce you to. Give me a call at 615-310-1087 at you earliest convenience.
0 votes 20 answers Share Flag
Thu Feb 3, 2011
Kathy Beata answered:
I suggest a REIT. There are professional financial companies you can call. A commercial Realtor may be able to suggest to you which finance office to use make sure that they are able to explain your risks as well as projected returns.
Kathy Beata
Charter properties
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0 votes 1 answer Share Flag
Sat Nov 27, 2010
Scott Godzyk answered:
if a builder is owner financing, it typically has a slightly higher interest rate and is a balloon mortgage, which means in a set numbe rof years you will have to refinace. It is always better to try and get a mortgage on your own. You should first check with a local and trausted loan officer, 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.

Please see my blog for more information, advice and tips on getting a mortgage in todays market.
... more
0 votes 3 answers Share Flag
Thu Aug 16, 2012
jo answered:
You're asking in the wrong place my friend. You need to ask your local mortgage/loan specialist in your area. Only they can tell you what plans the banks have for buyers.

Thank you and good luck... ... more
0 votes 8 answers Share Flag
Mon Feb 1, 2010
Dan Chase answered:
Interest only loans are financial suicide. Either find a fixed rate loan you can afford or rent.
0 votes 4 answers Share Flag
Tue Nov 17, 2009
Terry Booth answered:
Hi Vanessa

It has been my experience that once the lender submits your paperwork to THDA, you will normally have THDA approval within 2-3 days, sometimes even faster. Have you taken your THDA 1 day class? This must be done prior to paperwork being submitted. Feel free to contact me if you have any questions...

Best of luck
Terry Booth
terry@terrybooth.com
... more
0 votes 2 answers Share Flag
Wed Oct 21, 2009
Julia Odom answered:
I suspect you might have your ZIP code entered incorrectly. You are posting to the Middle TN area. You'll get a better response posting to California.
0 votes 0 Answers Share Flag
Sat Oct 10, 2009
Robert Greenblatt answered:
Hi Shannon. Try finding your local chapter of the National Real Estate Investor's Asscociation (NREIA). You can typically find these types of professionals associated with the group.

Robert Greenblatt
Keller Williams
... more
0 votes 0 Answers Share Flag
Fri Oct 9, 2009
Anna Altic answered:
I would suggest starting with a title company. I can recommend some if you like.
0 votes 4 answers Share Flag
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