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Financing in 38112 : Real Estate Advice

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Activity 23
Sat Feb 23, 2013
answered:
This depends on the Lender you are working with and how well staffed they are, etc... Whether they underwrite in house or ship your information to another Lender to underwrite. If it's taken 5 days while you were told 1 to 2, then maybe something is wrong or you should make sure nothing else will change on the loan. I would certainly demand some answers on Monday to make sure everything will happen as you were promised from this point forward. If you have any other quesitons, feel free to contact me. Best of luck! ... more
0 votes 2 answers Share Flag
Thu Oct 25, 2012
Mitanni Spruill answered:
Contact a Realtor to offer assistance in submitting an offer directly to the seller. Contact my office at 1.888.854.1222 x1 or email.
0 votes 10 answers Share Flag
Thu Oct 4, 2012
REMAX On Point answered:
Yes Depaula! I have a few lenders that might be able to help you.

Call us today and I will send you their contact information.

Laura and Jason Wallace
WallaceTeamSellsMemphis.com ... more
0 votes 2 answers Share Flag
Wed Oct 26, 2011
Maggie Armstrong answered:
Hello, Please give me the address of the property you are concerned with and your contact info and I will be more than happy to let you know the current market value of your home by way of a comparable market analysis of other homes in it's vicinity. You should definetly think about refinancing if you can! Smart move! Please let me know who else I amy assist you.
Your Memphis Area Realtor
Maggie Armstrong
Keller Williams
901.221.5110
901.461.7216
... more
0 votes 4 answers Share Flag
Wed Jun 15, 2011
Donna Skaarer answered:
Who is your mortgage company? Have discussed a loan modification with them to lower your note? If the mortgage company took TARP funds last year, they are obligatedby law to work with you if you ask. Yu can also try a short sale, where you sell the house for less than you owe, but the mortgagecompany has to work with you. It canbe a long process, but it saves you from a foreclosure. I can help you and I know some attorneys who do a lot of work with getting mortgage companies to work with you.
Donna Skaarer.
KAIZEN Realty
901-489-4182
... more
0 votes 4 answers Share Flag
Wed Apr 6, 2011
Shannon Feol answered:
I do not know of any "banks" that provide mortgages for overseas investors, however I do work with a group that offers private financing for non-USA investors and with flexible terms. I'd be glad to answer any questions that you have. I have included the link to their website below.

Best of luck with your Memphis Investments, you have chosen a great city to invest in!
... more
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Sat Dec 11, 2010
Todd Harris answered:
Contact Boswitz Brothers on Union Ave. They have an established reputation in the business.
0 votes 1 answer Share Flag
Tue Dec 28, 2010
Vanessa answered:
We do the 203k loans and the THDA loans. I am not sure if you can combine them but I am checking for you. On teh 203k loan you must have a minimum of $5000 repairs to roll in and you must get a licensed contractor to do the work. You cannot do the work yourself. If we cannot combine the loans the minimum down payment is 3.5% which is very reasonable to be able to get into a home and to roll the repair costs into the loan.

Vanessa Bintz
MIG
... more
0 votes 1 answer Share Flag
Tue Jul 27, 2010
Jason Stevens answered:
As a buyer or a seller?? As a buyer are you paying cash or financing?

A lot of that will depend on what you negotiate in your contract and what costs would be associated with your lender.. However as a good rule of thumb you can anticipate as a buyer closing cost to vary from, 0.5% to 1.5% of the purchase price if paying cash and if financing can get up to 3-5%. Remember closing costs DO NOT include your deposit or money down. ... more
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Sun Feb 21, 2010
Julia Odom answered:
Wed Mar 3, 2010
Rick Benoit answered:
5/3 Bank offers the Freddie Mac Good Neighbor loan to healthcare workers, only a 3% down payment is required for borrowers that are at or below the Median income level ( $37,207 for Memphis 2008).
You may also qualify for 100% financing through USDA if you are buying a home in a rural area that was recently heavily used for agriculture.

The City of Memphis and Shelby County are offering down payment assistance programs, more info at
http://www.hud.gov/local/tn/homeownership/2003-09-12.cfm
... more
0 votes 4 answers Share Flag
Tue Dec 28, 2010
MLE Realty & Property Manageme answered:
I would highly recommend Al Pickett at Community Mortgage. He is extremely knowledgeable, competent, and trustworthy. He can be reached at al@communitymtg.com.
0 votes 1 answer Share Flag
Tue Sep 29, 2009
X answered:
Kathy, I believe you are referring to the making home affordable modification program. You can visit the link below for more specific information and you would need to contact your lender directly to see if you were eligible. ... more
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Sun Jul 19, 2009
Lesley Denney answered:
Good Afternoon Home Buyer,

You would be wise to contact a mortgage adviser and see how you would go about doing this.. I am sure you have the name of one or you can contact your bank and see if they can assist you with your question. If you need a great Mortgage adviser I can certainly point you in the right direction, I have worked with a few.
Let me know If I can be of any assistance to you!
... more
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Wed Jul 1, 2009
Memphis Owners answered:
Based on what you've written, you're a perfect candidate for an FHA or USDA loan-- no strings attached. Certainly we all were less responsible at age 18! :)

Now it's 8 years later and things have changed.

I'd love for you to call us at 901-672-2413. We are approved to offer the THDA down payment assistance program, as well as the USDA no money down program. Add to that your $8000 first-time buyer tax credit, and you can easily see why you should definitely look into buying a home.

Again, please give us a call. We love first-time homebuyers.
... more
0 votes 6 answers Share Flag
Thu Jun 18, 2009
Dana Schuster answered:
in this market you need a 620 although there are somelenders who can do a 580-585. This with an FHA loan with 3.5% down payment. For a conventional loan you will need a 720.
0 votes 1 answer Share Flag
Thu Jun 18, 2009
Gerald Williams answered:
Kelly,

That is a difficlut question to answer. The credit score is one part of the equation but the loan to value ratio is also an important part. Most conventional loans will require a 20% down payment There are other programs that could reduce the down payment requirment but you and the property would have additional requirements. The real point is that this is not a simple question.

My recommendation is that you contact a local mortgage company and review your situation and the property you are considering. They can give you the best guidance.

Gerald Williams
Affiliate Broker
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
901-413-2233
gh_williams@yahoo.com
... more
0 votes 1 answer Share Flag
Tue Aug 11, 2009
Don Tepper answered:
Wrong.

Your credit score is not zero. Your statement that it is shows that you need to have a better understanding of how credit works. And you need to determine your credit scores and what's on your credit report.

Also, many self-employed individuals are in the situation your husband is: They make good money, but for tax reasons show little actual income. And, yes, that's a problem.

Find a good mortgage broker who'll pull your credit reports (you can do that yourself) and analyze them for you, and then make some recommendations on how to structure your finances to increase your ability to get a mortgage.
... more
0 votes 4 answers Share Flag
Mon Mar 2, 2009
Ken Herrera Group answered:
Hello Idabonner,

Has any lender given you a scenario where you pay off some of that debt through the refinance? Check and see if that is possible. The lending market is tight these days. We are still dealing with the aftermath of the "Mortgage Meltdown" of 2007. Banks are dealing with too many Foreclosures and they are just much stricter than before. Don't give up until you have spoken to a few people.
Good Luck
... more
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Tue Apr 22, 2008
Michelle Doscher answered:
Hello E.B.,
Yes, there are still loan programs out there that will allow this. However, the days of 100% financing plus an additional amount for repairs and upgrades seem to be gone. Please consult a loan professional regarding your options. You may visit my site and click Financing for a list of highly recommended loan officers. Best of luck. - Michelle ... more
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