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Financing in 40206 : Real Estate Advice

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  • Home Buying2
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Activity 15
Thu May 9, 2013
Carl Henker answered:
PMI is based on the purchase price of $400,000. If it is worth more you made a good buy. If your are using conventional financing you may be able to remove PMI in a couple of years with a new appraisal. ... more
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Wed Jan 20, 2016
answered:
There is no lender that I know locally that will do a jumbo loan with less than 20 % down. Secondly, if you do a short sale on the home in Florida, most lenders will consider that a foreclosure and make you wait anywhere from 3 to 7 years before you can do a secondary market loan. I. E. I Fannie Mae, Freddie Mac, FHA, VA, USDA etc ... more
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Fri Apr 8, 2016
Scott Godzyk answered:
Devon unless you put down 20% you can not avoid PMI on a new mortgage. Once you get the mortgage and your equity builds so that your equiy builds toover 20%, you can ask your lender to remove it, some may charge a new apprailsal fee though. Simply ask your loan officer to outline PMI for your type of loan. ... more
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Tue May 7, 2013
Ben Cox answered:
Feel free to visit my website (www.BenCoxHomes.com) and click on the FACING FORECLOSURE tab at the top.
0 votes 9 answers Share Flag
Fri Aug 24, 2012
... answered:
Russell is correct - lenders (such as myself) will be able to do this but you'll be paying a higher interest rate. If you have sufficient equity you can get a lower rate by rolling in the closing costs into the loan. It's simple to calculate which is the best choice financially... of course we can only advise, the decision is up to you as to what works best for your situation.

Tom
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Sat May 21, 2011
answered:
Not from traditional lenders, hard money lenders or private investors perhaps. Never has been a no credit check mortgage in Louisville from institutions to my knowledge. Even No-Doc loans required a credit check. I know a couple of local hard money lenders if you need one. ... more
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Thu Oct 10, 2013
allan erps,ABR,SFR answered:
Not sure why you care to have a driveby appraisal. That decision would be made by the Lender. With your 780 Score and if there is proper equity in your home I do not see any reason to be concerned. ... more
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Tue Aug 6, 2013
Dan Chase answered:
Can you get a mortgage based on SSI? If it is expected to last for a very long time yes. If temporary no.

Can you buy a house with bad credit? 620 or higher yes, less than that you need to find a lender who also works with credit repair. You could not buy now. But in a few weeks, months, or years when your credit is good again you could buy. Depending on what is wrong you may be able to raise your score quickly, or not.

A real loan will require 3.5% down for fha higher with other loans. However, V.A. loans and usda loans are 0% down.

You have faith that going to school will pay you well later on. Use the same kind of faith to cut your expenses, spend less money, and save a down payment for the future. You might be surprised how much removing many things like a cup of coffee a few times a day at the cafeteria can add up in cash savings.

You might find owner financing, but then what happens when you need to buy a furnace for the house? What happens when the roof leaks and you have to replace it? Until you have some money saved you are not ready to buy and keep a house. You lack the ability to keep it if anything goes wrong, and it usually will.
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Tue Apr 10, 2012
Jami Dennis answered:
Talk to a reputable lender. They will be able to offer guidance on ways to bump that up a tad. Best of luck in your new home purchase!
0 votes 9 answers Share Flag
Wed Mar 24, 2010
Scott Godzyk answered:
It can unless you reach 80% loan to value then YOU must request the pmi be dropped. You can reach this level be making payments so that the amount you owe is 80% of what the value is or when values start to increase, your loan amount goes below 80% of what the property is worth. Some cases they will ask for an appraisal which is a small cost to save a bundle. ... more
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Sun Dec 15, 2013
Hannah Fliegel answered:
Hi Family,

With less-than-perfect credit you can often obtain a mortgage. However, mortgage products do not even get exciting until your score is 749 or better. Having less-than-perfect credit you will pay a higher interest rate on the mortgage, higher insurance costs, higher interest rates when financing cars, higher utility rates. FHA mortgage products are available to home buyers with a low credit score of 620. Keep in mind this is not a good credit score.

Why not set yourself up for success long term? Begin with the basics, clean up your credit rating through credit repair and credit education process, once you have a better credit rating you can then select a mortgage product that is appropriate for you, then begin looking for a home for your family.

Good luck!

Hannah Fliegel
The Credit Repair Expert
415-999-9348
... more
0 votes 22 answers Share Flag
Thu May 9, 2013
Joe Hayden answered:
You can go here to read the various scenarios...

Let me know if you have any questions!

http://www.joehaydenrealtor.com/home-buyers/first-time-home-buyer-tax-credit/
0 votes 5 answers Share Flag
Tue Jul 6, 2010
Cindy Kelly answered:
No, I have not had any clients use them to close their loans.
0 votes 2 answers Share Flag
Wed Oct 17, 2012
Andi Hillis answered:
I am a realtor in Phoenix, Az and I suggest that you contact a lender in your area and ask him or her to explain the different programs to you. It sounds like you have some positive trade lines and there may be some programs available. Start with the lenders at the bank where you bank ... more
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Sun Mar 2, 2008
Michael asked:
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