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Financing in 43232 : Real Estate Advice

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  • Local Info1
  • Home Buying2
  • Home Selling1
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Activity 48
Sat Feb 9, 2013
Jodi Mccoy Vermillion answered:
90%ltv - 417k on the first, 10% down and then a 2nd interest only!
About 3.625% on the first if not better and around 5.5% i/o on the second.
This will help to avoid any PMI
0 votes 1 answer Share Flag
Sat Feb 9, 2013
Molly Mosley (Hay), CDPE,CNE, MIP, SFR answered:
Key Bank offers a portfolio loan with zero down. There are requirements for the loan just like any other loan but that is an option. Are you working with a realtor? If not a buyerâ™s agent is a free service to you! Make sure you interview a few agents that specialize with buyers, condo's and know the various loan programs and options. Good Luck! ... more
0 votes 11 answers Share Flag
Thu Aug 8, 2013
Melissa Adams answered:
Hi Michelle,

I'm not aware of any that are not credit score based anymore. However we have lenders that will go down to a 560 credit score. If that fits with your situation give me a call.

614-989-4812

Melissa Adams
... more
0 votes 1 answer Share Flag
Sun Aug 11, 2013
Jeff Paeltz answered:
Hi GCP2000,

I would like to bring a buyer to your home. Just a few questions if I may.

What is the address?, How much are you asking for your home?, Are you willing to take back a mortgage? are there any current outstanding liens &/or mortgages on the property? Would you be willing to do a land contract, lease/option. Is the home currently vacant? If not is it rented or are you still living there and if still living there what time frame were you thinking as to giving possession of the home to a buyer?

I know..lots of questions, but these are what a buyer is going to ask me so I need to know before hand. Thanks!

Jeffrey Paeltz, 614.288.0423 or email answer and /or comments to jeffreypaeltz@kw.com.
... more
0 votes 5 answers Share Flag
Sun Dec 30, 2012
Andrew Fox answered:
I am located in Clarksville, TN but would love the opportunity to connect you with a great local agent in Columbus. They will have information about what local banks are the best to help. I work for Coldwell Banker and we pride ourselves in relocatuion services. Give me a call, text, or email and I will help you find an amazing local realtor.
Andrew Fox
Coldwell Banker Conroy, Marable, and Holleman
111 S Riverside Dr. Clarksville, TN 37040
Cell 931-302-2241
Office 931-552-1700
afoxrealty@gmail.com
... more
0 votes 4 answers Share Flag
Sun Sep 30, 2012
Todd DeHays answered:
Perhaps try Arlington Bank. They're knowledgeable about some niche areas and might have a portfolio product for wherever you're looking. No promises though. 5% non-conforming is hard to find. ... more
0 votes 6 answers Share Flag
Thu Jul 19, 2012
Tim Moore answered:
Once the bank buys it back at the auction it can take many months before the bank puts it up for sale with Realtor so you have time to find out if you can get a loan. Speak to a lender and let them advise you. You won't be able to buy it at the auction, they require cash so usually the bank buys it back. ... more
0 votes 9 answers Share Flag
Fri Aug 3, 2012
Don Tepper answered:
No, if you're planning on using it as a primary residence, which you say you plan to. The challenge would be persuading the lender that you were buying the house as a primary investment, not as an investment. Now, that can be done; it's not impossible. (People who take jobs across the country obviously have to do that.) Check with a good lender (ask your Realtor for some suggestions) on how the process would work.

Hope that helps.
... more
0 votes 4 answers Share Flag
Sun May 26, 2013
answered:
Refinances
Chapter 2
Mortgage Credit Guidelines
Page 2-19

A refinance transaction involves paying off an existing real estate debt from proceeds of a new mortgage. For all refinance loan transactions, 1) the borrower must be current for the month due and, 2) there must a current payoff statement in the case binder.

Under the terms and conditions outlined below, FHA will insure the following types of refinances:

A. Regular Refinances – “cash-out” and “no cash-out”

1. ”Cash-Out” Refinances: the maximum loan-to-value and combined loan-to-value of any cash-out refinance is 85%. The calculation is based either off the appraised value or the original sales price, depending on the length of time the borrower has owned the property.

a)The loan is limited to a combined LTV (FHA insured first mortgage and any subordinated lien) of 85% of the appraised value, provided the borrower has owned the property for at least one year. Note that manufactured homes have other restrictions (Handbook 4155.1, section 3.A).
b) If the property was purchased less than one year preceding the application date, the LTV/CLTV (85%) for the mortgage amount must be calculated using the lesser of the appraised value or the original sales price of the property.
c) The property that is security for the refinanced mortgage may be a 1-4 unit property.
d)The property must be owner-occupied. Non-owner occupant co-borrower may not be added in order to meet FHA?s credit underwriting guidelines.
e)Properties owned free and clear may be refinance as cash-out transactions.
f)3-4 unit properties are required to pass the self sufficiency test and have a minimum of 3 months reserves after closing.
g) Properties acquired by inheritances within the past 12 months are eligible for a cash-out refinance transaction provided they have been occupying the property as their primary residence since the inheritance. The lender must document the acquisition by the borrowers via inheritance.
h)Manufactured homes: there are restrictions applicable please refer to Handbook 4155.1, section 3.A.
Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
... more
0 votes 1 answer Share Flag
Sat Apr 18, 2015
Carl Henker answered:
Take the tiem to work on improving your credit scores first. Not sure anyone has a program that will work with scores in your range. If you do find a lender the cost will be high. Being a first time buyer will not give you an advantage. ... more
0 votes 16 answers Share Flag
Tue Feb 7, 2012
Marie Souza Team answered:
Kaylee - Ask your loan officer/mortgage person the above. They are the ones who can get creative with your financing.
0 votes 3 answers Share Flag
Sun Nov 6, 2011
Tim Moore answered:
Sort of yes to both. You can refinance and put it in your name only, as long as the lender approves you for it. The divorce decree will dictate what will happen to the house. Sometimes the house must be sold, sometimes it goes to one party or the other. Likely what will happen is you get an appraisal and any equity in the house is equally divided which would require you to pay something to keep it. Your attorney should be able to better explain this to you. ... more
0 votes 3 answers Share Flag
Thu Oct 27, 2011
Gregorio Denny answered:
This could actually be more difficult than one would think unless the HELOC is purchase money. If the HELOC was taken out at the same time you bought the house, then just about anyone can do it. The bigger question would be how you want to handle the mortgage insurance that will be required. You can pay for it up front, finance it in the loan amount, pay it monthly, etc. You will also need to determine if refinancing both will actually benefit you.

If the HELOC was taken out after purchase, I don't know of anyone that will be able to refinance both into one assuming your values are correct. This will be seen as a "cash out" refi and you can only go to 85% loan to value for that.
... more
0 votes 2 answers Share Flag
Thu Oct 27, 2011
James Deskins answered:
Michael, try Andy Deutschle, American Eagle Mortgage, 614-737-2508 or Derek Harris, Arlington Mortgage, 614-486-9142. They are both smaller banks and they both do portfolio loans.
0 votes 0 Answers Share Flag
Wed Oct 19, 2011
Michael Cheng answered:
There are some lenders willing to fund up to 50%, depending on the property, if you're comfortable with that structure.
0 votes 2 answers Share Flag
Mon Sep 12, 2011
Lauren Swieterman answered:
Hi Hume!

I have a couple lenders I can give you contact info in regards to your question. I work with a few investors that have needed financial assistance with their unique investment and financing situations, I definitely think my guys i have used would be able to help you out with your inquiry concerning the refi angle as well. ... more
0 votes 1 answer Share Flag
Wed Jul 22, 2015
Lenderbradford answered:
Sue, As said below FHA requires the Intent to Owner Occupy and I doubt if you would have any problem with FHA.

With regard to an OHFA loan there are issues you need to Find out more about. First, the OHFA program has a 9 year recapture provision that is part of the IRS Tax Code. You may be eligible to avoid that because the property is not being sold or refinanced. A BIG HOWEVER, one of the documents you likely signed when you purchased the home says that if you no longer owner occupy the home as your primary residence, that the loan is due and payable immediately. If you plan on renting the home, make sure you recieve OHFA's approval otherwise they will call the loan Due and Payable, immediately. Only with their approval (in writing) can you avoid them demanding payment now. I have heard of cases where OHFA did approve that the loan would continue as is, based upon individual circumstance. Wish you Luck.

Note: US Bank is the Servicer of the OHFA Loans, and they will be the ones give you the Due and Payable Notice. OHFA has to approve anything otherwise.
... more
0 votes 8 answers Share Flag
Mon Feb 28, 2011
Anthony D'Amico answered:
I work the investment Real Estate market in Tampa Fl. Back page and Craigslist usually have someone on there offering Hardmoney loans. Internet is the way to go if there are not any investment groups in your area. Look for wholesalers offering homes for sale in your area. They should already have the contacts for lenders to supply clients with funds for their deals.
Let me know if you have any interest in the Tampa Fl market as i have property, funding, handymen and property managment available for out of state or out of country investors whom i work with.

good luck
... more
0 votes 1 answer Share Flag
Thu Feb 3, 2011
Jason Opland answered:
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a short sale, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately) and the loan must have been taken out to buy, build or substantially improve a primary residence, not a second or vacation home. The exclusion does not apply if the discharge is due to any reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

So if the home in foreclosure is your primary residence and is sold short you are in fact protected against the tax consequences of the debt forgiveness. If the home is not your primary residence you may be protected if you can claim insolvency, that is if your total debts outweigh your total assets at the time of the short sale.

That said, Ohio is a recourse state and thus if you simply allow the home to go to foreclosure you leave yourself open to the potential of the bank attempting to pursue you after the foreclosure action for the deficiency balance including the fees associated with the foreclosure, late fees, etc.

If you're interested in exploring the option of short selling your home please feel free to give me a call as this is something we specialize in.

Jason Opland - Obvious Choice Realty - The Opland Group

That said,
... more
0 votes 2 answers Share Flag
Wed Jan 19, 2011
allan erps,ABR,SFR answered:
Finding a Professional Mortgage Broker in your area and possibly your Local Bank are the best two things I can think of. Good Luck Allan
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