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Financing in 53711 : Real Estate Advice

  • All14
  • Local Info0
  • Home Buying2
  • Home Selling3
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Activity 10
Thu Apr 12, 2012
Gail Rutkowski answered:
You relocation is a hardship and there is the HAFA program (Home Affordabiity Foreclosure Altnernative) program that may be available for you. Talking to a (CDPE) Certified Foreclosure Prevention Expert to find out about all your options to avoid foreclosure and work this out so that a foreclosure does not effect your credit and future home buying options.

Gail Rutkowski CDPE,, 608 345 8737
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Thu Mar 8, 2012
Jim Simms answered:
It sounds like the lender rejected the application, they are supposed to send a statement of denial to the address you listed on the application. I wouldn’t worry too much about the credit pull, you can’t get it removed, nor should it be, it is what it is. Have your Realtor introduce you to the loan officer they trust the most, make an appointment to have your credit pulled and reviewed face to face. Hope it works out for you, good luck, ... more
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Wed Nov 16, 2011
Shane Milne answered:
After you purchase a home lenders usually want you to own the home for a certain amount of time, called "seasoning", before they will use an appraised value that was higher than your purchase price. Typically that seasoning period is 12 months. However keep in mind that Fannie Mae & Freddie Mac, who back the conforming loan programs that lenders make, do not have any seasoning requirements, so the time you must own your home will be solely determined by the mortgage lender you are applying with ("overlay" guidelines they are called).

However taking cash out of your home's equity is usually capped at 80-85% of your home's appraised value, not to 100% of your home's appraised value, so even when the new value can be used it may not be able to get you the cash out you are thinking.

However if you are looking to get funds to renovate a home you should look into purchase the home with an FHA 203(k) rehab loan or Fannie Mae HomeStyle renovation loan program. Both will finance the cost of improvements into your loan, assuming the "as completed" appraised value supports the funds you need to purchase + renovations.

Extensive info on FHA's 203(k) rehab loan:
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Tue Jun 7, 2011
Jenmadison2011 answered:
PS - I should also add that I have very stable employment for nearly 3 years with the same company and my salary is $36k/year.
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Thu Dec 9, 2010
Robin Silverberg answered:
Are you about to lose your house? Or, did that happened with the bankruptcy? What you will need to do is re-establish credit. If you have any credit cards that are still open, start to use them for small amounts and pay them off right away. Look into getting a secured credit card. You can look on-line for that. That means that you give them an amount of money, then basically charge against your own funds. Also, use this card regularly for small amounts and pay back right away. This will show that you can be responsible with credit.
No one can be a victim in total ignorance. There were too many people who didn't take the time to read and understand what was going on, or were just ready to listen to the person on the phone who told them not to worry, they would get the loan for them, and didn't even pay attention to what they were signing.
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Thu Aug 19, 2010
Chris Covalle MBA, CPA answered:
Hi Help, your best bet may be to look into securing the mortgage in your name only. Depending on the split of the $128K income and what your liabilities are on the credit report you may be able to secure 90% Loan to Value financing. IPlease feel free to call or e-mail me w/ any questions and I can run some calculations for you to determine likelihood of getting this done w/ your info only. Thanks, ... more
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Tue Nov 10, 2009
Greg Knox answered:
You usually will be forced to keep the pmi in place for 12 months, but yes, it is a great option. Much better than FHA if you qualify (you don't lose the upfront mip).
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Mon Sep 21, 2009
Mark Gladue answered:
Just Looking,

Here is a link to all of the answers you will need. Have you found the home yet? If not, let me know how I can help.

Mark Gladue 608-239-5593
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Wed May 27, 2009
Luke Allison answered:
Well, I can actually tell you that rates are currently closer to 5.25 and 5.5 than they are 5.8 - depending on your credit score. Your broker might have their hands tied because whatever lender they have you locked at 6.00% with, you are not going to be able to reduce it. You need your broker to either switch lenders for you or you need to find a new mortgage person. Since you must be on title to a home for 12 months to refi an FHA mortgage, I would seriously tell you that now is the time to do this because it will take you so long to refi the loan.

If you have any questions on your loan or if you would like another price quote for your scenario, I'll be glad to help you. You can send me an email with your credit score and loan amount and I'll price it our for you through my bank. It might help you at least a better informed decision.

Luke Allison
Flagstar Bank
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Sat Aug 30, 2008
Alan May answered:
I'm not a lender, but it's my understanding, that unless the "refinance" loan you take out has some sort of pre-payment penalty, you should be able to simply payoff that loan at closing.

It sounds as though your situation would be perfect for a home-equity line of credit (HELOC) to pay off any debt. And there's rarely a penalty for paying a HELOC off.
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