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Financing in 55401 : Real Estate Advice

  • All14
  • Local Info0
  • Home Buying9
  • Home Selling4
  • Market Conditions0

Activity 50
Wed Apr 10, 2013
Ben Johnson answered:
Depending on the rest of your financial situation Matt Stengle at RoundBank may be able to help you 651-463-8300. I have used him for unique situations in the past and he has done a great job. ... more
0 votes 5 answers Share Flag
Sat May 20, 2017
Charles Dailey answered:
If you're looking for a lender that can lend on an employment contract and one paystub as opposed to waiting for 30 days in the position, I can help with that. I don't know of a specific doctor program anymore other than one that SunTrust offers but that's typically for consolidating debt racked up in residency. ... more
0 votes 18 answers Share Flag
Thu Jul 16, 2015
Donald James answered:
Talk to your professional Realtor and / or mortgage professional. With rehab loans it is very important to deal with professionals who have done many of these. Call me if you have any questions. ... more
0 votes 15 answers Share Flag
Thu Jan 24, 2013
Kevin and Julie McLaughlin answered:
Speak with your lender and ask for a payment comparison - specifically look at the mortgage insurance you will be paying because you aren't putting 20% down.

Good Luck!

Kevin McLaughlin, Broker Owner
Berkshire West Realty
Murrieta, CA
... more
0 votes 10 answers Share Flag
Tue Apr 16, 2013
Matt Brown answered:
Hi Alex,

It is possible to qualify for a loan given your current situation. Even though Wells Fargo will not approve your fiance that does not mean that another lender won't as well. We need to get you in touch with a loan officer that can look at your financial health and give you the steps that need to be taken in order to qualify if they can't get you approved right now. Feel free to contact me anytime and happy house hunting!


Keller Williams Integrity
2680 Snelling Ave N, #100
Roseville, MN 55113

Office: 651-203-1700
Cell: 651-343-3304
E-Fax: 651-340-4072

Visit one of my websites below or see me at
... more
0 votes 6 answers Share Flag
Tue Nov 26, 2013
Michelle Gonzalez answered:
It can be possible. Why is your credit poor? If you owe collections, you may be required to pay them off before the lender will allow you any credit.
0 votes 6 answers Share Flag
Wed Dec 5, 2012
Fred Glick answered:
Sorry Dobie,'

That is impossible under today's credit standards.
0 votes 4 answers Share Flag
Mon Jan 9, 2017
Lenny Frolov answered:
Yes the requirements still apply regardless if you paid cash or got financing. HUD accepted your offer based on the assumption you will occupy, they may have went with a different offer if you were not intending to occupy. ... more
0 votes 18 answers Share Flag
Tue Oct 30, 2012
Ken Graczak answered:
If you can get the loan down to $417,000 you will have a better loan and more options. This would require more than 5%.
0 votes 9 answers Share Flag
Wed Dec 5, 2012
Cameron Piper answered:

The last thing that you want to hear right now is that what you are experiencing is normal, but it is. As frustrated as you may be, things happen in real estate and there is always plenty of blame to go around. Any one real estate transaction is so incredibly complicated that it takes a certain level of flexibility in order to persevere. The good news is that in five years you won't even remember the details of what is happening right now. The bad news is, is that it looks like you are going to have to wait for a few more days.

As far as getting your appraisal money back, I'm sure it is possible, but unlikely to be worth the work involved. In the end I've never seen it work. Patience friend, you're almost there.

Cameron Piper
Coldwell Banker Burnet
licensed MN Real Estate Broker
... more
0 votes 8 answers Share Flag
Mon Oct 8, 2012
Ravit Berg answered:
I have an excellent loan officer that can help you for sure. She is the best!
If you are interested, email me or call me, my contact information is below.

Thank you Ravit.

My contact info is below.


Ravit Berg @ RE/MAX Results

15451 Founders Lane | Apple Valley | MN 55124
Cell - 952.334.4179 | F - 651.460.1272 |
... more
0 votes 9 answers Share Flag
Sat Jul 28, 2012
Christopher Block answered:
Try contacting this guy Charles Daily. I have pasted his profile link below.

0 votes 10 answers Share Flag
Mon Sep 24, 2012
Mary Jo Quay answered:
Hi Eric,

Two years after a Chapter 7 discharge, you can apply for an FHA loan.
You'll need to rebuild your credit to a minimum of 640, but you'll want it higher to get better rates.
Make sure tht you carry less than 1/3 of your credit limit per card, per month and pay more than the minimum. Always be on time. Make sure the car payments are on time.

As you know, your credit is evaluated in parts, not as a lump. It's the late payments that causes a drop. I have a client who missed 2 $40 payments, and his credit tanked 60 points. Ouch. Most lenders are more credit savvy than they were 5 years ago.

You mentioned that you could do an 80% LTV, but you'll only need 3.5% with FHA, and have some flexibility with closing costs. You wouldn't want to clear out your reserves, and it always looks better to the bank if you have a little cushion. Rates are so low that you wouldn't be gaining much by using up your reserves, but you do want to stay within a comfort zone on your monthly payments. As you well know, you could qualify for more than you would be comfortable paying every month.
Let me know if you need a little help, or L/Os who understand and work with credit.
... more
0 votes 9 answers Share Flag
Mon Jun 18, 2012
Jennifer Hennemuth answered:
You should speak to a loan officer specifically about this. 500 scores are low and most lenders generally won't approve mortgages with 500 range scoring; however, a lender/banker will best be able to answer that for you upon review of your full financial circumstances. ... more
0 votes 4 answers Share Flag
Mon Jun 18, 2012
Fred Glick answered:
It's all about the intent to owner occupy.

Just remember that mortgage fraud penalties are $1,000,000 fine and/or 30 year in the slammer.
0 votes 7 answers Share Flag
Tue Jun 11, 2013
Michael Emery answered:
Without knowing your specifics, generally closing costs come in at around 3 percent of purchase price. But it could be higher if you purchased points to buy down the loan. Usually on the sellers closing costs form it says seller will pay UP to $5,500 or UP to 3 percent of closing costs - depending on the agent that wrote the document. So if there is any money left over that is unspent by closing, that money will revert back to the seller. So make sure you spend every dime of your closing costs.

Ask your agent to do a buyers closing cost worksheet.This is going to be approximate as the HUD1 is the final determining document for closing costs. You will also find out a day or two prior to closing what your costs will be when you receive the HUD1 statement from your lender.
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0 votes 8 answers Share Flag
Wed Apr 4, 2012
Angela Niece answered:
There is nothing that says you can not get a loan or buy a home after a foreclosure. You just can't buy one from a lender that sells their loans to Fannie and Freddie. I would try smaller banks. I am sure if you call 3-4 of them and tell them you want to put down 75%, one of them will lend to you.

Joe Niece
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0 votes 10 answers Share Flag
Wed Mar 28, 2012
Frank D'Angelo, ECOBroker answered:
Wow R.
There are several areas of concern that require more information and disclosure from you.
I don't think many might come out and make specific recommendations or provide any advice about your existing situation without more disclsoure/details.
Please do not hesitate to call.
... more
0 votes 13 answers Share Flag
Wed Mar 28, 2012
Scott Godzyk answered:
The only true way you will be able to get a mortgage 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 if there are any programs that you may quailify for given your situation.

... more
0 votes 12 answers Share Flag
Wed Oct 26, 2011
Rob Weber answered:
A great many FHA lenders will do loans at 620 and higher and some lower than 620. Is there a specific reason you're looking for a small lender or is it just that you don't want a BoA/Chase/Wells due to all the recent negative publicity on the banking sector?

I'd be happy to assist you if you're looking for a lender. My contact information is in my profile. You'd be covered at a 620 for a normal FHA loan and also a FHA rehab loan if you were looking to buy a property that needed some personalizing of your own financed in.
... more
0 votes 9 answers Share Flag
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