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Financing in 72212 : Real Estate Advice

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Activity 7
Wed Dec 5, 2012
Mitchell Mote answered:
First of all let me say "I am NOT a mortgage lender, and I have NO IDEA whether or not this would or would not be considered mortgage fraud. I'm just relaying information. My guess is that most lenders are afraid of being complicit in mortgage fraud, and rightly so - the regulators are watching their industry much closer these days and fines have gotten hefty. If the repairs are legitimate and the intent is honest, I can understand that some may see no harm in it although the lenders may not care about this. I've heard of someone utilizing the contractor they chose to do repairs and estimates, to also add to his estimate the approximate cost of materials only (no labor) for the repairs that YOU intend to do yourself. I assume their thinking was that this way there is no money that could be construed as being misappropriated. But read up on it, and protect yourself, because that person may have been breaking the law, I am not totally versed in the wording regarding that particular type of loan.



Mitch
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Fri Apr 27, 2012
Kelso asked:
Thu Mar 28, 2013
Lisa answered:
PS: Rock solid employment history and excellent credit scores...does this get you anywhere, anymore?
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Thu Jun 9, 2011
answered:
It's possible, but may be tough, to get a loan with a 573 score. What is on your credit that is bringing it down to a 573 score is equally as important as the score itself. Speaking to a credit counselor (not to be confused with consumer credit counseling debt consolidation programs) can help you with advice on how to build your scores back up and also how to deal with any past negative items that are incorrectly reporting. I am not a "credit specialist", but I can point you in the right direction if you'd like.

Have you run any numbers to determine if your husband's income can qualify for the price range of homes you'd be interested in buying? With a 700 score your options open up quite a bit.

If you choose to eventually proceed with just your husband, keep in mind with pretty much all loan programs you are still permitted to be on the title of the home, so if that was a concern, you'd have no "ownership", then it's a non-issue with most lenders (it's always a good idea to ask anyway).
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Tue Aug 31, 2010
Amanda Butler answered:
You qould to check with your lender, there are loans out the specifically for this reason. Email me and I can put you in contact with a lender who works with buyers who want to take on this type of project. I would love to help! Amanda.butler@crye-leike.com ... more
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Fri Jul 24, 2009
Memphis Owners answered:
Yes, Little Rock buyers can finance with FHA @ 96.5% actually (minimum score is 620).

A non-government loan would do the 95% financing you're seeking. For the conventional (non-government) financing, credit score is just one part of a borrower's profile. So it is possible to have a lower score along with other compensating factors (such as low debt-to-income, lots of assets, etc). Our bank prefers to see a 680 for 95% financing.

I hope this helps. I am licensed in Arkansas and would love to help.
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Thu Apr 2, 2009
Robert Spinosa answered:
W. Norwood,

The value of the home is determined by the lesser of the purchase price ($145K) or the appraised value. From there, you will be eligible to qualify for a percentage of this value (thus your "loan-to-value" or LTV). In a purchase transaction, you can generally not realize any cash out. The amount for which you maximally qualify does not factor into the lender's assessement once the home value is determined and your loan program's guidelines are considered.

Let me know if you have further questions.

Best regards,

Rob Spinosa
rspinosa@mortgagemasterinc.com
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