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Financing in 75238 : Real Estate Advice

  • All18
  • Local Info0
  • Home Buying10
  • Home Selling1
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Activity 63
Sat Jun 15, 2013
Elizabeth Morgan answered:
Your Realtor will be able to guide you.
0 votes 8 answers Share Flag
Sun Apr 7, 2013
Jena Dentone answered:
Call my husband! Paolo Dentone @ Home Team Mortgage@ 972-467-7777! He's amazing & local! We've both been in this business for many years and would love to help you throughout the entire process! ... more
0 votes 7 answers Share Flag
Wed Apr 3, 2013
Dallas Texas answered:
Simple answer: Depends what fits best for short and long term goals as a family and financial planning.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

Follow me on Facebook
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0 votes 6 answers Share Flag
Sun Jan 20, 2013
MARCO HUAMAN answered:
Are you looking to finance a residential or commercial acquisition? If it's commercial lending, local banks are your best bet.
0 votes 4 answers Share Flag
Sat Nov 24, 2012
Kenneth "Kenny" Bebensee answered:
Pick 1 Realtor to work with and get their professional opinion.

Turtle Creek Realty
0 votes 6 answers Share Flag
Mon Nov 26, 2012
Carl Henker answered:
You need to wait one year in order to use the appraised value and not the purchase price.
0 votes 10 answers Share Flag
Tue Nov 13, 2012
Kenneth "Kenny" Bebensee answered:
It is really up to the bank. Call any lender of your choice and get hard answers from them.

Good luck.

Turtle Creek Realty
0 votes 14 answers Share Flag
Tue Oct 23, 2012
Michael Brownstead answered:
If you haven't done so, which I am sure you have, you may want to see what your by-laws state. You may also want to consult a real estate attorney as well as discuss the idea with the condo occupants/owners. Great idea to make improvements though, I wish you the best. ... more
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Mon Nov 19, 2012
Kenneth "Kenny" Bebensee answered:
0 votes 9 answers Share Flag
Mon Jul 9, 2012
Kenneth "Kenny" Bebensee answered:
Thu Jul 9, 2015
Suzanne MacDowell answered:
Hard money lenders charge exorbitant interest rates and a lot of fees. The loan is usually only for a short term. And there is usually a pretty high debt to income ratio, so that the borrower has a high stake in paying back the loan as well. These loans are used mostly by investors who are 'flipping' a home, renovating it quickly and reselilng at a profit. Investors consider the high interest rates and fees to be just a cost of doing business and, since it's a very short term loan, worth the cost in order to gain the profit at the end of the day. These lenders are not easy to find and rarely used by home owners.

If your credit score is 700, I would recommend you talk to a local mortgage banker, someone who specializes in writing mortgages, and find out if there isn't something you can do in the short term to either qualify to buy right now or in the near future. It sounds like that would be a much better option for you.
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0 votes 17 answers Share Flag
Sat Mar 2, 2013
Bruce Lynn answered:
Sounds like a pretty big project for a first timer, but also sounds like a great find.

You have a couple of choices.
Make a little "wholesale" money, by putting the home under contract and flipping the contract to another investor. Wholesalers usually try to just make $1000 or $2000 in this situation. You probably only have a few days to flip it, so you can't get greedy with trying to make a lot more. Get in Get Out, make a little.

Second option is to buy it, rehab it, and resell it. You'll likely need a hard money loan to do this, but you stand to make more money. A lot more money, but also with more risk.

60-70K on rehab sounds very high to me. Any way to tighten your numbers? How confident are you on your before and after numbers?

Bruce Lynn
Keller Williams Realty
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0 votes 14 answers Share Flag
Sat Jan 12, 2013
Kenneth "Kenny" Bebensee answered:
You really need to talk with a lender. Call anyone of your choice and they should for free per-qual you. Be careful lenders make promises they can't keep. If they want any kind of fees upfront, use caution.

Good luck.

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0 votes 6 answers Share Flag
Wed May 2, 2012
Tommy Burris answered:
I would think that any down payment assistance program would originate at their tribe or reservation.
Have they looked there?
I have never seen a gov't program that qualifies on race..... that might not be legal.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration =>
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0 votes 3 answers Share Flag
Wed Aug 29, 2012
Bruce Lynn answered:
I have a couple of lenders that I can refer you to.

Just drop me an email and I can send you their contact info.

Bruce Lynn
0 votes 7 answers Share Flag
Mon Dec 10, 2012
Kevin D. Brown answered:
It is absolutely reasonable for you to check into financing. I have been working a few first time buyer's lately in worse shape than you. From where I stand you are looking fairly good.

Give me a call when you can to get started

Kevin D. Brown
Owner/ KDB Properties
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0 votes 18 answers Share Flag
Wed Mar 21, 2012
Jeremy Garcia answered:
our best 5/1 libor arm 4.000%
our best 10/ libor arm 4.25%
our best 30 year fixed 4.5%
our best 15 year fixed 4.0%
80% loan to value is required, in addition to 740 credit scores and full documented income for 2 years, in addition to rental schedules from your tax returns which we would need. If there is no rental income then we would order that analysis to be done with the appraisal.

APR's ranging from 4.184-4.875%, will there be fees to get these rates, most likely secondary marketing charges us for certain things when your loan doesnt fit the perfect mold, i then turn around and charge you those fees.

Now this is in a perfect world, which rarely happens.
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0 votes 2 answers Share Flag
Wed Mar 21, 2012
Rob Weber answered:
What exactly is wrong with the pool? Depending on what's wrong with it, you may not be able to use a 203k to repair it. If you're sealing cracks or fixing something with the filtration system (subject to underwriter discretion), you may be ok but if there is concrete work to be done, you'll most likely get a turn down from an underwriter.

My company for instance will allow up to $1500 in pool repairs but that won't go very far depending on the shape of the pool whereas others prohibit any work on the pool at all. Each lender will have their own threshold on what level of risk they'll take (assuming they even do full 203ks).

It looks like you're looking for a direct response/communication, feel free to email or call if you have questions.
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0 votes 3 answers Share Flag
Wed Mar 21, 2012
Kenneth "Kenny" Bebensee answered:
Call any lender of your choice and you can get pre-qualified usually for free.

Then you will know what you need to get your home.


0 votes 16 answers Share Flag
Thu Mar 15, 2012
Dallas Texas answered:
Have you considered leasing your Flordia home? Therefore mortgage payments other expenses are covered, no damage to your credit where you can push forward with purchase of a Dallas home?

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
... more
0 votes 7 answers Share Flag
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