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Financing in 77043 : Real Estate Advice

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  • Home Buying2
  • Home Selling3
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Activity 109
Tue Dec 13, 2011
Jane Lindsey answered:
Fri Aug 5, 2016
Al Geffon answered:
I contacted two of my lenders, and neither of them knows of any entitity still doing ITIN loans. Both cite the precarious position of undocumented residents as the primary factor. Looks like a tough nut to crack ... perhaps a lender who contributes to this forum can be of assistance. I wish you well. ... more
0 votes 7 answers Share Flag
Thu Oct 27, 2011
Tim Moore answered:
Mon Nov 21, 2011
Brenda Jones answered:
0 votes 14 answers Share Flag
Fri Oct 28, 2011
Shane Milne answered:
Hi Jim, we aren't a predatory lender (I personally think it'd be pretty tough to find one these days as the mortgage industry has become a lot more regulated) and I'd be happy to discuss what type of financing options you'd have. I can also refer you to a loan officer within Texas if you'd like to use one there. Also your age has no impact on the credit decision, if it was it'd be illegal. ... more
0 votes 5 answers Share Flag
Fri Oct 21, 2011
Krishna Perkins answered:
Well if you need the job to make the payments your out of luck. A hefty bank roll helps only self employed buyers. You need to at least have a contract for a job offer to move forward.
0 votes 14 answers Share Flag
Wed Dec 28, 2011
Krystal Villarreal De'Newton answered:
Yes it will. You will need to be employed for at least a year or so and report taxes to qualify for a mortgage.
0 votes 15 answers Share Flag
Tue Sep 20, 2011
Brent Kluge answered:
620 for us... but you MAY find a lower score elsewhere, with other circumstances
0 votes 7 answers Share Flag
Fri May 15, 2015
Lisa Cannata answered:
While a down payment is not required on VA loans you will still need funds to cover your closing cost which average 3% - 4% of the loan amount. However, with a va home loan the seller is allowed to pay all of your closing cost up to 6% of the loan amount. So, it is possible to avoid having to come out of your pocket to pay closing cost as well.

Tip: If you have little or no funds available for closing cost, let your realtor know that you are getting a va loan and need the seller to pay as many points as possible towards your closing cost so that he/she can negotiate the best purchase contract on your behalf. 1 point is equal to 1% of the loan amount. So if the home cost $200,000 and your closing cost are $8000, you will want the seller to pay 4 points (4% x $200,000 = $8,000). Using this same example, say you have $4000 of your own funds available for closing cost.. then you will only need the seller to pay 2 points.

Read more:
... more
0 votes 20 answers Share Flag
Sat Jun 18, 2011
Tommy Burris answered:
While the question is a little out of scope for a lender to answer..... We answer mortgage questions more than financial advice.... I do want to chime in about a particular fact..

A home equity loan will be the cheapest money you will ever borrow.
Maybe you can pay off the CC debt a lot faster this was. As I assume the CC interest is more than double what a home equity loan would be. Also, the home equity 'might' be tax deductible.

Just something to think about.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the Great State of Texas!!
... more
0 votes 10 answers Share Flag
Fri Dec 2, 2011
Shane Milne answered:
Most lenders have no problem going to 80% loan-to-value on an investment property if it's 1-unit. Is the property 1-unit (like a house or condo)? Or is it a duplex, tri-plex, etc.? Have you spoken with a loan officer about qualifying? ... more
0 votes 9 answers Share Flag
Tue Apr 5, 2011
Sally Grenier answered:
Not sure what you're asking for specifically, but it sounds like another loan is the last thing you need if you're already having a hard time. Another loan just means more payments plus interest. ... more
0 votes 5 answers Share Flag
Sat Nov 7, 2015
Jonas answered:
Hi Lb!

No that is not true. Secure a Realtor and get with their mortgage source. Their mortgage person should be able to walk you thru the process. Also don't rule out a single family residence either. Their are some nice places under $50K.

If I can assist you, please let me know!

Jonas Mancuso
Remax / Lakeland
... more
0 votes 17 answers Share Flag
Wed Jan 19, 2011
Tommy Burris answered:
The client will be signing documents indicating that they will be living in the condo after they close.
And it sounds like they have no intentions to do so.
An ethical lender will stay away from that client if they know about it!

Imagine the questions the lender will ask about the current home.
... more
0 votes 5 answers Share Flag
Tue Dec 28, 2010
Rick Grau answered:
I had this issue when I did a cashout mortgage for a client in The Woodlands a few years ago. The Woodlands Communicty Associations (the HOA at the time) have since changed, but I digress. It's basically due to new lender restrictions in the last few years. Lenders used to accept what's called the "60-day letter" from an HOA which basically said the HOA would give the lender 60 days notice if they intended to take adverse action with the homeowner. Now many lenders have changed their rules wanting the HOA to fully subordinate to them in a refinance loan and of course, some HOA's won't do that.
The way around that is to find a lender that will still take the 60-day letter and doesn't require subordination from the HOA. That's how I solved the issue in The Woodlands - I just switched my client to a different lender. Hope that info helps!
... more
0 votes 3 answers Share Flag
Sun Jan 23, 2011
Tim Moore answered:
A VA loan (veterans loan) is the only no money down loan I know about. A loan officer at Wells Fargo did tell me they have a 5 or 10% down loan but the restrictions will be pretty tight. Make some calls to lenders and see if things have changed. ... more
0 votes 15 answers Share Flag
Thu Dec 16, 2010
Mario Romero answered:
Hello Luis,

Although there are less options for ITIN borrowers than before, we can still help your client. Credit must be clean - no credit is ok as well; send me an email or call me so that we can discuss available options.

Mario Romero
Branch Manager
Amcap Mortgage Bank
832 818 5868
... more
0 votes 4 answers Share Flag
Sat Nov 6, 2010
Jim Johnson answered:
I'm not certain that I understand the relevance of some of the information you provided. What are you trying to get around, your employer's uncertainty about where they may employ you, or something to do with being out of town at the time of the closing?

If either of these is relevant to your situation, your solution would be to either extend the closing date, or close at an office where you may be on the closing date.
... more
0 votes 1 answer Share Flag
Tue Oct 19, 2010
Robert Wiseman answered:
Mon Apr 30, 2012
jo answered:
Sounds like you need to talk to a loan agent at your local bank. They have all the programs available for loans.
0 votes 9 answers Share Flag
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