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Financing in 80218 : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 84
Tue Oct 22, 2013
answered:
Technically NO but 99% of real estate agents/brokers will require you to be before showing you homes.

If you would like to get pre-qualified or pre-approved I would be more than happy to assist you. ... more
0 votes 20 answers Share Flag
Sat Sep 28, 2013
Bill Donovan answered:
Prayer

And you may need to supply various documents or answer some questions for the lender as you get closer to closing. For example: the current address for your 5th grade math teacher; how many apple pies will fit on a doghouse roof; your 1099 for your first paper route.

Don't sweat it. Your mortgage broker and Agent will get you through it.
... more
0 votes 9 answers Share Flag
Fri Sep 27, 2013
Rick Janson answered:
Great question. Your qualification is based on a number of factors, one of which is your debt:equity ratio. Lenders look at your overall gross monthly income and your minimum monthly payments from your credit report. They add to that your mortgage: principal, interest, taxes and insurance (PITI).

With a lower interest rate, your PITI is lower, so your debt:equity looks better and/or you can qualify for a higher mortgage payment.

Does that make sense?

Rick Janson
720-432-5595
www.denverrealestateoffice.com
... more
0 votes 7 answers Share Flag
Tue Jun 11, 2013
Tony & Karen Hinkel answered:
It depends on your mortgage - look it over and see if there's a pre-payment penalty. If not, then you should be fine. As to why there might be one - lenders make money as long as you owe them money, not after you pay them back! ... more
0 votes 8 answers Share Flag
Tue Apr 2, 2013
answered:
Hello. Our company is a Local Mortgage Banker and I might be able to help. My contact info is below.

Chad Bergman, CML
Sr. Mortgage Banker
Pinnacle Mortgage Group, Inc.
Direct 303-996-4899
Cell 303-875-2240
Efax 720-975-1154
www.MyDenverMortgage.com
cbergman@pinnacle-mortgage.com
NMLS #219251 CO LMB100018433
A+ Rating by the Better Business Bureau (BBB)
... more
0 votes 6 answers Share Flag
Fri Sep 27, 2013
answered:
Hi Nick,

We will allow borrowers with no credit scores and those who have a "thin" credit history to qualify for VA financing by manually underwriting the loan and using non-traditional credit references - such as rental history, utilities (gas, electricity, water, land-line telephone, cable TV), non payroll deducted insurance (medical, auto, life, renter), internet or cell phone services. 12 month history is needed and all payments must be made on time.

Dropping the AU accounts could hurt your score, as it may remove those accounts completely from your credit report and reduce the average age of your accounts (which plays a big factor in your credit score calculation)... so I wouldn't try that quite yet. Also, to generate a credit score without AU accounts you need 6 months of credit, so you may even lose your credit scores (become "no credit scores") for a short period of time.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
... more
0 votes 6 answers Share Flag
Sat Feb 9, 2013
Nina Kuhl answered:
The first 15 days means that it is eligible for homeowner occupied. Investors (non-homeowner occupied) can bid after this first 15 day period. You can use your own financing but sometimes there are incentives to use a Homepath loan.

Nina Kuhl
Cherry Creek Properties LLC
c: 303-913-5858
... more
0 votes 9 answers Share Flag
Fri Dec 28, 2012
Dan Tabit answered:
Kristi,
Congratulations on buying your first home and for asking a great question. I can’t give you a blanket answer however. It will really come down to the rest of your financial situation. Your mortgage payment should be affordable, but not too comfortable. The first home is the one you should have to stretch a little to reach. Between your mortgage interest write off (which we hope is continued) and future raises, your payment will be more affordable over time.
If you are in other debt, car, credit cards, student loans, you may want to focus on paying them off first. The rates are generally higher and the value that those goods are on depreciates. If you don’t already have a safety net in the way of a savings account, I would go there next. Having several months of income in savings can help you keep your house if one of you loses a job or becomes ill and misses work for a while.
If you are otherwise debt free and have a great savings (emergency) account, then paying down your mortgage would be good. I think most people will find paying a little extra every month will have the greatest net affect. Every dollar over the minimum payment on a simple interest loan goes against the principle. As your principle decreases, the total interest you will be paying will decrease as well.
I hope this was helpful, congratulations again and best wishes for a great new year.
... more
0 votes 3 answers Share Flag
Wed Apr 26, 2017
Marina Bay answered:
Kristi,

Your first payment will be due March 1st. I explained it in detail in your other post.

Best of luck!

Marina Bay
Cherry Creek Properties
0 votes 8 answers Share Flag
Mon Dec 31, 2012
Marianne Bandy answered:
Congratulations to you! I suggest that you discuss with another lender to help you determine your next steps, paying off loans or saving for down payments. But, DO NOT WAIT another year!!! Homes appreciated about 10% last year, so if that continues, while you are waiting to gather more money, your buying power is going down. Connect with me if you'd like some names of reputable lenders. ... more
0 votes 12 answers Share Flag
Fri Feb 8, 2013
Tim Moore answered:
With Bank Owned homes often when one offer falls through the bank opens it back up to everyone to make offers again. Ask your agent to ask the banks agent if they will accept a back up or not. ... more
0 votes 4 answers Share Flag
Thu Sep 6, 2012
Pete Cook answered:
The best thing you can do get more opinions about your lending options. Some lenders that are locally underwritten will have greater flexibility with occupancy rates. If you find a lender that is not reselling the loan, they may take the risk with less than 20% down.

Click the "partners" box on my website for a couple great lender suggestions.

www.justlistedinberkeley.com

Best of luck!

- Pete
... more
0 votes 4 answers Share Flag
Mon Dec 10, 2012
answered:
Hi Lmcne,

In my opinion, Home Path really isn't that great of "deal" unless you plan on buying the home and using it as a rental property.

With your credit scores, a conventional loan should give you the lowest overall monthly payment with as little as 5% down.

The amount of closing costs that are covered by the seller will depend on the seller and what the loan program allows. For example, an FHA loan will allow the sellers to pay up to 6% of the sales price in closing costs but a conventional loan will only allow up to 3%.

Please feel free to contact me for a loan comparison.

John Burke
Senior Mortgage Banker
ENG Lending
(720)519-7494
... more
0 votes 8 answers Share Flag
Wed Aug 8, 2012
Sean Dougherty answered:
Well, why not ask thw Sellers of the house you want to accept a contract with a 6 month closing date? Then you can buckle down and get your Home sold, and the Seller has a place to live for 6 months. ... more
0 votes 3 answers Share Flag
Tue Nov 20, 2012
Mike Papantonakis answered:
You can probably find a private lender to do the deal. I've worked with a company that has many private lenders and he may be able to help you out. I was even one of his private lenders for a while.
Give me a call and I'll get you in touch with the right person. 303-913-9129 or email mikep1@remax.net
... more
0 votes 7 answers Share Flag
Sun Jul 1, 2012
Ron Thomas answered:
If you have that much CASH;
why not buy it with a Convention Loan,
put 50-60% down, getting a realy nice interest rate,
and use the rest of your cash to fix it up.

Simplier!
0 votes 8 answers Share Flag
Fri Aug 24, 2012
Lynne Ellerbrock answered:
If you are not currently working with another real estate agent, email me at lellerbrock@residentrealty.com, or call 720-308-7307. I can provide you with a couple of lender referrals. --Lynne Ellerbrock, Realtor ... more
0 votes 9 answers Share Flag
Tue Apr 21, 2015
Marianne Bandy answered:
Depending on what type of short sale, you must wait 2 to 3 years. And, it depends on if you continued to make payments up until the short sale. And what you do with your credit after the short sale. ... more
0 votes 12 answers Share Flag
Fri Sep 13, 2013
B answered:
Call Mortgage Broker Gary Keys at 303-588-3433. He just financed a deal for my buyer, a tricky 4 plex with come complex attributes. He manhandled it. Befor eI became a Realtor I was vice President of a Mortgage Brokerage, trained LO's and processors - so I know what I'm looking at! This guy IMPRESSED ME.

Brian Furer
Broker Owner, VIP Real Estate Co
720-251-0778
Brian@VIPRealEstateCo.com
... more
0 votes 7 answers Share Flag
Sat Jun 30, 2012
answered:
Hello-

I would be happy to take a closer look at your situation if you would like to send me a message with some additional details at nnetherton@houseloan.com

How much does your boyfriend make on his own? What price range are you looking in? Do you have a history of working for a temp agency prior to the 10 months you describe? ... more
0 votes 5 answers Share Flag
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