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Financing in 97267 : Real Estate Advice

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  • Home Buying0
  • Home Selling2
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Activity 36
Tue Mar 26, 2013
ellighome asked:
I am working with a potential buyer that is tyring to work up a 4/5 year balloon payment deal on a 300 acre property. I'm not sure where to get information on rates etc.
0 votes 0 Answers Share Flag
Fri Sep 28, 2012
Mack McCoy answered:
Mon Jul 20, 2015
Vaughn Parry answered:
Most lenders will be able to help you with an FHA Loan. I could surely recommend two or three to you. FHA only requires 3.5% down and you can usually working in some or all of your closing costs into the offer and loan so that you don't have to have 7% in your pocket to make the deal happen. You will need an Earnest Money deposit on top of the 3.5% down as well. Feel free to contact me directly and I can give you more details on contact information for lenders.
503-819-HOME (4663)
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0 votes 7 answers Share Flag
Fri Jun 8, 2012
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
Might want to contact:

Corri Klebaum | Mortgage Advisor | MLO 211442

P 503-496-3838 | F 503-496-3839 | M 503-975-5005

She's with Alpine Mortgage and might be a good answer lady ;-)

Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland, LLC
Exclusive Buyer Agency since 1999
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Sun Aug 19, 2012
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
Have you found anyone yet? It shouldn't be that hard to find, I know some good loan officers. Are you looking for properties on your own, or are you working with a buyer's agent?
0 votes 3 answers Share Flag
Tue Jan 14, 2014
Deborah Garvin answered:
Ryanne, I hope to see several responses from agents in your area. Personally, I have seen interest rates all over the board on a contract for sale...from equal to, or close, to mortgage rates on the general market to double (or more). The down payment, credit of the borrower, condition of the house, motivation of the seller will all come into play. Not to mention, the "exit plan" for refinancing out of the contract for deed (if applicable).

Be very, very cautious about entering into a contract for deed....I am quite sure most industry professionals each have at least one horror story for either a buyer or seller on a contract for deed scenario. Certainly, involve an attorney or a real estate broker. Set it up for success for all concerned, from the onset. The pitfalls are far to numerous to lay out on an advice forum; however, if you want some general guidance you can contact me via my profile. Best to you!
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0 votes 10 answers Share Flag
Thu Sep 13, 2012
Phrygianmode answered:
I should mention my credit rating is excellent. I'll have a good deal of student loan debt still (150k), however, but no other debt.
0 votes 24 answers Share Flag
Fri Jan 18, 2013
Scott Mason answered:
There should be. I recommend you start with the bank you currently do business with first.
0 votes 14 answers Share Flag
Wed Nov 2, 2011
Christopher Korenthal answered:
At Arbor Custom Homes we use Adam Ansteth with Wells Fargo for our perferred lender. You may want to reach out to him and ask directly. Hope you the best. Contact: Adam Ansteth 503-720-4000 or adam.m.ansteth@wellsfargo.com ... more
0 votes 8 answers Share Flag
Wed Jun 15, 2011
Gus Pishue answered:
Uytrcxv,
I would ask you why you want to pay the balance first and then sell it? Can you not sell it for more than the amount of the loan? If the sale price is higher than the loan amount still owed, you could sell it and have the balance of the loan paid off at closing. You would then receive the remainder (sold price - loan payoff = remainder) This way you do not need to come out of pocket for the balance up front. You can also talk to a local real estate agent/broker. They should be able to get you a CMA (Comparative Market Analysis) that will give you a very good idea as the to value of your home so you can make a better decision. Good Luck. ... more
0 votes 7 answers Share Flag
Wed Jun 6, 2012
Heather Wright answered:
Hello Shawna

The best advice I would offer you is to sit down and speak with a loan officer. They would be able to go over your credit report and help you figure out how you could improve if needed. Also their are only a few 100% financing options available. One is Va and the other is USDA rural housing. I am happy to help you if you have any other questions. Also if you need a name for a loan officer, I have a few.

Good Luck

Heather
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0 votes 7 answers Share Flag
Fri Apr 22, 2011
Jewel Stockli answered:
You should call Teresa Winfield:Prime lending
503-522-1945 503-786-7092
Fax 877-216-9921
twinfield@primelending.com 10135 SE Sunnyside Road Suite 120 Clackamas, OR 97015
0 votes 5 answers Share Flag
Tue Nov 1, 2011
Rian Muleback answered:
Kelly,

Shoot me an email and I can get you in touch with my lender. My lender works with investors, as do I, and so we are both educated when it comes to owning multiple properties and working with investors. Also, my lender funds some of their own loans so they are able to do more types of lending than a traditional mortgage company.

Take care,

Rian Muleback
Encore Realty
rian@encorehouses.com
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0 votes 12 answers Share Flag
Thu Feb 24, 2011
James Adair answered:
Technically if you retain the property as a rental, you would be in default. However, I would be surprised if you got into trouble. If you really played by the rules, I guess you';d have to refi your home into a non owner occupied loan before closing on the new primary. Which would cost you lots of cash to get your LTV in line no doubt.

Its one of those things that you just do the best you can at the time. when you signed the FHA doc's your intentions were one way, and things change. Just be careful, and be completely truthful with both lenders at all times. Good luck.
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0 votes 5 answers Share Flag
Tue Feb 15, 2011
Laura Feghali answered:
Hello Vincent,
On a refinance, probably not. I would suggest that you contact a few mortgage brokers who work with some portfolio lenders to see if it's a possibility as they may have more flexibility in their loan to value ratios.
Good luck!

Laura Feghali
Prudential Connecticut Realty
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Tue Jan 18, 2011
Shelley Reese answered:
Yes, there are Lenders available. However, there are several questions...

How far away from the 2nd home is your primary residence? Is the 40% down + closing expenses your own money? Savings, 401K , etc. ? Are you comfortable with a 45% debt to income ratio and why?

AND other standard qualifications....time on job, full documentation on all ..
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0 votes 8 answers Share Flag
Tue Jan 18, 2011
Rian Muleback answered:
Feel free to contact me and I can get you in touch with my lender to see if they will be able to do a loan like that for you. They are one of the largest lenders in town and do all types of loans. I look forward to hearing from you. Take care! ... more
0 votes 12 answers Share Flag
Fri May 15, 2015
Lana Lavenbarg answered:
Oh my ....you are in the same predicament as so many other people. Have you checked with your lender on the first to see if they will do a modification to make the payments less so that you can stay there? I do not know how much help they will be. You can't re-finance right now if your home isn't worth as much as you owe. I hope the lender will work with you...otherwise they will suggest a short sell. Which will do exactly what you dont want... ... more
0 votes 4 answers Share Flag
Tue Aug 17, 2010
Mark Aalto answered:
I would recommend getting references for whomever you are working with. Rates and terms are really important but making sure that the person you are working with is competent and reputable is equally important.

Also, I'd ask how long it takes to close transactions and whether the rate can be locked for a long enough period to honor the initial terms offered.
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0 votes 5 answers Share Flag
Thu Aug 12, 2010
Mark Aalto answered:
It depends on what you are trying to accomplish. If you provide an explanation of the circumstances involved and proof that the home is no longer on the market FHA is a program that will work. Depending on your situation, FHA may not be the best loan program but it is one program that will work based on the information you have given. Most conventional programs will require the home to be off the market for 6 to 12 months.

One of the biggest questions that your lender will have for you is whether you are trying to get cash out - if you are doing a cash out refinance you'll have to wait for 6 to 12 months - even with FHA.

Good luck!
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0 votes 8 answers Share Flag
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