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Financing in 98101 : Real Estate Advice

  • All25
  • Local Info1
  • Home Buying12
  • Home Selling7
  • Market Conditions0

Activity 66
Wed Apr 3, 2013
Rhonda Porter answered:
Hi Ballard Rental House,
You should be able to refinance a rental property using a HARP loan as long as your current mortgage was securitized by Fannie Mae or Freddie Mac prior to June 1, 2009. ... more
0 votes 3 answers Share Flag
Mon Feb 25, 2013
Gregorio Denny answered:
It sounds like you got used. Based on the information in this and your other post, It appears they closed your loan but something was wrong with it that made it ineligible for delivery to Fannie Mae. Since they can't sell it, it seems they convinced you to rescind and that takes them off the hook. If this is what happened you should never have rescinded. You should speak with an attorney to see if you have any recourse at this point. ... more
0 votes 2 answers Share Flag
Wed Apr 3, 2013
Dan Tabit answered:
Vajjas1,
Construction loans are available, but the exact structure will depend on several factors. Last I knew there were loans that were strictly for construction and you would need to arrange a permanent mortgage after everything was completed. The other type is one loan construction to permanent. The rate during the construction period floats with the market and can be set for the final mortgage when the project is near completion.
You will need to speak with a mortgage professional to fill in many details. You indicate you want to build the home yourself with the assistance of some contractors, if you have a construction background this may be available but banks will be very wary of first time builders, there is so much to learn.
I've worked with a company that consults with owner/builders and provides much of the structure and guidance a project like this needs. If this would be useful, contact me and I'll see if I can make a connection. I also have lenders who may be able to help.
... more
0 votes 4 answers Share Flag
Thu Jun 13, 2013
Dean Orrico answered:
Hi Lorrie. You may have to wait a bit longer due to the foreclosure. Typically 5-7 years depending on circumstances. You'll want to talk to a direct lender like Cobalt Mortgage (I can send you a great contact) who can avoid the typical overlays by selling directly to Fannie Mae. Regarding FHA, you may want to check on your income as well. Whether it's a brand new house in a planned community has no impact on whether or not you can obtain financing unless it was a townhome/condo community with an HOA.

At the end of the day, you'll want to talk to a great lender. Let me know if I can help you any further.

Thanks!
... more
0 votes 9 answers Share Flag
Tue Oct 30, 2012
Dan Tabit answered:
Camile,
Where do you want to buy? If you are living abroad and continuing to, you should seek lending options in the country you are in. US Banks primarily finance US properties, as conventional mortgages. If you are living in a country where you are residents or citizens, and plan to live there for a while talk to the local banks about the options.
If you are hoping to buy it the state as investment property, you will have a more difficulty as there is little for the US bank to pursue if you were to default, except the property, thus a large down payment is their security.
If this isn't what you were looking for, give us some more information and we can try to help further.
... more
0 votes 6 answers Share Flag
Mon Apr 29, 2013
answered:
Yes because you are not on the loan and have no liability to make payments to the lender as You did not borrow money. Now Washington is a community property state so consult a tax pro on the tax ramifications of that but you should be fine based on what I know. ... more
0 votes 5 answers Share Flag
Wed Feb 27, 2013
Marika Abuashvili answered:
Cobalt Mortgage, Oleg Tkach 425-478-7676. I have worked with him on a few transactions.
0 votes 10 answers Share Flag
Fri Aug 18, 2017
Ray Akers answered:
Your 'Stock Awards' sound like income, at least after the vesting date. How do you declare the stock on your federal income tax? Does Microsoft provide a written explanation of the Stock Awards? Start with a detailed explanation, in writing, and ask your loan officer to have the underwriter review the information. Good luck. ... more
0 votes 7 answers Share Flag
Wed Jun 6, 2012
answered:
1)washington federal fed will go 600K on 90% ltv ....with loan being self insured .....not quite the 720K you ask for ....they can at times bend to higher amounts

2) try the bank/ lender where you have the bulk of your assets ... more
0 votes 4 answers Share Flag
Tue Jul 28, 2015
Rhonda Porter answered:
Sophie, Do you know how much your property taxes, home owners insurance and HOA dues will be (if any)? It looks like you're considering an FHA loan (3.5% down) which has a limit of $567,500 in the Seatlte, King/County area. ... more
0 votes 12 answers Share Flag
Thu Jun 21, 2012
Kary Krismer answered:
You need to learn a lot, because there is the issue of prior security interests, IRS issues, future bankruptcy issues, perfection of security interest issues.

Probably better to hire an attorney, because there's little change you could do that all yourself and not make a mistake. ... more
0 votes 14 answers Share Flag
Mon Aug 26, 2013
Tonya Brobeck answered:
Yes after 12 months you can refinance. You will need to get a copy of the full filing for the underwriter and the full schedule of all the payments.
0 votes 7 answers Share Flag
Wed Nov 16, 2016
Terry McCarley answered:
It has become the norm for most lenders to pull credit just prior to closing to make sure your financial situation has not changed. Buyers have lost their loans from running out and charging thousands of dollars worth of new furniture, appliances etc...before they got to the closing table. ... more
0 votes 17 answers Share Flag
Sat May 19, 2012
Jeanmarie Trapp answered:
Good Morning,
I am a realtor and not a lender. However, I will make a recommendation for a super lender, who has helped other clients of mine, with issues or potential issues. He can advise you on what you need to do to clean up your credit.. I also like to send people to creditkeeper.com. Its not a free sight, but it does help you look at your credit and see what issues you have and how to help you clean them up. Collections are tricky sometimes, and it may depend what they're for and how long they have been on your credit report. Call Mark Williams at 206-399-9636.. He will help you. Tell him Jeanmarie, sent you. ... more
0 votes 5 answers Share Flag
Fri Dec 16, 2016
Tonya Brobeck answered:
Depending on the underwriting a gift letter and a copy of the check should be fine
0 votes 10 answers Share Flag
Wed Apr 2, 2014
answered:
We offer Foreign National Loans. There are guidelines we would need to go over though.

I would be happy to help you with your financing. Our company Residential Finance Corporation is a National Direct Lender with access to some of the industries lowest possible rates and more importantly service second to none. We close loans on average in about 18-20 days start to finish. We underwrite and process your loan in house so you are informed every step along the way.

I look forward to hopefully hearing from you.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
Josh.Lerette@myrfc.com

www.residentialfinance.com
... more
0 votes 9 answers Share Flag
Fri Nov 8, 2013
Jeremy Locke answered:
Hi Adrian,

Contact a few local banks and lender to ask around. The best thing to do is explore all of your options, and try searching on google for what you need.
0 votes 2 answers Share Flag
Fri Sep 13, 2013
Craig Blackmon answered:
Tom Goldsmith at Cobalt Mortgage is awesome. I've heard good things about other correspondent lenders too -- their model gives them the flexibility of a broker but you get to deal directly with the lender which can be VERY important depending on the wrinkles in the transaction. ... more
0 votes 12 answers Share Flag
Sun Sep 4, 2011
Jirius Isaac answered:
I can check this out for you if you want. but I have a question. Why would you want to re-fi in 6 months. Getting a loan is expensive & unless you have a really good reason, once is enough. ... more
0 votes 2 answers Share Flag
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