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Financing in Anne Arundel County : Real Estate Advice

  • All28
  • Local Info3
  • Home Buying8
  • Home Selling1
  • Market Conditions0

Activity 16
Wed Mar 13, 2013
Jill and Matt Crofcheck answered:
Hello, we are local Maryland agents here...

It is a tough reality now that banks do want to see higher credit scores than they used to in order to finance you for a loan. Most banks got burned badly with all of the foreclosures out there, and as such. tightened their requirements considerably.

With that said, they are starting to loosen up somewhat... as some lenders are able to get you financed with an FHA loan with a credit score as low as 580 (and some even lower than that). There are almost always stipulations with those loans though, such as needing to keep your debt-to-income ratio below a certain level or require additional money down.

My suggestion would be to get with a reputable local lender who does credit repair (we work with several) who can assist you with raising your credit scores. It may take 6+ months, but in the end it will be worth it and you should be able to purchase a home!

Let us know if we can be of any assistance.
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Sun Feb 10, 2013
Scott Godzyk answered:
the key is no contingincies followed by teh least amount of contingincies. The banks will choose a lower offer that is guaranteed to close with no contingincies over one loaded with inspections etc. ... more
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Thu Dec 13, 2012
Fred Glick answered:
Sorry, HobbieCat,

This would never go through the Fannie Mae or Freddie Mac computer approval. Manual overrides are non-existant.

You can hopefully get more income for your rentals and show a bigger cash flow or sell and get under 45% and try again.

Good luck!

Fred
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Fri Mar 22, 2013
Fred Glick answered:
All lenders are different. Ask the processor to give you an approximation.
0 votes 3 answers Share Flag
Sun Aug 5, 2012
Annette Levinson answered:
You should have your realtor speak to the seller. The seller should be selling the house for the appraised amount. If you went FHA the appraisal will stay with the house for 6months so that the seller will have the same problem with another buyer. ... more
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Thu May 31, 2012
allan erps,ABR,SFR answered:
Thu Jan 17, 2013
Christina Yoon answered:
I'm not a lender, but YES. I am working with a buyer client who qualified for a 4.--% 30 yr fixed with 3.5% down. If you would like the referral from the loan officer we spoke with at Suntrust Bank, let me know! ... more
0 votes 11 answers Share Flag
Thu Nov 10, 2011
Stieg Strand answered:
Michelle,

I highly recommend contacting The Hope Now Alliance. I would call their number 888-995-HOPE and you can talk to a counselor and they will ask you a few questions and then find the right type of person and potential program for you to work with.... It is better to call in, but you can also go to their website. I have found that people have greater success when they call in... ( I know dozens that have been helped this way)

There is very likely a program that exists to help you + They will help with the "process" with your lender for you, and not just give you some quick advice and "send you" away to talk to your lender directly, which can be frustrating on many levels.....

The "worst" thing that will happen is you know any option is exhausted, and that peace of mind is priceless!

Blessed to Serve,
Stieg Strand
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0 votes 8 answers Share Flag
Mon Feb 21, 2011
Jessica Hood & Laura Roskelly answered:
Hi Naim,

It is always best to review and compare at least two lenders. Have them give you a full estimate of costs. Rate alone isn't the whole story. You need to see a breakdown of all of their fees, points if any, and standard costs. We use and really like MetLife Mortgage out of Severna Park (410) 299-2043 - Pete O'Donnell. They consistenly have the best rates and terms. Whichever company you go with stay with a LOCAL lender. You don't want someone you find on the Internet whose office is not accessible if you need them. ... more
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Mon Feb 14, 2011
Debra (Debbie) Rose answered:
not for those in which it has become the American nightmare
0 votes 14 answers Share Flag
Sun Aug 22, 2010
Robin Silverberg answered:
I can check that for you tomorrow to make sure, and let you know if NCB, National Cooperative Bank, will lend there. You may find a local credit union who will lend there. You can also always ask the managing agent. Do you have any statistics on the building, such has how many sold and owner occupied units there are? ... more
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Fri Jul 16, 2010
Tean Wong answered:
I don't think the bank can prevent any buyers or investors from buying a condo with 100% cash. The bank is trying to get involve in the Condo association that has less reserve, and less owner occupied percentage, because there is more risk to them. I sell Condo, and I don't see any problem in financing as long as the association is in good shape. I won't advise my buyer to get involve in bad association any way. There are more problem at the end. ... more
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Mon Oct 5, 2009
Drahn asked:
I have groups of investors who are buying the "shells" in Baltimore and are rehabbibg them and then turning them into rental units in their rental portfolios. These would go ...
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Tue Aug 25, 2009
Daniel Castagna answered:
Youngster,

While i do not know the legality of raising the rate the HELOC, it is still considered a mortgage since it is liened against the property. i would go back over the paperwork to see if they can change the rate based on the use of the property. THe use of the property whether rented out or lived in is a huge concern for the bank. an investment is always riskier than a primary residence. ... more
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Tue Apr 21, 2009
Robert Spinosa answered:
Latanya,

The best short answer is, "it depends."

Let's separate assets from down payment for a minute. Many other posts here on Trulia have addressed the down payment issue, so I'll assume you have this under control. Let me know if not.

Now that you have your loan structured, typically when it comes to assets, we are talking about reserves. Reserves are defined as:

A) Total assets divided by amount of housing payment (Principal, Interest, Taxes & Insurance). For example, if you have $20K in the bank and your housing payment is $2000/month, you have 10 months of reserves. OR....
B) Total assets divided by total debt service. So, further on the example above, let's say you have that same housing payment, but also a car payment of $500/month, now you have 8 months of reserves.

For conventional loans, most lenders are going to use item "A" above to determine reserves, and the more months the better. Many jumbo loans these days are requiring a minimum of 6 months of reserves, for example. Conforming loans tend to be more lax, though it is not usually an exact science.

Finally, for purposes of reserves, most lenders will consider either 60% or 70% of vested retirement accounts as well.

Hope this helps. If you need anything else, just let me know.

Best regards,


Rob Spinosa
rspinosa@mortgagemasterinc.com
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0 votes 2 answers Share Flag
Wed Nov 18, 2009
Bill Wootan's Team One answered:
I suggest you contact a lender that does FHA 203K loans (the rehab loan is K, not B) and they can guide you - previously they were hard and expensive to do, but they have streamlined them now!

Good Luck!

Bill
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