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Financing in Arlington : Real Estate Advice

  • All416
  • Local Info38
  • Home Buying115
  • Home Selling17
  • Market Conditions6

Activity 10
Wed Aug 12, 2015
Michael, even if someone is willing to lend you money with a score that low it may not be in your best interest. Credit scores are nothing more than a number that represents the probability an individual will repay the debt as agreed, the lower the score the less likely they will make the payments in a timely manner. How bad of a bet are you willing to make against yourself?

The conventional rate pricing tier stops at 620 in my shop but anything below 640 is an issue.

I would fix whatever issue is causing my score to be that low before trying to take on more debt, you can’t borrow your way out of debt.

Good luck,
Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
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0 votes 11 answers Share Flag
Sun Aug 25, 2013
Conventional loans require a 7 year waiting period. Now with that said, if you did not go late on the home loan tied to the house you short sold, you could qualify right away for a FHA loan. If you short sold due to an illness or loss of job, or something of that nature then more often than not you can qualify after about 2 1/2 years. Hope this helps.

Joshua A. Lerette
Residential Finance Corp.
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0 votes 14 answers Share Flag
Thu Mar 21, 2013
Kelly Bowyer answered:
Here's another suggestion for you.....Karen Rymer with The Mortgage Group @ 817-424-5995. She's the best I know! I would be happy to help you find a home if you can arrange financing.

Please keep me in mind. Arlington is my back yard!

Kelly Bowyer
Scott Davidson Realtors
cell 817-793-2761
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0 votes 5 answers Share Flag
Sun Nov 9, 2014
Sanjeev Lad answered:
Hi Farida,

Is the property you looking to buy in Texas? If so, I can help both on the financing aspect and on the agent side. Feel free to contact me, my contact information is below.

I look forward to hear from you.

Best Regards,

Sanjeev Lad
Fathom Realty
Residential Real Estate Agent
License #: 0583491
Phone: (214) 497-8150

Premier Nationwide Lending
Residential Mortgage Loan Originator
NMLS RMLO ID #: 530178
Phone: (214) 497-8150
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0 votes 6 answers Share Flag
Tue Oct 12, 2010
Dallas Texas answered:
You need to post this question in NH posted here in Arlington TX .
0 votes 3 answers Share Flag
Wed Jan 20, 2010
Grace Hanamoto answered:
Hello Tk211 and thanks for your question.

One of my clients just completed a loan with Quicken Loans/Rock Solid Financial for the purchase of their home in San Jose. Rock Solid Financial is Quicken's approved loan brokerage, and this is the company that actually provides the loans. Rock Solid is a direct lender, so they complete the entire process from application to approval and funding in-house.

For my client, the process was quick, the loan was done on time, and my client was able to get a slightly lower interest rate and loan processing charges than from a local loan broker or financial institution. The only caveat I would mention is that they seem to work best with those buyers who are "very" qualified for home purchases--in other words, FICO scores above 720.

Talk with Luke Evangelista at Quicken Loans/Rock Solid Financial if you have any specific questions. Good luck!!

Grace Morioka, SRES
Area Pro Realty
San Jose, CA
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0 votes 3 answers Share Flag
Fri Oct 9, 2009
I have seen this asked many times.
No way to add her. You would need a refinance.
You can add her to the deed, is that not good enough?
0 votes 3 answers Share Flag
Sat Sep 19, 2009
Ask them.....

Are trying to get a loan modification or something?
0 votes 2 answers Share Flag
Sat Aug 16, 2014
Cindie Stewart answered:
Simple answer is no because of the way it is given to you. Here is more information for you on the program.

New $8,000 Tax Credit for First-time Home Buyers
Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date.

Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.

First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit.

According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.

The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Dec. 1, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year.

Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use form 5405.

The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense.

If you or someone you know is ready to stop paying the landlord's mortgage and start building equity in your own home, give us a call. We'll run the numbers and see what makes sense for your individual financial needs.
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0 votes 9 answers Share Flag
Thu Sep 25, 2008
James Downing answered:
Often lenders only run your credit at the beginning of the lending process. Sometimes they do run it a second time. I would be extra careful and if they do notice these issues; be prepared to give them an answer as to why. ... more
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