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Financing in Arlington : Real Estate Advice

  • All209
  • Local Info16
  • Home Buying55
  • Home Selling6
  • Market Conditions8

Activity 13
Tue Oct 2, 2012
Scott Godzyk answered:
I think you answer your own question by questinioning his motives. Simply put if you lie on a loan application it is fraud. Investor loans are higher in interest to reflect the higher risk. Owner Occupied loans are for those who live in the property. I can not advise you one way or the other, that would be the job of an attorney. Good luck with working things out ... more
0 votes 28 answers Share Flag
Wed Aug 14, 2013
Title Agent 64055 answered:
No. Only the owner of the home can add names to title, even on a Benficiary Deed. After the death of the owners and the "ben deed" goes into effect, then you may quit claim the property to yourself and someone else. ... more
0 votes 1 answer Share Flag
Wed Jun 15, 2016
Gregorio Denny answered:
It depends on what type of financing you are using as well as the down payment. FHA allows up to 6% while Fannie Mae has a sliding scale.

Greater than 90%LTV = 3% max
75.01% to 90% LTV = 6% max
75% or less = 9% max

Always get mortgage advice from a licensed mortgage loan officer. Whomever is giving you this information is either misinformed or does not understand.

Refer to Fannie Mae Selling Guide page 374-376:
https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel092711.pdf
... more
0 votes 15 answers Share Flag
Thu Feb 10, 2011
Melissa Barkalow answered:
No, sorry. I can recommend a lender if you are looking for someone.

Good luck
0 votes 1 answer Share Flag
Sun Oct 24, 2010
Jim McCowan answered:
No at all! As long as he has had a continuous employment and can document it, there shouldn't be a problem! Let me know if I can help with anything. I also live in the 22202 zip code! ... more
0 votes 7 answers Share Flag
Fri Apr 9, 2010
Marcia Burgos-Stone answered:
You should be able to switch without a problem. If you haven't paid any money yet then you haven't lost anything. You will have to fill out another application and have your credit run again. You may want to get a GFE from each lender before you do your application. I always advise my buyers to tell the lender their credit score and to not let them run it until they know which one they want to use. However, the lender will tell you that they are only guessing based on the info you tell them which seems fair.

You can also just ask the lender to cut the fee. Sometimes they will do that. Do you get some incentive by going with this lender?

Good luck.
... more
0 votes 11 answers Share Flag
Tue Jun 27, 2017
Matt Avery answered:
Hi Khoa. I would be happy to discuss your options with you and provide any assistance you may need in obtaining pre-approval. The fact that you have a solid amount of money to put down is very promising for you, as well as the potential option of purchasing with your fiance. I actually live in Arlington with my fiance too, and have a very good knowledge of the area. Please feel free to call me at 703-582-0960 or email at mavery@averyhess.com. I look forward to providing you with any assistance you may need. ... more
0 votes 13 answers Share Flag
Wed Oct 28, 2009
John Shellington answered:
I've always been told that underwriting would require either a green card, H1 (3 year renewable visa), or an L1 (3 year renewable visa). This applies to conventional and FHA financing. I'm not faimiliar with an F1 visa. ... more
0 votes 5 answers Share Flag
Tue Sep 22, 2009
James Gordon ABR SFR SRS answered:
Hey Creative you can already cut the banks out of a real estate transaction. I have a couple of clients that i deal with that do it all the time. They purchase properties with cash, closing costs are very low on a cash transaction also. ... more
0 votes 8 answers Share Flag
Tue Jul 21, 2009
Lew Corcoran answered:
No. income received from boarded or roomates is not used in determining whether you'll qualify or a mortgage. You must either stand on your own income and credit. If you need help in qualifying for a mortgage, you can use the income and credit of one of your parents. FHA allows for non-occupant co-borrowers. ... more
0 votes 2 answers Share Flag
Tue Aug 11, 2009
Chris Harrell answered:
Hi. Lenders look at time on a job as a "compensating factor". This means if you have a low credit score, few assets, or a high debt-to-income ratio (DTI) then a long time on the job can offset one or more of those. However if you have good credit, assets, etc. I would take the new job. They will look favorably at the higher income (lower debt-to income ratio). Keep in mind the job should be in the same line of work. If you have any other questions you can contact me chris@firstwashingtonmortgage.com. Hope this helps. ... more
0 votes 6 answers Share Flag
Tue Feb 19, 2008
Danilo Bogdanovic answered:
That is a question best answered by a mortgage professional and you will need to fill out some preliminary paperwork to get an accurate quote.

If you don't get in touch with anyone here on Trulia (or if you need a second opinion), let me know and I can provide you with the names of a few excellent, honest and competitive lenders in Northern VA.

If you would like assistance on the agent side of things, let me know and I'd be happy to have you interview me as a potential Buyer's Agent.
... more
0 votes 4 answers Share Flag
Sun Dec 12, 2010
Andrew Adams answered:
You probably won't be able to get piggy back financing up to 95%. Most if not all of the major lenders have scalled back the Max CLTV to 89.99%.

Since you will need jumbo financing your rate will be slightly higher than conforming but should not be outrageous. Mid 6's if I was to guess. every state is a little different. ... more
0 votes 7 answers Share Flag
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