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Financing in Broward County : Real Estate Advice

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  • Local Info9
  • Home Buying89
  • Home Selling3
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Activity 139
Sun Dec 1, 2013
William Polack answered:
Yes. You can get a mortgage. You'll probably have to go the unconventional way, also known as hard money or private money. I offer both. Private money is just that. It is money offered by individuals rather than by an institution. Private funds are not regulated by the federal government and can pretty much lend to anyone for any rate and charge any amount of fees they wish to charge. Private money allows you to choose your appraiser whereas hard money (named after "cold hard cash") must order the appraisal through a third party company.

Hard money lenders are restricted on the amount of fees they can charge. Because of this, the rate may be higher and the underwriting is a little tougher to get through.

You'll want to explore both options depending on what you plan on doing with the property after you buy it. Hard money is for temporary financing (up to 24 months max, whereas private money can be for 30 years. Both offer financing for commercial and residential, however, private money allows a person to buy the property and live in it, whereas, hard money can only be used for investment properties.

You'll also want to establish an LLC (Limited Liability Company). If you need help, I can refer you to someone. With the LLC, you'll need a Federal Tax ID Number or TIN. The TIN will be used to start your credit in this country. You'll need to open a checking account in the US as well if you haven't already.

You are welcome to visit my website listed below for more information.
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Fri Apr 5, 2013
Gregorio Denny answered:
I don't lend in Florida so don't confuse my question with having anything to do with me submitting my name for consideration.

With that said;

Why do you need 10 years experience? The mortgage industry looks nothing like it did 10 years ago. Virtually every regulation, has changed from licensing requirements to the forms used to originate a mortgage. You should be asking for proven competence under current guidelines and licensing instead of a ridiculous 20 day guarantee to close. One of the biggest problems these days is adaptability. Many that did it "the old way" have problems doing it "the right way", which is under today's strict regulation. When you focus on the wrong issues you don't do yourself or your clients any favors.

You are a dreamer and anyone that would even want to work with you must be desperate.
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Wed Apr 3, 2013
Angela Schrager answered:
Brandon - this is what is known as a Conventional Mortgage, where the buyer puts down 20% of the purchase price and finances the remaining 80%. Example: House costs $300,000. Buyer finances $240,000, so the mortgage will be for $240,000 and then comes up with the remaining $60,000 themselves.

Holders who finance with this form of mortgage do not have to pay PMI (private mortgage insurance) which is required by lenders where the borrower puts down less than 20%. This can save you about $270/month on these kind of numbers. A conventional mortgage borrower is often seen as more a more attractive prospective buyer to a Seller too.

Hope this helped! If I can help in any other way, or to help you find a property, just let me know,

Best regards,

Angela
Villa G Realty, Inc.
Tel: 954-816-7996
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Wed Mar 20, 2013
Fred Glick answered:
Conventional, FHA, VA, USDA, Jumbo. Too much detail to describe differences but as of April 1, you must have 640 credit scores and a 43% debt ratio for automated underwriting.

There are no stated loans anymore and you usually need 2 years of tax returns if you are self employed that are averaged on the net. Also, all the money must be in the bank for at least 3 months.

Contact a mortgage broker to discuss your situation.
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Wed Mar 13, 2013
Barbara Easton-Irvin answered:
I assume that you are talking about your loan. You are paying back whatever you took the loan out for plus interest.
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Mon Mar 11, 2013
marc jablon answered:
To get the answers to these questions, call a mortgage banker that realtors rely on. Call Preston Ware at 561-329-0075. Or go to http://www.PrestonWare.com

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
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Mon Mar 11, 2013
marc jablon answered:
The best person to ask is a mortgage banker that realtors rely on. Call Preston Ware at 561-329-0075 or go to http://www.PrestonWare.com


Marc Jablon, the Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
... more
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Sun Nov 20, 2016
Keith Jean-Pierre answered:
If the appraisal comes back high enough it is a possibility. You would need to draw up the contract with the option to have xx amount of closing costs covered. If the home does not appraise for the value of the purchase price plus the closing cost credit, you will get only what the appraisal was for. So for example purchase price of $250,000 + $5,000 closing costs but only appraises for $252,000, you will only get $2,000 toward closing costs. ... more
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Sat Mar 23, 2013
Ray Wright answered:
What is up with all the Am Favur posts? I've flagged her numerous times on different posts. Geez!
0 votes 3 answers Share Flag
Wed Mar 20, 2013
Tim Moore answered:
Correcting it can be the most frustrating thing you will ever deal with I am told (no 1st hand knowledge here thank goodness). Letters to the credit companies might help, getting the incorrect party to correct it to the credit company is a cure. It won't be quick or easy. Good luck. ... more
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Tue Mar 19, 2013
Stephen McRory answered:
-
After reviewing programs below, please call me to go over loan options.

1) 100% LTV- VA - pay off debt at closing on a purchases too!
2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!
3) 99% LTV- FHA
4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!
5) 95% LTV- NEW-No PMI!
6) 95% LTV- NEW-CONDO Loan
7) 90% LTV- NEW-No PMI -2nd Home
8) 90% LTV- New-Jumbo w/cc
9) 85% LTV- NEW- No PMI to Super Jumbo
10) 80% LTV- Rental Property

------------STATED INCOME ALT Loan programs-------------
11) 80% LTV- to Super Jumbo
12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!
13) 75% LTV-to Mega Jumbo
14) 75% LTV- Foreign Nationals-to Super Jumbo
15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo
16) 70% LTV- Hard Money to Jumbo
17) Lot Loans / Land Loans Too!

Go to: WWW.PRO-OPTION-COM or call 888-662-4404

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
WWW.PRO-OPTION.COM
Ph: 888 662 4404
#204296

Prior Service U.S. Marine Corps
====
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Sat Feb 16, 2013
The Best Realty Team answered:
Hey there,

There is not a program other than (naca) that will assist first time home buyers in Pembroke Pines. However, I have a lender that can make sure you pay nothing for closing costs other than the 3.5 percent down. i also have another lender that can provide 7500 towards down payment and closing assistance.


Let me know if you are interested.

Sincerely,
Andrew
954-394-7185
andrewLtherealtor@gmail.com http://www.realliving.com/andrew.liebenhaut
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0 votes 1 answer Share Flag
Sat Feb 16, 2013
The Best Realty Team answered:
Hey there,

There is not a program other than (naca) that will assist first time home buyers in Pembroke Pines. However, I have a lender that can make sure you pay nothing for closing costs other than the 3.5 percent down. i also have another lender that can provide 7500 towards down payment and closing assistance.


Let me know if you are interested.

Sincerely,
Andrew
954-394-7185
andrewLtherealtor@gmail.com
www.realliving.com/andrew.liebenhaut
... more
0 votes 1 answer Share Flag
Sat Feb 16, 2013
Kevin Cloutier answered:
Because people do nasty things that don't come to light until a Titke search is completed. Like sell the property to someone else, pledge it as security for loans etc.

Where do these questions come from? ... more
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Sat Feb 9, 2013
Meir Aloni answered:
Well, that depends....one issue (out of couple of possibilities) will be how fast will your employer will react to the lender' request for documents from the employer...

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
... more
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Thu Jan 31, 2013
Maria Cipollone answered:
Yes. When you have at least 25 percent equity in your property is possible. Some mortgage broker they built the closing cost into the new loan amount and the borrower will not have to come out with that money at front.

Best of Luck,

Maria Cipollone

Century 21 Tenace

www.Flahomespecialist.com
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Sat Jan 26, 2013
David Vola answered:
Sun Jan 20, 2013
Rich Homer answered:
Best next action is to ask a local Mortgage Broker by clicking "Find a Pro" in the main menu at the top of this website. http://www.naplesrealestateguys.com/
0 votes 3 answers Share Flag
Thu Mar 26, 2015
Meir Aloni answered:
Hi Rick,
Call Lisa 561-400-9478
She owns her own Mortgage co. and has a large network of different money sources...

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
... more
0 votes 5 answers Share Flag
Mon Jan 14, 2013
Patricia Salerno answered:
Ask for detailed list of closing cost and pre-pay fees.
0 votes 4 answers Share Flag
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