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Financing in Collin County : Real Estate Advice

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  • Local Info1
  • Home Buying11
  • Home Selling3
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Activity 32
Wed Feb 20, 2013
answered:
The guest house with the separate meter is on the same lot? Survey shows this?
I don't see a problem.
The guest house having it's own meter doesn't affect title in any way so I would say to go for it.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
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0 votes 6 answers Share Flag
Wed May 1, 2013
Dallas Texas answered:
Recommend to contact a mortgage broker direct who can answer all your questions. Your closing costs will most likely roll into the loan which be approx. $3K -$5K .

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
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0 votes 8 answers Share Flag
Wed Feb 20, 2013
Dallas Texas answered:
Stewardship can have several meanings can you provide additional details
0 votes 5 answers Share Flag
Wed May 6, 2015
Linda Lorenzo answered:
A Realtor can guide you to the people who can help you - what you really need is a top notch lender who knows all these programs as they are the experts in this field. Lenders are the ones who specialize in finding the type of loan you are looking for. If you need some links to a couple or lenders, let me know I would be happy to send some. If you are working with an agent they should have this information for you. If you need an agent (I am in the McKinney area), let me know as I love working with first time buyers and would be glad to be of assistance. Just drop me a line or give me a call. Good luck to you on the purchase of your first home. ... more
0 votes 11 answers Share Flag
Mon Feb 11, 2013
answered:
Yes indeed there is...but he has to purchase fannie mae/freddie mac owened homes and utilize home path financing. Other than that...you will not find a loan for less than 20% down not because lenders won't do it, simply because no mortgage insurance company will insure it.

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
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0 votes 9 answers Share Flag
Tue Nov 8, 2011
Annette Levinson answered:
Lisa, everything depends upon the credit report. Consult with a mortgage officer to see if it makes a difference.
0 votes 1 answer Share Flag
Fri Nov 25, 2011
Ron Thomas answered:
That Appraiser is trained and Licensed.
Zillow is neither.

The Assessment probably bears no resemblence to the VALUE of the Property: Some assessments might have been determined by the LAST SELLING PRICE of the property, or by an assessment that was conducted 2 years ago, or 8 years ago.

Knowing how Appraisers work, it is a safe bet that he DID take the age of the property into consideration, he DID take Comps into consideration, new or old, within 1 mile, (preferably within 1/4 mile), he DID take recently SOLD properties into consideration, and he DID consider sqft values.

You have the right to pay for a second Appraisal, and the Bank has the ability to reject it, no matter what it says.

The APPRAISERS are under a mandate to not let the Banks, or the Buyers, get into the position that they have previously.

Good luck and may God bless
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0 votes 4 answers Share Flag
Mon Nov 14, 2011
Don Groff answered:
Hello Richard,

My 15 year rates with the top 15 wholesale lenders in the country are averaging about 3.125% a close to par rate. If you are looking for a no cost refi the rate would need to be at about 3.25% to 3.375%. So it looks like you can most likely do something. Even at less than a point in savings if you are not adding to your loan with a bunch of closing costs it makes sense to look into refinancing.

I only lend in Texas but you should be able to find similar rates and fees with CA based lenders.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
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0 votes 8 answers Share Flag
Wed Oct 26, 2011
Bruce Town answered:
A good, reputable lender that has been referred to you by someone who has used this person before would be the place to start to talk to someone about obtaining financing on a home. You would not be able to close on a loan, however, until you were at least 12 months past the date of your bankruptcy discharge. ... more
0 votes 10 answers Share Flag
Sat Sep 17, 2011
Sera Smith answered:
I do have several options for mobile homes. Must be double wide and meet FHA requirements. The age of the mobile home is very important. If you need help, you may contact me at ssmith@1bluesky.com or call 214-405-7264. Also have a lender that allows FHA 203k for mobile homes.
Thanks,
Sera Smith
NMLS # 354776
Loan Officer
Bluesky Lending
214-405-7264 cell
1-800-887-5824 fax
ssmith@1bluesky.com
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0 votes 3 answers Share Flag
Wed Aug 17, 2011
Phil Rotondo answered:
The home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the manufactured home. If the RED TAG is missing, the house is not eligible for Section 184 financing.
Only manufactured homes built after June 15, 1976 will bear that seal. Manufactured homes built before that date are ineligible for Section 184 financing.
The home must be classified and taxed as real estate (as applicable).
The mortgage must cover both the manufactured unit and its site, or the appropriate lease documents must be in place. The mortgage must have a term of no more than 30 years from the date amortization begins.
The manufactured home must not have been installed or occupied previously at any other site or location.
The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation.
The house must be permanently attached to the foundation system. Existing homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier).
The axles and tongue must be removed from the unit. The chassis must stay in place.
The house must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.
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0 votes 3 answers Share Flag
Tue Feb 21, 2017
Brian Rayl answered:
There are a few factors that play into this. Do you qualify for any special financing such as FHA, VA, USDA, etc? There are certainly loans out there that you can get at 5% down.

As of Friday, the conforming loans with a 30 year fixed rate were somewhere around 4.5% and the 5 year ARM was around 3.125%. Not sure about the 7 year ARM. Most ARMs have a 1 point per year limit to their increase after the initial term is complete, so a 5 year arm could reset to 4.125% at year 6, then 5.125% at year 7, etc depending on the interest rates at that time.

What would be best would depend on your personal situation, your time frame, and how long you felt you were going to be in your home. If you are like the average home buyer, you will move after 5-7 years, then a 5 or 7 year ARM would be a no-brainer. If you had a longer time frame (10years+), then the fixed rate may be a better option, but again it depends on several personal factors.

You should definitely speak with a lender about your particular situation, finances, and other factors (such as your income to debt ratios, etc). If you would like a list of lenders that I have used in the past, I would be happy to get you in touch with them. If you need help buying that home, I would be happy to assist you in that as well.

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
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0 votes 10 answers Share Flag
Mon Mar 28, 2011
Brian Rayl answered:
Homebuyer,

The Texas State Affordable Housing Corporation (TSAFC) has an initiative called "Teachers and Heros" where they can get you financed for 4.99% and give you a 3% grant to help with downpayment and closing costs.

Find out more information about it here: http://brianrayl.com/2011/03/24/teachers-and-texas-heros-awsome-home-financing/

Because it's more than real estate. It's RAYL-Estate!

Brian Rayl, REALTOR®, e-PRO, SFR
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0 votes 11 answers Share Flag
Fri Mar 22, 2013
Peter Lindquist answered:
Hi Dawna - The key here is to talk to a few different local lenders about FHA financing. FHA guidelines only require that a foreclosure must be at least 3 years ago. Lenders are taking different approaches today to FHA and some will allow credit scores as low as 500 as long as you have 20% down. It might take a little searching before you find one but I'm guessing you'll find a lender who might be able to help. ... more
0 votes 5 answers Share Flag
Mon Nov 1, 2010
Dallas Texas answered:
No professional can speak on behalf of another organization best contact credit union and then compare "apples to apples" with mortgage broker

GREAT QUESTION:

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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0 votes 3 answers Share Flag
Sat Jan 8, 2011
Brenda Feria answered:
Maddy,

The best thing that you can do is speak to your lender and ask for a Good Faith Estimate of Closing Costs. You can request that they prepare the Good Faith Estimate according to what you need for the seller to pay in order to close. Once you know exactly how much money you need for the seller to pay, you can prepare the offer accordingly. FHA will be increasing their MIP for those purchasing homes who do not have FHA Case Numbers by October 4, 2010, so I would suggest that you also find a competent realtor who will lead you through the process quickly. If you can, you might want to identify a property soon and begin the negotiations, so that you will not realize the increase in the MIP (Mortgage Insurance Premium.) It can be up to .9%.

If you need help finding a realtor in Texas, I can refer you to a well-qualified realtor there.

Best wishes,

Brenda Feria
Real Living Eudailey Real Estate VA
Real Living at the Beach SC
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0 votes 7 answers Share Flag
Wed May 1, 2013
T.E. & Naima Sumner answered:
A buyer who has such a large down payment should consider a conventional loan. These loans have no mortgage insurance payment. Your credit scores (assuming you mean >730) will make you eligible for the best rates.

Ask your loan officer for typical scenarios, but as a loan officer myself, I know these are down in the low 4s right now.
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0 votes 10 answers Share Flag
Thu Jun 3, 2010
Melissa Hailey answered:
Tatiana,
The FHA 203k loan is a rehabilitation loan, meaning that its specifically for homes that need major repair. Please know that you will be required to work with a contractor for the repairs and they must be approved by FHA (so you won't be able to do the repairs yourself). A 203k loan is good for homes that need foundation repairs, HVAC repairs, roof repairs, etc. Other minor cosmetic repairs (such as repainting a bedroom) may be better suited for someone to do alone outside of the loan program.

You should speak with a Realtor and a lender, both of whom could assist you as you move forward with your purchase. If you need further details, please let us know. Our team would be happy to help.

Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com
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0 votes 6 answers Share Flag
Thu Apr 22, 2010
Jackie Rankin answered:
Thu Dec 10, 2009
Ronda Allen answered:
The answer is - Yes, with qualifications. Lending rules have changed dramatically in the last year. 2009 was definitely a year of changes in the industry. A spouse is not required to be on a home loan and still retain rights of title in Texas. I suggest you contact a very good Texas-based lender and discuss your options. Right now, you can ask for a Good Faith Estimate from any of the lenders you are considering for a refinance. After January 1, 2010, there is a new form for Good Faith Estimates. It is available now, and you should ask the lender to go ahead and explain it to you. It makes full disclosure by the lenders a little more apples-to-apples and explains fees that are fixed and fees that are adjustable (within tolerances). We agents are just being introduced to this form ourselves.

If I may, I recommend you contact Rodney Anderson Lending Services, A Division of Supreme Lending. Rodney is a top mortgage broker in Texas and offices locally in Plano. He has been a trusted advisor on all things loan-related to me for over 7 years, after a strong recommendation from a client. You can reach Rodney and his team of associates at 1-800-express, or 972-985-5208, or online at http://www.rodneyanderson.com. You can see Rodney on tv on shows like Good Morning Texas and MSNBC. And, you can tune in, and call in, to the local radio show. He's on 105.3fm each Saturday morning at 9am. Ask your question on the air and help many others with similar questions who may also want to hear the answer.

Have a blessed day!
Ronda

Ronda Allen, Realtor and Certified Purchasing Manager
RE/MAX Dallas Suburbs
CEO of comingsoonhomes.com
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