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Financing in Concord : Real Estate Advice

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  • Local Info18
  • Home Buying105
  • Home Selling10
  • Market Conditions9

Activity 17
Fri Jul 6, 2012
Roswell Moore, answered:
Hi BHarman,

Sorry, but if your investment property loan is a Conventional loan, you will have to wait 7 years from the recorded trustee sale date before you will be eligible to be approved for another Conventional loan.

All the best,
Ros


Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
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Thu Feb 6, 2014
Suzanne Looker answered:
I just closed one with a lender that was able to make it happen if the DTL values are there. I also have many hard money lenders available. Please contact me if interested.
Suzanne Looker ... more
0 votes 6 answers Share Flag
Sun Dec 11, 2011
Scott Godzyk answered:
If you are the buyer, are you waiting for your bank to appraise of the sellers bank to appraise the home to see if the short sale gets approved? If you are waiting for short sale approval, the offer needs to be submitted with teh complete short sale package, it could take 4-8 weeks for them to order the appraisal and get it back. you should ask the listing agent for an update. ... more
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Sun Dec 11, 2011
Maria Morton answered:
Mon Apr 16, 2012
Don Tepper answered:
Thu Sep 8, 2011
Scott Godzyk answered:
Your best bet is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. The most important thing is if you do not quailfy now, they can tell you what you need to do to be able to get quailified in the future.

http://www.trulia.com/blog/scott_godzyk/2011/08/how_do_i_know_if_i_can_get_a_mortgage_given_today_s_real_estate_market

Please see my blog for a list of additional tips on getting a mortgage
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Wed Jun 22, 2011
Michael Abram answered:
Hello Rp,

Typically, any investment is going to require 20-25% down, depending on the loan amount, property type and other related items. I don't know any lenders offers loans with MI that high for investments. If I can be of further assistance, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Mabram@firstcapitalmtg.com
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0 votes 4 answers Share Flag
Fri Mar 11, 2011
Corey Grushin answered:
Hhh a CO is required almost all lending institutions now-a-days. The institutions view it as an added layer of protection that the home is habitable and meets local codes. Sorry to hear of your issues, good luck ... more
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Fri Jan 14, 2011
Dp2 answered:
Although you intended to do a lease-option, you actually did a subject-to transaction instead. You're no longer renting; you actually own the home. The answers that you received from all 3 banks are correct: the loan isn't in your name, and you can't short-sale to yourself.

You could refinance now, but doing so might require you to contribute additional equity--especially if that mortgage is upside-down. You could also refinance sometime later when the mortgage is no longer upside-down. Additionally, you could assume that loan, and do a novation to take your previous landlord's name off of that loan.
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Fri Mar 26, 2010
Dave Sutton answered:
I don't think you need a special loan program. The key issue is the immigrant status of the borrower. Basically if he has a "green card" he can borrow pretty much like anyone else. There is a long list of types of Visa's and every bank is different about which Visa status they will accept. ... more
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Thu May 1, 2014
Erica Starkey answered:
Caden,
We have done an number of deals with B of A and haven't had any issues with appraisal. I would suggest your agent pull comps in the area and have them ready for the appraiser when they come. Hopefully your purchase price is supported by the comps. When you're dealing with out of area appraisers it's best to help them out as much as possible.
Good Luck
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Fri Nov 12, 2010
Caden answered:
My question got cut off: Someone had said that you could do that but I might have to pay for 2 appraisals. It seems unfair to me that you have to pay 300-500 just to select a lender.
Also, a general question why is HUD trying to make rate shopping hard for consumers? ... more
0 votes 19 answers Share Flag
Thu Feb 18, 2010
Brad Stoddard answered:
The DTI for mortgage insurance is 41%, so that would be your biggest obstacle. You also need two months reserves. I'd be happy to talk to you and see if you preapprove for conventional financing with 10-15% down. Thanks, Brad Stoddard 510.316.7495. ... more
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Sun Sep 20, 2009
Christine Hart Howlett answered:
The NSF fees will probably not affect you, unless your bank has sent them to Collections. As long as you make deposits to cover the overdrafts within a day or two, you should be OK.
0 votes 9 answers Share Flag
Mon Jul 13, 2009
Vickie Nagy answered:
Hello Happyscarpa,

I like Bank of America. They have a main office in Concord. My contact there is AJ Nisen. He helps a lot of my buyers.

You're probably going to want to go FHA due to low out-of-pocket expense. Please know that in this situation the complex has to be approved, or at least have the potential to have a spot approval. These parameters have to do with owner occupancy, delinquencies and cash reserves. Yes, complexes need cash reserves just like buyers do.

Concord is an area I'm quite familiar with.

If you are not currently working with a dedicated buyer’s agent in the area I would welcome an opportunity to interview with you, learn more about your home requirements and discuss how I can help. We could also discuss the market and the unique opportunities and challenges presented by short sales and foreclosure properties.

Kindest Regards,
Vickie Nagy
Realtor® - ABR, CRS, e-PRO, GRI, SRES
Specializing in "GETTING YOU WHERE YOU NEED TO BE"
(925) 407-7987 cell
http://www.VickieNagy.com to search the MLS
http://www.BestTriValleyHomes.com
Vickie Nagy | Keller Williams | 760 Camino Ramon Suite 200, Danville, CA 94526
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0 votes 6 answers Share Flag
Sun Sep 28, 2008
Peggy Keegan answered:
At the closing you will sign a document stating that you intend to move into the property within a certain time period (30 to 60 days).
Should circumstances change, you are expected to inform the lender. If you do not, technically the lender can "call" or change the conditions of the loan. I have been in the business for 23 years and until recently had never seen a lender do "owner occupancy audit" resulting in this action taken by the lender. If your circumstances change and the lender believes they have been deceived, you will need to prove your case to their satisfaction.
Please call me or email me if you have any other questions. I
Peggy Keegan
PeggyKeegan@Gmail.com
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0 votes 1 answer Share Flag
Wed Sep 24, 2008
Dallas Texas answered:
Seller yes for a bank no GREAT question
http://www.lynn911.com http://www.homes-for-sale-dallas.com
0 votes 5 answers Share Flag
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