Financing in Delaware : Real Estate Advice

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Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
What kind of loans are available for investors looking to purchase rental property?
Jpn most investment style mortgages will require 20% dpwn, what is available will depend on your credit and type of property. Start with a local and trusted loan officer who can prequal ... more
0 votes Share Flag Wed Dec 12, 2012 Financing in 19901
Wayne  Bartr…, Real Estate Pro in Wilmington, DE
Wayne Bartron answered:
How much are closing costs on a $100,000.00 loan in Delaware?
Closing costs vary based on status as a first time buyer / or not and attorney fees. In general they average 4 to 6 % of the purchase price. Since some of costs are fixed the higher the ... more
0 votes Share Flag Mon Oct 22, 2012 Financing in 19702
Tina Lam, Real Estate Pro in San Jose, CA
Tina Lam answered:
Does a separated spouse need to be put on a deed when buying manufactured housing?
It's up to whoever is paying for the house to decide who's name goes on the deed. It doesn't matter to the home seller who you want to put on the deed.
0 votes Share Flag Fri Sep 28, 2012 Financing in 19901
Chris Kavana…, Real Estate Pro in Bethany Beach, DE
Chris Kavanagh answered:
A friend of mine and I own a home. The mortgage balance is $85,000.
Dear Elise,

If you move forward with this transaction you want to make sure that your name is off the mortgage.

Chris Kavanagh
Coldwell Banker Residential Brokerage
Bethany Beac ... more
0 votes Share Flag Fri Jun 22, 2012 Financing in Millsboro
Donna Klimow…, Real Estate Pro in Hockessin, DE
Donna Klimowicz answered:
Are there any lenders that offer Family Opportunity Mortgage program for a property in Hockessin, DE?
Hi,
Can you explain to me what a Family Opportunity Mortgage is? I have spoken with my lender and they are not familar with it. But we are willing to do research on it if you tell me ... more
0 votes Share Flag Mon Jun 11, 2012 Financing in Hockessin
Annette Levi…, Other/Just Looking in New York, NY
Annette Levinson answered:
I'm look to refiance a non-owner occupied SFR in Wilmington DE. Who has the best rates and terms? Would prefer a no cost loan if possible.?
All mortgages cost for closing. If you don't pay the closing costs, you will be paying a higher rate on the mortgage.
0 votes Share Flag Thu Oct 11, 2012 Financing in 19805
Shane Milne, Real Estate Pro in South Jordan, UT
Shane Milne answered:
I own a second home which has 122,000 on first at 6% and 22,000 on second at 8%. I cannot get a refinance because of low appraisal. Advice?
Versus... not paying it off and doing what with the money instead? If you have $22k burning a hole in your pocket my advice would be to consult with a financial adviser to make sure yo ... more
0 votes Share Flag Wed Oct 5, 2011 Financing in 19962
Laura Feghali, Real Estate Pro in Stamford, CT
Laura Feghali answered:
We are moving to the Wilmington, DE area. We are hoping to buy a home that is approx. $500K. Are there loans available with a down payment of 10%?
Hello Meg,
Yes, there are loans available where you can put only 5%-10% as a down payment. PMI (mortgage interest) will be required though with anything less than 20% down. I sugge ... more
0 votes Share Flag Wed Feb 27, 2013 Financing in Wilmington
Katina Geral…, Real Estate Pro in Wilmington, DE
Katina Geralis answered:
Help! Where can you get a jumbo loan with a 655 mid score already owning one FHA property are there any options?
I may be able to help, I need a few more details:
• Is this a DE property?
• What is the sales price?
• How much do you intend to put down?
• Is this for a p ... more
0 votes Share Flag Sun May 15, 2011 Financing in Newark
Paulette Bez…,  in Chicago, IL
Paulette Bezazian answered:
I'm in the process of investigating a homepath mortgage for an investment property in Delaware. I already have a specific property that I'm
Have you shopped around with different lenders? That would seem to make sense to me. The 5.5% rate, according to my go-to lender, is reasonable, but the closing costs seem rather high ... more
0 votes Share Flag Wed Jan 26, 2011 Financing in Dover
Paulette Bez…,  in Chicago, IL
Paulette Bezazian answered:
hello, i'm a foreign living right now in DE, my wife is a student here, i'm looking to buy a house and i can put 30%, no ssn, work overseas
I would presume that one of you has a green card, which would be helpful. Are you encountering difficulties? If so, please contact me so that I can refer you to an excellent agent in ... more
0 votes Share Flag Tue Oct 4, 2011 Financing in 19901
Gerard Dunn, Real Estate Pro in Chevy Chase, MD
Gerard Dunn answered:
have a bad loan
You sound as though you are "Upside Down".

If this is the case - call you current loan provider and ask if they would consider modifying your loan. This is cheaper to do t ... more
0 votes Share Flag Tue Oct 12, 2010 Financing in 19960
John Thomas, Real Estate Pro in Newark, DE
John Thomas answered:
Would a mortgage company provide a committment without any proof of GIFT funds and the gift was essential to making settlement?
A mortgage commitment letter is given by a lender once a file has been reviewed by an underwriter. The commitment to lend is given if the borrower meets all of the guidelines for the l ... more
0 votes Share Flag Wed Feb 27, 2013 Financing in 19801
Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
What is my property tax for the coming year?
You can check with the tax collectors office in your City/Town for what teh taxes are on any home. As well a simple call to the assessor or checking on their website should get you a q ... more
0 votes Share Flag Mon Aug 9, 2010 Financing in Townsend
Patricia Wolf, Real Estate Pro in Wilmington, DE
Patricia Wolf answered:
I am looking at buying a home and have some questions regarding being able to lock in afr rates to obtain the loan through a family member.
Absolutely not.... there is no affordable way to lock rates for 12 months. The lenders will charge rate lock fees that will surely exceed the savings. Some leases have an escape clause ... more
0 votes Share Flag Wed Jun 30, 2010 Financing in 19808
Kathy Sperl-…, Real Estate Pro in Lewes, DE
Kathy Sperl-Bell answered:
My second morgage was for 5 years it is up in 22 months with a 42, 000 dollar payment at the end. I am not behind on any payments and have great
Eddie, that's a loaded question and probably depends on who holds that second mortgage. I would certainly want to get another opinion and I would be happy to refer you to a reliabl ... more
0 votes Share Flag Sun May 30, 2010 Financing in Ellendale
Team Sordelet, Real Estate Pro in Newark, DE
Team Sordelet answered:
Hi, I don't have a very good credit score (655). But, I have more than 20% to put down. My spouse and I make close to 200K. Will I get a?
There are several lenders that will underwrite loans for buyers with a credit score as low as 580. Putting 20% down is also a plus. Email us and we will assist you in finding a great le ... more
0 votes Share Flag Tue Jan 3, 2012 Financing in Newark
Bruce Bills,  in Dallas, TX
Bruce Bills answered:
Can I get a bank loan based on the salary that I will be making after starting a new job?
Paullou31,
Lenders will consider your current income once you can show 30 days worth of paystubs. They won't lend based upon a promise. Temporary employment at the law fi ... more
0 votes Share Flag Wed Feb 27, 2013 Financing in Wilmington
Carol Succar…,  in Lewes, DE
Carol Succarotte Daniels answered:
Is this the right time to sell and are there mortgages available for folks who only have a 5% down payment?
Hi Jessica, yes there are mortgages you can put 5% down. Plus you may want to consider FHA. I strongly suggest you talk to a loan officer about your options. There is no charge for t ... more
0 votes Share Flag Thu Mar 26, 2009 Financing in Newark
Bill Eckler, Real Estate Pro in Venice, FL
Bill Eckler answered:
I am intrested in purchasing a home within the next six months, with a 650 credit score, what are my chances
Avent,

We would say your chances are good.....however, it is our recommendation to be in touch with several loan specialists for information on programs you may be best suited for an ... more
0 votes Share Flag Wed Feb 27, 2013 Financing in Wilmington
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