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Financing in Milwaukee County : Real Estate Advice

  • All66
  • Local Info4
  • Home Buying30
  • Home Selling14
  • Market Conditions2

Activity 27
Thu May 30, 2013
answered:
Hello, I am checking on an answer for you. Sorry I did not see your question until today. We do the Homepath renovation loans.
0 votes 2 answers Share Flag
Sat Jan 12, 2013
answered:
Fannie Mae/Freddie Mac programs will go up to 85%, and Essent Guaranty Insurance will insure it with a 720 FICO score.

If it's a Fannie Mae HomePath property, then 90% financing is permitted if using HomePath financing.

Shane Milne | Lending in all 50 states | NMLS #81195
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Thu Jan 3, 2013
Carl Henker answered:
There are no set guidelines as this type of financing is consider alternative to conventional lending which does follow standard guidelines. Most lenders will want to see from 30% equity to 50% equity depending on borrower, property and transaction. You will need to check with the investors for their individual requirements. ... more
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Tue Apr 16, 2013
Mona Elmore answered:
Here is a great contact. Let me know if you need assistance in purchsing the home. Mona Elmore, www.MonaElmore.com, monaelmore@remax.net

Prospect Mortgage is:

· #1 HomePath Renovation Approved Lender

· 8th Largest Lender in the Country

· 3rd Largest FHA Purchase Lender

· 2nd Largest 203k Lender in the Nation – Banked Loan where we handle servicing & draws

· Largest REO Financer in the Nation



I am able to do

· Conventional

· FHA down to a 580 credit score

· FHA 203k Rehab down to a 620 credit score

· VA

· Rural Housing

· HomePath

· HomePath Renovation

· HomePath Investors up to 10 properties

· Homestyle (investor rehab loan)


RENOVATION LOANS ON AVERAGE CLOSE IN 45 DAYS!!!


Rates are more than competitive with the banks. We closed over $9 billion in Mortgage business ONLY last year. We don't have local branches with checking or savings depositories, we are a $3.5 billion dollar equities firm.


Thanks,

Mandy Fritsche, NMLS# 557211

Sales Manager - Wisconsin

Prospect Mortgage

262-327-5700 Cell, 877-868-9198 Fax

Mandy.fritsche@prospectmtg.com
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0 votes 10 answers Share Flag
Sat Jan 5, 2013
allan erps,ABR,SFR answered:
Yes you can... FHA loans can be had for total down payment of 3 1/2% down. Please look into it and best of luck!
0 votes 16 answers Share Flag
Wed Jul 31, 2013
KerryAnn Douglas answered:
It appears you are 5 points away from possibly being able to obtain FHA financing. Have you spoken to anyone on how and the time frame needed to bring it up the 5 points? I can offer you a referral to a loan officer if you would like to see if they can lend on your current score or to aid in suggestions on bringing it up. Just click on my profile to contact me. (I can also help you sell your current property too.) ... more
0 votes 3 answers Share Flag
Mon Jun 3, 2013
Dominique Wilder answered:
We might be able to help you with a business loan instead of hard money. We don't do residential lending but are able to help current investment property owners or those that want to start investing. You're welcome to contact me anytime for more information.

Thank You,

Dominique Wilder
Universal Acceptance
559-375-2512
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0 votes 4 answers Share Flag
Mon Dec 24, 2012
Tim Moore answered:
You CAN'T just decide to do a short sale. A bank must agree to it and you can't just decide, "Oh Well, I'll screw the bank and they will go along with it because it's all about me". It does not work that way although I am sure many short sale listings are just that, a wish by the home owner to make it go away at the banks expense. You better do some real investigation about what you are planning or you are going to really be in a deep hole. You better look up deficiency state and find out if WI is one or not, if it is the bank can come after you for the money they lose in a short sale. ... more
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Thu May 31, 2012
John Friedrichs answered:
Yes you can get a mortgage with 10% down. Most conventional mortgage programs you can get with as little as 5% down if you are going to occupy the home you are looking to buy. If you qualify for an FHA mortgage you can do as little as 3.5% down.

If you need an experienced lender, feel free to contact me and I can give you several good lenders you could talk to. Feel free to call me at 414-687-2159 with any questions.
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0 votes 6 answers Share Flag
Sat Apr 7, 2012
Monique Hall asked:
My husband and I currently have a home through an FHA home loan. We have lived in the home for 9 years. We have two children of opposite sex and it is a two bedroom. We have outgrown th...
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Sat Apr 7, 2012
Monique Hall asked:
We may meet two of the criteria. We meet the growing family criteria as well as moving for employment. We (husband and wife) have two children opposite sex with a two bedroom fha financ...
0 votes 0 Answers Share Flag
Wed Oct 26, 2011
answered:
We will go up to a $500k loan amount with a 10% down payment or $800k with a 15% down payment, it's brokered through U.S. Bank.
0 votes 4 answers Share Flag
Wed Sep 28, 2011
Walter 'Skip' Kersten answered:
Hi Sup,
You will need to show a bank or investment acount statement with the money in the account for proof of downpayment.
Good luck,
0 votes 3 answers Share Flag
Tue Mar 8, 2011
Kevin Olson, Jessica Laude answered:
Yes, we have done it successfully several times. Wells Fargo has worked best for our situations.
0 votes 1 answer Share Flag
Mon Dec 24, 2012
Tony McMahon answered:
You should review the new agreement that you just signed when you did the refi , and possibly do that with an attorney, to be safe.
0 votes 5 answers Share Flag
Fri Dec 10, 2010
Daniel Alvarez answered:
Hi Monique,

You have two problems here: 1) FHA will not approve you if you already own a home; and 2) You say you have more than 2 late payments, which will make it hard to even qualify for a conventional mortgage (as per Freddie and Fannie guidelines).

I'm trying to understand your situation here. How are you late on payments and claiming that you can afford a second? Now by late payment do you mean a few days late (but you pay with late fee) or do you mean more than 30 days late, which leads to a ding on your credit report. If you answered more than 30 days late, then no lender will want to approve that loan.

FHA is only for primary residences and you can't currently own a home or have owned one within the last 5 years (first time homebuyer).

The third problem you'd face is FHA guidelines. 620 is the minimum score, provided you meet all other eligibility criteria.


NACA (a non profit) is a great organization for those backed up on mortgages or looking to purchase properties (first time homebuyers only). Go to NACA.com for more info.

Unfortuantely, if you're home has been on the market for a year and hasnt sold, its likely due to pricing. Has your agent given you an honest opinion of value?

Visit makinghomeaffordable.gov to see where you can go for free help on obtaining a loan modification if you're having trouble with your current mortgage.
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0 votes 2 answers Share Flag
Thu Sep 2, 2010
ANDREW OLLICK answered:
You can get a USDA loan (100% financing) with a minimu score of 620.
Contact a local mortgage broker for details

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
skype: napleshomes
www.andrewollick.com/realestateblog
... more
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Sat Jun 26, 2010
Gary Geer answered:
You are on a tight schedule. A radon test usually takes two days of testing before an analysis can be made. You need the new system installed and running prior to testing. Talk to your attorney and see if funds can be withheld from the seller in escrow to ensure you no longer have a radon issue. And talk to the bank about test results. You may have to do a dry closing ( closing without funds transfered or keys delivered) until this can be resolved. ... more
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Wed Apr 28, 2010
Karen Wenzel, e-PRO answered:
Based on what you stated in your question- You will probably want to share this information with the Lender when you initially go to get pre-approved. They will base your initial preapproval on what you have at that time- but of course can make adjustments when the actual time comes and you have made a decision on writing an offer and planning the closing.

Another thing to keep in mind as you move towards your house purchase is to watch that you don't charge an excessive amount on credit cards, take out any large loans or open up new credit card accounts. These are all factors that could affect your credit scores. And we all know that Credit Scores are now one of the most important factors in getting a Mortgage.
All the Best to You!!
... more
0 votes 9 answers Share Flag
Tue Apr 13, 2010
Bob McClure answered:
good afternoon mary....yes...but ...if you are financing fha..the entrie 3.5% can come from the family...any amt. can...if you are financing conventionally........then any amount can be...however..if it is less than a 20% gift...you would still need at least 5% of your own funds....best regards.....bob mcclure- first preferred mortgage- southfield, michigan... ... more
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