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Financing in Monroe County : Real Estate Advice

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  • Home Buying3
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Activity 9
Sat Dec 1, 2012
Brad Newton answered:
Jonathan, Thanks for the question. As a first time home buyer there can be several grants you may be able to obtain. Most are income qualifying and require you to purchase either in certain areas and certain homes. Everything depends on your financial circumstances and past borrowing history. If you are a veteran, there may also be other forms of assistance and some with no down payments needed. You would need to talk to a trusted loan professional and give him/her your information. Some areas may have USDA assistance where you come to the closing table with less money. Lastly if you do not have 20% to put down then you would being using an FHA loan which allows you to only put down 3.5% of the purchase price plus be able to ask the seller to pay seller concessions up to 6% of the purchase price. Without knowing your specifics that is all the information I can give you.
I would be glad to recommend local loan professionals to get you pre-approved, which will give you a better idea financially where you stand, or speak to you further about the home buying process.
Feel free to contact me today and I will be glad to answer any questions you may have. Call/txt me at 585-236-7780 or email me at BradNewton@remax.net or www.Brad-Newton.com

Have a Great Day,

Brad Newton
Certified Buyers Representative®
Seniors Real Estate Specialist®
RE/MAX Custom
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Mon Nov 12, 2012
Michael Cheng answered:
You can probably qualify for a high leverage mortgage like an FHA loan. But, your main challenge will be in winning a home and still be able to cover any appraisal differences or get lucky that you don't have to bid that high. ... more
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Sun Feb 2, 2014
Mark Melich answered:
Do not feel bab about missing the tax credit, with interest rates below 4% you are much farther ahead than the receiving 8k credit. IE a $500 principal and interest payment when the credit was available would get you a $79,105 principal amount, at today's 4% rate the same $500 gets you $104,730. So you can see you now have $25,625 more purchasing power.
There are many different 1st time buyer programs and I can put you in touch with the experts.
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Wed Apr 25, 2012
Anna M Brocco answered:
You can try Wells Fargo...
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Tue Sep 24, 2013
Mark Updegraff answered:
Typical banks don't want to lend on properties under 50K. Some will though. I think 75% LTV would be about the best you could hope for with no personal guarantee and that may be a stretch. ... more
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Mon Nov 12, 2012
Dallas Texas answered:
Only professional render an opinion is a mortgage broker who will review your loan application and financial statements and etc

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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Wed Sep 29, 2010
Michael Walker answered:
Hello Paul,

I work with an Austrailian Investor with whom I manage their properties as well as help them find and purchase their investment properties. He currently uses an international bank HSBC to finance his properties. It's convenient since I can then deposit the remainder of the rents collected into his account easily as we have many HSBC's in the area.

If you would like more information or a reference to a particular mortgage banker that I recommend ... please don't hesitate to contact me at PropertyManagement@MikeWalkerHomes.com
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Wed May 6, 2009
Raymond E. Camp answered:
Good morning, Looking at the web site I would suggest contacting the bank you have the account set up with. good luck and happy house hunting. Thank you, Ray
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Mon Mar 9, 2009
Leif Mermagen answered:
Hello Dan,
I think that the credit is to be only applied to a single family home, condo, or townhouse. I will be learning much more about the situation tomorrow, as I am attending a meeting on the subject. I will attach a quote from an email I recieved about the matter. This quote shows the criteria that must be met to recieve the credit.

"FIRST-TIME HOMEBUYER TAX CREDIT

1. To qualify, purchaser (and purchaser’s spouse) may not have owned a principal residence in the three years previous to purchase.

2. Maximum credit amount increased to $8,000 (or 10% of cost of home, whichever is less).

3. No repayment requirement – unless home is sold within three years, then credit recaptured on sale.

4. Eligible dates are January 1, 2009 – November 30, 2009 (program expires December 1, 2009).

5. Must be primary residence – can be single family, condo, co-op, townhouse.

6. Income limitations – full credit available with adjusted gross income of no more than $75,000 (individual)/$150,000 (joint); phase-out above those caps.

7. Can be claimed on:
 2008 Tax Return;
 An amended 2008 Tax Return; OR,
 2009 Tax Return.


This is what I know at the moment. As I said I will know a bit more tomorrow. If you would like feel free to give me a call or email me and I will help you figure it all out and get you into a home that works for you.

Talk to you soon,

Leif Mermagen
LSP for Nothnagle Realtors
Leif@nothnagle.com
585-576-9406
... more
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