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Financing in Montana : Real Estate Advice

  • All31
  • Local Info3
  • Home Buying13
  • Home Selling6
  • Market Conditions3

Activity 13
Mon Jan 21, 2013
Fred Glick answered:
Sorry, not possible. All people's income that are used must have credit used. It's been this way for years.
0 votes 8 answers Share Flag
Fri Mar 28, 2014
Aaron Pagniano answered:
Hey Kim,
There are many lenders and conventional banks which finance modular homes. Our market has lenders and mortgage brokers who are easily able to secure financing for modular homes. Some buyers find terms with smaller community banks, as well. Many homes in the Missoula area are modular or manufactured homes. If you would like more information let me know.

Thanks Kim,
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Wed Feb 16, 2011
John Walin answered:
Check with your VA coordination benefits office regarding your eligibility for a VA home loan. If you had an honorable discharge plus disability they might have less restrictions for a vet and the loans are competitive and a vested benefit to you as a former active duty soldier/sailor. Your credit is bad, they would charge a risk premium, but you might be able to get a loan in the 650 range. God bless! ... more
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Tue Dec 28, 2010
Fred Glick answered:
I would go postal on these idiots.

What does a change in title have to do with the value of a property?

I would call the local FHA office and your Congressperson's office and tell them the problem. Make sure they understand that this is a national problem.

It's stupid, obnoxious, overbearing, ridiculous and downright silly. Also, if they want a new appraisal, let them pay for it. It's not your fault.

Good luck,

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Tue Jul 26, 2016
Suzanne MacDowell answered:
Make then stick as close to that good faith estimate as possible! And stick to YOUR guns. You got a good faith estimate for a reason, to protect you from abuses. Are you using an attorney to close? I know a lot of states now use the title company to close, but if you are feeling this uncertain it may be worth the money to hire an attorney. Also, consult with your realtor. They should be able to go over this with you, and at the very least ask some tough questions of the lender. If the realtor seems hesitate, go to the broker for the office and insist on getting some help.

I thought FHA required a down payment of 3.5% now. As for the $4500, that would depend on how it appears on the settlement paperwork, the HUD-1. Insist on seeing a draft of the HUD-1. Origination fees should be spelled out in the good faith estimate. And it is true they cannot pinpoint exact out of pocket expenses due to per diem costs for such things as water, sewer, property taxes and so on, but they CAN give you a very close estimate. Don't be afraid to ask questions and insist on getting clear and concise answers.
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Tue Jul 26, 2016
Suzanne MacDowell answered:
I got a 203K loan when I bought my house. And yes, you can get an extension on the work being completed, I believe up to a year. Remember, the bank officials are probably nowhere you geographically, they don't know the weather conditions in Montana. Sounds like it's impossible to replace the roof until spring anyway.

FHA usually assigns someone to oversee the work in increments. The contractor does a part of the work, the inspector comes in, sees that the work was done properly and then releases a portion of the rehab money to the contractor, who then starts the second phase of the job. It's actually quite nice becasue it relieves the homeowner of having to deal with the contractor directly and ensures the job is done right.

I don't know why your appraisal was not ordered in a timely fashion, expect that I know 203 K loans take longer to put together, you have to have repair estimates and an agreement in place with the contractors prior to closing. I don't know whether you can change the type of loan now, and, honestly I don't know that you would want to. The roof and decks sound as though they need to be repaired and/or replaced anyway. It would not be safe for you to live in a home that is in poor condition, the roof could cave in or the decks could collapse. So, unless you have the money to have those repairs done yourself, I would go ahead with the 203K loan, get the work done.
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Mon Nov 15, 2010
Patricia C. Laster asked:
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Wed Sep 15, 2010
Scott Godzyk answered:
These items should have all been addressed on your purchase and sales agreement when you made the offer. Anything you can see with teh naked eye that would not pass the FHA appraisal/inspection should be addressed before they find them, hidden defects such as termites, well, septic etc are the only issues that could affect your purchase if everything else is addressed up front. if there is that much stuff, you may want or need a fha 203k to get money to fix them.... ... more
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Mon Oct 14, 2013
Dianne Hicks answered:
I seriously doubt it. What I would do is go to a lender and let them give you a game plan to get your credit in a better postion.

Good Luck!!!
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Mon Apr 3, 2017
Dp2 answered:
I'm not a CPA, so you'll need to check with a CPA on the tax implications. I'll only address the real-estate specific part of your question.

You're allowed to borrow money from an IRA for certain kinds of transactions, but not for others. I don't think this is one of them, because I believe it's not an arm's length transaction.

Here's another option that you might not have considered. Use your IRA funds to acquire 1 or more properties (which don't necessarily have to be in your area) to flip/rent to increase the amount and/or yield of your IRA. You could borrow against those funds for your business venture (of course you'd have to work with knowledgeable pros [including a CPA, attorney, etc] to help you set this up properly).
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Sat Mar 14, 2009
Bill Eckler answered:

Many people feeling they have poor credit are suprised when the find things weren't as bad as they thought. Our recommendation is to meet with several loan specialists to get an accurate understanding of your real financial status in terms of purchasing a home.

You may be pleasently suprised......

Good luck
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Wed Nov 28, 2007
Taunya Fagan answered:
Approx. $2620 for a 2.6 acre lot with $300k, `3000sq' home just 3 miles from downtown Bozeman with 360deg mountain views to die for.
T Fagan
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