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Financing in Philadelphia : Real Estate Advice

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Activity 161
Sat Apr 10, 2010
Gerard Dunn answered:
A blanket loan is one that covers more then one property. In times gone by - it would allow you to by a home or property with very little down. The bank that makes the loan would place a mortgage on all of the properties to secure the debt against equity in properties that had equity.

Now - you may see less BLANKET loans and more banks using IDOT's (Indemnified Deeds of Trust) to secure their loan.

Check with a local bank and ask if they handle this type of loan.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, DC and Northern Virginia
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Mon Apr 5, 2010
answered:
Possilby with really good credit. Rate is a little higher - Give me a call 610-433-8180 x12
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Wed Mar 3, 2010
Julie Norwood answered:
Yes you will be able to buy a home, the first thing you should do is see if you have enough to put down on the house in order to qualify with your current debt that you have including the student loans. Where are you looking? ... more
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Thu Jun 10, 2010
Scott Godzyk answered:
Leigh private mortgages are great for investors, not if you are looking to owner occupy. Hopfully you have worked with a private lender before, if not make sure you know the terms, length of contract, points, interest and what happens if you do not pay it off or need to renew, usually you pay the points again. it can be very costly in the long run but allow for a great opportunity of done on a short term and correctly. Read the terms, understand the terms and good luck working things out ... more
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Sun Feb 21, 2010
Dennis Camp answered:
There are still a few lenders around but not many that will do a loan with a 580 score. It would probably have to be an FHA loan. Consult a mortgage professional near you.
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Thu Jan 28, 2010
Patrick Thies answered:
Depends on what it does to your monthly payment. If it's an amount that you can make without strapping yourself, then its a good deal. You will save quite a bit in interest by reducing the rate and number of years to pay it back. ... more
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Thu Jan 21, 2010
Terrence Charest answered:
Need more information. Why was it denied? Did you lose your job? Was commitment signed? Are you working with a real estate agent? If you are get with them.

Terrence Charest, e-Pro
0 votes 4 answers Share Flag
Tue Jan 5, 2010
Kathy Weber answered:
Kimbellie,

Are you looking to also refinance?? Sounds like you're also asking if because of your remodel if you have additional equity(?)

My suggestion would be to contact the lender you currently have your loan through and see if you qualify for a refinance. Because of your upgrades, they may do an appraisal to justify the equity.

If you're lender is not willing to work with you, there are many lender's out there.

Also, if the rate you CAN get is lower, you need to consider if the fee's/costs you'll have to pay to reduce the percentage is worth it. It may not reduce your mortgage payments by much & then you'll start over with the 30 year loan repayment process.

Best of luck!
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Thu Dec 31, 2009
Natale Terranova, Jr answered:
Some states allowed a down payment for this credit however. the IRS is stating the following :

Several new restrictions apply to homes purchased after Nov. 6, 2009.

Purchasers must attach a properly executed settlement statement to their return.
No credit is available if the purchase price of the home exceeds $800,000.
The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
A dependent is not eligible for the credit.
The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.
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Thu Jan 7, 2010
Anna M Brocco answered:
Speak to your tax consultant for IRS Code qualifications.
0 votes 7 answers Share Flag
Thu Jun 10, 2010
Mike Rosania answered:
Your best shot would be with a local bank right now. I know TD Bank has a program but not sure they will do a blanket loan.
0 votes 6 answers Share Flag
Mon Nov 30, 2009
Carol Cei answered:
Hello, Ed,

I don't think any lender TOTALLY disregards the credit score, however, I recently had someone with a 583 purchase one of my listings with an FHA loan; and I have done loans through the PHFA with less than 620 recently. There are a few investors out there who will still take these loans, but typically there are points involved, in my experience.

Carol Murray Cei
ReMax Millennium
215-649-1720
carolcei@remax.net
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Tue Nov 10, 2009
Dcolemanp1 answered:
Also just a note to follow up - we both have credit scores above 750.
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Sat Oct 31, 2009
Terrence Charest answered:
Well that's the thing, isn't it? When you get this loan, you are supposed to use licensed contractors and I am sure that you were made aware of this. To answer your question, yes. ... more
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Wed Oct 28, 2009
Sean Dawes answered:
Do the comps that your realtor showed you (if you used one) agree or disagree with the appraisal?

If you still can not get the appraisal higher, then you could put down more money so your mortgage is within the limits of the appraisal but you have to look at the fact of are you over paying for a house?

Sometimes out of area appraisers are sent into an area and this is one of the reasons why they come in low. I would re-evaluate the comps first. Are the properties in the appraisal even close to what you are buying?
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Mon Sep 28, 2009
answered:
If he keeps it as an LLC, it will be considered a commercial loan since a commercial entity owns the property. He'll most likely have to take the property out of the LLC long enough to refinance it and then afterwards, throw it back into an LLC. Very few lenders will allow a loan to stay with the LLC (Washington Mutual, Ohio Savings). I don't think the two are still in business. If you are saying that the property is not in the LLC but he owns an LLC, then he needs to get the loan in his name, credit, etc and then put it into the LLC. Make sure to go through a broker so he'll have more options on financing. ... more
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Mon Sep 28, 2009
answered:
Two, no, 3 ways to do this: One is to find that guy on ABC to build it for you...just kidding. Okay, 2 ways. The first is to find out if you want to build it yourself or have someone build for you. You can go to the website ubuildit.com for info on do it yourself. Basically, it's a company that helps you find electrical, plumbing etc contractors and you also get your hands dirty. They offer financing too. The other option is to go through a lender (broker or bank) and ask to do a construction to perm loan. There are 2 types of C-P loans. The first says "I know exactly how much I need to build a house and any overages comes out of my pocket". This is a one time close with closing costs one time. The other says "I'm not sure how much it will cost so I'll close once for the what I think it will cost and close a second time to include overages." This is a two time close and costs more because you are paying for 2 closings. You'll need to get 3 quotes, blueprints and a lender with lots of patience as this takes time to close. You'll be financing the construction part at one rate and then once the house is completed, you close with a permanent rate. This is an awesome project because you get to say what goes where and how. So, step 1: You build it or they build it Step 2: Get quotes Step 3: Get financing Step 4: Find contractors (Find your local home builder association for contacts). Step 5: Close. ... more
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Fri Sep 4, 2009
Mike B answered:
Jennifer, you can call me- Michael Byrne www.fifcorp.com my phone number is 800-999-2489 x7972 and cell 908 5316170, mbyrne@fifcorp.com
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Wed Sep 2, 2009
Paris and Connor MacIvor answered:
I am not a lender - but the lenders that I work with do not have any of their banks where they obtain financing from, fronting the money from the tax credit before hand....

Also - If the market continues to decline, is the 8K that you might get an IOU for next year worth closing before Dec 1? ... more
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