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Financing in Rhode Island : Real Estate Advice

  • All110
  • Local Info3
  • Home Buying61
  • Home Selling10
  • Market Conditions1

Activity 40
Fri Dec 28, 2012
Epicsconartist asked:
I'm going through a divorce and trying to find options that will allow me to keep my current home. I have a significant amount of equity in the home and staying here is essential ...
0 votes 0 Answers Share Flag
Tue Jul 26, 2016
Christopher Cox answered:
Hi Cass,

I have a great contact at Wells Fargo who specializes on 203k loans. Let me know if you would like her contact info.
0 votes 6 answers Share Flag
Sun May 20, 2012
Rich Homer answered:
That is a question for good local Mortgage Broker. Find one here http://www.trulia.com/voices/directory/02917-mortgage_broker_or_lender--41723
http://www.naplesrealestateguys.com/
0 votes 1 answer Share Flag
Mon May 21, 2012
Elva Wormley answered:
Hi Helene,

This is from the FHA handbook:

2-6 STABILITY OF INCOME. We do not impose a minimum length of time a borrower must have held a position of employment to be eligible. However, the lender must verify the borrower's employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers. The borrower also must explain any gaps in employment spanning one month or more. Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the lender.
To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment. A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably. In this analysis, income stability takes precedence over job stability.

I suggest you speak with a local mortgage professional to discuss your situation.

Best regards,

Elva A. Wormley
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
... more
0 votes 1 answer Share Flag
Tue Feb 28, 2012
Vickie Pizzarelli answered:
Hi Nancy,
What are you planning to purchase is it investment property, owner occupied, or flipping ?
0 votes 8 answers Share Flag
Mon Jan 9, 2012
Lynda Mckenzie answered:
Are you looking at condominium properties? If so then the date represents when the condominium approval will expire.
Once the expiration occurs, new paperwork will need to be submitted to obtain FHA approval again. ... more
0 votes 2 answers Share Flag
Sun Jan 8, 2012
Annette Levinson answered:
0 votes 1 answer Share Flag
Sun Jan 8, 2012
Laura Lass answered:
If you admit to owing this debt, it will again appear on your credit report. Which will negatively impact your chance of getting a mortgage.

Feel free to contact me with questions, and good luck!!

Laura Lass, sales agent
Coldwell Banker Residential Brokerage
401-829-3633
Laura.lass@nemoves.com
... more
0 votes 2 answers Share Flag
Sun Jan 8, 2012
Bob Movin-On answered:
Did you check all 3 credit reporting agencies?

If it was charged off and there was no law suit or judgement you could let it ride, depends on how you feel as a person.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movn-On LLC
Helping families/people that have lost or will loss their homes get back into another in as little as 6 montrhs
... more
0 votes 1 answer Share Flag
Wed Nov 2, 2011
Bethany1201 asked:
In my world of subs they are taking the name for the mtg from there some are adding names dropping middle initials ect... My thought in my head is that you need a deed marr cert to mak...
0 votes 0 Answers Share Flag
Sat Oct 22, 2011
Mike Sullivan answered:
Points in general terms is a 'buy down' of the interest rate. Basically you are paying up front for the privelege of getting a lower interest rate over the life of the loan. The cost to you is 1% of the amount financed ($1700) for 1/8 of a percentage point reduction in the mortgage rate. With rates at 4% (what you were quoted), I would question why anyone would pay for points in this current market.....the interest rates are at the lowest they have been in 60+ years. The big question is how long you will stay in the home...most plan on 'forever', but the reality is that most homeowners sell their existing within about 7-10 yrs......when you consider that, the cost of paying for points rarely pays for itself.

Hope this helps! Good luck in your financing!!!
... more
0 votes 1 answer Share Flag
Mon Oct 10, 2011
Simon asked:
0 votes 0 Answers Share Flag
Thu Oct 3, 2013
Charlene Venancio answered:
What is the purchase price of the property,
Are you looking for the 70% portion or the 30% portion.?
0 votes 4 answers Share Flag
Wed Jun 8, 2011
Annette Levinson answered:
You would not qualify for a conventional or FHA mortgage. If you or a relative have securities, they can be collateralized for a mortgage.
0 votes 2 answers Share Flag
Wed Mar 30, 2011
Dp2 answered:
Wed Mar 23, 2011
Mike Malvey answered:
Banks/lenders will use your FICO score.
0 votes 13 answers Share Flag
Mon Dec 27, 2010
Charita King - Short Sale Specialist answered:
Helene,

A mortgage professional will have to run your credit to make sure the requirement for fico score and debt to income ratio will satisfy the loan approval. Please contact a loan officer and get a quote.

Charita King
... more
0 votes 11 answers Share Flag
Tue Sep 28, 2010
ANDREW OLLICK answered:
There are some lender who will do loan with no score. You would first need to call a local mortgage broker and have them run your credit. If it shows up no score, you need to find a lender that would accept that. If you do have a score, you need a min of 620.
Either way, it's not smart to ignore the credit system. If you don't qualify right now, get a credit card as soon as possible and use it and pay it off religiously. Most lenders will need 3 lines of credit, whether it's credit cards, auto loans or mortgages.

Good Luck!

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
Latest Post: Naples Luxury Home on Fire
www.andrewollick.com/realestateblog
... more
0 votes 1 answer Share Flag
Fri Sep 3, 2010
Scott Godzyk answered:
If you are applying now it may show, unpaid repo could stay on your credit for 7 years. You should pull a copy of your own credit report before applying, you can go to www.annualcreditreport.com for your free copy ... more
0 votes 5 answers Share Flag
Mon Dec 27, 2010
FSBOsuccess answered:
I would get in touch with an attorney ASAP to know exactly what your "rights" are in this situation.
0 votes 5 answers Share Flag
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