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Financing in Saint Louis : Real Estate Advice

  • All571
  • Local Info49
  • Home Buying183
  • Home Selling39
  • Market Conditions20

Activity 22
Tue Jan 22, 2013
Fred Glick answered:
Not sure this the beat place to ask since this a real estate forum.

Good luck.
0 votes 2 answers Share Flag
Thu Jul 12, 2012
Suzanne MacDowell answered:
How long ago did you sell the home? Generally the waiting period is 3 years. At that point you should qualify for an FHA backed mortgage as long as you have taken steps to rehabilitate your credit rating. ... more
0 votes 7 answers Share Flag
Wed Jun 6, 2012
Scott Helt answered:
I work with many out of town and local investors who re sell and who also flip homes in the St Louis Market. I find distressed homes and turn key homes depending on the investor's criteria. This year alone I have helped purchase 15+ homes for 5 different price range companies and individuals.
Please feel free to call me with any questions/concerns.
... more
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Thu Nov 21, 2013
huelsingbroad answered:
SUCKED!!! the person i worked with was extremely slow in handling the paperwork. we jumped through their loopholes and still got nowhere. but if you have all the time in the world, and are willing to let them take over your finances, and have no problem doing the community service requirements, they can get you a great rate! ... more
0 votes 3 answers Share Flag
Fri Jan 13, 2012
Tim Moore answered:
Finding rent to own properties is difficult in poor sales markets. These day sellers want to sell and move on and not be landlords with renters that might not be able to buy in a year or two. Rent to owns rarely work out and are almost always bad deals for renters.

I suggest you rent a house and save and when you can buy, then buy what you want.
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Fri Mar 10, 2017
Anna M Brocco answered:
See link below; also ask your loan officer the question...
0 votes 12 answers Share Flag
Thu May 12, 2011
Geoff Jones answered:
I know that credit union will lend on smaller amounts. Your best best is a private investor or hard money lender.
0 votes 3 answers Share Flag
Thu Apr 28, 2011
Neeltje Maxwell answered:
Have you talked to any lenders yet? I work with several lenders and if it is possible they will get you financed.It all depends on what is on your credit history and why. Sometimes what we think is bad is actually not as bad as it might seem. Or we could look into lease purchasing a home. That way you have some time to fix your credit score but you are in on today's home prices. I would love to sit down with you fo a buyers consulation and show you your options..
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Thu Mar 17, 2011
Carl Henker answered:
Wells Fargo retail lending is one of the two, but only with WF Loan Officers. Correspondent lenders and Wholesales lenders don't count.
0 votes 3 answers Share Flag
Tue Sep 15, 2015
Don Maclary answered:
If you have a large down I would suggest having your agent find you a by owner finance deal.
If you need help contact me through my website and I will locate an agent in your local area to help you. ... more
0 votes 12 answers Share Flag
Mon Feb 13, 2017
Pam Schneider answered:
Depending on the lender you used to buy the home and the type of loan you secured you may be able to get an FHA 203 loan which is used to secure money to rehab. I would check with a bank. My suggestions would be Regions or Pulaski. Call John Dunning @ Region's Bank 314-832-1854 and see if he can be of help. Pam Schneider, Coldwell Banker Gundaker ... more
0 votes 4 answers Share Flag
Wed Mar 16, 2011
Phil Hunt answered:
frank i would talk to management first to be sure your readings on the situation are correct are and then based on the information gained i would take action from there. job number one is to service the client. then you have to make a decision if you want to start to police the industry. i would rather spend time servicing clients, with rates at a 50 year low there is work to do and people who need good ethical lenders. ... more
0 votes 2 answers Share Flag
Thu Nov 27, 2014
Bob Waters answered:
This type of loan is more difficult to find, but the following are sources of money that may be able to structure a loan that satisfies your needs:

Leader One Financial - Chris Sander - 314-222-5500
The Private Bank - Mark Delhougne - 314-301-2261
Pulaski Bank - Joe Lager - 314-579-7704

Good Luck!
... more
0 votes 14 answers Share Flag
Mon Jun 28, 2010
Christine Moran Realtor & Notary answered:
If you have good credit and steady income more options will be available to you. You can start with your local bank to get pre qualified and discuss which loan would best suit your needs. ... more
0 votes 11 answers Share Flag
Wed Jul 14, 2010

Why can't you just take it CONV? If you can't I probably could, but I would need to see the whole file to know the whole story.
0 votes 4 answers Share Flag
Mon Dec 14, 2009
Bob Waters answered:
You may be able to make the HUD 203K work. Referrence the following and talk to a local lender like Pulaski Bank.
0 votes 1 answer Share Flag
Tue Dec 8, 2009
Bob Waters answered:
Tue Oct 27, 2009
Mark Anderson answered:
Hello Vorrez,

I'm a mortgage consultant with Pulaski Bank. Ultimately, you'll need to do an 'apples to apples' comparison between your current loan payment and the payment with the FHA program offered by B of A. It really can be boiled down to dollars and cents. Keep in mind that while rates get all of the attention, it's your monthly payment and the total cost to refinance that should be your focus.

Depending on how much equity you have and what your credit score is, FHA may be the cheapest available option. However, you do have to keep in mind that with FHA you will have 'upfront mortgage insurance'. This amount will be 1.75% of your 'base loan amount'. While it is financed into the loan, it is certainly worth considering when determining your total cost to refinance.

If the appraisal comes back at $141,500 or more, you could technically opt for a conventional loan as your total loan amount would be 95% of the value. FHA lets you go up a little bit higher, but not by much.

The appraisal would have to be adjusted to fit conventional appraisal guidelines, but the change should be easy enough. It is likely in this case that you would incur an extra charge, but it shouldn't be much. At a loan-to-value of 95%, your monthly PMI will be expensive, but you would avoid the upfront mortgage insurance premium that FHA requires. It may make more sense.

If the appraisal comes in at your original purchase price of $149,000 I would guess the conventional loan would definitely make more sense as long as your credit is above a 680 or so. The monthly PMI is relatively inexpensive and the only way FHA would make sense is if your credit score were below 680 - in this case you would be heavily penalized on your interest rate on the conventional loan, but not through FHA.

Don't be shy about asking your loan officer for Good Faith Estimates to cover these scenarios.

Hope that helps!

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0 votes 2 answers Share Flag
Tue Apr 7, 2009
If your name is on the Deed you should have been on the Mortgage. You will not be on the Note if he didn’t use your income (and debt) to qualify. So basically you can be on the Deed and the mortgage without being on the Note. (Have ownership to the home without the debt showing up under your name) If the mortgage is not paid, they will start foreclosure proceedings regardless whose name is on it. Sorry to hear about your husband. I hope this all works out for you.

I would contact the mortgage company who refinanced the house without your consent; you may also want to speak to an attorney.
... more
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