Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Financing in Wisconsin : Real Estate Advice

  • All189
  • Local Info10
  • Home Buying107
  • Home Selling25
  • Market Conditions7

Activity 91
Thu May 30, 2013
answered:
Hello, I am checking on an answer for you. Sorry I did not see your question until today. We do the Homepath renovation loans.
0 votes 2 answers Share Flag
Thu Jan 31, 2013
Tim Moore answered:
Yes it is, being on the mortgage and being on the deed are two totally different things. If you are on the mortgage you surely want to be on the deed, but not so much the other way around. Seek a lender and see if you qualify with just your income. ... more
0 votes 3 answers Share Flag
Sat Apr 13, 2013
Margaret Jacobson answered:
Joshua,

Only a lender can tell you if you qualify. You could possibly qualify in the future, follow the direction from the lender on how to clean up your credit.

Marge
0 votes 7 answers Share Flag
Sat Jan 12, 2013
answered:
Fannie Mae/Freddie Mac programs will go up to 85%, and Essent Guaranty Insurance will insure it with a 720 FICO score.

If it's a Fannie Mae HomePath property, then 90% financing is permitted if using HomePath financing.

Shane Milne | Lending in all 50 states | NMLS #81195
... more
0 votes 3 answers Share Flag
Thu Jan 3, 2013
Carl Henker answered:
There are no set guidelines as this type of financing is consider alternative to conventional lending which does follow standard guidelines. Most lenders will want to see from 30% equity to 50% equity depending on borrower, property and transaction. You will need to check with the investors for their individual requirements. ... more
0 votes 2 answers Share Flag
Tue Apr 16, 2013
Mona Elmore answered:
Here is a great contact. Let me know if you need assistance in purchsing the home. Mona Elmore, www.MonaElmore.com, monaelmore@remax.net

Prospect Mortgage is:

· #1 HomePath Renovation Approved Lender

· 8th Largest Lender in the Country

· 3rd Largest FHA Purchase Lender

· 2nd Largest 203k Lender in the Nation – Banked Loan where we handle servicing & draws

· Largest REO Financer in the Nation



I am able to do

· Conventional

· FHA down to a 580 credit score

· FHA 203k Rehab down to a 620 credit score

· VA

· Rural Housing

· HomePath

· HomePath Renovation

· HomePath Investors up to 10 properties

· Homestyle (investor rehab loan)


RENOVATION LOANS ON AVERAGE CLOSE IN 45 DAYS!!!


Rates are more than competitive with the banks. We closed over $9 billion in Mortgage business ONLY last year. We don't have local branches with checking or savings depositories, we are a $3.5 billion dollar equities firm.


Thanks,

Mandy Fritsche, NMLS# 557211

Sales Manager - Wisconsin

Prospect Mortgage

262-327-5700 Cell, 877-868-9198 Fax

Mandy.fritsche@prospectmtg.com
... more
0 votes 10 answers Share Flag
Sat Jan 5, 2013
allan erps,ABR,SFR answered:
Yes you can... FHA loans can be had for total down payment of 3 1/2% down. Please look into it and best of luck!
0 votes 16 answers Share Flag
Wed Jul 31, 2013
KerryAnn Douglas answered:
It appears you are 5 points away from possibly being able to obtain FHA financing. Have you spoken to anyone on how and the time frame needed to bring it up the 5 points? I can offer you a referral to a loan officer if you would like to see if they can lend on your current score or to aid in suggestions on bringing it up. Just click on my profile to contact me. (I can also help you sell your current property too.) ... more
0 votes 3 answers Share Flag
Wed Oct 17, 2012
Linda S. Cefalu answered:
Yes it is possible. Not familiar with Muscoda though. I know a very honest and knowledgeable lender, but not sure if he goes where you are. If you care to email me and give me a major town near you, I'll check for you. ... more
0 votes 4 answers Share Flag
Tue Oct 9, 2012
Eric D Lenz answered:
You bet! A 10 year mortgage is not commonly used, but you can get it, just ask your lender. You might even get a break on the interest rate of the loan.
0 votes 3 answers Share Flag
Tue Sep 11, 2012
John Francis answered:
You should really indicate that you are an agent so people know who they are dealing with, Mary.
0 votes 5 answers Share Flag
Mon Jun 3, 2013
Dominique Wilder answered:
We might be able to help you with a business loan instead of hard money. We don't do residential lending but are able to help current investment property owners or those that want to start investing. You're welcome to contact me anytime for more information.

Thank You,

Dominique Wilder
Universal Acceptance
559-375-2512
... more
0 votes 4 answers Share Flag
Tue Jan 28, 2014
Myke Laventure answered:
Local Western Wisconsin. www.mykelaventure.com Call me anytime.

Myke
0 votes 3 answers Share Flag
Sun Jul 8, 2012
Annette Levinson answered:
Mortgages with bad credit are not available. Go to your local non profit housing group for credit counseling. Besides making a budget with you they will tell you what you are doing wrong and how to fix it. When your mid credit score is 640+ you can consider buying a home. ... more
0 votes 6 answers Share Flag
Mon Dec 24, 2012
Tim Moore answered:
You CAN'T just decide to do a short sale. A bank must agree to it and you can't just decide, "Oh Well, I'll screw the bank and they will go along with it because it's all about me". It does not work that way although I am sure many short sale listings are just that, a wish by the home owner to make it go away at the banks expense. You better do some real investigation about what you are planning or you are going to really be in a deep hole. You better look up deficiency state and find out if WI is one or not, if it is the bank can come after you for the money they lose in a short sale. ... more
0 votes 5 answers Share Flag
Thu May 31, 2012
John Friedrichs answered:
Yes you can get a mortgage with 10% down. Most conventional mortgage programs you can get with as little as 5% down if you are going to occupy the home you are looking to buy. If you qualify for an FHA mortgage you can do as little as 3.5% down.

If you need an experienced lender, feel free to contact me and I can give you several good lenders you could talk to. Feel free to call me at 414-687-2159 with any questions.
... more
0 votes 6 answers Share Flag
Thu May 2, 2013
Sally Grenier answered:
Good question. Here's a new flash: Lenders now require decent credit and actual money to buy a house (among other things, like stable employment history, good debt-to-income ratio, etc.)!

FYI -- This is why we're in the financial crisis we're in! People took out loans who had bad credit, who couldn't afford it and had zero money to put down. Banks took people at their word on what their income was. And because people put zero money down and therefore had nothing to lose, when things got tough, they just walked away and let the bank deal with the fall out.

BUT....While lenders have gotten pretty tight, it's still pretty easy for your average Joe to buy a home. Look on the bright side -- you only need a 640 credit score. And with an FHA loan, you can put as little as 3.5% down. I think that's still a pretty good deal. My advice to you: work on your credit score, and SAVE SAVE SAVE.
... more
0 votes 4 answers Share Flag
Mon Apr 30, 2012
Tim Moore answered:
Nope, the word short means when the house is sold the owner will be short the needed funds to pay off the loan so the bank must approve the sale and take a loss. Banks don't like to take a loss so they are not fast to say yes. Sometimes sellers try to sell short when the bank will not even consider allowing it, they try this because they don't know what they are doing and often find a real estate agent that doesn't either or they try in "hopes" the bank will approve it and often the bank just ignores them. There are many reasons a short sale fails and they are never quick. If they were we would call them quick sales. ... more
0 votes 3 answers Share Flag
Mon May 13, 2013
Sunnie Zemaj answered:
This is a question that must be referred to a lender.I have reputable lenders on hand that can handle you situation.Feel free to contact me for a list of those lenders.
0 votes 5 answers Share Flag
Thu Aug 2, 2012
Claw answered:
also note: we bought it with family loan as a foreclosure 2 years ago and fixed it up - total rehab. such a disappointment
0 votes 8 answers Share Flag
1 2 3 4 5
Search Advice
Search

Followers

63