Financing—questions & answers, advice and opinions page 94

Needing to know if we need to get ahold of mtg company first or realtor.
do we arrange financing first or talk with realtor about a particular property. Can we get financing approved without having a particular property in mind? If we need to get financing first I have…
rental income and rental liability
Can someone help me understand how underwriter treat rental income and liability? I have a rental house with rental income (shown in my last tax return) $2000/month, montly principal, interest, tax and…
Are the new FHA restrictions going to help or hurt the economic recovery in the US?
I ask because it seems to me the short term effects could be disastrous, however, the long term effects could make the market (and the banks!) much stronger over the next ten years by ensuring the qualified…
What lending companies can I call to see how much I'm eligible for on a mortgage loan?
I'm a first time buyer and have very little experience in finding a broker or lending company to help me finance for a home.
We want to rent or sell our condo. It’s perfect for a first time buyer, but no longer qualifies for an FHA loan. We also cannot refinance under FHA.
My husband bought our condo in early 2008 with an FHA loan. We were married last year and now we would like to buy a house. We had 2 options: 1) Refinance to get the monthly payment down, and rent out…
Which lenders don't have flip restrictions?
Hi, I'm looking to purchase an investment property with 20% down and as a conventional loan. Now I'm seeing several lenders have restriction of not lending if seller has less than 6 months of…
How do I recover from a short sale to be able to purchase now, short sale over 1 yr ago.?
I would like to purchase a home again, but did a short sale for an upside down mortgage in Florida. Now living in Vermont and would like to purchase! Is this possible or must I wait the 3 years.
If my credit score is aroudn 650 what is the chance of getting a 0 down payment loan for a $500,000 loan in
santa monica. And can I still get a seocnd for the down payment and a little extra for fixing up etc...
Hello, I would like to refinance but how do I know the value of my house and whether this value will allow me to refinance?
I bought the house at $300K in October 2009, I refinanced in November 2010, the appraisal report came at $304K, but in 2012, I have no clue what would be the appraised value. My mortgage balance is $239K…
credit score
What credit score do i need to get this home
Does FHA loan require you to work for the same employer for 2 years?
My husband has been with his company for over 4 years. I have been with my current company for 2 years and am looking for a new job with better pay. We're looking to buy a home in a year. He will…
title search
can anyone recommend a reputable title search company?
My wife and I purchased a home using a VA loan. I still owe approx $235,000 but is only valued at $150,000. How can I refinance without an appraisa?
I have contacted multiple VA lenders but all need an appraisal. My wife and I have excellent credit and are both employed. My mortgage is through Midland Mortgage. Any help would be greatly appreciated.
Want to buy a condo in NYC with cash, but don't have $$ for down payment until I sell my house.
What are my DP options if I find a place I like before I sell my house? Borrow from IRA? HELOC?
Just moved to the US and need financing to buy a house. I'm on a H1B and just got my SSN last week. Can you help?
I've just arrived here in the US, 2 weeks ago, and I'm looking to finance a house. It will be my primary residence. I got my SSN last week and my H1B is good until 2013, but I plan to apply…
I have a client who had a short sale 3 years ago. Now they are eligible to buy again and putting 20% down pymt.
I was told that even if they are putting 20% down they don't qualify for conventional because of their prior short sale. Lender said for them to qualify for convention it should be 7 yrs from the…
Wife's loan fell out of Wells Fargo because of overlays they have with Las Vegas. An error on the loan officer. Can anyone match our loan?
estimate? 4.5 rate with built in PMI, 5 percent down, 750 credit score. 260k purchase price, 3 k in origination(total). Thanks. Trying to close ASAP!
I should move forward in building a house w/ an FHA loan (pre-fee increase) or loose some or all of $10k I gave to builder so far?
I'm building a 2,200 s/f house (lakefront lot). Cost of construction price is $384K and I paid $180K for the lot but only owe $115,000.00 on the lot. I have $100,000.00 of my own money to add to project. The…
Financing woes...How can you get financing for FHA when you have an FHA loan?
My husband and I currently have a home through an FHA home loan. We have lived in the home for 9 years. We have two children of opposite sex and it is a two bedroom. We have outgrown the current home (not…
Exceptions to FHA loans. Can you have two FHA loans?
We may meet two of the criteria. We meet the growing family criteria as well as moving for employment. We (husband and wife) have two children opposite sex with a two bedroom fha financed home. Additionally,…
New Good Faith Estimate??
Hi, I signed and returned a good faith estimate about 3 weeks ago that included points, etc. My lender told me that depending on if I can get the 3 rental properties I own qualified as rental income…
HELP! Looking for a lender on a new purchase 3 years after release from home in bankruptcy April 2009, foreclosure property sale recorded March 2010
HELP!!! Unique circumstances... I'm a single dad with 2 teenagers (pray for me, lol) I pre-qualified on a new home purchase in January 2012 with 3.5% down, and now I'm under contract for the…
current cost for building a house in Temecula area?
4 bedroom , 2 5 baths, kitchen, dining room, living room, 2 car garage, game room
If we own two residences in two states, can we claim both of them as our primary residence if we spen equal time in them?
We live in Georgia, but are looking to buy a lake home in Alabama. My husband will spend most week days in the lake house while I remain in Georgia for work.
I'm a new investor in central florida and I am looking for good, trusted hard money lenders; does anyone have any recommendations?
I have been searching online, but I would love personal recommendations. Once I do find a good lender that will be the one I use for all my investment flip properties. Thanks for any help!
MD VA loan needed, lates on shortsale closed last march on conventional. Credit wise we qualify. Extenating circumstances to shortsale.
My wife and I have a VA certificate available, our previous note was not VA. After the short sale it was reported paid for less than agreed. We had a loss of job, had to move out of state for a new job…
California home loan for foreigner
Foreigner living outside U.S. , working in UK, looking to buy a second home in California. Looking for 70-75% financing on 600K -1M SFH. 30Y fixed rate. TIA.
Looking for mortgage broker - expat property investor looking to expand and buy into Houston Energy Corridor.
Expatriate living outside US looking to invest in Houston Energy Corridor. Intend to buy 4 bedroom house in Memorial area or Lakes on Eldridge area. 75% loan up around $300k, 10yr or 15 yr at fixed rate.
Is it smart to ask for closing costs on short sale after your initial offer has been accepted?
Hello. I offered asking price on a short sale and the bank just accepted (hurray!). Before my offer was accepted I acknowledged receipt of several inspections that had already been done to the property…
How can you prove dissolution of a sole proprietorship business to an underwriter?
I am currently renting a large horse farm. I no longer wish to teach riding lessons so I am in the process of purchasing a house and will leave the rental property once I can secure a home. I have a full…
Can I get a mortgage after a short sale?
I own a fl townhouse with no mortgage. I want to take out a loan for 60% of appraised value. I have what's considered a shortsale which was settled 4/27/10. I can't find any lenders/mortgage…
is there a lender that will work with me buying a 15000 doublewide on a small piece of ground in warsaw.?
My bank does not do that size of real estate loans nor do they do mobile homes
Refinancing a Cooperative - Does HARP include Co-op's? Are there any similar programs that would allow for refi of a Co-op with low LTV?
We have a high interest rate and cant sell.. So I would like to lower it, because the value went down.. the LTV is not great maybe 90/95% (a unit just sold EXTREMELY low in our building bc he wanted out!)…
What is my chances of being approved for a loan?
Renting a house, I believe would cost more monthly than purchasing...I am a first time home buyer and would like some honest opinions on if I would even get approved for a mortgage loan. Here are the facts: 1)…
'm a FOREIGN NATIONAL, i have 150 k$ and i want to get loan for a 250 k$ house for investment in CA. What would be the rates? any brokers here?
Hard money loan is more than 10%... would it be better if i buy a 150k $ house and then make a loan for a second house??
Do sellers take their home off the market if it's been on for more than 6 months??
i saw this house I really liked but it was overpriced. But it's no longer on the market..
Non-FHA loan needed. I need a loan whereby I can buy a house from an investor friend of mine. He gets these houses for much less than they are worth
and then will sell me one for 90% of appraisel. The problem is he sells them very quickly after he buys them. Mostly to cash buyers. He will sell me one, but FHA has a 90 day seasoning of title. Where…
Why they ask 'all cash offer' when they list a short sale? ( usually in MLS private remarks, same with REO)
Most of the time, you'll find this suggestion/request for short sale and/or REO. A lot of buyers are confused. Please, share your experience! Thanks.
5/1 or 7/1 or 10/1 ARM for refinance? I want to sell in a few years. When will the market bounce back?
We bought a house in Philadelphia as 1st time home buyers in 2009 and have a 30year fixed rate of 5.125. After 2.5 years we are looking into refinancing since the rates are low. We are considering a 30-year…
what are points?
I notice the mention of points as I am considering refinancing my mortgage. What exactly are points?
I need a loan for 635K with an income of 130k, 10% down is preferable, to have add'l reserves. My spouse and
I have FICO scores 745 , but our DTI is 50%. Many lenders have told me that our DTI has to be at 45%. I don't want an interest only, looking for a 30 yr fixed w/ a very low rate. I don't want to pay any…
I contacted 2 Mortgage agents and 1 bank for a home which I just recently got into contract. The home is built and will be available only end of
June. But I wanted to shop around to get the best deal. The lenders gave me a GFE but are asking me for 250 appraisal fee for them to proceed while the bank is asking for a 250 fee even before giving a…
Can a mortgage lender calculate pending property tax exemptions into a loan?
My husband and I recently were pre approved for a mortgage loan. We qualify for a veteran and homebuyers property tax exemption, but found out that the taxes on the property we are looking to purchase…
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