- Find a Real Estate Professional
- Alabama Realtors®
- Alabama Mortgage Lenders
- Alabama Home Improvement Pros
- Alabama Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- More
Answers (18)
- Andrew Adams, "203K Specialist"
- Contributions:9349
:)
You can only go to $675K!
Brent your spaming is brutal!
Although your solution is the closest to what the OP is looking for...other than the fact that it would be a refi.
You can only go to $675K!
Brent your spaming is brutal!
Although your solution is the closest to what the OP is looking for...other than the fact that it would be a refi.
- Brent Kluge, "Brent Kluge FHA 203K"
- Contributions:94
:)
I have a High Balance Renovation Loan that will fit your bill. I can do a loan amount up to $675,000.00. It is Conventional and if you can put down 20% (Purchase Price + Renovation), you won't have Mortgage Insurance.
Interest Rates are in the Low 5's right now, depending on various criteria.
Great loan, will fit your bill.
We lend in ALL 50 states, so location is not a factor.
Feel free to look up my contact info in my profile and I would be glad to discuss with you personally. ;)
b
I have a High Balance Renovation Loan that will fit your bill. I can do a loan amount up to $675,000.00. It is Conventional and if you can put down 20% (Purchase Price + Renovation), you won't have Mortgage Insurance.
Interest Rates are in the Low 5's right now, depending on various criteria.
Great loan, will fit your bill.
We lend in ALL 50 states, so location is not a factor.
Feel free to look up my contact info in my profile and I would be glad to discuss with you personally. ;)
b
- mymortgagebrokerjoe
- Contributions:129
deborah, i believe reed was offering a fixed rate at 5.25. since the prospective borrower has offered little information in regard to their request, we are all trying to come up with a solution that would be beneficial to the borrower.
getting a home improvement loan here in florida can be very challenging, as most lenders have additonal overlays for loans originated here, such as loan limits and specific uses for the money. therefore, a borrowers options are limited, hence offering a product the borower may have not initally asked for.
getting a home improvement loan here in florida can be very challenging, as most lenders have additonal overlays for loans originated here, such as loan limits and specific uses for the money. therefore, a borrowers options are limited, hence offering a product the borower may have not initally asked for.
- Deborah Garvin, "loanmonarch"
- Contributions:438
A line of credit for 250K (or more) on a variable interest rate that is starting out equal or higher than a fixed rate mortgage? Why would anyone do that loan? Lower closing costs to be sure; however, hanging out in the wind on a loan balance that high makes no sense at all. IMHO.
- Reed Lovejoy, "reedlovejoy"
- Contributions:11
I can do up to 80% LTV on Home Equity Lines right now and there are fixed rate options aside froma general 5/1or 7/1 ARM. Since we are a bank, there are no origination charges/points associated with this.
Closing cost are minimal since it's here in Florida. As long as you hold the Line for 3 years, we will take care of the closing cost associated leaving you with a mere few hundred due at closing. Since it's in excess of 250K, we would need title insirance to be shown. Rates are running around 5.25. Please let me know if I can answer any other questions you may have. Thank you.
Closing cost are minimal since it's here in Florida. As long as you hold the Line for 3 years, we will take care of the closing cost associated leaving you with a mere few hundred due at closing. Since it's in excess of 250K, we would need title insirance to be shown. Rates are running around 5.25. Please let me know if I can answer any other questions you may have. Thank you.
- Michael Rivieccio, PA., "Rivieccio"
- Contributions:74
Line of credit depending on the value may be a good solution, Cheap closing costs etc.. Thanks, MJR
- Andrew Adams, "203K Specialist"
- Contributions:9349
Is it playing the odds or is it paying attention. I find it commical that you can't admit that suggesting a 25K loan to someone looking for $700K was a silly thing to offer!
- mymortgagebrokerjoe
- Contributions:129
no playing the odds here.
- Andrew Adams, "203K Specialist"
- Contributions:9349
You may want to start playing the odds...you could suggest some first time home buyer programs as well....it doesn't make sense to since they already own a home but heck it's still informational!
- mymortgagebrokerjoe
- Contributions:129
no playing the odds here. just simply providing information for this borrower and others in this forum.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Still short $250K and odds are they won't need a 203K loan.
If they own free and clear now.... odds are they will have a decent amount of euity when they finish the project!
- mymortgagebrokerjoe
- Contributions:129
it can be used in conjunction with a 203k loan. fha loan limits in their county are about $425K.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Seriously....They are looking for a $700,000 loan and you suggest a $25k loan! Now thye need to come up with another $675,000 to complet ethe project!
- mymortgagebrokerjoe
- Contributions:129
how much money do you need? you can get a Title 1 loan for up to $25k with out regard to value. here is a link to HUD's website which provides some info about the loan. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/title/ti_abou
- Andrew Adams, "203K Specialist"
- Contributions:9349
No one can offer any advice with out more info. What the current value of your home is a good start.
- Deborah Garvin, "loanmonarch"
- Contributions:438
Looking at the rates on Zillow might give you a ball park; however, depending upon how much renovation you are planning on doing there may be advantages to doing an FHA 203K renovation loan instead of a cash out loan. I would recommend to talk with a lender who is able to offer you advice on either option. Not very many lenders/loan officers are knowledgable about this program and will tend to offer lots of negatives (none true...it is a great loan option) if they are not able to provide the funding sources for the loan.
Best of luck!
Best of luck!
- Gold Star Financial
- Contributions:13
It is always a great idea to go to the Mortgage Rates tab at the top and request a quote. This way you will have multiple lenders that can display there rates on the loan amount/program you are looking for. From there you can speak with as many as you want to make an educated decision on the loan you would like to pursue. Good Luck with the Renovations!
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
It would help if you indicated what your current property value was.
looking to do renovations on our house, we do not currently have a mortgage, would like to get rates
for $700,000.00 loan.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.