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Brian Johnson's Advice

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  • 22 Contributions
  • 1 Best Answers
  • 2 Helpful

Brian Johnson wrote:

Can I qualify for an FHA loan if I have been solely a co-borrower recently on another home?

Answer
You should be  all set. FHA requires  2 years from a bankruptcy without a short sale or foreclosure.   You shouldn't have any bad credit (lates or collects) since the BK. 
February 26 2013
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Renovation Loan - 203K - When does repayment begin?

Answer
On a streamline 203k  ($35,000 or less in renovations) the payments typically start aproximately 30+ days after the loan closes. On a full 203k (renovations above $35,000) you can add up to 6 months of payments into the loan.  However the payments are supposed to start once you occuppy the property.  
February 26 2013
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SHOULD A SELLER PAY THE BUYERS CLOSING COSTS? What you need to know...

Response
Dan the country_hick, The point I was trying to make on VA loans is people have bought homes with no down payment for years.  Consumers buy everything without a down payment.  You can buy a $100,000 auto and drive it to Canada. There was only one main change in mortgage underwriting 5 years ago.Consumers were not required to prove they had enough income to handle the payments.  
August 16 2010
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SHOULD A SELLER PAY THE BUYERS CLOSING COSTS? What you need to know...

Response
If I was selling my house I'd offer to pay closing costs and send the buyers family to disney world if needed.  All a seller needs to be concerned with is his bottom line.  In this market the seller should be doing everything he can to incourage a buyer to come take a look at his house including offering higher commisions to the selling broker.  Bottom line what ever works.People who think down payments had anything to do with the housing market meltdown are out of touch with the market.  VA has offered no down payment no closing costs to veterans since WWII.  Which lead to an economic boom in the 1950's.Lack of documented income is what caused the recent meltdown.
August 16 2010
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how can I contact someone who wants to look at my property without showing my email?

Answer
one way is to go to gmail.  open a free e-mail account takes less than a minute.  use that e-mail account to contact them. 
August 13 2010
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How to refinance if under water?

Answer
FYI Its a new program and the guidelines maybe different than a standard FHA program but ussually in order to do a new FHA loan your condominium development has to be FHA approved or approvable?Which means it needs to be less than 50% investor units (rentals).  and  one person can't own more than 10% of the units in the condominium development.  Brian
August 09 2010
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How to refinance if under water?

Best Answer
FHA has a new program coming out in September.  That might work for you.Its designed specificaly for people in your situation. When FHA makes changes and anouncements they notify everyone through mortgagee letters.  The one I'm referring to is 2010-23 google "mortgagee letter 2010-23" 
August 09 2010
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How to refinance if under water?

Answer
I want to make sure your not letting an oppurtunity pass by.Your correct that NHHFA doesn't do any refinances.Even though its called it a first time buyer program doesn't mean it wasn't also an FHA loan.  The majority of the NHHFA are done in combination with something else.  Four years ago most of the NHHFA were done in combination with FHA.  
August 09 2010
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How to refinance if under water?

Answer
Sounds like you may have a New Hampshire Housing finance authority loan.four years ago many of them were done in combination with an FHA loan.check your closing documents to see if FHA was involved.If so you can probably do an FHA streamline refinance. 
August 09 2010
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if I want to sell without listing with a realtor, what is the upside and what is the downside?

Answer
There is nothing magical about selling a property.  A property like anything else sells for two reasons Price and Promotion.  If its worth $200,000 and you list it for $500,000 you can promote the hell out it by advertising on national TV but more than likely it will never sell.  You can say you'll sell it for $150,000 but if you never tell anyone it's for sale it'll never sell.  If you ask 3 RE broker's to give you a market analysis you will have a very good idea where it should be priced.   The more you market it the better chance you have of getting offers.  There is no better way to market a home forsale than MLS.  I believe 90% of homes sell through MLS.  RE brokers have access to MLS.  In my opinion to get the most exposure and highest price your property needs to be in MLS. The 2nd benefit to using a RE broker is negotiations.  If you have to show property how do you get a potential buyer to make an offer.  And if the buyer does make an offer what do you say.  You may think it'll be easy but its not face to face for most people.  A potential buyer will never tell about the things he doesn't like about the house but he'll tell a broker.  and then the broker can make suggestions to overcome teh objectives.  Its just better for your bottom line if you have a middle man.  A good RE broker is worth his/her weight in gold especially if a problem comes up..  A poor one is a waste of money.  People think their saving a commission fee what they don't know is they could have gotten a better price using a broker and its less work.
April 30 2010
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