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James Ryan's Advice

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  • 1458 Contributions
  • 20 Best Answers
  • 201 Helpful

James Ryan wrote:

REO Property with Structural Issues

Answer
Based on your answers so far, there is no hard and fast rule. I was able to purchase an REO property with structural issues by getting estimates for the repairs, lowering my offer to cover said repairs, and submitting these supporting documents with my offer.It was pins and needles for two weeks, whereupon I was contacted by the listing agent informing me there were several offers of similar value, and requesting I submit my final and best offer. I offered just a bit more, and was successful. Beware though, the roof structure and replacement was over 20K alone. WOW.IF they are motivated to get this property sold, you should be fine. Best Wishes, Jim
August 25
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REO Property with Structural Issues

Answer
Based on your answers so far, there is no hard and fast rule. I was able to purchase an REO property with structural issues by getting estimates for the repairs, lowering my offer to cover said repairs, and submitting these supporting documents with my offer.It was pins and needles for two weeks, whereupon I was contacted by the listing agent informing me there were several offers of similar value, and requesting I submit my final and best offer. I offered just a bit more, and was successful. Beware though, the roof structure and replacement was over 20K alone. WOW.IF they are motivated to get this property sold, you should be fine. Best Wishes, Jim
August 25
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Appraisal came high for new home from builder

Answer
You should be addressing this question to your appraiser, not builder rep or lender. At the very least, compare the comps used in each appraisal side by side.Appraisals are now ordered through third party channels to remain compliant with the HVCC. It will be tough to achieve any reductions in pricing with only ten days to go, but you may be able to convince the appraiser he overvalued the home with the supporting evidence from the other appraisal.best wishes, Jim
August 12
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Looking at buying my first rental property next year

Answer
As with any market, you must do your research. Baltimore has had its issues over the years, but as you said, there are deals to be had there, and in terms if the renters, if you vet them properly, you should be fine. Starting this early in your search is a plus, it will give you time to research and develop a good picture and make a decision that is best for you!Best wishes, Jim
August 10
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what programs are there for first time buyers?

Answer
There are at least 5 programs available to you in VA for first time homebuyers. You may search VHDA, FHLB, FHA Plus, and HUD websites for programs and qualifications. Also, the USDA program is a great program, but it is not limited to first time home buyers. Some lenders, including MVB Mortgage, also have in house programs under our Portfolio products. Lenders, in most cases, will be more up to date on programs and availability of these programs. In most cases, you cannot partake of more than one program.I would be happy to hear from you to discuss these programs in more depth. Best wishes, Jim
August 10
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Mortgage Loan Qualification

Answer
You should be fine if selling the present primary home. If renting the primary, it might be a bit tighter in regards to your DTI ratios. Fortunately, some lenders offer portfolio products that might allow higher DTI ratios and get you into your new home. Happy to help you develop your various scenarios and get you on the road to your new home purchase.Best wishes in your new home search, Jim
August 10
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Buying Land & Building - How?

Answer
Good morning, BMB,Very few lenders offer construction financing any longer, and many requre you to already own the land, However, I am happy to report MVB Mortgage does offer such a program and it does allow the purchase of the land. In a nutshell, an appraisal is performed pegging the value of the land and home once complete. You may borrow up to 80% of that value for your land acquisition and construction. During the construction period, you pay interest only on the amount distrubuted in what are termed "draws". These draws go to the builder and subs as certain milestones in the construction are reached and verified. In some programs, when construction is complete, the loan rolls automatically into a permanent mortgage. In other programs, you refinance into a permanent mortgage.Best wishes for your new home construction! Jim
August 08
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How do I figure out what I need to do to qualify to buy a house?

Answer
A quick look here on Zillow, ask friends or realtor's for a referral, or even your local bank can all get you started. Most lenders and their Loan Officers are happy to walk you through your initial qualifications, it should take less than ten minutes to begin and get a good sense of where you are and what needs to be done so you can close in a timely fashion!Congratulations and best wishes! Jim
August 06
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Refinance---rental property moving to make it as primary

Answer
Since you mention both loans are just over 80% LTV, you should be fine paying down the combined balances to the 80% mark. In terms of the primary residence, once the bills, paychecks, and bank statements reflect your new address, and your job is within typical commuting distance, you should be fine for underwriting. I am happy to help you with your mortgage.Best wishes,Jim
July 28
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Pre-qualification credit check

Answer
A pre-qual is only as good as the verified information...so yes, you can get pre-qualified without pulling a report, but said pre-qual will be subject to verification of credit score and any other items necessary for approval but not furnished for a pre-qualification (Pay stubs, w-2's, bank statements etc).  I am more than happy to help you negotiate the process.Best wishes, Jim
July 26
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