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Lola Connert's Advice

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  • 14 Contributions
  • 1 Best Answers
  • 3 Helpful

Lola Connert wrote:

Buying New Home - 1st Time Buyer

Answer
Most lenders would consider your professional degree as a work history.  Especially since you worked during college.  However, on the new job, you must be past your "probationary" period.  Be prepared to provide your diploma and a letter regarding any probation period (from your employer).  FHA is a great program for your first home.  Call your local lender and they will guide you through the process.  Good luck finding your home:)
November 06 2010
(0)

How can qualify for a loan using my Free&clear home as colateral for a $110,000.

Best Answer
I agree with Jim that you will have trouble getting a loan on your present home to purchase another if your home is on the market.  However, a good alternative would be to get an equity line on the new home that you can pay off when your home sells.  (Reason:  Closing costs are extremely low on an equity loan.)  You would still need to come up with a down payment to cover the difference between the maximum equity loan you can get and the purchase price.  Hope this helps.  Good luck.
November 06 2010
(1)

Do bridge loans still exist?

Answer
Dianece, I don't know of any bridge loans available in the Alabama market.  Customers have been using other sources to make their move prior to selling their present home.   Such as stock loans and borrowing from their 401K's.  If they can come up with a small down payment, they could split the balance into a first and second mortgage.  That way they can payoff the second mortgage when their present home does sell.  I hope it works out for you.
November 06 2010
(0)

What can I do to get more (or better) quotes for my loan request ZR-NCVPZLM

Answer
The best place to start is with a local lender. 
October 29 2010
(0)

My loans $900K. I don't qualify for HAMP. Any other options..?

Answer
This is the link directly to the H.A.M.P. website to determine if you are eligible for the Making Home Affordable Program.  Good Luck.
October 29 2010
(0)

I want to buy a 2nd house for rent in Illinois, do I need a down payment if my 1st house is paid off

Answer
Yes, the new loan will require a down payment.  The amount of the down payment will depend on your credit score.  20+% down.  The best thing to do is start with a local lender who can give you the guidelines for your area.  If your home is paid for, you may be able to borrow against it to purchase the investment property as an example.  When buying an investment property it is also good to talk to your accountant to determine the best way to structure the transaction. 
October 28 2010
(0)

Settlement process...?

Answer
Congratulations on your purchase!!If you are getting a mortgage, you were given a good faith estimate within three days of the application that itemized the closing costs and pre paid items.  Your closing statement will be compared to the final estimate given to you by your lender.  You can request the final settlement statement 24 hours before closing to review. Insurance is required by the lender, so do your shopping now.  Your insurance agent will need your lenders phone number to get the information required for the policy.  Ask your lender  what amount of coverage, maximum deductible allowed, and type of coverage required.  In other words, if you are in a flood zone, you would also need flood insurance.  If there is not a real estate agent involved ask your lender for more details.  Closing procedures vary by state. (That way you are getting accurate advice.)Again, Congratulations!
October 27 2010
(1)

Is it worth to refi

Answer
You need to double check the information on the monthly MIP.  FHA MIP on a 30 year loan stays there for a minimum of 5 years but will not go away until your loan amount is reduced to 78% of the new appraised value.
October 27 2010
(0)

how to get a home loan if i have bankruptcy on my credit athens alabama

Answer
Different programs have different rules.  There are different rules for a chapter 13 vs a chapter 7.  Some general guidelines for a chapter 7 for an FHA loan:Must be discharged a minimum of 2 years if there were extenuating circumstances that caused the bankruptcy (like loss of job).  There has been no detrimental credit since the dischargeYour credit scores should be 640 or higher (as of this posting)With some programs, they require that you have re-established credit.  The best thing to do, is call a lender, be honest about all the facts and you will get good answers to your questions.Hope this helps
October 27 2010
(1)

do you think the free concerts at the Gulf Shore and Orange Beach are helping with property values?

Answer
Tina, I don't know about the property values, but it has to bring visitors to our area which will help move some property.  How can they not fall in love with the lifestyle and low cost of living in Alabama?
October 27 2010
(0)