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Matthew Bennett's Advice
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0 Best Answers
Matthew Bennett wrote:
Refinance a Rental after a short sale and a divorce.
You will be able to refinance the rental as your primary residence after 24 months from the completion of the short sale. Your ex will be subject to the same guideline since the short sale was due to a divorce. However, I believe there will be a minimum down payment of 10% for the purchase. I do CA loans if you need further guidance. I hope this helps!
Mortgage with 20% Down but 610 Credit
You should have no problem qualifying. I have a lot of experience working with credit. In my opinion, prior to submitting a loan, I would pay down all of your credit card balances to less than 40% of the credit limit. This will give you a higher score when we pull credit. Credit algorithms would rather you keep the accounts open with lower balance than paying them off completely and closing them. Considering all of your open accounts, I imagine that you have no BK in recent history and as long as you have no foreclosure you should be fine. I work in CA and can help guide you through the loan process if you would like. Please message me if you need more information! Good luck!
I'm interested in 174 Fieldstone Dr murphys ca. What do I do next?
If you are getting financing, you need a Pre-Approval letter from a lender that qualifies you for an amount sufficient enough to cover the purchase price of the property. It looks like it might be coming out of a foreclosure auction so it is probably bank owned this may require a hard money loan or a cash purchase to take it from auction. Then you can refinance it into a normal loan. You might not necessarily be able to take a look at it from the inside until it is listed on the MLS. Let me know if you have any other questions.
Do I need to transfer the deed to the LLC when I rent my home?
A rental property can stay in your name. By transferring it into the LLC, you are protecting your assets from any potential liability that may arise from the rental property.
Refinancing a Loan
You will at least be able to reduce your 30 yr fixed rate and your monthly mortgage insurance payment as well as re-amortize off a lower loan balance. This will definitly save you money on a monthly basis. FYI - You will be able to remove your monthly mortgage insurance from your current FHA loan in Oct. 2014 provided you can prove a 78% Loan to Value Ratio.
When you ask for seller assist can that only be applied to the closing costs?
The $5,000 will be for financing related closing costs. This does not allow for them to give you a kick back after closing. The way you can negotiate this is to reduce the purchase price by $2,500 or request that the seller makes the $2,500 in necessary repairs prior to closing.
Is it possible for me to get a loan?
You are in a common position for buying a house. Credit may be something that you want to work on for a couple months before you go through with it. Although most want to stay away from credit cards, the definitely help for improving your credit score. I have seen clients with no history get a couple prepaid credit cards (you put money on the card and it reports to credit), let them season for a couple months, then they will have a positive impact to your score. Also, your father can do a gift of equity to you when you purchase the home as well so down payment will be less of an issue. The steady job, decent income, and savings is a good thing when looking to buy a house. Get in the hands of a good credit repair company and you should be good to go by the end of the year!
how ca I save money when buying a home?I heard there are fees that I can save on , what are they?
There are lender fees and then real estate fees. The previous response speaks truth in the negotiable lender fees. A skilled real estate agent can help you with negotiating fees. This can be done in your purchase contract. The seller to pay up to 3% towards your closing costs on your transaction and this will most likely cover a majority of your costs if not all. You can also shop for an agent and lender that will charge you a discounted commission. The problem when you start doing all of these fee negotiations, you start to find the people who are desperate for any level of commission and they will do what it takes to get your business. At this point you may be sacrificing quality of service rate for your savings. Good thing to keep in mind while shopping.
Transfer Taxes on GFE
I am not sure about the rules in CT. But it depends on if your purchase contract had you or the seller paying the transfer tax. If the purchase contract hasn't been signed yet, then this is normal act of covering your bases incase the fee does apply to you. If the seller is fully responsible, it is not necessary to have it on the GFE. It may have been set up as a default input since it is required to be on the GFE if you are responsible for even a portion of it. It is always better to over-disclose fees on the GFE. I would clarify if tranfer taxes are paid by the seller in all cases in CT.
My USDA loan is currently in final underwriting. Student loan issue.
I would ask the lender if they are able generate a payment of "x" % of the balance and factor that payment in your underwriting decision to see if you would qualify should there be a payment due on the loans. I hope this helps!
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