Nike Fasanya's Advice

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  • 7 Helpful

Nike Fasanya wrote:

Mortgage

Response
Hi,You could always commission a drive-by appraisal or desk comps from a qualified appraiser on your own, at about $150 - $250.  Otherwise you might want to bite the bullet and apply for a loan, and get an appraisal done that way.Houses are actually starting to appraise better, so you might actually get a good value for the loan you need.  Remember that which FHA loans, you can go up to 97.5% of the value, so give it a try and I hope ot works out well for you.
November 29 2009
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Question on repairs for home w/ 203k loan. Home also in estate, how should I structure the offer?

Response
Hi,I would suggest that you definitely surround yourself with good professionals for this deal.  You should first make sure you can find comps in the subjec property market that have apartments over the garage, so you are not buying a "unique property", as Lenders are so much more picky about everything these days. I suggest you find a good Realtor or Appraiser  for this part.If you are not preapproved, please get a solid preapproval, preferably with the AUS findings completed, from an experienced 203k lender.  You should be careful to find a Loan Officer that actually listens to you and talks to (and not at) you, to completet your financing.Next, make sure your purchase contract is nice and tight, and in great detail.  Please consider using a Realtor, and remember that "closing costs" generally increase cost of offer.  You then want to decide if you can $188k and pay you own costs, or stay at $200k and have them pay cc, or anything in between.Please make sure to use a good, experienced Real Estate Attorney to protect your interests throughout the transaction.With the kind of work you are looking at doing, please get at least 3 estimates and research the reputation of the companies before you pick.  Nothing would frustrate you more than a bad contractor, with the indepth repairs you are looking at.I hope it all works out well for you. 
November 29 2009
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Is it easy to change contractors on a 203k after closing?

Answer
Hi,Yes, it is possible to change contractors, but you have to go through quite a bit of trouble to do so.  You should first speak with your draw center and explain the problem.  It is simetimes better to put the issues in writing, with photos, if it helps your case.  They will probably send the Plan Consultant out to review the situation and submit a report.  You should have a new contractor give you a bid (keeping it within the loan amount) as was earlier advised.  Then send all the paperwork, with the new contractor's info - license, resume, insurance, bond etc, to get approved by your lender.The previous contractor may have a lien on your title for the work done, so you may need to pay him to get it off.If you feel strongly that the contractor should not get off that easy, you can certainly sue him for the bad professionalism displayed, or whatever you or your Attorney decide is his offence.Good luck, it's a tough road, but it is not impossible
November 29 2009
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what do you do if you have no credit to show. Yet, you have a house card evrything paid in full .

Response
Hi,The question is, what are you trying to do? Refinance or buy a new property?  Do you have any scores even though you have no active credit? Is this your home or a rental property?  I suggest that you would get much better and more relevant information if you give more detail about your situation.As a general rule, it is possible to get a reverse mortgage if you are over 65 and this is your home you want to take equity out of.  Also, it is possible to get an FHA loan with "alternative credit" using your gas, light, phone, cable etc bills.You definitely need to speak to a good Loan Officer, but before that, please put out a few more details to help you get the best answers.Good luck
November 29 2009
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I need loan bad. My credit is bad. Have a $170000 rental house thats paid for. Need to repair home $

Answer
Hi,You will definitely need a hard money lender.  It is much tougher to get loans on rental property right now.  The bad credit really compunds the problem.Since your home is paid for, there are hard money lenders who loan purely based on the equity in the proerty, and I think this is where you need to look.Be prepared however, to pay dearly in points and interest rate.  It would definitely help if you pay off your delinquent credit from the loan, to take care of whatever issues are dropping your score.Always look for a Loan Officer that will listen to you first, then work with you to achieve your goals.  Good luck to you.
November 29 2009
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When refinancing, can I just refinance my Home Loan with out refinancing my Home Equity loan?

Answer
Hi,With an FHA loan, you can refinance your first mortgage into a fixed rate and leave the second mortgage open, so long as that lender is willing to resubordinate.  The good thing about this is that the FHA loan allows you to do this without looking at the combined loan to value.  So long as your first mortgage is 97% or less of the appraised value of the home and you can meet the other regular FHA guidelines, it can be done You should speak with an experienced FHA Loan Officer that can assist you get this done.Good luck.
September 17 2009
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Citibank wants another appaisal

Response
Hi,The agent is correct and the appraisal is usually good for up to 120 days.You might want to ask to speak with someone in management and dispute the need for the appraisal based on the guidelines.  Unfortunately, should the appraiser insist on it, you might have no option but to make the payment.  You would then simply consider it as removing the obstacle in your path, and achieving what you set out to achieve in the first place.Good luck. 
September 17 2009
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FHA to FHA refi: Switch to another broker, two questions inside

Answer
Hi,You should not only move on from him, you should report him to your state Mortgage Broker Regulation Authority.We, as Mortgage industry professionals do not , and should not have any tolerance for such unethical loan officers who do nothing but continue to give us a bad name.If he refuses to release your case #, your new loan officer can report his company to HUD.  Trust me, that will get some action going quickly, because no Lender will risk HUD sanctions for some incompetent Loan Officer.As a matter of fact, you should also send a letter of complaint about him to his superiors.PS:  Please ignore anything this guy tries to tell you.  Your instincts about him are right. Keep far away from him, and tell everyone you know so they don't go to him.SHAME ON HIM!  
August 25 2009
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notes, mortgages, and titles, OH MY!

Response
Congratulations to you and your lovely Lady, and good luck in the new house.
August 25 2009
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notes, mortgages, and titles, OH MY!

Response
Hi,If you are married, there are Lenders that will allow you to stay on title even if you are not on the loan itself.  Please shop around and find someone that knows what they are doing.  There are several good LOs out there.Good luck to you and your Lovely Lady...(Love that you called her that) 
August 23 2009
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