All Forum Posts by: Elaine Capobianco

Have you considered a 203K rehab loan? The appraised value would be off of the finished product after repairs are completed by the contractor.

Have you tried joining the real estate investors groups on Facebook? They post investment properties daily on the sites and a good amount of them are in Florida.

You want to see what their fees are and what they include ( credit report, etc), you also want to make sure you are not being charged with points for a lower rate unless you are requesting it. Some lenders have credit  report fee included in their fees, others you have to pay separate. You will always be responsible for paying the appraisal fee and you can have the lender shop for quotes for title company fees and they can provide you with at least 3 companies for quotes for home owners insurance. If you need any further assistance  with your checklist, let me know, I work for a lender and can help get your questions answered.

If you want to stay with an FHA loan, you can refinance as an FHA Streamline. If you keep it as an FHA you cant roll your closing costs into the loan amount, you would have to pay out of pocket for them but you wouldn't need as much documentation as your first loan, or need an appraisal. If you try as a conventional Refinance, you can roll your closing costs into your loan amount so you don't have to come out of pocket for the closing costs and would need an appraisal. Let me know if you need more information.

The deed transfer will show that you own the property. Do you still have that paperwork from your original closing? A title search will show you are the owner. After your closing, your deed should have been recorded so it will be public record, look on  your county website or go to  clerk of court to see about getting proof.

Your initial loan estimate that comes in your disclosure package is just a rough estimate of your loan fees, that's why its called an estimate. Until the lender orders title, appraisal, you provide your home owners insurance, taxes, etc...they don't know the exact fees. Once the lender has all documents, usually the fees are adjusted accordingly and you are updated. You can get estimates from different title companies, and home owners insurance companies to shop for the best rates and prices and provide them at the application process to assure your estimate is Fairly accurate.

Your loan estimate is just that, its a rough estimate of fees associated with your loan. The fees you can shop for that you listed are your title fees, you can choose your title company and each company has different fees. you can call and get estimates or you can ask your loan officer to provide you with 3 different companies and get estimates. When I do a loan estimate, its done on a worse case scenario because we don't have anything ordered yet, as we get in what is needed, fees are properly adjusted and your will sign off on a final closing disclosure 3 days prior to closing. The closing cost also vary between lenders so do your homework and call around for the best deal for you.

There are multiple lenders out there that will still do stated doc loans, they come at a higher interest rate but as long as his credit is good, he should have no problem obtaining a loan. I come across this a lot and can probably locate him a broker in his area  if needed.

Since your living  in  the house and need to make repairs, have you considered a renovation loan?

Research the lender and the loan officer, set up a brief meeting to see if they would be a good fit. You first need to know what is the main goal for your lender, is it rates, programs, timeframes? The loan officer is just as important because you can find a good lender but every loan officer is different, they work different schedules, and have their own way of doing business. Calling and speaking with a few can give you an idea if they are a good fit to work with. We do the same with realtors, just because they do business in our area doesn't mean that they are a good fit to work with. Always do your research, read online reviews, and ask questions.