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Financing in Tampa : Real Estate Advice

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Activity 109
Mon Feb 6, 2017
Tony Grech answered:
If you are looking to do an FHA loan, then yes you will likely need to wait 6 months. They're not gonna take that much higher of a value without it seeming extra risky. Conventional, however, shouldn't pose that much of a problem depending on what your objectives are.

What is your goal in refinancing? Are you looking to cash out some of that equity or just refinance the current balance into a better rate? Also, is the current loan a recorded lien against the property or is it unsecured?

If you are trying to take cash out, then you need to wait. These limits are put in place to discourage fraudulent lending based on inflated property values. If the loan is not secured against the property, you need to wait. It's because the loan will be considered cash out anyway.

If you are just looking to refinance the balance on a recorded, secured, mortgage, then you should be able to refinance and use the newly appraised value without waiting 6 months. Now, that doesn't mean a bank will necessarily approve the loan. You may have to justify why/how the home is worth that much more in such a short time after buying it - document improvements made via receipts, work orders, etc.

Could be that the bank may have a 're-capture fee' meaning that if you pay off the loan within 6 months then they are required to pay back any commission they earned on the original loan. That would certainly be motivation to tell you that you MUST wait
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1 vote 1 answer Share Flag
Sat Nov 5, 2016
TRACIE MAYO answered:
Hi James. Possibly. It depends on your monthly liabilities (debts) and your defined retirement. Do you have time to discuss? I'm a local lender in St. Petersburg and would love to discuss what we have to offer. My number is 727-877-5684. You are also welcome to email me at tmayo@baywaymtg.com. ... more
0 votes 1 answer Share Flag
Sat May 21, 2016
Bill Cook answered:
I can do this under a few programs but not with an LLC on title.
0 votes 6 answers Share Flag
Sat May 14, 2016
Brianscottlambert answered:
Call Frank Gemma (pronounced Jemma) at Caliber Home Loans. Amazing experience! He can reached at:

1715 N. Westshore Blvd. Suite 860
Tampa, FL 33607
Office: 813 518-7114

I am also in the process of obtaining a home through the 203K process and regardless of what you may read, the 203k process is NOT a difficult process so do not be intimidated or frightened away. The "tricky" part is making sure you have a cooperative contractor who is responsive and detail oriented with the inspection paperwork and associated estimates. As long as the contractor completes all paperwork in a timely manner and how the FHA requires, you will not have a problem at all.

As a result of my experience, I have combined my 17 years of real estate experience with my career as a renovation/rehab specialist and created a full service 203k consulting and construction service. Feel free to reach out to me and I will be happy to help answer any questions you may have.

Brian
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0 votes 23 answers Share Flag
Sun Dec 6, 2015
Five Stars answered:
This is common with all large builders, they can't make you use their in house lender. However, they can only offer the closing costs if you do... but everything is negotiable.

Five Stars Mortgage
National Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636
www.FiveStarsMortgage.com
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1 vote 8 answers Share Flag
Thu Nov 19, 2015
Fscballer asked:
I have approx. 25% equity in the first house. It has been rented consistently for more than the mortgage and income is reported on Schedule E.
My FICO score, depending on the source, ranges…
0 votes 0 Answers Share Flag
Sat Nov 14, 2015
Usda Mortgage Source answered:
There are some locations just east and north of Tampa (pasco) that are still eligible for USDA, As long as you have proper continuance of the income, and your debt to income falls into the requirements, you should be fine. Contact with any questions..

USDA Mortgage Source
Florida USDA Loans, 7 days a week
Ph: 904-302-6060
www.UsdaMortgageSource.com
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0 votes 3 answers Share Flag
Thu Nov 12, 2015
raymond frey asked:
Wed Nov 11, 2015
Kathy Lewis answered:
The Loan officer should have checked the USDA turns times in advance and set the proper expectations on closing in advance.

USDA Mortgage Hub
100% USDA Rural Housing Loans
Serving all 50 states
Ph: 800-691-8826 (7 days a week)
www.UsdaMortgageHub.com
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0 votes 5 answers Share Flag
Tue Oct 27, 2015
floridanewhomes answered:
are CDD's taxes deductible on your yearly income taxes such as the interests?
0 votes 11 answers Share Flag
Mon Oct 26, 2015
Tomp7879 answered:
If anyone else is looking for a construction loan. I just got mine from Eduard Gubarik at National Residential Mortgage. Financed the project at 100%. Bank financed. Great experience! Would recommend Eduard to anyone looking to buy land or to build a home. Look him up on Linkedin
https://www.linkedin.com/in/landloanguy
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0 votes 8 answers Share Flag
Wed Sep 16, 2015
Usda Mortgage Source answered:
USDA is all we do.. contact us below if we can help.

USDA Mortgage Source
Florida USDA Loans, 7 days a week.
Ph: 904-302-6060
www.UsdaMortgageSource.com
0 votes 9 answers Share Flag
Wed Sep 16, 2015
Usda Mortgage Source answered:
Many great locations just outside of Tampa still approved for 100% USDA financing. Contact us below and see the web reference link for more information.

USDA Mortgage Source
Florida USDA Loans, 7 days a week.
Ph: 904-302-6060
www.UsdaMortgageSource.com
... more
0 votes 5 answers Share Flag
Tue Aug 11, 2015
George Dudley answered:
Sherry, if you are still looking for a loan specialist for 203K we have mastered the process. We have the process down and smooth with the company that underwrites the renovation portion of the loan process which if you have done enough of these tend to be where the delays are.

give me a call or shoot me an email.

George Dudley
Branch Manager
Office: 813-257-9033 Ex.3202
Cell: 561-420-2816
NMLS ID: 324554
Email: gdudley@ahmcloans.com
Website: https://gdudley.ahmcloans.com
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0 votes 4 answers Share Flag
Mon Aug 10, 2015
Stephanie Adams answered:
You can go through the builder however I do know that if you go with an outside lender you can negotiate upgrades etc. The builder may be held to strict financing guidelines where as a lender like myself may have more lenient guidelines. So dependent upon your credit situation you may want to go with an outside source of financing. I f you need any assistance with obtaining financing please feel free to reach ou to me.

Stephanie Adams
Senior Loan Officer NMLS # 1001484
1511 N. Westshore Blvd. Suite 260
Tampa, FL 33607
Direct (813) 377-2226 Fax (813) 377-4071
Mobile (678) 296-2488
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0 votes 14 answers Share Flag
Thu Jul 23, 2015
George Dudley answered:
This is possible depending on how your tax returns look for rental income claimed.

If someone hasn't already assisted you give me a call or email me and i can give you more detail



George Dudley
Branch Manager
Office: 813-257-9033 Ex.3202
Cell: 561-420-2816
NMLS ID: 324554
Email: gdudley@ahmcloans.com
Website: https://gdudley.ahmcloans.com
... more
0 votes 1 answer Share Flag
Mon Jun 22, 2015
Alma Kee answered:
Mon Jun 15, 2015
Stephanie Adams answered:
You will need the gift letter and an asset statement from your father's bank generally 2 months of bank statements to source funds.. This will show that the funds are not mattress money. Mattress money are funds that are not held in bank account can not be sourced. Let mw know if you have any further questions I would be more than happy to help!
Stephanie Adams
Senior Loan Officer NMLS # 1001484
1511 N. Westshore Blvd. Suite 260
Tampa, FL 33607
Direct (813) 377-2226 Fax (813) 377-4071
Mobile (678) 296-2488
... more
0 votes 10 answers Share Flag
Fri May 22, 2015
Dave DuCille answered:
Have him call Bryan Marx with NFM lending 813-638-1840 or Rich Reynolds with Supreme lending 813-758-1389. I am a licnesed realtor here in florida and I own a few rental properties and I just refinanced most of them using these lenders. I've also done several other deals with them, they will point your client in the right direction. If they can't do the loan they can probably refer your friend to a portfolio lender. ... more
0 votes 2 answers Share Flag
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