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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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Question: When I graduated from medical school I got a physician mortgage loan to buy my first home. I'm now moving to Overland Park or Leawood, Kansas to work with a medical group. The PR department told me that Kansas does not have any physician loans. Do you know of any physician loans in Kansas?Dr. Harry K. from Dallas Texas
Answer: Great Dr. Harry K. Although, many banks like Bank of America have stopped doing Physician loans, there are quite a few banks that still do Physician loans nationally. Most of the national banks do not do physician loans in Overland Park and Leawood, Kansas. I do have a banker who offers a zero down physician mortgage loan with a low interest rate in Kansas and Missouri.
Lets connect and discuss your particular needs.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I am looking at buying a short sale in Overland Park. The problem is I want to borrow more than what I'm paying for the home and my real estate agent and mortgage lender say that is impossible. They said I would have to get a separate home improvement loan. Is this correct?–Jackie from Overland Park, KansasAnswer: Not sure about the particulars of your financing and contract, but I I have had several homebuyers get a FHA 203K home loan. This loan allows the borrower to borrow over the purchase price to complete repairs/renovations. It will depend on the projected improved appraisal amount. With a FHA 203K home loan a borrower can not do the renovations/repairs themselves. They must be completed by a licensed/bonded contractor. The lender will require a copy of the contract up front between the borrower and the contractor doing the work to show amount of cost and what it is that will be done. The contractor gets paid as the items get finished, not ahead of time…so they need to be aware of that also. These types of loans only allow for certain types of repairs/renovations, so you will need to talk to the lenders that do these types of loans to see if the work you want to do fall within those perameters.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Last time Overland Park mortgage interest rates were this low....Dad had long sideburns, drove a van with fender flares....Mom went to Homecoming with a disco ball, BeeGees were big news....Retro might come back...But interest rates are rising.... RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Let us know what you think or add to our blog by writing a comment. Do you have a real estate question for the Real Estate Wizards?
Find out why you should contact the Dowell Taggart Team for your Kansas City real estate needs . . . . We can help you with online real estate tools that less than 10 Kansas City REALTORS use Search 21,000 homes for sale in Kansas City including foreclosures, short sales, luxury homes and more . . . Learn how to save on the real estate commission Learn how we can help you save money . . .
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The Ten Commandments When Applying for an Overland Park, Kansas Mortgage Loan ( 10 of 10) #10) Thou shalt NOT change bank statements. Because the loan process requires a 2 month history of reserve funds, opening new financial accounts near a closing date Read More...
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The Ten Commandments When Applying for an Overland Park, KS. Mortgage Loan ( 5 of 10) #5) Thou shalt NOT spend money you have set aside for closing. Most conventional loans require 2 months of reserve money to be verified in your available financial accounts. Read More...
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The Ten Commandments When Applying for an Overland Park, Kansas Mortgage Loan ( 4 of 10) #4) Thou shalt Not use charge cards excessively or make late payments on ANY of your accounts. Excessive use of credit cards can have 2 negative affects on your credit Read More...
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The Ten Commandments When Applying for an Overland Park, Kansas Mortgage Loan ( 3 of 10) #3) Thou shalt NOT buy a Vehicle (or you maybe living in it! ) Applying for credit to purchase a vehicle will be recorded as an inquiry into your credit by credit Read More...
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The Ten Commandments When Applying for an Overland Park, KS. Mortgage Loan (2 of 10) #2) Thou shalt NOT co-sign a loan for anyone. During the loan process, any changes to your credit report or status could negatively affect your ability to close your Read More...
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The Ten Commandments When Applying for an Overland Park Mortgage Loan ( 1 of 10) #1) Thou shalt NOT change jobs, become self-employed or quit your job. The reason that this is so important is if you would happen to change your job there is usually a certain Read More...
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