You've asked this in 3 different variations so I'm unsure what you are actually trying to accomplish. If your mortgages total 380K with a value of 420K, you can refinance to an FHA mortgage. If your BK was discharged 2 years ago you may be eligible to do so assuming you meet the other criteria. An FHA refinance can be done in 30 days or less depending on other factors. You should find a loan officer in your area and discuss all the details of your transaction with them.... more
Your rate is based on your credit score. If your score is 640 and above you will not pay a higher rate. We have numerous FHA lenders (GMI is a banker) that offer credit scores as low as 580 on FHA mortgages. When the score is below the 640 there may be a slight adjustment in the rate. As for the mortgage insurance you will have to pay the mortgage insurance for 5 years. The mortgage must be a rate and term meaning that you will only be able to pay off your existing mortgage and the closing cost as the loan to value is 91.66%. A cash out would require a 85% loan to value.
For additional information please contact Camille Marotta 732-837-1102 GMI Home Loans, LLC... more
Bank usually respond within a day or two. Guess my question to would be, to whom did you submit your Offer. Was through an web site or with a Realtor?
If a Realtor, you should give the Realtor a call to get the status. On the other hand, if it was through a web site, then that information will be submitted to the Agent, by the Bank that have this property, and that may take a while. So, its always best to deal with a Realtor on BANK OWNED and or REO properties.
Century 21 Calabrese Realty
It may have been added on without permits. Check with the construction office and the assessors office. If that is the case and you buy it anyway you might end up at some point with a reassessment and a higher tax bill than you expected. That is best case. They might make you take it down if it isn't up to code.
Your agent should be helping you with this. So should your attorney. Hopefully they both know what they are doing. This kind thing is missed all the time by inexperienced agents that don't have the knowledge necessary to help their client. I assume you HAVE a buyer's agent that isn't working for the company that listed this house.
MEMBER: NAEBA www.naeba.org (National Association of Exclusive Buyer Agents)... more