Credit is one of many different variables used to help with the approval process. FHA actually allows credit down to 550, but I only know of one lender that will actually do an FHA loan at that level but it is with a higher down payment, higher interest rate, etc. Just because one lender says "no" does NOT mean it can't be done!... more
Could be great if the condition warrants. The assessed value is what the tax collector puts on the house. In most cases that office has never stepped foot on the property and they are going by aerial photos to "guestimate" the sq footage. They also use recent sales and title transfers as another source. Tax assessment is not the best source to arrive at value, just one of many tools.
If this house is in god condition, yes $65K is a steal. The house is close to schools, shopping and interstate access - all items that make it a very good rental subject.... more
Your situation may be some what complex. It would be necessary to know when you purchased the property, what type of financing you received when you bought it, because there may be several factors that affect the loan and your ability to sell, beside the market itself. A good thing to do would be to consult a Realtor, and then determine how you want to proceed. If you like, you can contact me and I'll do what ever I can to help you out.
Michael Bellaire, Broker, ABR