Most short sales require multiple levels of approval: Investors, Upper Management, PMI companies, etc. This just means that you are one step closer to buying the property and the negotiator is making a positive recommendation to the others in the approval process.... more
You should be able to find what you're looking for based on those requirements. Now is a fantastic time to be a first-time home buyer. Historically low interest rates and extremely affordable prices. I provide a comprehensive first-time home buyer consultation which will walk you through the entire process and allow to get all of your questions answered -so you know what to expect. I can also put you in touch with reputable local lenders who can assist with your questions regarding financing options including what types of first- time buyer assistance programs are available. And of course I'll help in the search for your home and everything from contract to close. And all of these services are free to you.
Give me a call, 937-433-HOME (4663) or e-mail Doug@WagnerRealtyGroup.com
Congratulations and deciding to buy your first house. You will need two good professionals to be successful and have a smooth transaction, a lender and an agent. Usually when you find one, the other can give you a referral to the other. As a first time buyer you need each of these professionals to be willing to take the time necessary to assist you as you learn quite a lot.
The best answer to your specific question will come from the lender. Meeting with a lender early on is critical as you need to know about the loan programs, how much you qualify for and if there are credit issues you need to address. Fixing errors, omissions or fraudulent reports can take several months, so it's not too early to begin this process.
You'll also likely need to save up some down payment money. Meet with someone at your bank soon to see what they can do and then decide which step is next. Best of luck to you.... more
Ohio Home Doctor is your 203kfull validated contractor in Dayton, Ohio. Call Matt today at (937)605-6882 or visit us at http://www.ohiohomedoctorremodeling.com for more information. Already being validated makes choosing us a simpler option you. Do not trust this important project to an amateur. Hire the professionals!... more
AUS or automated underwriting systems have 3 different "findings" based on the info provided.
Approved/eligible - this is what everyone wants to see.
Refer/eligible - This is the next best thing and it simply means the system is referring the loan/file to a human underwriter for a decision.
Refer/ineligible - This is what you don't want to see. This decision means it's not even up for debate, it's a flat out denial.
If a loan is referred in the AUS, it requires a manual underwrite to determine eligibility.
When you have an approved/eligible decision, a human underwriter still has to review the file and ultimately agree with the findings/decision form the AUS.... more
Not an easy question to answer, just depends on what you want the room to be, how you want to finish it, but if you figure $100 per sq foot, you will be within a good estimate.....but call a couple of contractors and they will help you come up with a good estimate.
Hope this helps.... more
The web resource below is an excellent starting point for addressing FHA loan requirements. Regarding your specific questions, more information would be needed to properly respond. The conversion would need to have been permitted by the municipality, air conditioned (assuming the rest of the house is, and so on....) The additional sq footage gained from the conversion should also be recorded with the taxing authority.... more