You should work on improving your score to at least 640 before you decide to try and buy a home.
You MAY find a lender who says he/she can approve you with a score of 500, but you will surely pay a premium in interest and fees. Not to mention you may find yourself in a home you really can not afford to make the payments. on.
Go to HUD.GOV
They have resources for home buying counseling. The services are FREE.
Best of Luck to you!!!!!
Kawain Payne, Realtor... more
The HUD-1 Settlement statement is prepared by the closing agent and is exact once all the information is complete. An initial HUD-1 may not have a specific closing date set yet or exact costs for Title Insurance, Home Owners Insurance or other items. Once the date is set, taxes and other costs are set and the closing agent can finalize the costs.
The final closing date is ultimately up to your lender. When the loan has passed through final approval, a closing date can be set and your numbers will be finalized.... more
You are never too late to earn equity, in most markets the bottom is here. Meet with a local and trusted loan officer to get prequailified, they can go over the types of mortgages, pros, cons, costs and benefits.... more
I thought it very much because this kind of news would have hit the news. Even if there was talks about it this would have been broadcasted. You could check this website and see if their is any news.
hope it hepls... more
Your closing date should have been agreed to in your offer. When you made your offer to purchase how long did you put down for your escrow period? Unless the seller countered you back changing the initial escrow period then your initial offer is your scheduled closing date. Example 35 days after offer acceptence is your scheduled closing date. Good luck!
Seller financing is coming back into view based on lender restrictions. There are some pitfalls to this situation and it is best to investigate thoroughly and consult with local professionals to see if it is the best fit for you. With that said, the risk you are taking are consistent with what any lender would have. Buyer's qualification, buyer's down, buyer's ability to pay, stability in job/income,etc.etc. As you mentioned, the possibility/need to foreclose can scare some owners away. However, there can be good upside it it is managed right. Hence why there are lenders out there. There is a potential profit to be made!
Here is a great web site that goes into all the details, pros and cons.
Here is another site that talks about the advantages from a purely investment standpoint.
Hope this helps.
Allyn, That is a shame that you're having trouble finding someone. Try going onto Realtor.org to find a Realtor rather than an agent. I don't specialize in Ontario but I can send you some listings and try to find someone through my contacts.
Amy Steele... more