If you do not intend to occupy the property, yes, I know of several companies who base their loans on the property value, not your credit. If you are interested in knowing more, please contact me.... more
Your choices are going to be determined by your middle fico score. If you have a minimum 580 fico score, you may qualify for FHA 3.5% down up to 417k and minimum 600 fico up to $729,750. If you have a minimum 620 fico score you may qualify for 5% down conventional with NO Mortgage insurance up to 417k. You will need a minimum 700 fico score to qualify for conventional 10% down up to $625,500 loan amount. Do you need listings emailed to you?
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for programs, rates and terms. I can raise fico scores within 3-4 days in most cases. It only takes a few dozen questions to qualify you in minutes for the options to benefit you the best financailly. Here are some links to study and consider.
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Hi Lisa, your best bet is to ask the city planning dept. They would probably be aware of whatever plans were made for that vacant land. If the property is privately owned you can find that out there as well.......Dawn... more
Hi Mr.Watson, Yes you will be able to rent and purchase but the liability of the monthly mortgage payment etc will be considered in your ratios for qualifying for future loans....You do realize it will show up on your credit report too.... more
Best that you address your question to lenders. Ask at least 2-3 lenders how they can help you.
If you're been working diligently in repairing your credit, plus the significant equity you have managed to build up, there may be some possibilities open to you.
Good luck.... more
From past experience I can offer the following:
You will want to begin by working with an architect to design the new home. Inevitably, you will want to leave a wall standing on the old home (or a percentage of the old home - many leave one wall of the garage standing) so that you qualify for a "remodel" instead of a new construction loan. This should save you money in planning costs, possibly taxes and will help in obtaining a new loan as well.
You can certainly get a loan for the old home. To get a new loan for the remodel, you will need to submit plans showing the new construction and its costs and if the home's value when complete is enough, you can get a new loan for the construction as well. You will want to be careful here as they will be comparing your home to others in your neighborhood. In other words, you won't want to "overbuild" the home for the area, creating a Taj Mahal in a neighborhood that won't support that value. You will need to have a sizable down on the first home in order to make this work.
Construction costs can run from $150 per square foot to over $400 depending on the amount of construction, the type of construction and the level of the materials used.
You will want to hire an architect and a general contractor for this -- unless you are managing the construction yourself in which case you will be responsible for hiring the electrician, the plumber, framer, etc. You want to research this extensively and use only the best and make sure that all the sub contractors for the job are paid in full so that you have all lien releases once the construction is complete.
Feel free to call if you have any questions - this is a somewhat complex venture if you don't know what you are doing.
Best of luck, John... more
Yes, your cedit score will be affected when rate shopping.
You should worry about your credit score being hit if you apply to 10-15 banks (?). 2-3 lenders may be enough. Ask your realtor for referrals to lenders who arre responsive, resourceful, responsible. Find a LOCAL lender if at all possible, someone you can meet person-to-person instead of someone who's in a call center, in a different state, in a different time zone.
Go to http://www.myfico.com/crediteducation/creditinquiries.aspx
Scroll down to
What to know about "rate shopping."
Looking for a MORTGAGE, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring.
NOTE: So, if you fFIND A LOAN WITHIN 30 DAYS, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score.
For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 DAY SPAN.
For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 DAY SPAN.
Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.... more
If your hoa insurance does not include ho6 (walls-in coverage), your bank may not fund the loan. They should have explained this to you before you signed all of the documents, typically you will need a policy quote at the very least, with a policy to be bought at closing to cover the interior of your unit. It should be pretty cheap though, it's like renters' insurance.... more
It sounds the public records are showing it as condo on the title report. Unless, that is changed on the public records it will be classified as a condo therefore the lender has to go off of that. I'm familiar with your development. Nice homes!... more
Presumably you have a realtor representing you and that you used CAR (California Association of Realtors) purchase agreement. On that agreement, look at paragraph 14-C regarding Seller right to cancel escrow. Did the seller issue a notice to buyer to perform --- usually 2 days unless noted otherwise. Was there a a demand to close escrow?
The seller can't just cancel the contract without issuing such notices to give the buyer the chance to make good on the provisions of the contract.
Further, both sides should agree in writing to the cancellation of escrow and how the escrow money is disbursed.
Finally, did the both parties agree to the liquidation clause in the contract per paragraph 25?... more
If the home is rezoned for commercial, it'll be hard to get a regular home loan on the property. You need to talk to your lender and the city planning dept. You may not be able to get a home insurance policy on the property, so you might also talk to your home owners insurance company.
Absolutely - the personal information should be kept confidential. That said, I don't think our standards in real estate are quite as firm as with a doctor or lawyer. Most professionals in this field will honor them,, but one does find exceptions to every rule.
Find professionals who are well recommended in your area and ask those individuals if they keep information confidential,
Good luck,... more
Talk to your inspector to best understand the issue and what can be done to remedy the problem. If necessary consult a structural engineer.
Good luck to you,
Unwavering Commitment to Service... more
Tearing the farmhouse is not a costly venture. The concern is whether or not the City's Historical Architectural Review Board will let you tear it down at all.
I would make sure that you run it by the Planning Department first to see if you can obtain a demolition permit prior to purchasing the property.
If the farmhouse is in shambles, and you aren't given clearance to demo the site, then I would look to HARB to see if the home can be moved or sold by the piece to collectors or demo companies that look to reuse the wood, door knobs and other features first so you could demolish the balance later on.
Again, the first question is whether or not they will allow you to demo the site at all - be sure to check on this first.... more
These sites may be of help in finding a rental: