Hello Brispoli, It only takes a few dozen questions to qualfiy you in minutes for the loan program to fit your financial needs. You may qualify to buy with a minimum 580 fico score and only half percent down payment program which can contribute towards your closing costs as well. You can buy with minimum out of pocket expenses. If you have a minimum 680 fico score, you may qualify for no down payment CHDAP.
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. You may qualify with NO FICO Score as well. Here are some links to study and consider that I offer.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
Good afternoon! FHA lending requirements require a 580 minimum credit score. Another criteria that must be filled is the two years of job location. If you obtain a new job in the SAME EXACT field the two jobs will run concurrently and be considered the same. If this is the case you should be fine. If you need any assistance, please do not hesitate to give me a call. Also if you need to speak to a lender about the specifics, I would be happy to get you pointed in the right direction. Good luck!!!... more
The first question I would ask you: what is that you are doing for work?
Is this a job with which you have had previous experience?
You say you have a co signer. Does that person qualify alone? If so, you should be able to be on the loan with them.
Do not have nay more credit inquiries pulled. They should go away after 90 days.
email me with specifics: firstname.lastname@example.org... more
The mortgage rates for a primary residence are less than for a 2nd or investment property, also the down payments are less. For an investment property you will most likely have to put at least 20-25% down depending on the lender. Check with your tax adviser but I would bet that for your son to take a deduction he has to be the owner & the loan in his name. It sounds like you are doing a lease to own with your son, as the mortgage is in your name. If you are paying cash for a home, you could do what I call "The Bank of Dad/Mom" your son is the purchaser/buyer on the contract and you are the lender, a deed of trust is filed with loan terms outlined, you son pays you a monthly mortgage payment and he is listed as the homes owner, much cleaner in my opinion, again check with your tax person and your mortgage lender.... more
There's more implications than you mention here if your sister co-signs for the home. First, she needs to establish a credit score. She can possibly do that with non-traditional means such as cell phone bills, rental payment receipts and things like that. And it's in her best interest to establish credit history. Most lenders can help her, or she can contact Blue Water Credit and ask them to help her.
But co-signing on a mortgage for you is not normally in her best interest. She takes on 30 years worth of obligation for a debt that she does not get the benefit of enjoying. 30 years is a long time,and should you at any time default on that loan, it would reflect negatively on her. In fact, she would be expected to pay it back should you not be able to pay. Should she EVER want to get a home of her own, she would be showing 100% obligation on your mortgage and have difficulty getting one for her own.
You might want to consider whether there is another alternative, or discussing the full implications of her co-signing so that it's clearly understood.... more
If they co-sign, they are added to the mortgage. If you default, for any reason, it would negatively affect their credit score. One other item to consider on that ...the lender considers all parties 100% liable for the loan, so if one person doesn't pay, the other person owes ALL of it, not 50%.
The first time homebuyer credit can be taken by one or all buyers for a total of $8,000. This is a question for a CPA or tax attorney but I believe that you can apply for the whole amount. Call Ed Cook at 705-4958. He'll answer it for you in a flash.
While there are many reasons to buy with your parents, and why not to, there's more to the discussion that what is discussed here. I'd call a reputable lender and get your questions answered. It may be something as simple as opening another credit line, or some other minor thing like that to give you a better position, who knows? Your score is primarily the last two years payment history unless you have some active collections from previous years... You can call Mark Holmes at American Pacific Mortgage and he can help you figure it out. (916) 837-4360.
Good luck!... more
Well, you only need 3.5 % down to use an FHA loan. You should check with a lender, see what you qualify for. A great lender will have a few different options for you, if you can qualify for a loan, they will know. You are correct that $150,000 is a good purchase price. You should be able to get a decent home in various areas with that much budget.
Only way to find out what your loan scenario looks like is to talk to a lender. Try Evelyne Jamet at Vitek. She has been a miracle worker for many of my clients.
Call her at 916-452-8800
Good luck!... more
There is no way of knowing for sure if your sister will help without a full application, however there is nothing that says it won’t work. In fact this appears based on the information you have provided to be the perfect scenario for a non-owner occupied co-signed. You will be buying a home with a payment less then you current rent, and if I’m not mistaken the problem is the lender can’t use the unemployment income or you would be able to buy. This is when I like to use co-signers – when there is income that would qualify you except that it can’t be used.
However, just because it may be able to work does not mean that you should do it. You do need to carefully consider what will happen if you husband does not go back to work, and refinancing to remove your sister may not be as easy as it sounds. Best of luck.... more
It depends on your lender. I just completed working with a buyer who had a credit score similar to your's and we found a lender that was able to help. She didn't have the greatest credit but had a nice down payment and long term work history that helped her get approved. In fact, she also got a house in 95834.
If you are interested, I can put you in contact with the person I used.
Nancy S Bergman
Realtor - Lyon Short Sale Certified
DRE # 01893550
Lyon RE Downtown
Not her alone, but a lender should be able to work with the both of you and establish what both of you can qualify for together, and the lender might recommend you purchase the home alone inorder to qualify. If you need help locating a trusted lender to talk with please let me know.
Laura Reilly- Foreclosure “INVEST”igator USA Realtor dre 01760446
“I have a problem with too much money. I can't reinvest it fast enough” Robert Kiyosaki... more
There probably is no standard because the T.I. allowance is so integral to the overall lease attractiveness. Doing some research on your competition is the best way to find out how aggressive you need to be when negotiating that point. Depending on your spaces' needs you may not have to give much. Standard allowances include HVAC, bathroom, and an allowance for finishes. The value of these items would need to be ascertained by a general contractor. I would be happy to help.... more
Let me start by saying, I am not a tax professional, nor do I play one on TV, and I recommend you speak to one for a licensed, expert opinion.
Are you still the coborrower? If so, the answer is, "not likely." Is your question pertaining to the expired tax credit? If so, no worries, it expired on April 30th. However, if you have been in contract on a property since before that time, and you are closing by September 30th, and your name hasn't been attached to a mortgage for the past 3 years, then possibly. But like I said earlier, talk to you licensed tax professional for concrete answers.... more
This is posted in the wrong zip code 95834, Natomas, Sacramento, CA
there is a Charlotte NC.
If the first digit is the typo then 15834 in Pennsylvania is Emorium, Pennsylvania.
My English interpretation of the question is: " can I work in one state, and buy a home in a different state as my primary residence?."
The brief answer is no. However exceptions abound. If it is normal for residents of the border area of a state to commute to the neighboring state with a short commute. Then yes. say Tenafly, New Jersey to Manhattan.
In our area of California South Lake Tahoe California residents that work in Stateline Nevada casinos.
Second, if LJ is a flight attendant or pilot, is stationed in Pittsburgh, regularly works the Pittsburgh to Charlotte flight. spends as much or more time in the destination city as in the hub city. Well that makes sense, too.
lj, what you are proposing may put the burden of proof on you. A logical underwriter can read your letter of explanation, view your employers dispatch schedule and make a logical decision. If you can prove that it makes more sense to buy a home, where you will live most of the time than to buy a home at your company headquarters where you spend less time, the loan underwriter should be able to get it right.
On the other hand, if you spend most of your work time in Pittsburgh and only occasional brief stops at the destination your case will be harder to prove.... more
Since your lender who is assisting you suggested you do this then you will most likely want to follow his/her advice. Credit scoring is not that definitive where you can determine exactly how many points it will be adjusted.... more
I've had great success selling homes in Natomas that are bank owned. It takes a special talent to get an offer accepted when you are competing with 20 other offers. Read my site and, if you agree, call me.... more
I am not a mortgage broker but I can tell you that my client is in the process of purchasing a home which was acquired by current owner from the bank. The seller is deciding whether to put appliances in or give my client credit at close of escrow for the appliances. My client's lender (Bank of America) said that they will not loan unless the house is livable, and thus the appliances will need to be in there before they will loan her the money.
Frank Howard Allen Realtors... more
Great question, Tony--and one I get asked often.
While you can potentially "get away with it" because of the many contingencies you're afforded within the purchase contract, writing offers on multiple properties at the same time would probably be considered acting in bad faith because you don't actually intend to purchase all the properties you're writing offers on. Chances are you're writing multiple offers with the hope that at least one of them will go somewhere--which is definitely a reality in the current market, especially in competitive price ranges.
When my clients ask this question, my response is simple: let's write one offer at a time and, as each offer expires, we can move on to the next offer. If your agent is using a CAR purchase agreement, the default expiration of your offer is probably 5pm on the third day after you submitted your offer. Banks may (and often do) drag their feet and take longer than three days to respond, so technically your offer may expire even while it's being considered by the bank. If you choose to accept a response after your offer is expired, that's great--but nothing precludes you from writing another offer in the meantime if your original offer's expiration date has come and gone. Further, you can adjust the day and time that your offer expires by writing in something else if three days is longer than you want to wait.
Hopefully this information helps!
Rob McQuade, ABR, REALTOR®
McMartin Realty | 2031 K St Ste 100 | Sacramento, CA 95811-4253
Tel (916) 444-7577 or Toll Free (866) 720-CITY (2489)
Fax (916) 444-7977... more