It may be possible but it will likely be difficult to get traditional financing. You could consider a home that the seller do a seller carryback loan. You you started looking for a new home yet?... more
Hello Michael. That is fantastic that you are already pre-approved! By doing this up-front, you've accomplished something very important: setting your goals and expectations prior to searching for a home!
Unfortunately, the home you mentioned (1328 S. 220th DR in Buckeye) is already under contract and has been for a few weeks. Here's the direct link from the MLS:
[You'll notice the status says 'UCB' ; that means that the seller has accepted an offer and will only look at 'back-up' offers at this time.]
Sites such as Trulia, Zillow, etc. are excellent for MANY things, including: neighborhood research, ZIP code pricing trends, crime stats and school info, etc., however they do NOT maintain and update the property listings on a daily basis. That's why you might find a property on one of these sites that looks incredible, but in reality it's been off the market for weeks (or sometimes months). I've even seen homes that were SOLD several months earlier still show up as 'Active' on some of these sites.
The only true and accurate way to find 'Active' and available homes is from a Realtor who can provide up to the minute updates on property listings (unless you have direct access to the multiple listing service yourself through an agent's website).
I went ahead and did a quick search of the entire city of Buckeye for ALL 3-bedroom homes under $110,000. At this time, there are currently 8 'Active' listings. Here's the MLS link to those 8 homes:
Some of those are short-sales that might take a couple of months to approve and some are 'regular' traditional sales in which you would have a response to your offer in a matter of a couple of days.
A few things to keep in mind....
Depending on what loan program you've chosen (FHA, VA, Conventional, etc) you'll likely need some funds for a down payment (3.5% of the purchase price if you're using FHA) AND some funds for your closing costs (unless the seller opts to assist you with them).
Regarding closing costs, the fee (commission) to use a Realtor as your 'buyer's agent' is paid by the SELLER, not YOU the buyer. The closing costs for a BUYER include items like title/escrow fees, your lender fees (to assist you with your new loan), home inspection fees, HOA fees, etc.
If you'd like to view any of those 8 homes or would like an MLS search of a different area, feel free to contact me either by phone or email. I'd be more than happy to help you find the perfect home!
Realty ONE Group
It depends on what type of New mortgage you are trying to get (FHA, Conventional, VA, USDA, portfolio loan). It also depends on what type of BK it was (Chapter 7 or Chapter 13).
If Chapter 7, then waiting periods are as follows:
Conventional: 4 yrs...or 2 yrs with acceptable extenuating circumstances
FHA: 2 yrs.....or 1 year with acceptable extenuating circumstances
VA-(same as FHA)
USDA-- 3 yrs
If Chapter 13, then waiting periods are as follows:
Conventional: 2 years from discharge date or 4 years from dismissal date
FHA: 1 year into the repayment plan with all payments made as agreed and no other derogatory
VA: same as FHA
USDA: 1 year after discharge date
602-912-0222 ext 204
Owner, Orion Mortgage Corp
11120 N Tatum Blvd #100
Phoenix, AZ 85028... more