Which house? Your request did not have an address listed in it, nor did you provide a link to the home so we can view the address.
Either repost your question with the address or email it to me directly so I can see if the property is still available.
This is a mobile home park...It is a sale that has to go through the park as Real Estate Agents can not sell Real Estate that does not include the lot. However I could contact them on your behalf to facilitate a sale.... more
FHA will loan to individuals with lower credit scores. When you say you have bad credit I am not sure what you mean....bankruptcy, charge off's, collections etc. They will allow a co-borrowor not a co-signer. Check with you mortgage broker to see what the possibilities are as it is difficult to provide you with accurate information not fully aware of the situation, credit scores and reports. Good luck.... more
Good afternoon Bobby and Heather,
The credit requirement you mention is what we in the mortgage industry call an "overlay" meaning that requirement is specific to the Lender, not to the program. Lenders do this to meet internal company guidelines and the "overlay" is on top of the basic loan program requirements.
Further, since you are married, your Lender should run a joint credit report, not separate reports. Not every Loan Officer knows to do this.
I closed a loan last year for a young couple by running their credit report jointly. The previous Loan Officer they were working with told them they weren't qualified because the husband didn't have sufficient credit. With a joint credit report the "trade" requirement should be easily fulfilled in your case.
I'd recommend you locate an experience (minimum 20 years) Local Mortgage Banker. Stay away from regular banks; a Mortgage Banker is a specialist and is also licensed, a big difference from Loan Officers at regular banks.
Seems to me you should be easily qualified for a USDA loan once you begin working with the right mortgage professional.
All the best!
If you thought my answer was helpful, please give me a "Thumbs Up" or "Best Answer." Thanks!... more
If you are talking about a Rural Development then I believe the amount is up to $271,000. The best place to ask would be your loan officer since they know the in's and out's of mortgages.
Any other questions please let me know.
I don't think you're obligated to share your appraisal with the seller. However, I'm not sure why you wouldn't want to share it with them after the transaction closed if you're concerned it might affect your negotiations.... more
Dustin, it sounds like this should be possible if we utilize FHA financing, because FHA just requires a 2-year discharge on a Ch 7 BK (if your BK was a Ch 13 then that is even easier, and could allow conforming financing to be used). FHA financing just requires a 3.5% down payment, conforming financing can be done with as little as a 3% down payment (5% is more common).
Scores in the mid-600's are fine to qualify with as well, as with our FHA program we just require a 620 score (640 score will result in better interest rates though). Have all of your payments been made on time since the BK discharge? That is important as well.
More details would be needed from you regarding your new job, however if you just went from your last job to your new job, then that usually is fine. If you were going to school, and recently graduated, and started your job, that is fine too. If there was a gap in employment, where you were unemployed for a period longer than 3 months, then usually you will need to be on the new job for 6 months before you can use it to qualify.
Feel free to contact me and I'd be happy to review your situation and help you qualify.
Shane Milne | Lending in all 50 states | NMLS #81195... more
It is possible just difficult. In the 48430 area code there are only 3 properties listed on the MLS under $150,000 available on a land contract. Only one of those under $100,000 and it does not have plumbing will have to be hooked up to sewer because it is in Livingston County. To discuss this further you can reach me at 810-347-5354... more
Hi, you can not buy what it yours. Meaning that you can not buy your own home.
Realtives: some lenders have the next policy:
Hereby affirm that this is an “Arm’s Length Transaction”,
No party to this contract is a family member, business associate, or share a business interest with the mortgagor. Further, there are no hidden terms or special understandings between the seller or buyer or their agents or mortgagor.
Some other do not care.
If a relative buys the property "for you" it is understood that your relative might never move in and you will be living at the roperty, so sonner or later, the same thing could happen. This is how the banks think no how customers / people think.
Also, it is not the same if the mortgage is the "original" mortgage than a refinance mortgage (with cash out).
You are correct. Companies have their policies.... more
This should be a homeowner’s last resort option. Under bankruptcy protection the distressed homeowner will be a “financial leper” for 7 – 10 years. There are several Bankruptcy options under the United States Bankruptcy Code. For this report of options, please contact me.... more
I'm in Texas. If you are in a contract that was executed before April 30th, and if the bank will come down, in Texas we would amend the sales price with an amendment, which would not change the date on the contract, only the sales price. As long as you close by June 30th, you should still qualify for the credit.... more
Yes it is possible! I have a great Loan officer I could refer to you that can help you. Please email me at firstname.lastname@example.org or call 248-534-0249 and I can help answer your finance questions and find you that great house in Fenton.... more