i agree to disagree..it is certainly entertaining watching the levels real estate folks are scrapping for action... Dude, with that kinda cash, you don't need a agent or lender.. wave it in front of a desperate seller for a FAST closing and get that 150 house for 110.

I think what "Glancer" doesn't understand is that you have a job. And, because of the need for teachers here in NC, you will have no trouble getting a position once you get here. I have worked with several first time home buyers that have purchased a home without starting work, fresh out of school. They have a contract to go to work, confirming their future pay of course.
For some reason, Glancer is always down on everyone, and the answers he gives are usually the opposite of what the professionals say.
?????Wonder Why???

Partying like it's 2007 with this shoeing in by the mortgage brokers.....Get a job, then buy...Get your priorites straight..

Absolutely, At Keller Williams of Greensboro we have our own 'in house' lender. Scott Shubert is the Loan Officer for New Garden Mortgage. Scott is not your typical loan officer - he is a financial advisor. You need to contact and talk with him NOW however. Sometime 'credit blemishes" take a little time and effort to eliminate. The fact that you have equity to put in the house makes you a better 'credit risk' however we need to find out your credit score and history NOW to prepare you for a fall or winter purchase. Call or email me today to obtain Scott's contact information. Arleen McGinn (336) 362-7779 or arleen@teamarleen.com.

I agree that it depends on what credit issues you have. You should contact a lender and see what exactly you can qualify for. There are a lot of homes in Greensboro in your price range and you might even be surprised to see what 110K would buy you here.

I work with lots of Guilford County schools employees and there are some additional incentives available for them. Let me know if you need any help.

Michelle Kennedy
Coldwell Banker Triad, Realtors
michelle.kennedy@coldwellbanker.com

Chris, first of all it depends on what your "less then stellar credit score". I do believe that we could find you a product since you are talking about a LTV (loan to value ratio) that is so low. I have a couple of lenders that would be happy to speak with you. Now if you could secure a position before or soon after you move it would be better. Maybe start the application process and when you make the move back do a short term rental until you are employed. This way you could avoid paying a higher rate. The more risk the bank feels is evident the higher the rate. Then again depending on what you are looking for there are actually some owner financed options out there right now.

If you have anymore questions don't hesitate to contact me.

larry.story@coldwellbanker.com

You can easily get FHA financing BUT you have to have a job to support making monthly mortgage payments. It's that simple - get your job, then buy a house. You need to be careful about the job gap also.

Merre Ward http://www.nwrei.net

I respectfully disagree with the positive answers. A lender does not want to subject themselves to a potential suit from you that they should not have made the loan because you have no income; thus, negligent. It the same if you were trying to refinance with tremendous equity but no income.

You should speak to a lender in the Greensboro area right away. That way, you will know what to expect and they can help you through the whole process.

I think that you have a lot of different options and a lot of choices.

My husband would be so jealous that you have been living in Dubai. He has wanted to go there in the last few years and see for himself all the unbelieveable things going on there.

Good luck and please email me if I can help you further.

You can get a lot of home here in the Triad (Greensboro NC) for 130-160K. I can put you in touch with some of the lenders that my other customers have used. I do not think that it will be a problem, but you will need to speak to a lender directly.

I have sold several homes in the Greensboro area, and the lenders are usually very easy to work with. The one thing that they will want to know is where the 110K came from. If you have proof of some sort that you were living for virtually nothing overseas and were able to save the money, you shouldn't have any trouble.

Just wondering, if you have that sort of money in savings, could you not pay off your bad debt and fix your credit score.

If you would like the names and email address of some local lenders, please email me back at: marcus9669@yahoo.com and I will be happy to help. I would also like to help you find a home if you need a Realtor to help you do some searching.

Good Luck,
Mark Vuncannon
Trollinger Real Estate Professionals
800-849-8919

Chris,

Generally a 20-35% down payment will make lenders much more willing to work with someone with a poor credit score. If you are able to make a $110K down payment on a $170K home, you're making a 65% down payment. Any lender would be very happy to see that. Lenders measure the risk that a buyer will default on a loan against the amount of equity that will be in the home. First, they know that a buyer putting 65% down will be very unlikely to risk losing their money by not making payments. Second, if for some reason the buyer does default, the bank can foreclose on the home, sell it, and make a profit, even if they sell well under the original sales price.

Speak to some lenders in the area - but it sounds like you are in an excellent position.

forget the lenders, imo with the amount of house your looking to buy 130k, find a motivated seller and get it for 110k and a QUICK closing. LOTS of motivated sellers have houses with minor repair needs who can not tafford to bring up to snuff. Lenders value credi scores way too much, unless a private route, then the % is too high..