Another common mistake is the buyer uses a best case timeline instead of a worse case, huge mistake in the real world, stuff rarely gets fixed smoothly. It is hard enough getting to the closing table when all of the ducks are in a row, the lender has approved the loan request and everyone is on the same time line. “When am I going to be eligible for a mortgage loan?” Well intentioned loan officers will answer that question based on the single piece of information you provide. That is not how the underwriting process works, the application is reviewed in its entirety. Don’t let that burning desire to own a home deceive you. I get several calls a month from someone that believes they are now eligible because of some timeline, only to discover their timeline is just beginning.
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Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
There are a couple of lenders on here that work with a lot of different products. Depending on your situation, you may be closer than you think.
We work with first time homebuyers to help them get ready and complete the process. We would be happy to help you figure out a plan to become a homeowner!
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.
Best of luck!
What I suggest instead is to build in a "right of first refusal" into the lease. In other words, if the landlord decides to sell, he/she will give the tenant the first shot --- at a market rate.
Good luck and best,
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