Home Buying in Nashville>Question Details

Lee, Home Buyer in Nashville, NC

Wanted:General home buying guidance

Asked by Lee, Nashville, NC Thu Aug 2, 2012

I contacted SECU who I bank with for a pre qualitifcation, I have a long history with them, deposit, saving, and loan accounts, and they liked everything they saw but would not approve me until I had a few thousand dollars saved. I clearly see the point, I can afford a mortgage payment but have not been saving it, just been spending it. How would it look if I came back in a month with the few thousand dollars needed, are there any red flags raised if I say the funds are from selling personal property(boat etc..) or a gift??????
Also the home I am looking at, I would like a soil sample done for PCB containmaintion from 15 or so years back. And does the house have to pass inspection for the mortgage to go through? And who pays for appraisals? Also i would like to offer(when i have the $ saved) several thousand dollar less but still finance for the asking price, does the realtor just give you the difference? Is that who you work it out with. The house has not been updated since it was bu

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"Also i would like to offer(when i have the $ saved) several thousand dollar less but still finance for the asking price"

I'll just answer this one: you can't do that.
1 vote Thank Flag Link Thu Aug 2, 2012
Your question seems to have been truncated. Do you want some money to remodel the house? If you are buying a fixer-upper, you can apply for a "renovation" loan. There is a special FHA loan called a 203K loan that will give you money to buy a house and then money to make repairs. Not all banking institutions make these type of loans, but I think BB&T does. The local banks used to do this also as construction loans, but they are much more cautious about lending money these days, so I'm not sure you could find a small/local bank to make a renovation loan.

I believe VA and FHA loans require homes they finance to pass their inspection which is different from the general home inspection that Realtors recommend. If you are getting a "conventional" loan (20% down), an inspection is not required. The buyer pays for an appraisal when he applies for a loan.

Any money suddenly appearing in your checking account would have to be explained. Sometimes a lender will allow money to be gifted to a buyer, but a letter from the giver stating that it is a gift and not a loan is required. You should ask the SECU if they would allow the needed money to be gifted to you.
0 votes Thank Flag Link Fri Aug 3, 2012
Hi Lee,

What if I told you that you could be eligible to buy a home in Nashville NC with no money down, without needing money in savings and with a 30 year fixed rate as low as 3.25%?

That's right, Nashville NC is an area that's eligible for the no money down USDA mortgage so as long as you meet the credit score and county income limit requirements you could buy a home with no money down. There are couple of additional benefits with this program like the ability to roll your closing costs into the loan and the monthly mortgage insurance is substantially less than an FHA or conventional loan.

Yes, the home does have to pass the appraisal (inspection) for any mortgage to go through which you will pay for. You'll also pay for any other inspections you want/need like the home inspection (which is not the appraisal) or a septic inspection.

You can not get money back at closing so offering X amount and financing more is not going to happen.
0 votes Thank Flag Link Fri Aug 3, 2012
You would have to document where you got the money from. You pay for the appraiser, the real estate broker doesn't give you any money, and why are you buying a fixer on a site suspected of PCB contamination?
0 votes Thank Flag Link Thu Aug 2, 2012
The Hazmat came out and cleaned it up. The well water is no longer in use and is connected to county water. There have been soil test in 2010, but I would prefer having a fresh one, then trusting what the realtor provides. According to this report the levels are not dangerous
Flag Thu Aug 2, 2012
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