Home Buying in 33990>Question Details

Kristophersd…, Home Buyer in Cape Coral, FL

We are closing on are house in 2 wks through a short sale.We are planning to buy a town house in the same time before the short sale is posted to are

Asked by Kristophersdealingschool, Cape Coral, FL Fri Dec 7, 2012

credit report , at the same time we have not made any payments for a while will any one give us a loan on 90,000 for 30yrs if we make more than enough money to make those payments thank you . HARD TIMES

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Answers

14
Good Luck, It's hard to convince a lender to give you a mortgage when you're not paying the one you have.
4 votes Thank Flag Link Mon Dec 10, 2012
Shady,,, Lenders are really smart, and I would definitely look at professional counsel because what you are doing may be considered fraudulent. Get the facts and everyone has to go through the hard times eventually, hard times are the norm these days it seems. Careful professional advice is my suggestion.
1 vote Thank Flag Link Sun Jan 5, 2014
So, let me get this straight: you are loosing your home to a short-sale, haven't made payments "for a while" and you think a lender is going to give you a loan for another property? Seriously?

Health insurance may be free in America now but home loans still "cost" something. You have ZERO chance of getting a loan. I'm not afraid to tell you that.

Of course this question is a month old and you've figured this out by now. Oops, it's 2 years old! Why am I answering this! AAAAHHHHHHHHH! Cause Ray started it!!!!!
0 votes Thank Flag Link Mon Jan 6, 2014
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What exactly are you thinking you're going to be able to hide?

You haven't been making your payments and you think that just because the SS won't show up on your credit that a lender is going to turn a blind eye or somehow miss this 800 lb Gorilla in the Room?

In addition to this, are you thinking that you somehow could have a shot at purchasing another home with less than 20% down?

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0 votes Thank Flag Link Mon Jan 6, 2014
Lenders help suggest a fair expectation or program...My daughter is moving here to Florida from Virginia.
Is she eligible for 100% financing? What should we expect for a down payment if any or closing cost. She was thinking $125,000-$135,000....

Here is the background.

She has banked with Navy Federal for years and may consider getting a loan. She has a 680 credit score, five years on the job and earns $31,000..She is transferring to Florida from Virginia as her Employer has headquarters here and she minimum credit cards paid down to half way..
0 votes Thank Flag Link Tue Mar 19, 2013
Hi Kathryn. Good to see your face again. Assuming your daughter qualifies with credit and income, she can qualify for 100% financing through USDA, if the property is in a rural area (contact me for map and USDA information...robguth88@gmail.com), or if she is a veteran who is VA eligible. Otherwise, she should expect at least 3.5% down with FHA financing. Its a rough estimate of closing costs, but she should expect around $7000-$9000 in closing costs and escrows, of course, depending on the area she buys, which will determine taxes, and the age of the property, which will effect insurance. If she is thin on cash, she can always negotiate a sales contract that includes a seller credit, and she can get gift money from a relative. There are many intangibles, but if you'd like, you can email me an example property address with an assumed sales price, and I'll send you a good faith estimate so she can know exactly what to expect, as well as the costs and pre-paid items involved.
Flag Tue Mar 19, 2013
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You will need at least 35% down plus money for closing costs.

You will pay points and you will pay a high rate. (if you're thinking you won't, you are wrong)

You will have very few lending sources who are able or even willing to help you at such a low sales price and in such a situation.

However, if you have the money or can get a gift for the down payment, you can:

1. Recover past lost equity through buying a Florida property at these extremely low prices
2. Re-establish mortgage credit quickly to then refinance while rates are still low
3. Retain as much income as possible with Mortgage Interest write off savings on taxes

I can help if you have the down payment and are willing to except the reality of your current situation and don't think that because of a credit score you somehow quality for a lower rate and points, because its not going to happen until your re-establish mortgage credit.

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0 votes Thank Flag Link Fri Mar 1, 2013
You will not qualify for conventional, VA, USDA, or FHA financing. To buy the town home, your only option will be non-traditional financing. Expect 30%-40% down, and interest rates above 10%.

Robert Guth
Federally licensed Mortgage Expert
NMLS# 325469
Over a decade of experience, with award winning customer service.
239-770-6741
Life time Cape Coral resident, and an advocate for home buyer's rights.
0 votes Thank Flag Link Thu Feb 28, 2013
the best way to find for yourself, apply for the mortgage loan and see if they will approve you or not... instead of speculating what if
0 votes Thank Flag Link Sun Feb 24, 2013
I can find you homes with owner financing and you will not need to bother with the bank. I have access to 2 now. Call me directly and we can chat privately.

KCloutier9@gmail.com

239.246.6639

Kevin Cloutier
Southern Premier Realty
Cape Coral, FL 33903
0 votes Thank Flag Link Sat Dec 8, 2012
It will be very difficult to get an approval with your credit history. The mortgage company surly havs report the lack of payments. Your best bet to improve your credit over the next few years, OR look at the options of buys a seller financed home. there are several on the market now. You will need to have a sizeable down payment though.
0 votes Thank Flag Link Sat Dec 8, 2012
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YES!

Borrowers in your situation can qualify to buy another property after a short sale.

Do you have 25% down and a Co-signer or 30% to put down?

Here are 3 reasons to do what ever it takes to buy now as property values are going back up!

1. Recover past lost equity through buying a Florida property at these extremely low prices
2. Re-establish mortgage credit quickly to then refinance while rates are still low
3. Retain as much income as possible with Mortgage Interest write off savings on taxes

See 2013 loan programs here: http://www.pro-option.com

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0 votes Thank Flag Link Sat Dec 8, 2012
If you have not been making your mortgage payments for several months your credit report will reflect that. You will have to wait at least 2 years before you will qualify for a mortgage.
0 votes Thank Flag Link Sat Dec 8, 2012
If you're delinquent on your current mortgage it will be at least 2 years before a traditional lender will consider a new mortgage. Your options are paying cash or seller finance which usually has a balloon of 3-5 years.
0 votes Thank Flag Link Sat Dec 8, 2012
If you have not made any payments for a long time it will be hard to find a mortgage for you.
You need to speak to a Mortgage officer.
Good luck
Lilo
0 votes Thank Flag Link Sat Dec 8, 2012
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