Home Buying in Pleasanton>Question Details

Rebecca, Home Buyer in Pleasanton, CA

What is the best way to buy a house ?

Asked by Rebecca, Pleasanton, CA Wed May 30, 2012

Our house is going under short sales since we lost our jobs and has stopped paying the mortgage. We finally got a job and want to buy a house when the price is still low. The current loan is in my husband's name only although my name is in the title too.
We are exploring options now. Our first choice would be a new loan in my name. However with the missed payment on our house, we are not sure if i can still qualify a loan.
My family in Asia is willing a help. They can either give us money to pay the down payment (we can pay 25-40% down but have to get a loan for the rest), or get a loan from overseas to buy a house here. In this case, whose name should we put on the title and the loan so that it is most cost efficient? As soon as our credit is recovered from the short sales we would like to buy the house back from them.
Any suggestion will be appreciated. Many thanks.

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Fabian Moreno’s answer
Sounds like you need to speak with your lender or the agent handling your short sales.....Your already sure they will sell you the home back? This could get complicated..........call me ... let's talk.
0 votes Thank Flag Link Thu May 31, 2012
Smart approach. Gather information, gather information and gather more information. And, which answers to move with is the challenge. There are articles writen on the questions you posted. The loan officer and real estate agents you choose to trust are your key to reliable information. Check out Consultation-Interviewing Loan Officers, at Your-Road-Home.com. After you have gathered the information you will be well equiped to choose your loan officer and real estate agent that you can trust. Someone with experience and who has your interest as their highest priority. You will find loan officers and agents at Trulia offering their services. A large pool of professionals to choose from. Best of Good Luck
1 vote Thank Flag Link Sun Feb 24, 2013
paying CASH is the best way to get a replacement home at a great price.
0 votes Thank Flag Link Thu May 31, 2012
If you were not on the loan that short sold you might be OK getting a conventional loan right away just in your name. But you would have to qualify for the loan entirely using your income. You can get a gift from a relative for as much as you want of the down payment.
0 votes Thank Flag Link Wed May 30, 2012
Rebecca, You are correct that although you are not on the loan, you have been living in the house and as such, a new lender will tie you to the short sale.

If you can get a loan from Asia that is the only way you can buy as you did have mortgage lates during the short sale.

You should jump on the title of that property from the very beginning of that purchase. You will find it much easier to refinance to pay them back the original funds. This way it can be a refinance and not a new purchase.

If you are not on the title from the start, you will need to be added to title or purchase it from them and you will be subject to transfer tax and increase in sales tax.
0 votes Thank Flag Link Wed May 30, 2012
Hello Rebecca,

My recommendation would be to contact a loan officer and explain your scenario to him so see what options are available after all details have been reviewed.

I'm also a loan consultant and based on what you have provided, I feel the most simplest route to go would be to see if your income alone would be sufficient to support the loan for the purchase price you are considering. This way you are able to get conventional financing with as little as 5% down depending on loan amount and your credit rating. As you have mentioned the current loan you are doing a short sale on is under your husbands name, the key here is to qualify you with your income and employment history. Unfortunately, you can not buy back your current home as it would be an ARMS LENGTH TRANSACTION and our husband based on conventional guidelines will not qualify for 2 years. You also have the option of FHA and HOMEPATH the government loan programs which allow you yo buy with as little as 3% down. So you do have a few option and should be talking to a seasoned loan officer for further details. Feel free to contact me if you would like to discuss your scenario in detail. 925-719-6568

GOOD LUCK! :-)
0 votes Thank Flag Link Wed May 30, 2012
Find a good lender here in the USA and work with them or borrow the money ovrseas and buy cash if possible. The name on the title should'nt necessarily matter or change what was completed in the past with regard to a short sale.

I hope this helps,

Rocky G.H. Hawrysz
Prudential California Realty
rocky@prucalifornia.com
License No. 01468373

Without Question, Committed to Your Success!"
0 votes Thank Flag Link Wed May 30, 2012
The best course of action would be to set up a meeting. I would help walk you through your options. Most likely we would have you be the purchaser of the home and qualify it based upon your income. Feel free to call me anytime. I have plenty of experiences with similar situations and would be happy to guide you after getting some more details on employment etc.
Web Reference: http://www.loansquawk.com
0 votes Thank Flag Link Wed May 30, 2012
I think you need to consult with a local Mortgage Broker - one who specializes in all types of circumstances. In my experience, if you don't have a job, you are not likely to obtain a mortgage. In addition, I think the mortgage default will add another obstacle.

Speak to someone one on one who can review your entire financial picture...only then will you get a definitive answer.
0 votes Thank Flag Link Wed May 30, 2012
Ok... so you got 2 choices really... a "Hard Money" lender... which means a healthy down payment and high intrest rates... You will want to refinance out of the loan as soon as you can qualify for a new mortgage..

OR

Owner Financing - this limits which homes are available to you. You will need 10 to 20% down...

Buying your own home back from the bank is a non-armslength transaction and a bit tough to do..

Fact is... if you are now able to put 25 to 40% down... why not just call your mortgage company and catch up with the current payment and keep your home... That's what I would do... and if you cannot afford to keep up with the mortgage... either sell the home or lease it out..

Hope that helps.
0 votes Thank Flag Link Wed May 30, 2012
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