Home Buying in 46304>Question Details

jmk12805, Home Buyer in Chesterton, IN

how to purchase an HUD property?ive seen 1 here & we are interested with the property BUT....

Asked by jmk12805, Chesterton, IN Mon Feb 18, 2013

my husband is the only 1 who has credit score(620-652) but he only started '11 so not enough credit history is what our bank told him & told us to wait till oct(his 2nd yr working at mill).do we just wait?what to do?

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jmk12805,

It sounds like you were given solid advice from your bank. You do need 2 years of work history in the same field. If you went to school for what your job is the college can count as work history. Honestly the year will fly by, be patient. In the meantime you could decide on areas you may want to purchase your home in. Get to know what the different towns offer, drive through subdivisions when your in the areas.

Christine
0 votes Thank Flag Link Mon Feb 18, 2013
jmk12805,
I know it is hard to wait but I promise it goes quick. I just got an accepted offer last night for a buyer that was waiting for 6 months prior for their preapproval. Send me your email address privately and I'll send you a copy of my buyer book. It answers many of your questions. Keep in mind that many foreclosures need updates to pass financing for you to get a loan. I know because I show everything under $60,000 from Chesterton to Whiting to DeMotte. :) They often need mechanicals, a roof and some plumbing. There are 203K rehab loans that allow you to make repairs that are financed but they have to be done by a licensed professional.
Yes, I think the wait will make you appreciate searching and finding your home all the more! Christine - christinemcdaniel@yahoo.com
Flag Tue Feb 19, 2013
my husband hates subdivisions bec of fees & rules.ive seen a lot of nice houses in the subdivisions around chesterton(currently renting in town).in town will be ok cos closer to school.we want a bigger yard for our 2 yr old to run around & possibly a dog.that's why we also want a place a lil out of town.we are thinking either the foreclosed house on 10th st or the HUD on 400 S. cos is cheap & we can just remodel it.we are thinking too that if we get preapproved for a loan,our max will will be atleast 175K or atleast same as we are paying now with our rent $735/mth..hard to wait when i keep watching HGTV & looking at the houses :( i know if its meant for us then what we like will still be there.anyway,thank you.i have so many questions cos we are 1st time home buyers so i want to know as much as i can but i guess i will just make me more excited..have a nice day :)
Flag Mon Feb 18, 2013
We finance distressed properties and offer a no credit/no employment verification home loan for Indiana Owner Occupiers. We do require 35% down, so if that's something that would work for you, please let me know. We do not have a pre payment penalty, so you can always refinance out of our loan when you can qualify for traditional financing.

Thanks,

Ted E.
512-334-1481
0 votes Thank Flag Link Tue Feb 19, 2013
Hi JMK12805, I can put you in touch with a lender who may be able to help. Please call 219-508-0490.
I have 27 years of real estate experience and surround myself with high quality professional.
0 votes Thank Flag Link Mon Feb 18, 2013
Unfortunately, if you are not a cash buyer, you have to be prequalified for a loan. There are lenders out there which might be able to loan you the amount but it will be according to their terms which most likely than not require higher down payment. A higher interest rate is also to be anticipated.

Best of Luck.
0 votes Thank Flag Link Mon Feb 18, 2013
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