What your idea of "BAD Credit"? Any repossessions, bankruptcies, evections and or late payments esp. student loans and when?
What I have seen several times is buying a home with "lease to own" and when you pay the rent the seller stops paying the bank (that really owns the home) and you'd have to move because the home is foreclosed on.
Call me, (Frank 512-504-3474) if you need free advice on how to improve your credit.... more
This sounds like a bad idea. If I understand your question correctly, you have entered into an agreement where you pay monies to a party who in turn is making payments on the same property to a lender or servicer. If so, this is a very risky transaction. To answer your question, the superior lien holder is the party holding the 1st note which would be the primary lender not the party you are currently paying. Tax liens are superior, of course, if applicable. See the links for more info regarding superior lien holders:
Hi, You should never rely on any of these websites for an accurate value on a home. One of the main reasons is, most sites don't take into account updates, etc. Nobody can give you an exact value because it's only worth what a buyer is willing to pay and we don't know that until it closes. You should have an agent do a proper comparative market analysis for you, they are free.
Check out naca.com if they serve your area they do not have income limits. it's been a while since I've been to a meeting there but you may or may not need to have a certain amount of reserves put away. although its a good idea always to have a few months worth of payments just in case. Good luck!... more
All deposits are held in escrow by the listing brokerage. Depositing your check is required, and does not have any bearing on your final decision to finalize the purchase. As long as you withdrew your offer within the terms of the agreement, you should get a check from KB Homes for the amount of your earnest deposit. Usually the return of a deposit is completed pretty quickly. Just make sure you've requested release of funds, and then expect a week or so to receive your check.... more
Recommend to contact city tax office who are the experts address these questions.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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I just saw that you have yet receive an answer ... so here it is. The MLS #6115668 (470 Sampson) on the market 7 days. The property sod on 10/9/2012. I hope this information helps in any way.
Judy Carey, Owner/Realtor
AmanVerde Real Estate
Daybreak RE, Broker
Website: www.AmanVerdeRealEstate.com... more
You can make an offer like this however unfortunately many sellers won't consider accepting it because until the contingency on your home is removed it can be somewhat limiting for the seller. In most cases the Board of Realtors requires that you disclose in mls that there is a contingent offer and some buyers will not want to look at these homes because they don't want to get caught up in possibly losing it if the current buyers can perform if forced to so it can be somewhat limiting as a seller. To ensure that you know your offer has been presented to the seller ask for something in writing signed by the seller saying that the have declined the offer.... more
What is your middle credit score?
If for some reason you don't qualify for an FHA mortgage your lender should be able to explain to you why you don't qualify and what needs to be done to turn that no into a yes.... more
A lot of lenders do FHA, Chase, B of A, Wells Fargo, to name a few. Mortgage Brokers as well can broker them. Right now FHA is still offering as low as 3.5% down. There are monthly and upfront Mortgage Insurance. Your credit must fall within the guidelines, along with maximum loan amount.
The difficulty we are facing with FHA is that the property needs to qualify for it. Many condo's have been removed from the approved list and now need to get re-certified, not quick, nor easy. Single family homes need to comply with health and safety standards. Work with a mortgage person and agent who is familiar with the FHA process.
There are rumblings that FHA wants to change the down payment requirement to 10%.... more
The trend shows it has gone up, but, slightly, which is common all over Texas. This is one of the reasons we have not had the housing "bubble" like California and Florida. Also, in Kyle the median income has slightly dropped. So, unless Kyle can get better paying employment this can have a reflection on the future housing market.... more