Thanks for your post & congratulations on your decisions to purchase a home. I would suggest you get APPROVED not just pre-qualified. Let me explain the difference. When you start shopping for a home, most Agents and Builders want you to get pre-qualified, before they spend any time with you. However, being pre-qualified doesn’t mean you are ready to buy. In this market, property is moving faster than ever. So if you are ready to buy, you should get APPROVED by a competent Lender. Approval is similar to having cash in your pocket and this tells the seller you are truly ready to buy. In fact many listing Agents and Builder won’t even look at your offer unless its attached to a real pre-approval with FHA, Fannie Mae, Freddie Mac, VA or USDA Approval.
I would be delighted to provide you with some options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation. My Office hours are 08:00 AM-08:00 PM Mon-Fri and Fri and Sat 08:00 AM-06:00 PM CST.
Capital One Bank
Phone 469-315-1709... more
Have they had any trouble with the foundation since they put in the piers? It's hard to say if the house would be a risk or not. I'd probably have the house inspected and then ask the professional their opinion on the structural integrity of the building. It's better to play it safe when it comes to buying a home. http://www.hillsidelandscapingak.com/foundation-waterproofing... more
Don't even think of doing this. This is illegal. Any mortgage lender will find out in seconds that the disability benefits belong to your sister and you are not entitled to use these funds to purchase a home. If you can't qualify using your own income, the best advice is to save some of your income every month and in a year or two, hopefully you will qualify for a loan.... more
It depends on what part of Melville Street that you are talking about. The area between Culver road and past Merchants Road are nice and quiet also just down the street from the North Winton area. The area that you speak of isn't too nice and that's probably why the price on the home is so low.... more
The only way to know for sure is to talk to a local lender. There are many different factors involved in qualifying for a loan. They'll look at your credit score, income, debts, savings, job history, tax returns, paystubs...etc.... more
You should definitely try to fight this. You shouldn't be held responsible for an issue like this when it wasn't your fault, and the problem existed before you even moved into the house. I know that I would hate to have to handle someone else's problem. You should talk to inspectors and real estate agents at the least. If you feel the need though, you should also talk to a lawyer to see what they can do to help you. That's the best chance you have at getting the help you need.
I have to disagree with this real estate agent. I built with Ryan last year and had a great experience. The sales guy was friendly and the process was easy. I read horror stories about Ryan but in Rochester anyways, they seem to have their stuff together. I also found that our realtor really just got in the way. He would just talk and give the sales guy a hard time just to justify his existence. The Ryan rep really did all the work. I also later found out that if you don't have a realtor they are more willing to negotiate on the price because they don't have to pay a commission. If you are looking for a new home for the same price as a used home, go with Ryan. No home is perfect but our experience with Ryan Homes Rochester was great.... more
Best bet would be to find a bank/credit union and make an appointment to sit down with a mortgage consultant. They can look into and explain if you qualify or not as well as what your options are and if need be, what you can do over time to put your credit/debt to income ratio in a good position that looks good to lenders which will also get you a better rate. I'm also trying to buy my first home and one perk I've seen at a couple financial institutions in Syracuse, NY is that they offer First Time Home Buyer programs where they will give you X amount of dollars to put towards your house. Each program is different though and you obviously have to finance through that financial institution. Hope this helps and good luck to you!... more
You will often find transfer amounts for $1. It is common to see this and doesn't mean it was transferred to a family member. Often times it is simply a transfer title to change names on the deed. From one LLC to another LLC or from personal name to LLC etc.... more
Hi James, First choose a lender you can trust and get a pre qualification. What that is, is an estimate of how much house you can afford and how much money a lender would be willing to loan you. The best time to get a pre-qualified is right at the beginning of your home buying process, before you even start looking at houses. The top questions and answers you want to get from a lender are providing information on your income, assets, debts, and a potential down payment amount. There is no cost when you get a pre qualification in helping you figure out if buying a home is a viable option, and if so, what your price range would probably be. If you then are approved and have a loan amount that can help you achieve the purchase of your home, the next step would be looking around and finding the home that best suits you. Wish you the best of luck!... more
You shouldn't have a problem as long as you actually inhabit the property and keep records on why the rehab is taking so long. Typically whan you have a good GC complete rehabs are accomplished within that window. If you're going to be doing a lot of the work yourself, it can be a daunting on going multi year process (for some anyway). You could consider a 203k loan to get some rehab money as part of the loan and speed up the process. In practice, I don't believe you'll have an issue doing this as long as you're on the up and up. The major problem Fannie / Freddie encounter are fraudulent purchases by family and friends of investors that don't plan to occupy the premises at all. They plan to rent them out. As long as you're an actual OO I would say you'll be in good shape! Again, document everything and actually MOVE IN to the house and you should be OK. Disclaimer: I'm not an attorney, so you may want to consult with one!
If you need to speak with one, I can put you in touch with one I trust implicitly. Also, if you need contacts for lending (203k or otherwise) feel free to hit me up. And obviously, if you want the BEST representation, you should call me directly and I'll make sure you get a deal with some MEAT on the bones.
We have some new exciting listings coming up on Arnett! If you want an exclusive sneak peak give me a call! We have one owner willing to hold a mortgage for qualified buyer and another that will lease with option to buy.
Mark Updegraff RE/MAX Plus