There are several options. If you wish to talk about them, feel free to call or e-mail me. Don't bother with the conventional. They only no how NOT to do it.
DANIEL T.
COLDWELL BANKER REALTY CENTER
REDLANDS, CA
909-792-4147 (office)
951-834-5876 (my cel, leave message if no answer)
daniel.lucas@coldwellbanker.com... more
Good morning Brandy,
The rule is simply three years as others have stated, i have recently closed a couple that were 3 years old. Keep in mind, your credit on other credit items IE credit cards, any loans, etc., should keep getting paid and your credit worthiness up to par. Many people have used short sales to take advantage of the market and sell because they were upside down on their mortgage, not because it was a hardship. Those loans will be looked at closer in the next couple years.... more
During this first week of 2012 I've been busy with new business. That is just the way all of us like to start the new year, right? At any rate, one buyer came highly recommended through a mutual friend
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First time home buyers face a number of challenges in their quest to make that big move from renter to first time home owner. More than 70% of Americans say that owning a home is still a good investment
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Yes, you can buy a home in one year, but it will be a cash purchase.
Yes, you can buy in two years but it will be seller financed.
Yes, you can buy in three years, but the mortgage will not be through 'big banks' and will be costly.
Yes, you can buy in five years, through special feature mortgages through second tier mortgage companies
Yes, you can buy in eight years if you have been successful in keeping your debt well under control
Yes, you can buy in ten years if you have been timely on all your payments.
Each and every options depends on YOU! The conflict exist in the assumptions regarding what you will and are able to do.... more
Not having regular forms of credit, called traditional credit, isn't always a show-stopper to being able to qualify for a mortgage. Like has been mentioned, if you have forms of alternative, or non-traditional credit, then that can be used as a substitute for the traditional credit (car loans, credit cards, student loans, etc.). I explain what non-traditional credit is, how much non-traditional credit is needed to be considered sufficient, and how to verify non-traditional credit all in the "web reference" below.
However I was reading back to your other posts in the past - 2 years ago - and you mentioned at that point your husband got a loan to start help building up his scores. How long has he had that loan for and is it paid off? Was the payment history all on time? How long ago was it paid off? It sounds like it may have been paid off awhile ago (perhaps over 6-12 months ago) and there hasn't been much/any activity since. If so, then he may just need to open up a credit card and make a payment on it in order for him to get credit scores again (called FICO scores).
The minimum requirements for someone to generate a FICO score are:
1. At least one account that has been open for six months or more (this could be his credit union loan he got 2 years ago)
2. At least one undisputed account that has been reported to the credit bureau with in the past six months (this would be the brand new credit card he'd open - it may have to be a "secured credit card" if he does not have any credit scores reporting. A secured credit card is where you put some money down and the bank gives you a credit card with that amount as it's credit limit - I am very certain your credit union offers this)
3. No indication of deceased on the credit report (if your husband is alive, he meets this already)
Having a credit score will greatly improve your financing options, so if you do not have a need to buy a home at this exact moment in time (like your lease is up, or you are being forced to move, etc.) then I'd recommend he does something to generate a credit score so you won't have as tough of a time trying to qualify for a mortgage.... more
As the population ages and questions continue about reverse mortgages here's some info you should find helpful:Should You Go Forward With a Reverse Mortgage? By: Dona DeZube Published: June 29, 2011
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The lender CAN only loan money on appraised value. One of options sell the home as a short sale OR wait for market value to return
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com... more
I would be happy to! Here's some more information and a "how to" about finding the right HECM Counselor for you. Prior to processing a loan application, all borrowers must submit a signed certificate of
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"I have checked our rate matrix and I don't see a 1% shift on ANY loan program including Jumbos in the past two weeks."
That's because this thread is 3 years old.
As professional financial planners design retirement plans for their senior customers, using home equity should be addressed as part of the retirement and estate planning. Is the client planning to remain
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Pstorch,
I'm glad I read my answer. If your home is more than ten years old but newer than a mid 1976 there are still conventional loans available.
Additonally, I would like to qualify myself. I'm an RE broker and have been a general contractor, manufactured home contractor, a licensed manufactured home dealer and developer for 25 years and can tell you that if I were to take you or anybody else on a tour through a MH factory you'd be hard pressed to tell me that there's any difference between the way a MH is built and a site built home.
I've been doing both for almost three decades and can personally attest to the fact that a manufactured home is probably built even better than a site built home. All the framing material is clean, dry and straight. all the other building components are of the highest quality and everything is done in an climatically controlled environment.
So to those of you in the RE profession please do a little homework before you start slamming the Factory Built Housing Industry and scaring those homeowners who own or wish to own them.... more
1) What is the minimum age allowed for a reverse mortgage? borrower? a) 55 b) 60 c) 62 d) 652) What does HECM stand for? a) Home Equity Conversion Mortgage b) Housing for Elder Community Mortgage c) Housing
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Tracy has a great answer, "You need legal advice. It doesn't sound right to me. If you can't afford an Attorney, look for free legal services in your area."
Hello,
Do you need a loan to pay off your bills or to start a new business? if yes then fill this loan application and get back to me with it so that we can process further with the transaction ok,please reply to this email:thomas_loanfirm@hotmail.com
If interested, Please provide the following:
Name:
Amount Needed:
Duration of the loan:
Phone Number:
Country:
Purpose of loan:
Occupation:
Monthly Income:
Sex:
Thanks
Mr Thomas Lee.... more
Just wanted to tell you a quick story about a client I met with this month, that we will be helping with a reverse mortgage very soon. She was referred to me by a friend of mine.She is 83 years old and
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This question has only one obvious answer.... don't do it! Not worth it.... But seriously, what kind of question is this to ask? If a Realtor were to give poor advice and tell their client to "fudge", we would be considered unethical and liars (rightfully so). So why is it ok for a buyer or seller to do it? Don't you as a Seller have a fiduciary duty to act with honesty and integrity in your business dealings with the bank? I'm sorry I have to vent a little.... I am tired of Realtors always getting the bad rap when many times, it is the Seller or Buyer that is fully aware of what they are doing when they are doing it. If you make the wrong decision, you can't blame anyone else when (and it's when) it comes back to bite you in the butt.... more