Buying a foreclosed home always requires the assistance of a legal expert or a tax consultant and it is exactly here when experts can assist you in your quest of buying a home which is put on auction and help you walk through the legal formalities... more
Depending on the value of your home and your income this should be possible. http://www.northcoastfinancialinc.com/hard-money-lenders-california/sacramento-hard-money-lenders-loans/ Because this would be an owner occupied consumer loan the lender must verify your income and ensure you meet a debt to income ratio. This is a federal regulation that all lenders must comply with, even hard money lenders.
It sounds like this would be a 2nd mortgage against the property which fewer hard money lenders are able to fund. The interest rates are higher for 2nds.... more
Understanding Contractual & Warranty Rights. The sales process gives the buyer an understanding of what they will get for their money. New construction is an expensive consumer purchase. Builders know what consumers are looking to hear.
Web Reference: http://USAConstructionLoans.com... more
List price doesn't equal appraised value. As to why the buyer offered over list price only the buyer or buyer's agent know the answer to that. One could speculate that buyer was really motivated and wanted to secure the home or they ran the comps and offered according to comps. These types of things you should be asking your agent.... more
I work for a direct lender in the mortgage industry who offers FHA VA, and USDA loans in 47 states down to a 550 credit score. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You need to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479... more
It will depend on if it is built before or after 1976, the condition, in park or on its own land, on foundation, single wide, etc. Pre 1976 are very hard to finance...
You will need to be pre-approved to be able to meet an agent to submit offers on homes of your choice. You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.
Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
The kind of market you’re in will dictate your negotiating strategy. Be aware that in most places, the days of lowball bids that were common during the housing bust are over.
In neighborhoods where homes are scarce and demand is high, chances are you’ll be one of multiple bidders. In that environment, you’ll need to bid the asking price or even 1%-3% higher to win the deal.
In areas where home sales are slow, the reverse is true. Study the property’s history to see how long it’s been on the market and whether there have been any price cuts. You might start with an offer 8%-10% below the listing price.
This article goes into more details - http://practicallist.com/real-estate-short-sale with fico and fannie mae data and documents you can download to use as a check off list when doing a short sale.
Most will be hit with 30 - 90 day late payment hit plus a short sale hit. Could be upto 300 points (thats as much as a foreclosure) Some seller get away with only 100 points which can be restored in about 2 - 3 years. For most people its one of the best options if their under water.... more
Use InBedrock.com to help educate on all real costs of homeownership, including purchase price, improvements, title + HO insurance, RE taxes, mortgage financing options + after-tax implications, utility costs and eventual selling costs of 6% realtor commission + state transfer taxes. InBedrock.com provides in-depth, easy-to-understand analysis on financial decision of Buying v Renting v Investing in stocks. Find out actual # of years until break even on all costs of investing in a house vs renting. Get educated today with InBedrock.com before you make biggest investment of your lifetime. InBedrock.com... more