You really should talk to a lender and an agent about what is best for you, but assuming you need to go FHA because you're low down payment, FHA does have an element of "mortgage insurance" built in, and that effectively increases the interest rate. There would typically be only that one mortgage (or more precisely one deed of trust).
Depending on your credit you may also have the option of getting conventional financing with private mortgage insurance ("PMI"). For some that is a better option. But you need to consult with professionals about which is best in your situation.... more
I just have a hard time believing that these mortgage companies can't do things a little better. We passed along all of our information and given a approval letter. Nine days before closing we get a call from our broker and we are told we need to pay off our 12K car loan to be able to close. So with nine days left we have to come up with moving costs, closing costs and now we have to pay off one of our vehicles. How do you miss the income to dept ratio by that much at the approval? I asked this question to our rock star broker and was met with a nasty response. She told me the pre-approval is something completely different. What? It seems like they approve you to get there hooks into you then can cut you loose and walk away when they have to stop and do the real work. The have to pay 1% of the closing cost and they loose it if the closing falls through. This would make these people look at the documents a little closer before they put all these good people in a bad position.... more
You really should contact a good loan originator to answer these questions, rather than just looking for answers on the Internet.
Note that in the Seattle area right now the market is very tight, and having a good lender is likely something you will need to get your offer accepted. Sellers may decline to accept your offer even if it is the highest if they don't like your lender. It's probably best to use a loan originator recommended by your agent, since they will be able to vouch to the listing agent that the lender is good, which could help set your offer apart.
Also, if you can go conventional rather than FHA, that might help, but that is really dependent on the situation. But in certain markets going FHA might cause a seller to question your ability to get credit. I think that's unfair, and shouldn't happen, but I believe it does happen.... more
Correcting information listed on Trulia.I've updated incorrect information listed for my house, but Trulia doesn't register the information. Specifically, I have 3 bedrooms (not 2) and 1.75 bathrooms (not 1 bathroom).
If the buyer buys prior to foreclosure, they would either have to pay off the mortgage in full, or get the lender to approve a short sale. If the lender approves a short sale the buyer would buy the property free and clear of that lender's lien interest. The seller may or may not owe the balance to the lender, depending on whether or not the lender agrees to release the seller.... more
There is no one answer to this question because agents can each negotiate their own commission. Typically though the seller enters into a listing contract with a listing agent who is part of the NWMLS, and that contract offers buyers' agents a commission. So the seller pays both the listing and buyer's commission.
The reason the system is set up that was is it benefits sellers, bringing them the most buyers--particularly in the current market where multiple offers and bidding wars are common.
The other major items a seller pays is the real estate excise tax (typically 1.78%) and the buyer's title insurance (varies depending on price, but typically between $500-1,200).... more
One thing to find out is what is the warranty on the window. Depending on manufacturer there can be a warranty. Most likely you are not the original owner but if you are then the window manufacturer typically will warrant the window. Some manufacturers will warrant to the second owner.... more
We have a similar case. We are legally married couple. I have a SSN and great credit score but my income is not enough to pre-qualify. My husband has only ITIN, over 5 years for same employer, good income but no credit report. What out chances to get loan without down payment?... more
The key difference and the question you should ask - what code is this home built to - IRC or HUD. A modular home like stick built homes are built to IRC - i.e. to meet the local building code requirements. manufactured housing is built to federal HUD code (aka affordable housing, mobile homes).
It can be confusing because many modular home manufacturers ALSO are manufactured housing companies. National non profit trade association for modular homes: www.modularhome.org... more
Wiring funds from home sale to home purchaseI am closing on my home sale on Wednesday 5/11 and closing on my new home on Friday 5/13. Is it appropriate to have the proceeds from my sale be wired directly to the new escrow company,