Impossible to give you a good answer without knowing more details. You should be asking your Realtor these questions. Usually, if you've passed an important deadline (I have no idea what a "PA extension" is), it usually means you're technically out of contract, and either party may terminate. Again, I'm not familiar with your contract or the situation. Best to talk to your agent ASAP. You could lose your earnest money at this point.... more
If the "friend" is giving you the money as a gift then the sourcce of funds has to be documented. The lender will want to know where the money is coming from, is it a gift or a loan, they will need to show proof of having the funds. The whole money trail will have to be documented. The rules are different based on what type of loan you are obtaining. You really need to speak with a lender before proceeding to see what will and will not be permitted. You also need to consider if you are buying too far over your head. Will you be able to afford not ony the payments, taxes, and maintenence costs on this home. Your expenses for things like taxes and insurance i may increase in year two.... more
In most cases "most definately". With credit problems you will usaully be asked to pay a higher down payment than those with good credit. The only way to know is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage programs that you may quailify for given your credit.
Sorry to hear about the bankruptcy. I hope that it will atleast provide a new start for you. you will need to establish credit again. Lenders want to see a re-establishment. Easiest way is to go to your bank and get a secured Master/Visa Card. Secure it with whatever amount you feel comfortable with, $200, $300, $500. Then use it at grocery store etc.. Remember it's secured, so this way you don't get into financial cruches. After about 6 months of making payments to the balance owed, it should rate your payment history. This is a good start.
Not sure in MI. but in California, you have to wait about 4 years to buy. Take good care of credit, besure to establish other accounts but keep it simple and responsible according to your finances. Trust in God and I wish you good luck, don't forget to thank our troops when you see them ok. They lay a huge sacrifice for our continued freedom.
I Hope it helps out. If your ever in California and looking in the Southern parts, San bernardino properties, Riverside County, Rancho Cucamonga, Fontana, Rialto, inland empire homes for sale, check out my website: www.FirstHomeOrDreamHome.com or you can always check the Realtor.com site, I'll be glad to help you find what your looking for; Realtor Sergio Zamora.... more
You can buy the property before it hits the market if you go to the court house where the bank is bidding on the property along with you. It's called a tax sale here in Jacksonville. They're held in May and the list of properties are advertised before the bidding.... more