By Bill Barksdale, GRI, Realtor® Foreclosure Title Insurance Nightmare Buyers of “Bank owned properties”, i.e. foreclosures also called REO’s (Real Estate Owned) and Short Sales, beware. I am
By Bill Barksdale, Realtor® REAL ESTATE DISCLOSURE – Your New Best Friend When you purchase a home and other real property in California you will get a thick stack of paperwork that your agent will
Is Your Home FHA Compliant? by Bill Barksdale,GRI If the buyer of your home is using a popular FHA financing program, the lender’s appraiser will have to confirm that your property complies with a stricter
A "Short Sale" is when a lender allows a potential home seller to sell their house for less then the seller/borrower owes on the loan. We are seeing these quite often on homes that were purchased during the "Bubble" of the mid/late 2000's . Banks/lender are not obligated to reduce the principle owed them and will sometimes choose to foreclose on the home instead, but it's worth a try for the home seller. Short Sales often take 6 months to as much as a year to get through and many buyers and real estate agents do not like to deal in these properties, especially since you can get to the end of that period and the Bank can deny the Short Sale and you are back to square one again after months of work and waiting.... more
VA medical disability & VA pensions usually have no problem being used as qualifying income. The non-taxable portion of the income can be grossed up for qualification purposes as well, so if you receive $2,000/mo in non-taxable income then it usually will work out to $2,500/mo of qualifying income, increasing your purchasing power. VA loans don't require excellent credit, and most lenders can do them with a 620 credit score, so when most people say their credit is "good" it usually works out to be fine for VA financing.
Shane Milne | Lending in all 50 states | NMLS #81195... more