First things first! Have you been pre-approved before you make the offer on any property. This will enable the accepting offer to be acceptted with a qualified buyer. (sellers and REO property dont want to waste time).
There is a new guideline, if you are renting the previous home: 1. Must have 30% in previous home 2. Must have renter signed agreement and check from renter 3. Must have 6 months reserves!
The other exception is that your combine income will be able to afford the new and old mortgage and then all that is required is the reserves! T
This is because of the Buy and BAIL statements from FannieMae! Give us a call for more information.
The time table will normally be within 30 days. I have close some tranactions in 12 days! So if you want to move fast, give me a call!
This is the best time to because we are in a buyers market!!!!!
Mr. John (JP) Parrilla
7365 Carnelian Street, Suite 241
Rancho Cucamonga, CA 91730
Ph 909 944-1087 ext 107
Direct 909 641-82192
Fax 909 941-4983
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