Home Buying in Roselawn>Question Details

Veetrel Midd…, Other/Just Looking in Roselawn, Cincinnati,...

First time home buyer can i get a foreclose home if i work 30 hrs a week. my wife on ssa.

Asked by Veetrel Middleton, Roselawn, Cincinnati, OH Wed Aug 6, 2008

i am 54 yrs old, my wife is 75

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Hi Veetrel,

It really all comes down to meeting with a mortgage consultant, who can analyze your situation based on your income, credit scores and risk tolerance as to which type of mortgage would be best for you. I would recommend talking with Rick Pilger of Union National Mortgage. Rick's been in the mortgage business around 20 years and has done a great job for my clients over the years. Give him a call at 513-234-4987 or rpilger@unmco.com. It's always good to get a couple of opinions. Also, don't start looking at any type of home until you've been pre-approved. Don't let a Realtor talk you into looking first. Also, be very careful about considering foreclosure homes. Many times they need a lot of work and are being sold 'as-is', so if you don't have money in reserves for repairs, then I'd look at homes that are in better shape. Good luck!
Educate yourself as much as possible about this process.
1 vote Thank Flag Link Wed Aug 6, 2008
Hello Veetrel:

Yes, as long as you don't have a recent foreclosure and filed bankruptcy in recent time too. You can email me directly at sheri.mapes@cbws.com or call me at 513-253-7156 for more details. I can forward you to a mortgage specialist that can let you know what the amount is that you can buy? That is the question, how much is the amount you will be approved for? There are also rehab loans available to help with buying distressed homes. I look forward to helping you.

Sheri Mapes
The Cincy House Expert
1 vote Thank Flag Link Wed Aug 6, 2008
It is getting more and more difficult for people to acquire a mortgage. Your credit is going to have to be good, They will expect a reasonable amount for a downpayment and they will look closely at your debt to income ratio to be sure you can afford the payments. Even if all goes well, the home will still have to appraise high enough to protect the banks interests. The only way to really find out if the home purchase will be possible is to make an appointment with a lending institution to see if you can get pre-approved. Be sure to select the lender wisely as some brokers charge extremely high fees for assisting you in finding a mortage. Always ask for a "Good Faith Estimate. " which will give you a breakdown of all your fees. If the lender doesn't want to provide one ( which they must do by law) run away!
Good Luck
0 votes Thank Flag Link Tue Sep 9, 2008
Just think, when you're 84 the house will be all yours. Do you know how to use a lawnmower? You're going to need one of those. If you're handy with tools, you can save yourself thousands in repairs to the house. On the other hand, renting is easy, stress free, maintenance free, and 1/2 the cost of owning. A lot of people your age are giving up the burdens of "homeownership" for retirement. Maybe a condo or townhouse, where the HOA maintains everything is a better option. Start looking, but I would wait a few years to buy, houses will be cheaper. Good luck
0 votes Thank Flag Link Thu Aug 7, 2008
You may be able to purchase a home in the area that has been forclosed. The first step is to get preapproved with a lender.
They will be able to use a little more than your wifes income as a number because she does not pay income tax on her income.
Forclosed or lender owned are a hot topic right now. You need to have low expectations when you view the homes. I am working with a few buyers looking at lender owned and HUD homes and they get very surprised at the difference between the photo online and reality when they get there.
You can go to my website to search for homes in the area if you like and you may contact me if you would like to talk to to a lender that is very familiar with the State of Ohio First time Buyers Program.

Thanks a lot.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Thu Aug 7, 2008
Dear Potential Buyer:
There is a new group formed in Ohio, they have been around for over 17 years. They're goal is to help first time buyers and people like yourself obtain the correct lending to avoid the foreclosure and bankrupcy crises down the road. I attended one of their workshops this past weekend and they have advisors who will help you get into the correct loan. I will be happy to give your name and number to one of the representative or give you firsthanded their information. If you would like that information, please contact me at 440 341-9100. I do not want the info to go public as I have a working relationship with one of the representatives and most agents are unaware of this.
Web Reference: http://jeanninesells.com
0 votes Thank Flag Link Thu Aug 7, 2008
Yes, depending on your credit and how long you've had your job. There are of course other factors to consider. Feel free to contact me with any quesitons. I am a loan officer in Ohio. 866-784-0077 toll free
0 votes Thank Flag Link Wed Aug 6, 2008
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