Some Protective Measures:
1. Check county records to ensure the person offering the owner finance is the owner of record.
2. Check the County's "Lis Pendens" notices to ensure that the owner is not under water.
3. Make sure you have a solid contract that spells out what amount of payments go to what.
You should always seek the help of a professional, i.e. an Attorney or Realtor.
Best of Luck,
Josh Barnett, Realtor
Metro First Realty... more
No you just can demolish the house and put a manufacturing house there UNLESS that land is designated as a mobile homes park.
1-Stop Realty Group
900 E. Hamilton ave. #100
Campbell, CA 95008
It sounds like good news. Credit scores generally have to be 640, and yours would probably be combined. Every bank and Mortgage company is different and has different guidelines as to their lending requirements. If there wasn't a good chance odds are you would have known in 24 hours. So much goes into the factors the bank looks at stay positive and if you get a no from one contact another. Hope this helps ...... more
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.
Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
Most leases I have seen have a deposit amount the same as the monthly lease, similar to 1st and last month rent. Are you wanting to lease a home yourself to live in or do you have a rental property? If you are looking for a home to lease to live in, most owners will have a credit application and that usually costs $35+ per adult to run the credit report. This also depends on the owner of the property and if they choose to use a management company or a credit company since they pay a fee to do so.
Better Homes and Gardens RE-David Winans and Associates
Cell 817 673-1224... more
The inventory is almost non existent. When this happens in Dec historically the prices will increase in the following year. So, yes it is a good time to buy, especially early in the year, but you have to be aggressive, and not expect to get a house with your first offer, or to get "A deal", because they generally do not exist.
Keller Williams Realty
If you are like me, with all kids grown and moved away, it means less than to a new parent or one with kids in school. School districts with good statistics are sought out and when availability is reduced and demand increased = prices go up. The law of supply and demand take over. Selling a house in a desirable school district can increase the time it sells and can increase the prices they sell for. Selling is a poor school district can do just the opposite. It all depends on the buyer and their needs and wants.... more
I am re-location certified and work with clients with different situations like yours all the time. I have re-located four countries myself! With what figures you are giving here, you could qualify for a VERY decent Mortgage, $400K being 20% Down Payment. Yet, i have to say, I would have you sit down with my Lender and meet their Lending criterias, get your paystubs and W2's to them, before they will give you pre-approval....safer that way, then we can go out and look for a good home for you!
Advantage of putting down a good Down payment is, it makes your Offer that much stronger...
Do get in touch with me if you would like to have a detailed conversation.
Be well and safe, regards,
Well with selecting a real estate agent you need to understand there are 2 types of Buyer Agents:
1) Exclusive Buyer Agents - work in a firm that never represents sellers, they only work for and represent buyers on ANY home they want to purchase.
2) Non-exclusive Buyer Agents - work in a firm that ALSO represents sellers. They may only be your buyers agent on homes NOT listed by their brokerage. Any home listed by their brokerage, they become a Dual Agent. When acting as a Dual Agent, they have a limited ability to represent you, they are prohibited from acting exclusively for either party and may not advocate for either party to the detriment f the other.
Your best bet is an Exclusive Buyers Agent, typically there is No additional charge for their service. Contact John Rygiol 949-525-7344.
Tell John, I told you to call him. He's a friend of mine. Send me an email, and I can put you in contact with a lender that will save you a lot of money on your financing.
100% for Home Buyers - 100% of the Time!... more
Hello, there is a good chance that you will be approved for a loan... The amount you will be approved for depends on your monthly debts, your income and any potential rental income of you are interested in multi-family properties. Feel free to contact me of you have any more questions or want to get Pre-approved.... more
Are you referring to the court house steps or where a real estate agent / company does an auction?
On the court house steps are you just purchasing the foreclosed lien, there may be other liens which you assume, and there are no contingencies nor inspections. You also have to pay cash. This is not for most people.
As for the other auction the bidder will most likely be responsible to pay an auction premium which can sometimes be as much as 10% more than your final bid. Sometimes people tend to over bid at auctions just for the sake of winning. So it is best to know the market value and condition of the house before you venture into this one.... more
Unfortunately you are now seeing the error of your ways. Most lenders require three tradelines with at least a twelve month history(credit cards, student loans car payments etc). This is a general rule and not set in stone. Whether you like to pay cash or not is irrelevant at this point. You need credit to buy a house. Go out there and get three credit cards. If you do not qualify, go and get secured credit cards. You can also aska family member to make you an authorized user on their accounts. That will help you generate a credit score but it won't help you in the mortgage process as authorized user accounts are disregarded when considering the length and depth of your credit profile for mortgage qualification. yes and I do 203k's down to a 620 score.
Give me a call and I would be happy to set you on the right path. Twelve months isn't that long.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960... more
The Denial may not have had anything to do with you. It may just have been that the landlord got an application from someone who had a better credit score, and excellent income instead of good income. You did not mention convictions which is another major criterion landlords look at in screening tenants. If you have had none of those, I would keep looking. There will be a house out there for you.... more
Good morning Ron Ermis,
Here's my advice based on my 23 years experience as a Mortgage Banker here in New York:
1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
NMLS #40140... more
This can not be answered by statistics. The time to move is when you are ready, you have found the property that fits your criteria and you can afford and that your job and life is stable.
We know that our inventory is very low so that is the best of Sellers. Interest are low that is Great for Buyers and Sellers. Yes, it is going to be challenging to buy so having a contingency in place is recommended.
As an agent we are in the field daily and we network with other agents, look at inventory, read the market trends from National Association of Realtors, California Association of Realtors, our Local Realtor Board, News Articles on trends, and what we experience with our clients.
Have an amazing day!... more
I would recommend possibly renting your house out and not just walk away from it. Simply walking away would put an end to any chance of buying a new home.
Atlanta has lots to offer with plenty of diverse areas each with there own vibe. If you would like to learn more feel free to contact me anytime. I would be happy to help.
Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
If your credit is at least 560 than I can help you. Feel free to contact me so that we can get you pre-approved!
Mortgage Center Corp
199 California Drive # 200, Millbrae, CA 94030
Office: 650-652-9000 Fax: 650-652-9811
DRE Lic #01905237 NMLS #851470... more
Yes you do. Most buyers agents will not show you houses until you get pre-approved and they know how much you can spend. I can refer you to someone who will pre-approve you. Call me at 916.442.4500.
JCL Realty, Inc.... more