The Bank who has taken possession of the property has to honor your lease that is in effect until the end of the lease date. They will hire an Assest Management company or Broker to manage the property and collect the rent until the said lease has reached its end date. They may contact you and also offer you what is typically called "cash for key's" to evacuate the property sooner, but you do as a renter with an enforceable lease have the right to stay into the property.... more
You should contact your local USDA Rural Development office directly about that. It does not sound right to me. Be sure to ask if repayment ability is the real issue, rather than not having recent credit. If the USDA loan won't go through, ask your agent if there are other options.... more
The condo/maintenance fee is $558/mo and it covers water, sewage, basic cable, interior and exterior maintenance, library, exercise room, party room with kitchen. It probably covers a blanket insurance policy for the building, too.... more
Yes there are. Though, before you do...do you know this is the way to go for you?
There are companies today that truly can and do assist you in raising your FICA score.
With decades of experience, I can confidently say I have never seen the rent to own
deal that was not inferior to conventional terms.
You owe it to yourself to check them out
Closing costs are proportionate to the cost of the house. There are transfer taxes of 2%, which are typically split between the buyer and seller so each pays 1%. Title insurance and attorney costs can vary, as well. There are costs associated with buying a home that are not "closing costs", which are "loan costs". These include initial deposits into your escrow account for taxes and insurance to get it set up. Always get pre-qualified before signing an agreement so that you have a good idea of all costs up front. Check with your lender to see if family can help, but a general answer is yes. If your credit score will be 650 and you don't mind living in a more rural area, check out USDA's Guaranteed Rural Development loans. This requires zero down payment and often you can get the seller to pay your closing costs. You apply through a participating lender. Somerset Bank is just one of the lenders who offer this program.... more
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!... more
I can, depending on the credit scores & whether or not her disposable income meets the VA requirements.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Peoples Bank & Trust Co.
I would speak with your attorney. We normally write up that the credit is determined by what the lender will permit because not all banks allow the full 6%. I always tell clients that the number can change depending on the bank. Good luck.... more
Sounds like short sale is probably the best option. I am both a realtor and a landlord. I can tell you going a landlord from any distance is not going to be easy. As you say, the property needs to be maintained and, if the tenants fall behind in their payments, collecting will also be difficult.
A short sale will damage your friend's credit but 'destroy' may be too big a word. If she is current on the payments and continues to keep current until the home is sold the damage to her credit will be var less. Your credit score is damaged more so when you miss payments than when you short sell. She will lose the money she put into the home, yes, but she will be eligible to buy again in just two short years.
So, unless the rent would cover the mortgage payments and expenses, and unless she can find someone to help with maintenance and collection of rent, I would still think short selling would be a better option under the circumstances.... more
The listings you're seeing on different websites are from tne West Penn Multi List where realtors from all brokerages market their properties. The agent forwarded you what was currently available from the Multi list - that is the most current and up-to-date resource of inventory. A little patience, flexibility and the assistance of one realtor and you'll find your dream home soon!... more
I can't speak to the minority issue but for a first time buyer through the state of Pennsylvania there are programs available that MIGHT assist you with closing costs dependinng upon your household income. PHFA loans. Good luck.... more