It is going to be difficult to get conventional or FHA financing for some time because the bankruptcy and foreclosure will prevent it for years regardless of your credit score. Your best option at this point would be a land contract or a lease with the option to purchase. If you would like more information on these options, contact me directly and we can figure out what would work for you.... more
I believe that the MSHDA down payment assistance is in the form of a soft second loan. This means that when you purchased the property, they gave you a loan for (up to) $7,500 for your closing costs. You do not have to make any payments on this loan, but if you sell before the allowed time frame, you would be required to pay of the full remaining loan amount. The second loan may be paid on your behalf monthly, so you may only have to pay back a prorated portion of it, but I would have to check with a lender to make sure. Let me know if I can help more. Thanks!... more
Chelsea, there are options out there for you. Many lenders have minimum scores for FHA mortgages of 620 but others go as low as 550 or less depending on your circumstances. I would encourage you to speak with a couple lenders, one of which I know does these types of loans. If you would like the contact information feel free to call me at 616-889-7662 or email me at LloydReed@grar.com.... more
I am not sure if many banks are doing loans this small. The problem falls with section 32 financing (the red tape of the industry) - The goverment regulates fees as a percentage of the loan amount, so a small loan looks as if it has large fees although it may only be a couple hundred dollars. Bank want to avoid section 32 loans at all costs!
We have very little costs to pass on to you so we can avoid section 32 laws; we would be glad to help you out. You are welcome to ask for Anthony at 1-800-555-2098. Talk to you soon!... more
good afternoon...rest your thoughts....underwriting guidelines change all the time....you are both going to be on title since you are married and live in michigan, marital status is required on all real estate documents.....there is an old saying about wife coming to closing and signing off.....very misleading.....your wife actually comes to closing to acknowledge her interest in the home otherwise known as her dower rights and will be required to sign the closing statement (hud-1) the truth-in-lending statement, and the mortgage....perhaps other docs and disclosures....you will be listed with first, mi. and last name, a married man......you're fine...go ahead with the transaction........best regards......bob mcclure- success mortgage partners- plymouth, michigan........ more
Try calling Bob Carta - Asset One Mortgage 734-521-2131 email@example.com or Rick Smith of GoldStar Financial at 810-343-0798 firstname.lastname@example.org. Tell them I sent you ... they should be able to get started in the right direction.