You should talk with a lender to see what it is you need to qualify for a loan. It wont just be your income...it will also be your credit scores and your other debt. You may be suprized about what you might qualify for and the programs out there for assistance. Most lenders can help you find that information...so go talk to one and get started!... more
Onesis, if you are speaking of a property you short-saled could be 2+ years before you would qualify for a new loan. New credit would need to be established credit scores of 580+ and income and job to support new mortgage.
Joe, an ARM is a mortgage where the interest rate varies according to a national index. The basic question you should be asking yourself is whether interest rates will A) stay the same, B) go up, or C) go down over the period of time that you own this property. Unless you think the answer is C) or A) and you're going to end up spending a lot more over the time you would own the property. Oh, and I think most economists would say B) is the most likely answer.... more
Ryanne, I hope to see several responses from agents in your area. Personally, I have seen interest rates all over the board on a contract for sale...from equal to, or close, to mortgage rates on the general market to double (or more). The down payment, credit of the borrower, condition of the house, motivation of the seller will all come into play. Not to mention, the "exit plan" for refinancing out of the contract for deed (if applicable).
Be very, very cautious about entering into a contract for deed....I am quite sure most industry professionals each have at least one horror story for either a buyer or seller on a contract for deed scenario. Certainly, involve an attorney or a real estate broker. Set it up for success for all concerned, from the onset. The pitfalls are far to numerous to lay out on an advice forum; however, if you want some general guidance you can contact me via my profile. Best to you!... more
Wow! That does sound confusing. I'm not a mortgage person, but as a Realtor I always tell my clients to ask for a fee schedule up front to compare to the other lenders. That way you know you aren't getting hosed with lender fees because you have more money available going a different route with financing. Most lenders (I like to think) are honest, but there are some that pull some odd things sometimes. Ask for the fee schedules and let them know you are comparing, just to keep everybody honest. That could save you a lot right there. Just like Realtors, there are lots of lenders and comparing fee schedules is fair to do. The ones who complain or say there is no need to compare, well, you can figure that one out. Good luck and I hope it works out well for you!... more
Oh my ....you are in the same predicament as so many other people. Have you checked with your lender on the first to see if they will do a modification to make the payments less so that you can stay there? I do not know how much help they will be. You can't re-finance right now if your home isn't worth as much as you owe. I hope the lender will work with you...otherwise they will suggest a short sell. Which will do exactly what you dont want...... more
I think that question is best answered by a your lender or other lenders out there. It is a great question though. I hope you get the answers you need. You get down into the Grants Pass area - give me a hollar for real estate and I can help!... more
Ask a realtor to comp the property. Did the sq. ft. equal what you have ? I have seen where an appraisal short by 800 sq. ft. had to have another appraisal which met the property sq. ft. This was the case when I sold the property 2 years later was listing agent the buyers appraiser missed sq. ft. ~DAH~ refused to remeasure sq. footage. !... However any appraiser can provide their opinion
http://www.lynn911.com http://www.homes-for-sale-dallas.com... more