A first time homebuyer, by most lending programs definition, is someone who hasn't owned a primary residence in the past 3 years. If you lived/owned that home in the past 3 years then it may make you ineligible for certain first time homebuyer programs. The NM Mortgage Finance Authority has some down payment assistance programs available including one called "Helping Hand" for people who have an ABA defined disability (no requirement to be a first time homebuyer). Income & sales price limits apply, however you may meet them both.
The Helping Hand program can be used in conjunction with an FHA 1st mortgage. SSDI income can qualify if it's expected to continue for at least the first 3 years of the mortgage, if it's permanent disability then that shouldn't be an issue to use. SSDI can also be "grossed up" by 125% for qualifying purposes since it is non-taxable.
If you need help feel free to let me know.... more
You make an offer just like you would any regular transaction. There may be addendums that need to be included with your offer. Short sales will be subject to bank approval.
With a short sale you are dealing with the current owner first, not the bank. The current owner tries to sell the property for market value. Once they have an accepted offer they will take it to the bank for approval. The bank can accept, counter offer or deny the offer. It could be several months before you hear back from the bank. It will depend on the bank and how many short sales they are dealing with.
Foreclosures are already bank owned to you are dealing directly with the bank. It can go a little quicker, but again it will depend on the bank and the amount of foreclosures they have.
Once the bank accepts the offer they will give you a closing date. You need to be ready to go, the banks don't like delays once the deal is ready to close.... more
You should still make an offer if you want the house. The listing agent may not submit the offer to the bank, but they will hold on to it as a back up offer. 4 out of 5 buyers who make offers on short sales eventually pull their offers because they get tired of waiting or they find another house. If your offer is already with the listing agent, when the original offer is pulled yours can be submitted immediately. By this time the bank may have completed their appraisal and may be ready to move ahead with selling. First offerers rarely get the house. It is usually one of the back ups on a short sale.... more