You can but don't expect to ever be able to get a conventional FHA forward or reverse mortgage on it. Once it's been moved from its original situs it's almost impossible to obtain any type of FHA financing be it forward or reverse mortgage.
With the info you have provided you should be able to qualify for a home loan. Contact a local experienced lender like Mike Foxen at iMortgage 259-1567. Once you have your loan qualification letter we can help you find a home.
93720,93730,93619,93722,93727 will have the most appreciation but all areas will appreciate. It is my qualified opinion we are at the bottom of the market and if you are on the fence it is time to get off and buy. Properties are scarce and buyers are abundant. Interest rates are as low as you can ever expct them to be. The monthly payment of each $1,000.00 at 4% over 30 years is only $ 4.77 per month. Multiply that by how many thousand dollars you want to borrow and you have a principal and interest payment. As you can see rents are higher. On the FHA loan you only need 3.5 % down which is no more than first, last, and a deposit.
Don't wait as the market is turning and we are approaching the busy time of year.
Pfeif Residential Group
9415 N FT Washington Blvd
Fresno, CA 93730
559 260-0974 cell... more
Average time is about 3 months to get an approval, but I've seen it take as little as two days, and as long as a year and a half. The listing agent is the one who does the processing, it's important that he is knowledgeable and diligent.
One advantage to a short sale over a foreclosure is that you still have the homeowner as a resource for information on the home, and he is obligated to give you disclosures about the home. On the flip side, most sellers either can't or will not do repairs, even if they are necessary for financing.
An experienced agent in your area should be able to guide you through the pitfalls, and make sure all of your questions are answered along the way.
Guarantee Real Estate
1) Get pre-approved for a loan. This way you will know how much home you can afford. It will make the home shopping experience more pleasant if you know what you can afford.
2) Hook up with a a Realtor who is local and knows the market. A large percentage of our inventory are foreclosed or short sale homes and you have to write your offer in a way where it will be accepted.
3) Inventory is short in Fresno and Clovis right now so do not be discouraged if you get bid out of the first couple of homes you put offers on.
All closing costs can be negotiated, both recurring and non-recurring. If you email me, I can send you an estimated closing cost sheet with itemized closing costs for you to look at based on any sales price.... more
If your agent is telling you that they aren't accepting backup offers then she's probably right. If you don't believe her or it says that they are have her call the listing agent and ask. If they are accepting backup offers then you could make an offer however the current offer that they have accepted has to fall through for them to accept yours. They can't just take your offer even if it's a better offer if they are under contract with a buyer.... more
Hi Nikki, FHA financing will allow for a new home purchase 2 years after a BK has been discharged. Conventional financing requires 5 years. What type of loan do you have on your current home? All lenders will requires that you have re-established credit, at least a 640 middle credit score and no late payments after the BK. if I can be of assistance in any way answering additional questions please let me know!
Valley Wide Homes
559-349-1950 Direct... more
You can place as many offers as you want as long as you are qualified to buy. If you are placing an offer on 10 different homes and will only actually buy 1 of them, then yes it is unethical and you are wasting the time of numerous people (seller, rea ltor, bank, etc.). However, if you are placing an offer on 10 different homes and have the financial capability to buy all 10 homes (should you offers be approved by every bank), then there is nothing wrong that.... more
You may want to try Craiglist and search for "seller financing". Also you could talk to landlords in those areas you want to buy renting their homes and ask them if they would consider selling and carry financing.... more