good morning linda.......as long as you are in a similar line of work as your college major, you can actually use the years of college as work experience...fha is 3.5% down, and the seller can pay up to 6% of the price of the home towards your closing costs and pre-paids...it is an excellent program for your situation......if your student loans are in derferrement for a year, the payments won't be used against your debt ratio.if they are now.they will be considered..you can also have a non-occupant co-borrower on the deal with you to boost the income used to qualify you.usually a parent(s)...i would leave fiance off the deal now, as he probably has student loans too, with no income to offset his debts.....you can always deed him on with you after closing..don't forget- the federal tax credit is available to you as well if you are a first time homebuyer.....it is up to $8,000 or 10% of the home price.whichever is less......best regards.bob mcclure- success mortgage partners- plymouth, michigan....... more
Alot would depend on the contract language. You'll really need to have a qualified real estate attorney review your documents and give you their their legal advice & possible options.
There may be contingencies, or circumstances that may give you an out, you need to proceed very carefully, there can be severe consequences otherwise, this is why you'll need an attorney's review & assistance.... more
Your mortgage broker correct. The lender has at minimum received a BPO - Broker Price Opinion or hired an Appraiser to set a current market value price. It has also been our experience that most of the short sale and REO sales we know about have been close to or even slightly over the listing price. Remember that you may or may not hear back quickly about an REO listing, so there are possibly going to be several offers on the table.
Your Realtor should also offer expert advice about the value of the home. If it has been listed for a while, the value may have dropped. However, the mortgage lenders sometimes drop the price to attract bids and then they actually become competitive. The lender is looking for the best offer possible to diminish losses. Knowing what to offer is not an exact science, though, because there are so many variables and people involved, not just cold hard facts. Proceed carefully because there could be liens on the property. The title company should them all but still be sure to buy title insurance! Good luck to you.... more
What kind of information are you seeking Jerry? What I'm able to see is that this home, built in 1900, has 4 BR's, 2 full baths with 2804 square feet. The pictures show a beautiful old mantle & fireplace, and also what may be a stained glass window. Hardwood floors except for attic (typical for a house of that era) It's a foreclosure, and is listed for $189,900. If I can help you with gathering more information on this property, please let me know, I'm happy to help. Email is best: Valerie@SNHhome.com... more
FHA loans are where you want to be. I'm no mortgage broker but if I'm not mistaken those loans are not "risk based" meaning your credit is inconsequential down into the high 500s. You will need SOME money. If you don't have a few thousand dollars at LEAST then you should not be looking to buy at all as you are not currently equipped. Properties need maintenance and improvements especially in the range you're talkin' and you HAVE to have some money or you'll be a statistic and I'll end up selling your place at a foreclosure auction. Sound good?... more