If you are looking to move on to a rental situation and are not concerned about your credit, I would suggest listing the home with a Realtor who is experienced with short sales. It sounds as though the property will be difficult to sell based on its needs, unless the price is right. It will probably require a cash buyer as most lenders will not lend on a property with a roof that is in serious disrepair. All of the costs related to the short sale are customarily taken from the proceeds; so it should not be a situation where you would need to take money from your pocket that you may not have. Assuming you owe more than the property is worth or it will bring in its condition and the current market; your lender will have the final say on the approval of the sale. They may then try to get you to agree to be responsible for the difference or just be willing to forgive the difference. You will never know what they want until you get to that point. You can choose to agree to this or not. If you can't come to terms with the lender and are willing to walk away from the property, it will then be foreclosed on. Good luck to you!... more
Napoleon, I am asking about the same question as you, please tell me if you have recieved any information on your matter. I am also a disabled veteran with similar situation and have a good credit score also (first time buyer to boot). I am looking either for a lender or the VA to give me money to fix up a property that I want to buy and don't understand how to to it with a seller that doesn't have the money and wants to short sale the home... all advice considered, thanks !!!... more
Well, I can actually tell you that rates are currently closer to 5.25 and 5.5 than they are 5.8 - depending on your credit score. Your broker might have their hands tied because whatever lender they have you locked at 6.00% with, you are not going to be able to reduce it. You need your broker to either switch lenders for you or you need to find a new mortgage person. Since you must be on title to a home for 12 months to refi an FHA mortgage, I would seriously tell you that now is the time to do this because it will take you so long to refi the loan.
If you have any questions on your loan or if you would like another price quote for your scenario, I'll be glad to help you. You can send me an email with your credit score and loan amount and I'll price it our for you through my bank. It might help you at least a better informed decision.
You should be able to! Remember they look at your income and debts. Social Security Income should qualify. Take that and any other income you have and than divide that number by your monthly payments on any Credit Cards etc...and add your projected payment to that. If teh number is 30-40% than you are in great shape.
So a $2500 permonth income with modest debt should allow you to pay about $800 to $1000 in payment or about $100,000 for a property. From what I do know Wisconsin is a great value and that should buy you a decent place! Plus the Packers and Badgers are from there so you are in really great shape!
Do you have any other options, such as can you wait a couple of months before moving and then have the money down? Or can you maybe get help from family for the 5%. How are your credit scores? Can you improve your scores and then get a 100% (this might take awhile too).... more
I can't speak to programs available in Wisconsin, Minnesota has great programs for that which I have used many times! In MN, it's called MFHA, but I'd have to think WI has a very similar program or programs. In Siren, there is an Edina Realty office and I would visit with a realtor in that office who will be very familiar with first time homebuyer programs or surely get you in touch with a qualified lender who is a pro on mortgages. If you'd like to get in touch with me, I'd be happy to refer you to a qualified agent in that agent. My contact info is on my website, which is www.toddnorsted.com Below is a link for the Siren Edina Realty office also, should you want that office's information.
I wish you the best! Buying your first home is a wise and wonderful thing!
While no one really knows what interest rates will do, I personally believe that they will hover in the low to mid 6% range for the next 6 months. The rate you may actually get depends a lot on your situation and credit score. The better credit you have, the lower rate you will receive. I do not personally believe that by waiting you will get a lower interest rate, and they might actually go up.
As far as whether or not you should buy right now, a lot depends on the real estate market in your particular area. All real estate is local, and some markets are very hot and some are very cold right now. You should talk to a local professional about what is happening in your area. If you are planning to live in the same place for 3 or more years, and you have decent credit, in general, now is a great time to buy.... more