Personally I think at this time local banks and lenders are the best to go with. The problem with the big banks is they use sometimes out of state appraisers and the appraisals in so many cases comes in very low and of course then resulting in no home for the buyer and no sale for the Realtor. Local lenders use local appraisers that know the area and actually do view the home. The result is a more accurate appraisal and a sold property for the Seller, the buyer and the Realtor.
Good luck and best wishes on buying your home. It is a fun but sometimes confusing experience.... more
As with everything in Real Estate it really differs by location, although throughout the country we have all felt the changes and additional delays in the past year or two. We can still go from contract to closing in 30 days if the buyers have good credit and submit paperwork in a timely manner. Having said this, we have had delays because the underwriters request items that seem ridiculous and are difficult for the buyer to come up with. Once the loan is submitted for underwriting - we have seen them come out in as little as a few days to as many as 3 weeks or more. Sorry there is not an exact answer to this one. The word of advice here is to make sure that you have every possible possible piece of information available and you fill out your application as carefully as possible.... more
It's GROSS monthly income. However, there are two debt-to-income ratios often used by lenders. Most lenders look at monthly house payment (including loan payment, taxes, and ins.) will not exceed 28 percent of GROSS monthly income. The second ratio used in connection to the 28% debt to equity ratio is known as overall debt ratio. Your total monthly expense including housing, credit card minimum payments, loans, and all other debts should fall below 36% of gross monthly income.... more
Just curious, why would you want to buy on land contract? Also, do you have your present home up for sale?
My suggestion is to wait until you get your present home under contract before finding the next home to buy.
Even with the land contract you will likely need 3 1/2-10% down payment and you will need a relatively clean credit report.
If you would like to discuss this further, feel free to contact me at firstname.lastname@example.org or call 574-214-2746.
Jody Jones... more