Hello Pooh6598, your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.
You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program from a minimum 640 fico score up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can be emailed listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
23+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
If my response was helpful, consider clicking Thank, Link or Best Answer.... more
Of course you should. The only negative is that it may take a little longer specially with the short sales and some times may end up with the short sale not getting approved. REOs on the other side once your offer gets approved it is a secured transaction for you.
Cal BRE Lic # 01352758
Do you mean underwriter? An underwriter reviews loan documents and finds discrepancies. Once they have reviewed the documents entirely and made sure all questions and demands are met, they allow the loan to be approved.... more
Some times the loan contingency commitment will show approval but CONDITIONAL on other missing pieces of information. Was that a condition on your approval? If not, I would ask your real estate broker for additional help or contact your attorney (if you have one) immediately. Sorry to hear this! :(... more
Home prices showed significant gains during the past 12 months, even with mortgage rates were up slightly over the past month, but remain highly affordable and should continue to aid in the ongoing housing recovery.
Thank you ladies and gentlemen, sage advice. I have done a quick search of the neighborhood and found a slew of houses in better condition with more qualities that are 40k or more less in price, so obviously I have good backup and bargaining position. My issue may well be that the realtor reps both buyer and seller here, I can't see anything other than a conflict, but everyone loses if the house goes into foreclosure, since that is why we were rushed in six months ago to cover their mortgage. One question, what does having the sellers carry the 41k note mean? Thank you!... more