If you have received a conditional approval, your loan has already been looked at by underwriting and as long as all of the conditions given to you are satisfied, you will be just fine with your loan. most customers worry through this process, especially if it hasn't been explained well before hand. So don't worry, you are not the first to wonder about this process. - - - http://fhamortgageinfo.com/pre-approval/... more
1 thing to keep in mind is that the house is not being advertised anymore after the listing date expires. We all hope the pending sale will follow through and close but the agent is missing out on his name out there for new buyers and the seller is missing out if the current buyer cancels because nobody looking will see it listed. We all know how Murphys Law works, right?... more
Appraisers are just people giving their opinion of value. 3 different appraisers can give 3 different values. Hopefully all are in the same ballpark. The appraisers are a 3rd party to the lenders so their isn't any conflict of interest. Although I wish we could lock up a couple appraisers and throw away the keys for their lousy appraisals, they are not bound by any accurate appraisal laws. They are hired by the lenders to make sure the value of the home works with the loan you are receiving. The lenders have to protect themselves in case you don't make your payments. Appraisals might not always come in at what we want them to but the lender is the one loaning their money so we have to play by their rules. The Zestimate is not an accurate appraisal system to rely on either. It's good for general prices found in the area you are looking.... more
Neither are accurate across the board. They have computer programs that put numbers together. Prices get updated after homes are sold. If the home is in a community where there are a lot of the same models and many have sold, then the prices can be pretty close to market value. In my area there are homes worth $300K to over 1 million and the numbers can be all over the place. But you can always see the general value of the area with a quick look. You really have to find a realtor or 2 to give you actual sold and active comps that are in the market today to have the true value.... more
Did anyone ever get back to you on this? I have an investor who will purchase the home you want now and lease it to you until you are able to purchase with a loan. Let me know if you are interested in hearing more.... more
Hi, my name is Matt Albert (NMLS# 658999) and I am a Doctor/ Physician Loan Specialist with Citizens Charter One Home Loans. I have been specifically working with physicians for over 12 years. We cover licensed medical physicians, residents, interns and fellows, which include MDs (Medical Doctors), DOs (Doctors of Osteopathy) along with DMDs and DDS (including Dental Surgeons, Orthodontists and General Dentists). We provide financing of 95% up to $850,000, 89% to $1 million AND 89% to $1 million for one time close construction Doctor Loan, all with NO PMI! We offer our Doctor Program in the following states:
Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont, Washington, D.C., West Virginia. Additional States are possible on an exception basis.
If I can be of any assistance please feel free to contact me for details as we are NOT allowed to share guidelines of the program in online forums.
Physician Loan Specialist
Mortgage Loan Officer
NMLSR # 658999
Citizens Charter One Home Loans
Phone - (336) 471-1825
Fax -(844) 574-2618
This could be the worst move in your life unless you are a "stepford" wife. The Del Webb communities as a whole treat individuals as outcasts. They prefer people who are sheep and follow all the overwhelming "rules" of the Del Webb Pulte community. If you do nor get in line they threaten and harass you as if they taking your allowance away. You have no rights in a Del Webb community. You will definitely regret moving to any Del Webb location. .... more
Hi KD, i would get a lender referral from your agent. He or she should have a loan consultant that they've worked with in the past that would also be a good fit for you and your personal financial situation. I recommend, you and your agent sitting down together with the loan consultant they refer you to so you start your new home search with your own personal real estate team behind you.... more
"Short sales and foreclosure have virtually the same affect on credit reports. The severity of its effect on scores depends on the borrower's credit before the short sale. A borrower with excellent credit -- 780 and above -- will suffer a greater hit to his credit score, approximately 160 points, says FICO. A borrower with lower credit, such as 680, would only lose about 100 points under similar circumstances. FICO also estimates a longer recovery period for a borrower who started with excellent credit -- seven years compared to only three years for lower scores."
Yes, Julie, one of the things necessary for seller's seeking to qualify for "short sale" status is to demonstrate a hardship. The loss or change of conditions such a salary decrease should qualify as a "hardship" condition.... more
We bought Lennar last 2004 in Mt. House. We were given incetives towards the upgrade. Refrid, washer & drye and refrigerator included. We still have it. Real Estate is picking-up not as fast but slowly. The saleprice stays.
3% Co-Op given to Realtor Licensed Agent . Good Quality and we did not go wrong with purchased. I was not even licensed then. May be few had bad experienced with Lennar or Pulte. Compared to other developers we still trust Lennar & Pulte.
If you need help call Fe R. Casem: CAL BRE: 01391790, 408-705-0885, IBIS UNIVERSAL REAL ESTATE.
CEO/owner. Office at 1535 Landess Avenue, #140, Milpitas, CA 95035... more
For FHA and VA loans you must wait two years from the date your Chapter 7 is discharged. You can also get an FHA loan during a Chapter 13 bankruptcy as long as you have made 12 months of satisfactory Chapter 13 plan payments along with court approval.
For USDA loans you have to wait three years from the discharge date of a Chapter 7 bankruptcy or after 12 months of making Chapter 13 plan payments, with court approval, or at least one year after the Chapter 13 is discharged
Conventional loans are the longest you will have to wait for after bankruptcy. If you want a conventional loan, you must wait four years after receiving a Chapter 7 discharge and two years after receiving a Chapter 13 discharge. If your Chapter 13 case was dismissed without a discharge, you must wait four years from the date of the dismissal.
Hope this helps! If you have any further questions or if you would like a loan, feel free to contact me with the information on my profile page!
Sr. Mortgage Banker
NMLS # 659743
One of the advantages of buying in a development is that you know what your neighborhood will look like. If you are buying in the country or have some open space around, you never know what will be built. Best to check with your local planning department to see what is allowed.... more
In a nutshell, there are different types of sales. Depending on the type of sale the price may be different. This is likely what you are seeing online, in the form of price variation.
Each type of sale has both positives and negatives. Some are more difficult to navigate. This is important to know if you are a normal consumer; without any desire to invest in speical training or to pursue advanced knowledge of real estate and the many contracts involved with a sale of any kind.
More specifically, a non-traditional sale could yield a cheaper "price", but there are often more hidden complications involved. Possibly more paperwork, or perhaps more unknowns about the property that could cost you in the long run. An important rule in real estate is that price does not always equal value. These are two different things (price vs value). Just because you pay a certain price does not guarantee the property is worth that amount. It could be more or less. This is the age old risk involved with buying and selling real estate.
But the risk is important because it is the key to your original question about the homes you are seeing online. In each case there is a varying degree of risk involed, and that could either encourage or discourage a person to purchase the home. The willingness of buyers to engage in the market at the asking price, is in the end the key to what the home ends up selling for...supply and demand.
A more specific example of risk in a non-traditional sale is as follows:
Say price was the most important thing to a person and they purchased a home through an auction and got a really good "sticker price" on the home. Still it is likely they do not know some important details about what they have purchased, so they bore more risk in the purchase than a traditional sale.
This is because most homes that sell in an auction cost less than selling in the standard way, but they bear more risk as buyers must usually make their decision to buy quickly; and the home is usually sold, "as is"; like a used car. So buyers (a)have little time to investigate the property for problems (b) must purchase the property outright, with all the defects "as is".
And like a used car if you mistakenly purchase a "clunker" as is, you may be stuck with many things that may need to be fixed before it is usable or re-sellable. Or...you may not! This risk is the part that causes the price of the auctioned home to cost less usually.
Because it is more risky, fewer people are willing or able to do it, so fewer folks show up at the auction to buy the home and the price may go down - again - supply and demand. The unknowns have a potentially hidden cost, and so the property may be discounted as a result.
It is the same for short sales, foreclosures, etc. Perhaps not as much outright risk, but there are other things that may take time and other players involved besides just the seller. For instance in a short sale, the bank (lender) often has a say as to the price, or they may deny the sale totally. So a consumer may think they are able to purchase a home, then it turns out they are not. Meanwhile the consumer may have invested time and tied up their money waiting, while they could have been pursuing a less complicated home elsewhere. Again there is more risk involved. This is not always the case, but just an example of why prices may be different.
If you want to go after the low prices, I do recommend finding a good realtor when you are really ready to purchase. As a buyer, one does not usually need to pay the realtor themselves.
I tell you this not to line an agent's pockets, or becuase you do not seem to be an intelligent person who can make their own decisions, but becuase the agent SHOULD have familiarity with all these issues and be a good and immediate source of information for you. This can save you some footwork, and help to mitigate your risk up front, whatever sort of sale you choose.
Then based on your own income, time frames, and the level of risk you are able to shoulder you can make the best decision in your own case.
There certainly are good deals out there to be had and not all non-traditional sales are "clunker" homes, in fact many are not. But if you are not willing or able to invest a great deal of time in researching and learning the ins-and-outs of the industry before you buy, you may be doing yourself a dis-service not to consult a professional.
In closing, I gently suggest that in addtion to your web research, spend a some time seeking to understand for yourself what makes a good buyer's agent and then find one. :-)
Banks don't sell short sale homes, they sell homes that they own and they get them after the home is foreclosed. Short sales are sold by the owner with a banks approval. To close with an FHA loan the house has to pass an inspection and certain things must be there and some short sales and bank owned homes might not have what is needed to pass the FHA inspection. Seek out an experienced Realtor when you are ready and after speaking with a lender to be sure that you can get an FHA loan and go look at what is available in your price range.... more
Julie - Morgan's answer was partially correct in that any self-employment income has to be reported on your filed tax returns to be considered eligible income. The other criteria, equally as important, is that we need a minimum 2 yr history of this income, and we need 2 yrs of this income filed on your returns...
We also will use your adjusted business income, netting out the deductions you'll most likely be taking....so the more you write off, the less income we'll be able to use..
So if you're just starting your business this August, we wouldn't be able to use this income until you can give us a copy of your 2012 and 2013 returns, which wouldn't be until early 2014 at the earliest..
Feel free to contact me to further review your situation!
I know I'm not giving you a thumbs up now, but maybe there's some other options I could find for you that could allow you to purchase sooner than later!