Yes, most loan programs will have a percentage down required. Some FHA loans may be a 97% loan, meaning the Buyer will be putting 3% down. Other loans may require 5% down, 10% down, or 20% down.
Aaron Sims... more
Are you represenred by an agent? If not I can find you one in Decatur that does a lot of HUD and other foreclosures. They get paid by the seller but look out for your interests only.
If you do have one, they should be the ones getting you answers and explaining how the bidding works.
Credit score is only one component in a mortgage approval. For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now.
Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.
The 3.5% minimum down payment can be from the borrowers own funds or it can be gifted from a family member. Two months of reserves for the PITI (Principal + Interest + Taxes + Insurance) payment + HOA Dues will be required. This must be from the borrower’s own funds and not a gift.
Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
Well, coming from a realtor, this is probably going be the answer you expected, but if it were me, I would lean towards buying.
If you were staying 2 years or less, I would say rent because it would be much tougher for you to break even on the sale, although not impossible. It all really depends on your particular situation. For some people, renting/leasing for 3-4 years makes sense.
As far as resale history, it would help to know what type of home you're going to be looking for. Certain types of homes have better resale value and sell quicker than others. Decatur is a city with many different types of homes and areas.... more
I would love to help you find a home in the historic district. Tell me a little more about what exactly you are looking for and I'll send you an e-mail with available homes for sale that fit your criteria.
In what context? ERA has many meanings, it is a word meaning a period of time, it is also the name of a real estate company here in New Jersey, it could have many meanings depending on the context.... more
Would the home be used as a vacation home? If yes, you might want something close to the river, maybe in the historic district. If you like water living, you may even want to go to the next county & look at Smith Lake properties that are abundant & affordable.
Decatur is a great location, only about 20 minutes to Huntsville, 1 1/2 hours to Birmingham with beautiful historic districts, malls for shopping, affordable housing, & nice restaurants. Decatur is located in Morgan county - please go to my website @ www.NorthAlabamaHomes4Sale.com to compare your current city to Deacutur & search the Multiple Listing Service just like I do by clicking : Search for Homes.
Let me know if I can help you!