Credit scores at that level are definitely acceptable for most loan options. Lenders like myself can go as low as 580-620 depending on what type of loan you are seeking. With your current scores you have several lending options available to you such as FHA, conventional, VA, USDA, etc. There are other financial factors that would need to be analyzed including your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
Sr. Mortgage Banker
NMLS # 659743
Would suggest speaking with a lender as they can further explain the details, provide information on other programs that might be available to you and get you started with the pre-approval process. Lenders use the lowest credit score reported from the 3 credit bureaus. The lending requirements for FHA loans are typically credit score of 630+, 3.5% down payment and a debt to income ratio of... more
You don't have to do business with a Realtor who simply showed you a property if the Realtor did not have you sign an "Exclusive Right to Represent Buyer" contract and an "Agency Relationship" form. There is a question of "procuring cause" if that Realtor spent a lot of time showing you the property and you talked about financing and possibly making an offer. That can become a sticky issue.... more
First look at the area just like any town you might move into. Also even if you don't have kids look at the schools. I don't but I still bought a place a half block from a school. I always think resale!! look at area, where I live in Fargo we have full grown trees and a can walk to the store. I don't have tons of traffic and my streets are quite. I also live outside flood zone. Yes if I lived in the flood zone I could get a good deal but I don't have the time to deal with sump pumps. I also have lived through enough of them to know I don't want to do it ever again. In Fargo if you have 3 bedrooms houses are flying off the market. You MUST have off street parking (no matter what part of town you live) and since this is North Dakota a garage is great but you can live without if you have an engin block heater and can plug in your car or truck. Houses on the more heavly traveled streets like 10th st and University don't move as fast so you could get a great deal but resale could be a little harder. In Fargo it's all about if you want to be in the North with it's older homes and tree lined streets or the South with it's Newer homes and well little trees and faster pace life style. I live in the north I'm not far from Downtown and the University so I get both layed back life style of the tree lined streets but the night life of the downtown buy just going about a mile.... more
The lender who originated the loan has nothing to do with this tax credit, it is an issue between you and the IRS. The other part of your question, having to do with your wife buying under her name alone, is one that can be answered on here. She would have to qualify for the new purchase on her own if you are planning to take out a mortgage on the property.
There is one other thing you have to keep in mind, besides the fact that it seems like you are trying to circumvent IRS policy on this issue, if you are filing taxes as a married couple, which address do you use? Also, will the IRS consider that you are doing something fraudulent when you do what you say you are doing? You can check the guidelines on the IRS website. I did this recently for a client who purchase a co-op apartment and received the credit, has since married and had a child, and wants to buy another home.... more
@Don has given you some great advice. First, working directly with a builder without your own representation is like being your own lawyer in a law suit. Get professional representaion to protect yourself. Cash in hand from a real estate purchase is pretty dicey. I have seen it happen...under very specific conditions (far too complex to address on an advice forum) and it was completely legal and upfront. A seasoned mortgage professional will be able to counsel you on how, and if, there is any ethical way to accomplish your goal. If I was to take odds on your request, I would have to bet 95% against there being a copestic way to make your quest happen, however.... more
If you short sale, there will be a waiting period of a few years from the date of the event before you will be able to obtain financing to purchase again. There are a lot of rental apartments and hard to find single family home rentals and then to include pets. Here are a couple places that I've referred to others that allow pets.
Skaff offers twin homes and single family. http://www.skaffapartments.com/
Candlepark Properties are town homes that allow pets. http://www.candleparkproperties.com/... more
Since no link is visible and no address given, you may wish to ask your question again--or consider working with an agent and schedule a showing appointment--that way you can make an assessment firsthand.... more
As a realtor and real estate investor who flips her own house every two years, I have highly recommend to my children to take advantage of the first time buyers credit, as long as that market seems stable. We certainly are not thru these turbulent times but I think Minot, ND is going to stay strong for quite awhile yet. I'm not as familiar with the Fargo market but real estate has been good to me over the years.
You would have to hold the house for 3 years.
It's a big decision to make. Let me know if there is anything I can do to help.
1st Minot Realty