HUD property brokers are selected by regional HUD subcontractors through an application process. Asset managers for REOs are pursued by brokers independently and that is a process of relationship building similar to normal client prospecting. In our area we have few HUD listings since there was only a small number of FHA loans issued in recent years because of the greater and preferrred use of conventional and second mortgages to eliminate down payments. As a result the HUD listing brokers are small in number and cover a wide area.... more
Although Joseph's suggestion may be the best one here, there is another suggestion for you. Due to the RESPA changes that took effect last year, we can't take payment for an appraisal until 3 days after the loan was disclosed. Therefore, we no longer take checks for appraisals, we take either a credit or debit card. We are both bankers and brokers, so if the loan happens to be a brokered loan, many lenders require us to order the appraisal directly through them, and we will use the credit card for that as well because the order is done on-line through their website, which only takes credit cards. If the seller agrees to pay for the appraisal, they can give their credit card. if the deal falls through for some reason, and they find another buyer who needs financing, they can direct them to the same lender, and the lender could just get the borrower's name changed on the appraisal.
Note one thing, even though you, or the seller in this case, pay for the appraisal, it still belongs to the lender. You are entitled to receive a copy of it, however, it does not belong to you.... more
Rhonda, I got it to work in my wordpress blog by using a "text" widget in my sidebar and then pasting in the trulia code (my blog link is below). I'm sure you can put it other places as well, but give that a try. Where are you trying to put the widget?... more
Best answer, contact at least 3 REALTORS and ask them to do a market analysis with a sellers estimated proceeds. Don't let them know that your pay off is 138K, but see what the market is doing in your area and how much the closing costs will be.
One question: Is that 138K the amount that you owe on the home, or is it what the mortgage company told you the payoff is at this time. These can be 2 different amounts. Call them, if you haven't, and ask them.
Also remember that there are sometimes fees involved with specific loan plans that need specific notification requirements.... more
Hello Pappy,
I am a Broker in the Greeley area and wanted to introduce myself to you.
Depending on the area in Weld county you are interested in, the USDA Rural Development program could be an option for you for little money down. I'd be happy to assist you with the process of gathering information and finding a second home that meets your needs and wants in the Greeley area. For more information on the USDA loan program, you can follow this link:
http://www.takemehomerealestate.com/real_estate_blog.html
I also have worked with local lenders who could offer some more expertise on the best loan programs to best suit you with purchasing a second home.
I look forward to hearing back from you,
Lori Jarrett, CSP, SRES
Broker/Owner
Take Me Home Real Estate, LLC
970-378-2615... more
You would have to wait for 3 years after the bankruptcy is discharged before you would be able to purchase a house as a first time home buyer with an FHA program.
The best bet for you to get solid details to your specific area would be to talk with your lender and discuss the best way to use these upcoming years to rebuild your credit and get you the highest score possible for when the time comes that it is going to be needed. Your lender could also discuss with you how much money to start to set aside to be sure you have an adequate down payment if you need one.... more
Hi Jane,
The loan application requires you to disclose if you are obligated to make child support payments. When you filled out the Form 1003 (loan application), or when the Loan Officer filled it out for you, you should have been asked -- "Are you obligated to pay alimony, child support, or separate maintenance?" and then you should have been required to check the box "yes" or "no." You can find the question on the Form 1003 on page 4, Section VIII, labeled Declarations, question "g."
In the following Section IX, Acknowledgement and Agreement, you then confirm with your signature (quoted from the 1003):
"Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that:
(1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, et seq.;"
You should have been required to sign this document at the time of application. At the title company, you will be required to sign it again at closing.
As for how it will affect your loan approval, that depends on your debt-to-income ratios, and if your child support is not just a monthly obligation, but if there is back-child support that has been court-ordered to be paid (that declaration is question โaโ Are there any outstanding judgments against you?โ).
I hope this information helps you to make the right decision.
Thank you,
Ben Edgson
Mortgage Broker
ben@bythebrookemortgage.com
720.280.0441... more
The www.mcbreo.com site is a good one for HUD foreclosures. If you'd like information on 100% programs to purchase the HUD homes feel free to give me a call to discuss.
Typically taxes are prorated. So you would pay the December taxes and your builder would pay the Jan-November taxes. Normally you will be given a credit at closing for the taxes. Sounds like your problem is that the credit was either not calculated correctly or the correct amounts were not available when you closed. In my area if you go back to the builder with the actual bill, they will pay the additional amount based on the new rate. Go back to the title company or your builder's rep or your realtor and ask them how to proceed. My guess is they'll be glad to help.... more