You need to have your realtor contact the seller's agent. This property looks like it is in a 100 year flood plain. The seller's disclosure says the home is not in flood plain. Make sure your realtor looks into this for you and gets the right people involved. The seller's disclosure says the property has flooded but not the house. So, you need to get your realtor to do some checking for you. I think your first step is to find a realtor you can trust and then go from there.... more
You probably can get a mortgage. You are certainly very close on the credit score. I would be happy to work with you and help you get with a lender to get the definitive answer. I see you are in New York. Have you already relocated or are you coming soon?... more
Are you shopping for a Home? It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.
Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?
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Office: 972-480-9888 | Fax: 469-519-8765... more
Definitely a lender question. That seems like a wide range of scores to me, so I'll be watching to see what the lenders are saying. If you need to talk to a lender in person, I or other realtors in your area can make some recommendations of lenders we have worked with.... more
Although I am a real estate agent now I come from over 15 years in the mortgage industry. In a situation like this you are looking at just the land loan. Even if the mobile home is on a foundation lenders won't consider the mobile home an "improvement". So you have to make sure the land is worth the purchase price. Most land loans are short term 3-5 years and require at least 30% down. Good luck!
Hi Davlo, speaking with a lender is the best way to determine your eligibility. Often there are little things on your credit report that can be remedied fairly easily. If you would like a short list of lenders that specialize in credit repair please let me know.... more
It shouldn't take that long. Are you working with a REALTOR that can help you get answers from the lender? Usually, once you complete your application, it could take a few days to a week max. When you filled out the application, that gives the lender permission to pull your credit.
Here are a couple lenders that will get back to you quickly. You can do an online application, then they will get back to you with a pre-approval so you can start shopping for a home. Then, you will send in your pay stubs, etc.
If you're not working with a REALTOR, I'd love to help you! Let me know if you have any other questions.
Marcy Ringstaff... more
Hello, I have several resources for you however a few more details would help get the best information. If you intend to purchase a new mobile home, the seller can often attach a mortgage to the land as well. If you want a used home to be placed on the land there are strict criteria for financing including a HUD label, proper anchorage, and proof that the home has not been moved before. There is also the question of utilities. Does this land need a septic and well system or is it provided by the city or county. Installing new systems or tapping into city lines can be costly. For more specific information contact Cory Beardon at Weststar mortgage... more
Hello Mrs. Baez,
Find a lender who will work with you both. You do not have any options with a 545 mid score and if you are serious about buying a home you need to focus on getting his credit scores up. First you both need to understand why his score is there and then put into place a system to stop his scores from falling and start to rebuild his credit.
I have written several very long answers to similar questions so you can go back and look at those through my profile. I broker with many lenders and I have several that can potentially work with a credit score as low as 560. Ideally you want to be at 640 or higher to qualify for FHA financing.
Feel free to contact me to discuss further. Hope this helps.
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | firstname.lastname@example.org
websites: www.AustinListed.com | www.360LendingGroup.com... more
A lender can answer this question the best, but my understanding is you need a minimum of 640 credit score. You aren't far away! My advice would be to concentrate on getting that up, then you'll have a good option with your VA!... more
It's hard to say for sure. I would need to know the exact location of where you were looking to build and I could check with USDA for sure. If you cannot go the USDA route FHA would probably be your best bet as it would allow for as little as 3.5% down. Not as good as USDA I know but still pretty good. There are other conventional options that would allow for 5% down which could have lower monthly insurance rates depending on your credit.
I am a Realtor and mortgage broker who lives nearby in Cedar Park so if you would like to discuss this further please feel free to call or email me and I can look into this for you in more detail so you can understand all of your options.
Best of luck to you,
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
email@example.com | www.AustinListed.com... more
Granted I'm not a Realtor but have been in the Real Estate business for over 15 years, and in looking online at comparable sales in the neighborhood I would venture a GUESS that your around $100/psf as a baseline price (roughly $100,000). From there it depends on how the quality of your home compares to the other homes that have recently sold or are currently listed for sale.
Are you thinking of moving and buying a new place?
Maker Capital Group