Are there any questions in particular that I could help you with regarding this property?
Call or text me at 717.679.5853 or email me at nicholasstefonich.com to discuss any questions that you have.
Iron Valley Real Estate... more
It depends on a couple of things.
1) Your credit score
2) Whether or not you want to pay points.
3) Your lender
With that being said, here is what your payment could look like with a 4% rate.
Principle & interest = $730.74
Home owners insurance estimated at $65 per month
Taxes at $3,000 per year = $250 per month
USDA monthly mortgage insurance = $50.61
Total estimated monthly payment = $1,096.35... more
If you are a for sale by owner the post is not allowed, you can however try blogging about the property; if and when you do list with an agent, he/she can post it for you, ask; or consider any flat fee realty company that feeds into the site.... more
You have options but unfortunately the best one, requires 3 years after a short sale. You need to look into FHA at 3.5% down. If you are 2 years out from the short sale you would have to use conventional. As for conventional financing, with many markets declining, they would require a large down for the LTV to be in line with the risk of the declining collateral (the property)
Here is what HUD said about FHA after a short sale.
The Department of Housing and Urban Development (HUD) released a letter to lenders regarding borrower eligibility for a new Federal Housing Administration (FHA) mortgage after pursuing a short sale.
According to the letter (available to download here) and effective immediately, borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement “to take advantage of declining market conditions” or to purchase another property at a reduced price.
Borrowers are cleared for a new FHA-insured mortgage if they were current on their previous mortgage and other debts at the time of the short sale and if the proceeds from the short sale serve as payment in full.
If a borrower executes a short sale while in default on their mortgage would not be eligible for a FHA-insured mortgage for three years from the date of the pre-foreclosure sale. Some lenders can make exceptions if the default was due to circumstances beyond the borrower’s control such as the death of the primary wage earner.
But, it means that anyone eligible for the Home Affordable Foreclosure Alternatives program (HAFA) would not be eligible for a new FHA-insured mortgage for three years.... more
My name is Ali and I am Trulia’s Community Manager. I was a bit confused by your question in Trulia Voices, can you please provide a bit more information and I would be happy to try and help you- or find someone else who can.
My advice would be to speak with a real estate agent. Being a first time home buyer, there are a few programs available to you to help with financing, depending on credit, income, and the location of the house you might be interested in.
If your not interested in those programs, I would get a mortgage preapproval to start. You can get one from your local lending institution. Some are pamphlets that you fill out and return at your leisure, some are face to face meetings, and some can be done online. If you would like a few recommendations my number is 717.376.2952 and email email@example.com and I would be more than happy to help you out.... more
A couple things to think about.
If you are very serious about this property make sure you have someone with you to go thru the home
that is qualified to see you if that property has issues you are missing. Termites or structural etc.
Ask your insurance company to check and see if there were any claims paid out on it and what it was for.
Talk to your bank and get your ducks in a row. They are the lenders. They can tell you what you need and also call the sheriffs dept that is holding the sale and present them with the question of the bank financing it. And if they accept whatever from the bank.
They don't care where the money comes from as long as you follow procedure.
Sheriffs sales.....sold in as is condition ! Buyer beware.
I hope this helps....... more