You should be able to qualify for an FHA loan now provided you have taken measures to improve your credit rating and not had any further problems. I would suggest you talk to a local mortgage lender. Not one of the big banks, but a smaller firm that specializes in writing mortgages. They will be able to tell you exactly what you qualify for today and, if there are still things that need to be handled, they will tell you what those are and now to take care of the issues. If you don't know of a local lender, call a local realtor and ask to be referred.
Good Luck.... more
16 ft 10 and1/2 inches to the outside of wall from peak plus two ft ovetr hang makes it 19 ft from peak to bottem edge one side both is 28ft .frompeak is64 inches plum or straight down to top of wall height of the64 inches devided by half the full width gives the sq ftage from wall up end of eav for siding... more
It depends on what you are looking for. In most cases, for the lowest rates and fees, a mortgage broker will be able to shop both for you and find the best match. As a broker, I have multiple lenders I use. Some are more flexible than others, some have programs others don't.... more
Hi Janice, Is your question will you be able to buy the house? Are you concerned about down payment? If you give me a call 574-361-3655, we can look at all of your concerns. We should be able to work something out.... more
Allot depends on the underwriter you are using. They ALL take much longer now than they used to, many with seemingly endless demands of this or that before you can close. Even with an 80/20 conventional mortgage. If you are going FHA or VA...it can take a minimum of 8 weeks or more to close. My advice is to find a financing company who has options so that if one lender is being too difficult they can move the loan to someone else.
The good news is that most sellers are willing to work with you to help get the deal done! Good luck and if you would like any other information about the local market, please feel free to contact me.
Century 21 Landmark Realty
It's GROSS monthly income. However, there are two debt-to-income ratios often used by lenders. Most lenders look at monthly house payment (including loan payment, taxes, and ins.) will not exceed 28 percent of GROSS monthly income. The second ratio used in connection to the 28% debt to equity ratio is known as overall debt ratio. Your total monthly expense including housing, credit card minimum payments, loans, and all other debts should fall below 36% of gross monthly income.... more
Just curious, why would you want to buy on land contract? Also, do you have your present home up for sale?
My suggestion is to wait until you get your present home under contract before finding the next home to buy.
Even with the land contract you will likely need 3 1/2-10% down payment and you will need a relatively clean credit report.
If you would like to discuss this further, feel free to contact me at email@example.com or call 574-214-2746.
Jody Jones... more