Since you are a veteran, your VA benefits allow you to buy a home with no down payment, and, if you are a disabled vet receiving at least 10% disability, you do not have a VA funding fee to add to your loan. If you don't mind buying in the county, outside the designated perimeter for USDA financing, and, if your income and family size permit, that is another no down payment option. Also, if you fit into the guidelines of Alabama Housing Finance Authority Step Up program, and the lender you are using is approved by AHFA, they will assist you with all but $500 of the down payment. There are several options, but would need to meet with you to determine where your family fits in each of these programs. Hope I haven't confused you totally. Call 706-577-1226 if I can be of assistance to you.
Gayle Henderson for Tommy Henderson... more
I know just the house that you're inquiring about, I've shown it several times. The subdivision is an established, very convenient neighborhood. It's in the heart of Phenix City, close to a public golf course, Hwy 280, Columbus, Walmart, churches, restaurants, etc. Call or email me and I'll be happy to give you a market analysis of the neighborhood & answer any questions you may have about the subdivision or this house.
Call me any time for more information at 706-536-4392. Let me know how I can help you!... more
The first issue was for $7500.00 and had to repaid at the rate of $500.00 per year until paid in full. If you did not remain in the home for at least 3 years, the entire sum was due at the time the home sold. The second issue of $8000.00 did not have to be repaid, if you remained in the home 3 years; if not, the entire amount is due at time of sale. To be sure I have not over-simplified this issue for you, please call the attorney who closed the home for you. They will know more information than I. Hope this helps a little.... more
Probably the most sought after area in Phenix City is north Summerville Road. Subdivisions include McIntosh Creek, Tara, St. Andrews, Rock Island. The Lake Harding area is also a desireable location... more
Ask your loan officer to intervene for you, by talking directly to the underwriter regarding your issues (the loan processor has no decision making authority). There has to be some alternative documentation the underwriter will accept. It is common in this economy for companies to be purchased by others.... more
The most you should pay for a house is the lower of: (1) the house's value as determined by a CMA--a competitive market analysis--taking into consideration the house's specific condition and needed repairs, or (2) the monthly mortgage payments you can reasonably afford.
That's the most you should pay. How much under that might you pay? That all depends. Sounds as if the seller might be motivated, if he/she is paying two mortgage payments. It's likely the seller will need at least what he/she paid for the house plus about 10% to cover real estate agent fees and various selling and closing costs.
So now you have a range: The most you should pay and the least the owner is probably willing to accept. Make an offer anywhere in between. Some agents would probably suggest an offer 5% under the adjusted CMA (assuming that's in your affordability range). Others might suggest 10% under. Others, even more.
Check with your agent. Get the CMA. Get his/her advice. Then you decide.