Your best bet is to find an agent to work with you on identifying these properties. I have had good luck in finding properties in Kenhorst, Mt. Penn, Exeter and Daniel Boone. Let me know if I can help!
I sold a new construction home built by Berks Homes about 4 years ago and I currently have the same home listed. The homeowner was very happy living in it. Berks builds a nice home.
Keller Williams Real Estate
Office: (610) 363-4300
Cell: (484) 948-0936... more
Unfortunately NOT, I'm afraid. Banks do not lease or rent out foreclosures - they will ONLY sell them or keep them off the market until they're ready to sell them. The only exception to this that I have ever seen has been a multi-unit building, fully rented, which the listing agent agreed to manage for the bank during the sale proceedings, since it's much easier to sell an investment property like a multi-unit if it's already rented. However, once a bank has foreclosure on a single family home, I have never known any bank to agree to rent or lease it out. They are under an obligation to sell it in order to repay the investors to whom they sold the mortgage in the secondary market.
There MAY be exceptions to this - I'm an agent in Reading, PA, which is a high-turnover rental market with a lot of foreclosures, so the banks only want to sell their foreclosures - but as a general rule I believe it's safe to assure you that you are better off not looking to rent or lease a foreclosure property.
Hope this helps! Good luck.
PRUDENTIAL LANDIS HOMESALE SERVICES
It would depend on how bad the credit is. A lender may take your loan as a portfolio (they keep the loan in house) and that would allow them to be flexible with underwriting guidelines.
Let me know if you'd like to discuss in more detail.
Unless you can find an area that will allow for the USDA Rural Development loan (which is the only 0% program that i know of that is still be used) then you would most likely be out of luck. Even with the USDA product there are certain income limits, being a doctor you would most likely be over that limit. The best option might end up being an FHA loan which only requires 3.5% down and allows for seller assist of up to 6% to cover closing costs. Zero down mortgages helped get it us in this mess and is one of the reasons they are nearly impossible to find anymore.
I would be happy to discuss further if you would like. Please feel free to email or call.
Andrew Himes, CRS, e-PRO, ABR, REALTOR
Prudential Fox & Roach Realtors Collegeville Office
I have a lender that I work with that can give loans down to 25k. This is through a major mortgage company. Most of the other lenders don't go below 50k.
Let me know if I can help you further and have a great day.
Century 21 Park Road
cell 484-388-1604... more
Landlord can put anything that is not in conflict with local and federal laws. You also have right to review and negotiate the contents. If you are not familiar with terms and lingo, consider getting legal help.... more
There are lots of lenders that will do this type of financing. However I doubt that you will find someone to provide you with a list. If as a broker I provide you with a list of lenders with whom I have developed relationships with over the years, then you don't need me. It's kinda like McDonalds giving the ingredients to the Big Mac sauce so people can make them at home. It ain't gonna happen!
I have a lender that will probably offer you a 7/1 Arm at 3.75% on an umbrella mortgage or possibly even a line of credit as long as you have the equity, credit score and cash flow. Maybe up to 75% LTV.
I'd be happy to discuss the situation with you. In order to move forward my lenders usually require 2 years tax returns and a personal financial statement. If you're willing to provide those after we have talked then I would be able to put a deal together for you. Yes it may be considered"cheaper" not to deal with a broker as you do not end up paying their fee, but that's only if you find the right lender on your own. I can submit your deal to ten lenders in one email and my lenders usually provide me with discounted fees because they know I am brokering the deal and they get several deals from me each year.
I have dealt with lenders that promise the earth and when they are asked to make a commitment the deal is not even close to what was originally promised. The only way for you to do that is go through the process and find out the hard way. I hope it doesn't happen to you but I already have my list of lenders that I would never use again.
Cedar Lane Partners
cell 267 992 7276... more
Your credit score should be enough to
qualify for a mortgage but a credit score
Is not the only criteria. Feel free to contact
me and I can recommend some lenders
who can get you pre-approved and
I can help you find a home.
I handle several of these situations a year. First of all you want to run your credit and make sure all accounts that the jointly owned are closed. Talk to a mortgage brokerimmediately to see that you qualify for the mortgage and to make suggestions based on his analysis of your credit report.
267 992 7276
VOTED BEST OF BUCKS 2010... more
here is a link to the BARTA bus routes in the City of Reading - so that you can see where the transportation lines are in the city and whether a property is located near a bus line...
Hope this helps!
PRUDENTIAL LANDIS HOMESALE SERVICES
The value of the foreclosure stated by the lender or mortgage holder is the payoff of the loan plus the accrued interest, penalties and other costs that have been incurred by the lender. The banks do not make money on a foreclosure. Their objective is to minimize their financial losses.
The difficulty for both the homeowner and a potential buyer is that each day that passes adds to the interest and additional penalties making catching up difficult to say the least.... more
The application is just that. You are requesting approval to be the tenant. If you were approved you would be asked to sign a lease and normally pay your security deposit and your first months rent.
You have a right to change your mind before you sign the lease. The landlord also has not commitment to accept you as a tenant before the lease is signed.