No, but you must have good credit to borrow money.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
If your credit is not good, then you need to either A) get your credit in shape or B) save up enough money to pay cash.
Neither of these solutions is easy and it will take some work on your part, but I know if it were me I'd rather work on the credit than have to save up all that money!
Speak to a lender to have your credit run and see exactly where you are at. If you can't qualify right now, ask for recomendations of what you can do to improve your credit to an acceptable range. Sometimes it's as simple as paying off a collection or two and sometimes it requires more work.
It's a marathon, not a sprint, so you may have to work on things awhile before you are in shape to take on this challenge.
Feel free to call me or email me and I can walk you through the process.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
Dear Steve: Have you and your brother come to an understanding for price and other details. If so, a good real estate attorney can help you or if you need someone to write it for you, I would be happy to do that for you.. All this could be accomplished by e-mail or fax. Thank you.
ABR, GRI, SRES. ASP
Mel Foster Company
Moline, Il 61265
I am not sure I understand your questions fully, but I will try to answer. I have search Rock Island's average market for the year 2009 and also for 2010. Attached are some statistical charts that I have prepared. Let me know if you need more information.... more
I am a Realtor with Mel Foster Co and am licensed in both Illinois and Iowa. The Quad City Housing Market is different from other parts of the country in many aspects. We have not experience as many ups and downs in our market value as other parts of the country. The lenders are right you do need to wait 2 years from a discharge of a bankruptcy to qualify for a home loan. I would spend that time increasing your credit score as the higher your score the better your interest rate when you are able to buy. But I would also do some research on what's out there in the market place so that when you're ready to buy you'll have that education and will be ready to move. I can set you up on an automatic notification of homes that meet your criteria. It's an easy way to do a home search and a year goes by rather quickly. You can contact me at email@example.com or at 563-650-4928 for further information.
Mel Foster Co.
2215 E. Kimberly Rd
Davenport, Iowa 52807
Licensed in Iowa & Illinois