Want to buy a homeWe are interested in buying our first home. My husband credit score is 598 on transunion and 587 on equifax. We have 1 year one our lease and we are hoping to get ready to purchase by the
I am 65 years old .I need to apply for gov grant.to buy me a home because I want to get a house on my land. And I am on ssi and a fixed income and I don't have the money right now can somebody help me can u loan the money to me I have being crying because I need a lot of help and right now I am broke as a rabbit can u please help me if u can have a great day and thank u... more
Try calling a few of the local property management companies in the area.... Block and Associates; Stevens Realty in Cary; and talk to someone there. They manage homes for owners who live elsewhere and each owner has some say who rents the properties. Friends of mine got a rental within 2 weeks of filing for bankruptcy because they could both prove steady employment and a clean history. Bad things happen to good people and there are good people out there willing to give those a second chance. Good Luck... more
It is possible depending upon where you want to live... That price range may be more difficult with a "Raleigh" address but certainly is possible if you want to remain within Wake County. I've been showing homes in Wendell which is about a 15 minute commute to Raleigh ( my son bought a home there) and that price range is definitely fesible. Check out my website and use the home search tool. If you require any personal assistance, I have 21 years of experience in this area. Good Luck to you... more
I can see your agents point as you must realize, most agents have multiple clients going on...however in a hot market, I can fully understand the need to see a home as soon as it goes on. Sometimes waiting can mean loosing one before you see it. Ask your agent if he/she has another agent in the office they trust to show you a home in a pinch. I've done that in the past and will offer my friend a gift certificate to a restaurant to help me out. It cost me a few $$, but in the long run is best for my client and myself. Good Luck!!... more
Most mortgages have terms stating you cannot convey or transfer ownership of the property without paying off the balance due (unless it is an assumable mortgage, in which case the buyer needs to get approved by the current lender to assume the loan). So the current owner cannot transfer to you ownership of the home without the bank getting involved as well.
When in doubt, have a discussion with your own lawyer about what you and the owner are attempting to do. It may save you money in the long run.... more
Jennifer: My apologies for the delay in getting back to you on this...I've not been on Trulia for a bit.
To answer your question, while it would be tight, you possibly could make it.
As pointed out, how much you have to put down will factor in. FHA requires a 3.5% down payment, but there is the NC Housing Finance Agency program that can assist you in coming up with that.
They generally don't allow for a "back end" ratio (your housing expense and monthly obligations divided by your gross monthly income) in excess of 45%.
So, if you don't have any other debt, you might be able to squeeze under that limit. The FHA "Front End Ratio" (your housing expense - principal, interest, insurance, taxes, and MIP or PMI divided by your gross monthly income) is 28%. And while it's not unusual for an underwriter to disregard this front end ratio, especially if the file is strong otherwise, there is a reason that FHA wants to know what percentage of your income will be going towards your housing expense. As Ernie pointed out, do you really want to be house rich and cash poor?
Now, if you have other household income such as from a spouse or part time job that isn't being counted in, that is a different story. I would just want to be very comfortable that I could count on that income. So, I don't know if I would rely on roommates or gambling winnings, if that makes any sense?
Feel free to reach out to me if you have any additional questions or I can be of service.
If you are a for sale by owner the post is not allowed; if and when you do list with a broker, ask your agent to post the listing, or consider any flat fee realty company that feeds into the site....... more
My name is Ernie Behrle with Northside Realty and I specialize in working with first time buyers. I would love to talk with you. You can reach me using the contact information under my name or off my personal website which is shown below. I have been helping people like yourself since 1994 so have the expertise and experience to assist you. I look forward to hearing from you.... more
According to the Fannie Mae underwriting guide (the guidelines for conventional loans),
A seven-year waiting period is required, and is measured from the COMPLETION date of the
foreclosure action as reported on the credit report or other foreclosure documents provided by the
No when you say they are just 4 years transferred, do you mean you continued to own them until 4 years ago? Or was that just the point at which the bank sold them to someone else? If they actually initiated foreclosure proceedings and the houses went to sheriff's sale nearer to the time you lost your job, then as long as you let the redemption period lapse then a lender should be able to go off of those earlier dates (regardless of when the houses sold).
With 4 years and $100k down though, you should be able to get some type of mortgage besides conventional if you need to - either FHA (depending on loan amount) or a non-prime option. Rates for the non-prime wouldn't be as good, but you could refinance once you hit the actual 7 year eligibility mark.
There is a program that I use that provides 10,000 towards your down payment and closing costs. It is a zero interest and zero payment loan that is only due when/if you sell the home. I have closed using this program several times and would be happy to assist you. Also I use a 2,000 tax credit program, which enables you to receive a 2,000 tax credit for the life of your loan.
HERE ARE SOME OF THE REQUIREMENTS
1-Must not have owned a home in 3 years.
2-Must have been in the same line of work for 2 years
3-Must make more than 25k but less than 80k
4-Must have 1,000 to put into the deal.
5-640 minimum credit score.
Contact Andrew 954-394-7185 Text first Please!!!!!!!