It depends on your credit score, your income, and how much you were looking to spend on your home. There is a lot more information needed to see if you will qualify for a loan.
If you have any other questions, or need help qualifying for a mortgage, feel free to contact me.
The very best of luck to you!
Michael D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
It sounds like you may be a candidate for a USDA loan since you do not have a down payment. Credit scores for those start at 620 so you may need to tweak your credit.
If you are motivated it sounds like you should be able to buy soon once we get your credit up to snuff. If you had $4650 to put down now I could probably get you approved FHA, but one never knows for sure until we have all of the information.
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010 & 2012
NMLS ID 143960... more
You can contact the listing agent who will be able to help you learn more about that specific property (and probably will know a lot about similar properties in the area). To find an agent, just click on the yellow button on the property's Trulia listing and you will be able to start a dialogue.
Please let me know if you have any questions or if I can help with anything else. I am happy to be a resource for you. Good luck with the search!
Ali, Trulia Voices Community Manager... more
Trulia does not post For Sale By Owner properties. They only post properties listed in the MLS so you would need to hire a Realtor to do it for you.
Once you have signed the contract and paid a deposit the answer is typically NO! However if the contracts were "exchanged" with a "cooling off period" (usually 5 business days) than yes you can rescind the contract within that time in writting, and be penalised 0.25% of the contract price. If you bought at Auction without a "cooling off" period than the contract is watertight, you can still rescind, but would be penalised the full 10% deposit, (is it really worth it?). Thats how it is in Sydney anyway...... more
Short sales will normally preclude you from obtaining a mortgage for at least 2 years. It doesn't matter that it was an investment property as opposed to your personal residence. It affects your credit the same way. I would contact a good mortgage lender in the area where you are moving to and ask them when they feel you will qualify. If it is two years, you will only have 6 months more to wait. If you feel that you have to buy right away, there are always hard money loans which you may be able to obtain. These are loans that are used often by investors for a short time to buy a home, fix it up and then sell. The interest rates on these loans are usually very high, like 15% or more, but they are for a short period of time and don't hurt so much in the long run. This is one option. But, I wouldn't risk it if there's a possiblity that you won't be able to get a loan after 6 months. You might find yourself in the same situation a second tome where you can't make the payments. It is an option to explore, however.
The other option is to bite the bullet and rent for 6 months or a year until you can again qualify for a loan.
I wish you the best and contact me if there's anything more I can help you with.... more
I doubt they came from an appraiser. I am pretty sure Trulia gets listings and photos from various websites, mls systems and internet sites so it would seem that someone added the listing and photos somewhere and Trulia found them.... more
It is our jobs to get the word out there. But do I think this tax credit should open the flood gates with buyers...no.
Market values are down. Uncertainty with job market. BUt for some it is a great time to buy.
Sean Dawes... more
Rule #1. The Market is regulating the housing prices, not REO sellers. It is all about demand and supply.
So, if there would be no demand for this property at its list price the sellers (with REO there are always a few decision makers) would need to make a choice: 1) whether to drop the price, or 2) whether to remove the property from the market until "better time".
Now, if the sellers had received an offer at a full list price, even if the contract fell through, the sellers would be expecting an offer for the same price. It is psychologically difficult to accept the fact that the price could have been too high. But slowly Rule #1 would bring the sellers back to their senses.
And another thing. Some REO sellers can be very patient. It might take a few months before they decide to reduce the list price. So, then the buyers need to decide what they want to do: 1) either to wait, or 2) to make an offer, or 3) to move on to another property (if there is a supply of similar homes available at a lower price). Here comes Rule #1 again.
If you really like the house and you are serious about making an offer, Hank, you need to hire a local Buyer Agent who would be able to analyze the market situation around this property, to give you an idea about the optimal (neither too high or too low) offer price, so that you could decide whether you want to write an offer. And then this agent 1) would WRITE an offer for you and negotiate it through the Listing Agent (talking in real estate is only good when you have something in writing to talk about) , or 2) would help you find a better property to meet your real estate needs.
If you are just "learning what the time frame", etc., the learning process can be interesting and exciting to some extent, but unfortunately there would not be any other rules to learn other than Rule #1.
Do not get discouraged.
All the best!... more
It never hurts to ask. In this tough market, it may be possible to arrange this. Get with a Realtor in the area so that they may work with you and assist you in finding a home.
Hope that helps
Terrence Charest... more