There are a number of different variables to your question.
1. What type of employment here in the IE?
2. What type in AZ?
3. How long in the same industry?
4. Income to debt ratios with both properties?
Not so concerned with buy and bail in that you are far enough away to not be considered local.
27 yrs of lending tells me your scenario needs more questions answered before a credible answer can be given. I suggest in your phone call to the lender you have the following in hand so you will be able to get a credible answer:
1. Most recent year to date pay stub.
2. 2012 W2 & tax return
3. Most recent bank statement
4. $ Amount of insurance you pay on your AZ property
5. Amount of taxes you pay on your property
6. Have you modified your loan in the last 12 months?
South Pacific Financial
27 years of lending experience for you to draw from.... more
Here are the guidelines. I was wrong about payment history. It is 12 months not 6, sorry about that.
I would absolutely try, one of my clients is saving over $700 compared to his previous rate.
You may be eligible for HARP if you meet all of the following criteria:
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here http://www.freddiemac.com/avoidforeclosure/harp_eligibility.html
If your loan is owned by Fannie Mae, you may check your potential eligibility for HARP here http://knowyouroptions.com/loanlookup... more
This should have been disclosed. Because you were paying cash it did not come up as a question from the Lender, however, the Seller should have told you. At this point however, your only option may be to consult an attorney.... more
If your credit is less than 'perfect', it probably took a bit of time and missteps to get it that way & it will take some time and work to get it into shape. If you are willing to put in the work, with a great agent and a mortgage banker on your team to guide you, it can certainly be done.
The first step is the first step: From TODAY forward, pay all of your bills on time. Then give me a call and we'll sit down and figure out where you are so we can route a path to get you to your destination.
GREAT agent with Keller Williams in Little Rock, AR... more
I've been working with Nation Star mortgage and the lender keeps wanting to give me a nonbinding "Closing Cost Estimate" not the standard one that actually says GFE. I'm so sick of them trying to bullsh&* consumers. Not going with them. I'm filing a complaint.... more
I am extremely late to the party on this question. I figured I would answer it so future people asking this similar question can find my answer.
My in house mortgage company has a program that will allow a previous Short Sale Borrower 1 day after Short Sale to purchase another home. The program requires 20% down payment and the borrower must have a 680 score and 2 year work history in same job.
Please feel free to reach out to me if I can be of any assistance.
Long & Associates Realty
The FHA Bond loan is subsidized by the state of Florida. While Lennar suggests that you use their lender, you do not have to. However, the bonus closing costs or upgrades may be taken out of your purchase agreement. The lender for Lennar is good - they have a strong relationship with the builder and their sales reps. You may be surprised by the results. It won't hurt to speak to them and see what they can do.
The next time you buy - use a realtor - even with new construction there are little nuances that a real estate agent could help you with, including advice on alternative lending and using the builders lender. Good-luck.... more
This is a great question. I recommend that you repost this question in our Katy, TX section to get more answers, which you can find here: http://www.trulia.com/voices/qa/Katy---20121
Good luck with your search,
Will I need to submit more bank statements?So I have submitted what I think is all the paperwork that my loan officer needs-- 3 tax returns, 2 W2's, a paystub, and 2 months of bank statements. He has gotten back to me and let
I actually offer owner financing on homes in Orlando areas. We find, buy, rehab, then sell with owner financing. No lease option or other stuff. You actually own the house. We require 10% down.
Let me know if you are interested. You can email me at email@example.com
Jessica, first of all, you SHOULD use a realtor as a buyer, because it can only help you. You do not incur the cost of their commission but rather the seller does. Also, I have been doing builder purchases for many years as well as USDA loans. I have a USDA purchase thru Lennar going as we speak. As for them not paying any cost if you go outside of their affiliated lender, it is not a set in some concrete rule. It can be negotiated. Also, as for the cost they pay FOR you - they add their cost to your side of the settlement statement so the credit is not totally a benefit to you.
Feel free to contact me...... more
Realtor cannot give LEGAL advice, and we certainly cannot do it when we are given incomplete information about the problem.
If you are thinking about filing suit against somebody; you cannot sue someone if you have not suffered a financial loss.... more
Okay it seems we are all confused on your calculations...
$35,000 Cash Payment
$41,000 Mortgage Needed
$76,000 Total price of home....
But the house isn't being sold for $76,000 ?
I guess we all need more information to answer your question properly. Many lenders do not like to do loans under $50K as it isn't very profitable for them..
Have a great day;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit Repair
Making home ownership more than a dream...
Retired Mortgage Banker