Depending on the mortgage company ,I am seeing a lot of people getting pre-approved with a 620 credit score. If its lower you could consider the NACA program for more details call me at 901-409-5490.... more
Lease Purchase AgreementsI sold a property in 38125 through via lease purchase. It was a rental. My experience investing in Memphis rentals out of state (hawaii) has been bad. After evicting a bad tenant, decided
I didn't see your comment about the roof. Roofs are typically the one item visually that will scare the stuffing out of a buyer. They expect the roof to have life in it...the FHA appraiser might even make it an item of interest in any appraisal. New roofs don't sell houses...but bad roofs can sure keep them from selling. Do it and take your deduction, even if you have to depreciate it. Also...Memphis can be a tricky market...so it's tough to do that from Hawaii.... more
Mrs. Williamson, I have just joined Trulia's Pro Agent program and saw your questions. I service your area directly and would like to follow-up with you. Will you update me on where you are now since posting your May 31st Questions on Trulia?
You have to register with all the banks & asset management company's. It is very time consuming & some do charge. I did get one referral(not an REO) from one of the web sites that I was registered on. Now that I look back I think my time would have been better spent on anything else. That is a very difficult field to break into. You really have to have some good contacts. Good luck to you... more
You have to understand that just because you want it, doesn't mean the seller can deliver it. 6% is the maximum that the seller can pay for the buyer under a FHA loan right now. This is going to change very soon and the seller may only pay up to 3%.
Now, it looks as if you are purchasing in the Memphis city limits and depending on when you are scheduled to close (May or June), you will not need the whole 6% unless you are borderline in credit (you mortgage insurance premium and home owner's insurance are effected by that) because of the time of year when taxes are escrowed (call the low months). County and City taxes are collected at 2 different times. Also, you may want to compare closing attorney/title companies fees. Just because you are asking someone else to pay your fees doesn't mean you don't have a responsibility in overseeing over-spending. That is just a decent thing to do.
Third and lastly - if you were under contract before April 30th for the tax credit, you'd had better check with an attorney before cracking open the contract or rewriting a new one if you are wanting to keep your tax credit. The IRS is very watchful of these things and you may gain $2000 or $3000 to lose $8000. In the South, we call that cutting off your nose to spite your face!... more
This is usually required on a property that HUD is selling. There are certain damages to the house that are being required to have repaired for closing. The estimate for those repairs are added to the purchase price and included in your mortgage. The money for the repairs is held in an escrow account and paid directly to the licensed contractor once the repairs are completed.
You must close first to qualify for the $8000, so you will not be able to use the money prior to closing. You may be able to go FHA, however with shaky credit you may not qualify for the mortgage insurance premium to be financed into your loan (would would have to pay that at closing. In otherwords, your closing cost just went up significantly - and that sounds like a big problem for you.
In some cases, your credit score will increase about 90 days after proof of pay-off. However, with each infraction and depending on how many you have, it may not be enough to raise it up for the minimum you need. If your credit score right now is 500 - you got a long way to go, but if your credit score is 620...you might be close with your proactive measures.
Consult a reputatable loan officer. They are the ones that will be lending you the money and will help you on the right track. You have to play by their rules and a good lender wants to help you. It may not be an easy road and you may not get the tax incentive, but in the long run, it will be worth it for your future's sake.
Hi Helen, if I were you, I would consider Fayette County......either north (Eads, Oakland) or south (Piperton, Rossville). Those are the areas we know of people really enjoying their retirement (friends, colleagues, clients). I haven't heard of anyone we know of going to Tipton County, so I can't speak to that.....but that doesn't mean that area doesn't have something to offer. By the way, for a neat offer if you're relocating, please visit www.danstewartrealtors.com/relocation. If you'd like some more info about Memphis (dining, shopping, etc), you might want to check out www.danstewartrealtors.com/about_memphis. On that page, you'll find info about Memphis, TN being selected by AARP as one of five "great places to retire" (2006). If you go to www.danstewartrealtors.com/about_memphis2, you'll see a 2007 report (CNNMoney.com) that names Memphis as the #1 housing market, based on affordability. This was part of a larger survey on the best places to retire (Memphis was cited as a hot spot). Good luck and please contact me at 901-486-2923 if you have any questions.... more
At ERA we offer a promise "ERA will sell your home or ERA will buy it." There are some conditions that apply, but if you are at least 20% vested in your home and the home is not over $700,000 after 180 day listing we will buy your home for 90% of the appraised value.... more