There are no pat answers to what are the best interest rates. Rates can change several times within a 24 hour period. Rates are based on many factors, some of those being credit score of the borrower, loan to value and size of the down payment.... more
Hi there, I suggest you ask your agent to sit down with you and go over all the forms again. The listing agreement (Exclusive Right to Sell) and the purchase offer are two separate things.
The listing agreement is between you and the listing brokerage and sets forth the terms for listing and marketing the property, list price, commission, time frames, advertising etc. (it differs a bit from state to state).
The purchase agreement, on the other hand, comes from a prospective buyer and has nothing to do with the listing agreement. It includes all the terms under which the buyer is offering to buy your property: price, closing date and any applicable contingencies as well as any disclosures you made to prospective buyers. You should discuss the offer with your agent, come up with a negotiation strategy and submit a counter offer if any of the terms are not agreeable to you.
An offer becomes a ratified and legally binding contract once all terms have been agreed upon and all changes to the original offer were initialed/signed by both parties to the transaction - you and the buyer.
I would first consider talking to a lender to still explore what your options are. Your credit score is in a range that I would feel comfortable to refer you to lenders that I work with. This will put you in a better situation overall if you can find a lender that will provide a loan. Give me a call if you would like contact info for lenders. 575-652-0344... more
Victoria, since you would apply together, his 530 credit score would be the bottleneck in you being approved for a loan. Unfortunately, there are many people like you and your fiance having trouble out there trying to get approved with more strict lending standards.
I can suggest Spence Lewellen (505.340.0303) from Primary Residential Mortgage. He has a vast wealth of lending experience and can get you with a credit repair specialist to get his credit back on track.
Purchasing a home for under $190,000 with a mortgage payment of $1000 (+/-) is do-able! You can always affect the amount of monthly mortgage you pay by increasing your down payment. The higher the down payment, the lower the mortgage payment. Since your credit score affects your interest rate, ensure that when you apply for a loan, your credit score is as high as you can get it.... more