Best should be dictated and defined by your financials, wants, needs, lifestyle, etc.; therefore do take the time and visit neighborhoods of interest more than once and at different times of day; for any safety concerns, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand; Real estate professionals are prohibited from steering, enticing a buyer to purchase, or not, in specific neighborhoods.
Well, you and your fiance probably DO have credit. It may be poor, it may we weak, or it actually might be OK. But it's difficult to live without acquiring some credit. Check with a good loan officer or mortgage broker to actually determine where you stand credit-wise.
It's also relatively easy to build credit. Get a few credit cards, for instance (Visa or MasterCard), and use them carefully. You'll take a small credit hit at first, but buying some items (thing you'd have bought anyway), and then paying them off over a period of 2-3 months will help. If necessary, start with a secured card. That's where you put $x (like $500) into an account that you can't touch. You then receive a credit card for that amount. The card is secured because if you don't pay the credit card amount, the lender can seize the money you've put into an account. Nevertheless, that'll help build your credit. The loan officer or mortgage broker can give you lots of other tips, too.
So what do you do until you've built up (or restored) your credit? Two basic options: First, rent. Even landlords and apartment complexes will want some sort of credit history. But it's generally less strict than if you were buying. Private landlords (individuals renting out a home or condo) often are more flexibile than apartment complexes.
Second option (if you really, really want to buy): Consider a lease-option. That's nicely suited for you--it lets you control a home and yet gives you time to build up your credit. I wrote a blog on how to find lease-options: http://bit.ly/findaleaseoption. Please note, though: Have a real estate lawyer advise you on how to protect yourself. Some (many?) agents here on Trulia don't like lease-options, and one reason is that if they're not properly constructed you can lose out. (Reminds me: I have to write a blog on that subject--how to protect yourself!) And there are plenty of properties around Winchester available for lease-options.
So: Consult with a lender to really determine what your credit and your fiance's credit is. Get advice on how to improve it. If necessary, consider renting for a year or two while strengthening your credit. If you're really eager to buy today, consider a lease-option, but make sure you get good legal advice on how to protect yourself.
Sounds great. If you'd like to contact me privately with more information such as your price range and if you're looking strictly in Winchester, I would love to be of assistance to you. VChrisner@KW.com 703-669-3142... more
I'm so sorry you're going through this. One idea, if you are content to rent, is to talk to the list agent about this. Most real estate professionals tend to call the list agent to touch base on the property prior to showing it. This would give the list agent an opportunity to express your wish to stay. Investors are still showing an interest in purchasing homes in our local market. An investment that already produces income could very well be appealing. I hope it all works out for you.... more
There is a possibility that the loan may be denied, I actually came across the situation with another buyer client and it set a reg flag up with the mortgage company but after very careful review, they approved the loan for my client. You don't mention your dealing with a mortgage brokerage or directly with a mortgage bank i.e. Wells Fargo, Suntrust, Chase to mention a few. Should you be denied, your realtor may be able to suggest another lender you could use, if you're using a realtor.... more
I'm not a lender, but in my opinion I believe you would qualify because you are living on one side of the duplex. I do not know all the rules and regulations considering the guidelines change all the time. I would highly recommend a lender that I work with very closely. As a Buyer's Agent I have had my buyer's compliment me on referring them to Chris. Please feel free to call Chris Corno with Integrity Home Mortgage at 540-539-2778 to discuss this issue further. He is very nice to work with and explains the lending process in a manner that consumer's can understand.... more
We believe the program specifies only the the property transaction needs to close by December 1, 2009 and that the home purchased needs to be your primary residence. We have not seen any deadline for occupancy of the home.
It might be worthwhile to review the attached resource:
BANKS JUST CAN, why many Realtors refuse any longer work with foreclosures or short sales due all drama not caused by listing/ buyer agents.
However 6 months have a returned executed contract WAYYYYYYYYYY out limits WOW... agent should have you looking and closed a long time ago. We instruct our clients within 30 -60 days you should be closed if not we have problems best keep moving.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Nora, Nora... oh, my, I am frightened for you. You must immediately contact a real estate attorney. If you need a referral to someone, call me first thing in the morning. 703-669-3142 THIS is an emergency!... more