I am still trying to get my loan officer Lisa on here, but give her a call 612-990-2271 or just contact me directly and we can talk more about advice!
Basically, I have yet to find a lender who will do FHA under 640. Besides that; people with low scores tend to not have the basic 3 credit requirements. THE GOOD NEWS is that it really does not take as long as you think to get up to 640. My LO Lisa is working with someone that has ZERO CREDIT and her company will finance them in 6 months (most lenders tell you a year).
She uses a software called rapid-rescore, which analyzes your credit report and will tell you exactly what to do to raise the scores. What I like the most is it also will tell you how many points you can expect to go up. Lisa has credit repair people for much worse situations.
It may not be what your ex wants to hear, but if they want to buy this needs to get done. The sooner you contact Lisa the faster we can get him qualified. I love working Zip 55119 so I think it will work out great!
Just tell Lisa Chris Block sent you:)
Realtor North/NE Suburbs
This means the formula the lender uses to see how much you have going out for debt and then how much you have coming in as income . They have a specific percentage that you have to have in order to be able to get a loan! Hope that helps!... more
Great question! There are many programs out there for first time home buyers. I would make sure to get preapproved with a lender who will take the time to work with you and talk about the different programs. Some lenders shy away from the programs out there because they are a lot more paperwork. If you want a recommedation, please feel free to contact me directly! Good luck in your search.... more
A couple of things to consider are whether or not you have GI BIll benefits intact (have you used them to purchase another house). If you do, you can use the GI BIll to do a no money down VA loan and purchase something from there. If you don't have your VA benefits available, you will need to work with a loan officer to determine if there are any programs out there to assist you with downpayment or ones that don't require a downpayment.
Let me know if you need help moving forward.
Coldwell Banker Burnet
licensed MN Real Estate Broker... more
You will need to contact the city permits and code compliance department. Sometimes exceptions are made, but they may need to be approved by city departments or other compliance enforcement
departments. Good luck! Liz, 612-986-4105... more
If your fiance will still be in school, then you would just apply for the mortgage under your own name. This would leave out your fiance's student debt. You can still have her on title for the home.... more
answering that question requires more information. I suggest you call or look on the internet to find statistics and reports that would help you know which school and district are more suited to you and your children. It is always important to start with school information when selecting a neighborhood for your family. Good Luck! If you need other places to answer this or other questions you may have related to selecting a family, please call or email. Cell# 612-986-4105... more
Why would you expect to lose? Michael, do you have real estate agent? You need one...if you have one, discuss this with your agent. If you don't have one, get one. An agent represents you - acts in your behalf and best interests. An agent knows areas, knows what makes a house and an area a good combination and helps you use real estate - personal residence or investment - to build your net worth and establish and improve your personal assets. Think about it. An agent costs you nothing, saves you time, money, anguish. Use this great resource. If you are unsure about how to find an agent, write or call me. Liz 612-986-4105... more
Here in the metro area it is easy to find out what is going on in any community. Contact the St Paul police department's community service area and they will provide you with the information you seek. You might also want to contact the Metro Council for additional community information such as transportation, community events and neighborhood involvement. Liz 612-986-4105... more
Review your mortgage note Usually sale of a home by any method will result in the lender calling the mortgage due as of the date of closing. FHA mortgages may be assumable; that will be in your note as well. If you need help, call your lender. If the mortgage is assumable, that would probably be your best way to sell and often extremely appealing to the buyer. Some lenders will also give you some concessions such as lowering the mortgage rate if the buyer finances with the lender. CHeck it out before you cause a problem for yourself. Most propeties that are sold contract for deed do not have a mortgage, they are owned free and clear. If a loan is assumable, a small contract for deed paid directly to the seller, plus a cash downpayment, may be used to cover any gap between the sale price and the assumable mortgage. Just be sure you have all the factd pertinent to you, the buyer, the specifics of your house, etc. Liz, 612-986-4105... more
In most new construction the builder owns the lot and sells you the lot with a new home. If you are buying the lot and hiring a builder, you would need a construction loan that would allow you to do such a thing. Ask your loan officer to explalin your options.... more