For adults only. The best place is San Francisco! After that, maybe a casino or a night club that is holding a party. Or buy a couple hundred bucks worth of candy to hand out and make a party of it in your own home. I am hoping to celebrate by watching the Giants win the world series that night!... more
Loan programs come in 2 basic flavors, government backed (VA, FHA or USDA) and conventional.
For government programs, the rates are rather static.....essentially, all who qualify get the same rate! The only exception: borrower's with credit scores below 640
This isn't true for conventional loans, higher fico scores = lower rates.
Anyone with a fico score above 740 will be entitled to the best rates, and fico scores below 620 (and who don't have 20% down) won't get a loan, period...
Having said all this, and in considering your questions, I'm going to counter with a question of my own: how important is a low interest rate if your loan doesn't fund?
Reviewing a borrower's credit, income and assets only accounts for roughly have the analysis a loan officer performs when qualifying a borrower, the other half is related to the subject property (home condition, type, taxes, liens) and the type of sale (short sale, REO, flipped property, estate sale).
A knowledgeable, seasoned loan officer will thoroughly analyze all aspects of a transaction, much the same way a good doctor fully interviews their patients before rendering advice. If a loan officer fails to gather certain pieces of information, the home sale can fall apart the same way a patient may not survive a procedure when the doctor didn't collect enough information.
If comparing doctors by who charges the least for their services doesn't make sense, then why would someone use this approach when comparing loan officers? The fate of your home purchase is worthy of finding the most qualified loan officer you can, not necessarily the least expensive. Ask for referrals from realtors, CPAs, financial advisors and close friends, especially those who've just completed a home purchase!
And if you'd like me to review your personal situation, let me know!
Good luck and best regards, Jeff Marr... more
It's quite common in some cultures for the parents and other family advisors to "thumbs-up" a particular home.
Looking "post transaction road", do you want to be the Agent that helped a family member find the "perfect home" or the one that would not let the Buyer's family approve a property which perhaps has a cultural stigma Mom, Dad and Grandma find displeasing?
The dream client has the skill to listen, (sort of like the dream salesperson). They know that they need to do research and due diligence on a property they offer on and get into contract on. They know to ask questions when they don't have the answer themselves. They know that neither the listing agent nor the selling agent determine market value. The actions of sellers and buyers in the marketplace determine value. They read the voluminous disclosures that we provide them. They know that no home in their price range is 100% perfect, and they know that buying a quality home for pennies on the dollar exists only on fraudulent late night infomercials.... more
I'm going to break down your question to see if we are interpreting it correctly.
** the 1st manager is explaining it different that the manager now.. - As others have said, you need to rely on your own sources to make sure you understand the contract correctly. Hopefully the written contract matches your original intent. On a rent to own, you are paying a rent payment each month whereby there is a straight rental agreement. But in addition, you paid money to have the OPTION to buy the property, usually at a specified rate, BY a specified date, and for an often-specified amount.
** ...someone to carry our mortgage/our credit is bad- to execute the purchase option, you would need to find a party to provide you a mortgage. If your credit is bad, then it wouldn't be a traditional lender, but there are hard money lenders, or private parties who might finance you. They will most often require a larger downpayment by you and the loan would be at a higher rate than if you had good credit.
Finding a reputable, reliable attorney is important to understand the contract you signed. You can try BPE law Group- Steve Beede and his associates in Fair Oaks as one that is well known among realtors in the area.
I wrote this out in detail because I"m guessing that you believe that you currently have some ownership right in the property and they are financing you. That is not the case in the rent to own property. You are just a tenant, and can execute the option to buy it, should you be able to qualify to do so, within a certain timeframe. If you don't qualify to execute the purchase, that option money is most often forfeited to the landlord.
That's why most of us believe the rent to own agreement is rarely a good idea for a tenant/buyer.
I hope you are successful.... more
I would agree. I just do not believe, the Sacramento economy, which is highly dependent on government (state, agencies, county, city, etc.), is going to come roaring back soon. Therefore, an urban revival is unlikely. Most people would continue to prefer to live in suburban areas as mentioned by Jim.... more
Funds owed to the IRS either need to be paid in full or you need to be making payments before you can get an FHA loan. If you are making payments, then the payment on the IRS tax liability would be included in your debt ratio to determine what you could qualify for. This is not a new guideline, it has been around for quite some time.
FHA guidelines on this can be found at http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.1/41551HSGH.pdf page 132, which says:
"If, after checking public records, credit information or CAIVRS, a borrower is
found to be presently delinquent on any Federal debt or has had a lien
(including taxes) placed against his/her property for a debt owed to the
Federal government, he/she is not eligible for an FHA mortgage until
· the delinquent account is brought current, paid, or otherwise satisfied, or
· a satisfactory repayment plan is established between the borrower and the
Federal agency owed, which is verified in writing.
Tax liens may remain unpaid provided the lien holder subordinates the tax
lien to the FHA-insured mortgage."
Shane Milne | Lending in all 50 states | NMLS #81195... more
Are you referring to homes situated in a HOA there, condos or apartments? If you're referring to a home or condo, it's up to the HOA rules, wherever the HOA may apply. However most HOA's do allow dogs. Some limits on size are sometimes part of the rules.... more
Unfortunately "the sites" are frequently inaccurate and not up to date. Some sites have information that is months out of date and the properties listed have been sold and closed for 6 months. Other homes are in some stage of foreclosure and are not actually available to purchase or if they are available they are going to require cash purchases.
Jiim gave you the actual numbers.152 properties with most being condominiums. So the question is what are you looking for?Condition? What type of financing are you looking at? There may be that one property out there for you, but it will be a tough very competative process.... more
Hey everyone, thank you for sharing your feedback. I am a Community Manager at Trulia and wanted to share my two cents on this topic.
At Trulia, we get our listing information from a variety of sources including directly from brokers, agents, MLS's and 3rd party listing syndicators. We then use our proprietary algorithm and business logic to display the most accurate and comprehensive listings
We recommend that you first contact the listing agent to make sure that their listing information is up to date. You can then reach out to our customer service team if you need support in updating the listing on Trulia, we are always listening and here to help you.
You can email customer service at email@example.com or reach me directly if you'd like firstname.lastname@example.org. I am happy to be a resource!
Ali, Community Manager... more
It depends. While no two transaction are exactly alike, if the seller provide all the documents (very important for a sucessful short sale) to the listing agent and the negotiator assigned to your case answer fast, it may take up two months. Not only does a short sale require buyers and sellers to reach an agreement, but the banking institution must also approved the transaction.
Best of Luck,
As the short sales rate remains high, more banks are agreeing to sell properties for less than loan value to recoup some of their investment and assist homeowners in avoiding foreclosures. Generally speaking, the negotiator will counteroffer you with the price that they would like to acquire for this property. It will be up to you to accept or reject it.
Best of Luck,
You don't need that much cash for a 2 bedroom 2 bath in a good location. You would only need about $125, 000 to $135,000 and there are several nice condominium properties in the Sacramento area. Some are gated and some are as new as 2007. I work in the Sacramento area almost every day. If you would like more information on Condominiums in the area you can email me at email@example.com Please reference (Condos) so I will recognize your interest.
Michael Garozzo, Broker Lic. 01101066 916-600-8176... more
Shop around for a mortgage broker that can explore all your financing options, they have access to banks and private lenders with different financial programs. I am sure that they can be able to assist you with the right mortgage loan.
Best of Luck,
I think, you already have a lot of good advice from my esteemed colleagues.
Just a note, in 95757 most newer homes have considerable mello-roos. This could add up to $2k or more in property taxes per year. In Elk Grove, the schools are rated 9/10 statewide, this is not the case for all the schools in 95835. The mello-roos would apply in 95835 as well, but I believe to a lesser extent.
These are hot markets with low inventory, so you have to act fast. There will be multiple offers on pretty much all desirable listings. I live and work in Elk Grove, so if you have any questions, please feel free to call me. I also have investment properties so I understand your position as a landlord.
Best of luck,
916 230 5250... more