What You Need for a Mortgage
W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.
Copies of at least one pay stub for each person signing the loan.
Account numbers of all your credit cards and the amounts for any outstanding balances.
Copies of two to four months of bank or credit union statements for both checking and savings accounts.
Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
Copies of your most recent 401(k) or other retirement account statement.
Documentation to verify additional income, such as child support or a pension.
Copies of personal tax forms for the last two to three years.
Fred Yancy, Broker
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!... more
Current property tax for subject is $2934. Property is a short sale with a offer on it pending bank approval. I would love to assist you with finding another home here in South Fulton.
Solid Source Reatly
Go to www.greatschools.org to get the ratings for schools in the area. Feel free to go to http://fredyancy.crye-leike.com under "local community" tab to review things such as demographics, crime statistics, fun things to do and see in Atanta, and a ton of other information valuable for someone relocating to the area.
If you need an assistance in the search of your new home, feel free to contact me.
Fred Yancy, Broker
Foreclosed property and bank owned homes are the same thing. They can also be called REO property. Once foreclosed that process is over and the bank usually gets them back and now the bank owns it and can sell it as a bank owned home. Homes in the foreclosure process are not listed with agents or on the MLS since there is no owner willing to pay a commission.
Banks will get around to listing their homes on the MLS after they do some research and title searches and inspections. It can take months to a year for them to get around to listing them, but they usually always do since they won't sell them before they list them.... more
Real estate agents are not allowed to comment on a variety of topics. The Fair Housing Act restricts the information that can be provided by a real estate agent.
Off Limit Topics Include:
• Crime Statistic (including questions about whether a neighborhood is good or bad or safe)
• Environmental Concerns
• Household Income
• Schools (including questions about how good or bad the school is)
Determining to the answers to questions on any of the topics listed above is something that you would need to do on your own. It is up to the individual to make their own determination about a specific area. If a real estate agent were to comment on such a thing, it could be steering which is a prohibited act.
Some websites to try include:
Reasons Why A Real Estate Agent Cannot Comment
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.... more
Maybe. We would need to know much more about your financial picture, the location, and condition of your current home, and and what you are looking for in your next home. Look for responses from the lenders who regularly post here. Contact them directly to discuss the specifics of your situation.
Also speak to a financial planner or accountant with experience in real estate investment to ensure that if you go the rental route, that you maximize the advantage of that income stream.
Finally, you should work with a Realtor familiar with rentals in your neighborhood to determine the potential rental income from your current property, and to determine whether you can find a new home that meets your needs within your budget.
Best Atlanta Properties
Sounds like it won't be a problem as his name wasn't on her condo loan. I would love to help you and your clients. Please contact me.
It varies depending on age, and size, type structure etc. Most homes are between $350- $450.
Some maybe slightly less and some more for larger homes.
Also rates will usually vary by the inspectors experience, usually newer inspectors with less experience will charge less or inspectors that are not busy and need work.
I have been inspecting full time for 20 years, Code Certifed, ASHI and NACHI Member.
Do not look for the cheapest inspection because that is what you may get.
Get the most qualified inspector with a fair price, that is what we do.
With your foreclosure at two years (keep in mind that the date starts from the date of the actual filing to the court) it is unlikely that USDA will extend a loan to you at this time. FHA will offer you aloan at 3 years after a foreclosure if ther is no overage being charged against you. that can be determined by a loan officer. They will not count your income on any loan. A family member could co-sign f they would and it was necessary.
Based on what you are saying about your wife, it all depends on how much monthly payment and price of house you wish to buy.
Fha requires a 640 credit score and can go to 41% of her monthly gross salary. At $25,000 or a monthly amount of $2083.33, muultiply this at 41% and you get $854 per month. If she has no debt she could possibly qualify for a home priced around $120,000. That includes the payment, property taxes, homeowners policy and mortgage insurance. If she has debts of say $125 per month she would only qualify for about $95,000. If the debt is low this may be enough home for you in this lower priced market.
You can speak to a professional and very friendly loan officer. (He has been a mortgage broker and is highly qualified). There is no obligation..it is all friendly. His name is Ken Rizza and you can call him at 678-442-9454. He is with Homestar financial.
The answer depends in part on how many properties you plan to rent. We cannot give, nor should you bank on legal advice obtained through any online forum. You should speak with a financial planner to be sure you maximize the benefits being a landlord, and if you are concerned about legal aspects of being a landlord, contact an attorney. Contact a Realtor about the the potential rental income for your property and marketing strategy.
Best Atlanta Properties
According to the Associated Press ~ In stark contrast to this time last year, the housing market is chugging into 2013 with a head of steam.
Home-listing prices were up 5.1% nationally in December on a year-over-year basis, according to data released Thursday by real-estate listings and data company Trulia. Out of the 100 major metro markets covered by the report, 82 of them saw year-over-year gains. At the end of 2011, asking prices had fallen 4.3%, and only 12 markets had posted positive price changes.
“Prices are going into 2013 with strong tailwinds,” said Jed Kolko, chief economist for Trulia. He cites a general strengthening of the job market, which in turn means more families able to cover a sizeable down payment. An increase in household formation, which is also the product of improving job prospects, and home construction could further bolster demand.
Mr. Kolko notes that the sharpest tightening of inventory is taking place in Western states. Four of the top 10 cities to see the largest asking price recovery were in California, including Oakland, San Jose, Sacramento and Fresno.
Las Vegas, which was hit hard after the bubble burst, came in at the top of the list with a 16.3% year-over-year listing price increase. In the same period in 2011, prices dropped 11.2%.
To be sure, even among the markets with major gains, some are better positioned for a sustained housing recovery than others.
While Las Vegas may have seen the largest asking price turnaround, it remains far below pre-bust levels. The problem, Mr. Kolko says, is that the market remains unstable, with high vacancy rates, lingering foreclosures and subpar job growth.
On the other hand, metros like Seattle, which came in second on the list of cities with the highest asking-price recovery, are on a smoother path to growth because of their strong economic fundamentals, he said.
Meanwhile, rents rose nationally 5.2% in the same period. In 17 of the 25 biggest rental markets, home prices are rising faster than rents, according to Trulia. Whereas ownership was typically more affordable than renting in most markets in recent years, as sales demand rises, that edge is becoming less apparent, Mr. Kolko said.
Kira no one has a crystal ball to predict the future. It is all speculation. So far things are improving in the economy and in the real estate market, prices are increasing due to high demand and low inventory. If you don't have to wait two more years, I would strongly advise to jump in with both feet now while prices and interest rates are still very affordable.... more
Find a good realtor. The banks will not work with you directly. Foreclosed homes and short sale homes only become available for purchase when they are listed with a realtor, so it is really the only way and you will be happy to have the advice and guidance of an experienced realtor. And it won't cost you a penny, the commission is paid by the bank.... more
Check out the MARTA link below. In the upper right corner you can enter your location and destination to see what your public transit options are.
Best Atlanta Properties
I would recommend renting for two years to get your credit established, save for a down payment and closing costs etc.
Get Your Finances in Order: To-Do List
Develop a household budget. Instead of creating a budget of what you’d like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.
Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt — car loans, student loans, and revolving balances on credit cards — down to between 8 and 10 percent of your net monthly income.
Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You’ll probably spot some great ways to save, whether it’s cutting out that morning trip to Starbucks or eating dinner at home more often.
Increase your income. Now’s the time to ask for a raise! If that’s not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want.
Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it’s possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.
Keep your job. While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.
Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills, too. Pay off the entire balance promptly.... more