Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer. Costs will depend on the type of loan, and he/she can provide a good faith estimate; FHA loans require a minimum of 3.5% down.... more
This is dependent on your credit rating and whether you are purchasing a property for investment or to occupy. Generally, downpayment would be 5-10% and closing costs another 5-10%, often times those who are purchasing a primary residence finance their closing costs.... more
My name is Craig Johnson,
We have properties at that price point if you are interested. Are you looking for cash flow or are you looking to live there?
How many bedrooms? Bathrooms? Specific location.
Shoot me a email and I will help you with your search
or call 716-374-5969... more
It would depend on whether or not your home would have to be sold on contingency. Meaning you would need to sell you home to finance the purchase of another. If you don't owe much on the current mortgage then it tends to make it much easier.... more
Self employment is tougher, but with 2 years in you have lasted longer than most start up businesses. If your self employment is in the same line of work you were in previously it may be helpful. You'll have to apply with a lender to know for certain. They will look at all 3 credit scores and use your middle score for determining rate & programs.
Your income will be gone over with a fine tooth comb and they will likely average out the past two years to set your approved debt ratio and loan amount.
Improving your score may be possible as well. Some quick steps are to reduce any outstanding balances to 1/3 their credit limits. The more freed up credit you have the better it impacts your scores. Dispute with proof any derogatory information which may be inaccurate to each reporting company that has the inaccurate information. The higher you can get your scores, the better chance you'll have for approval and a great rate.... more
In order to make an informed decision and determine what will work best for you, do consult with any licensed loan officer(s); he she can best advise as to what should be done, so that you can be prepared when the time to purchase arrives; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Also consult with your financial planner and or tax professional...... more
Talk to some other loan officers with banks or lenders. I had a loan denied and moved the whole package over to Wells Fargo who closed it in 23 days. It can happen. Some lenders just are not easy to deal with, but others are. Make some calls.... more
The only trouble you should have is the 20-25% equity requirement, and that the rate will be significantly higher than one on your primary residence. Other than that, HSBC and Key Bank both offer them to non-owner occupied investment properties up to 4 units.
Email me and I can refer you a great banker at Key Bank if you'd like.... more
It's happening to a lot of people, not just you. Also, many people are having difficulty refinancing because the threshold for acceptable credit scores are higher for not only lenders but also Mortgage Insurance companies (PMI) and many people cannot qualiy to refinance the house they are living in. Try going to a BANK that is local based. If you have to borrow money, they select the appraiser not you.... more
It you are talking about down at the lake, it is very unlikely. You should really check with a local bank ( M&T, First Niagara, HSBC) who is familiar with the area and will give you accurate information about whether or not the property is mortgagable or not. There have been so many foreclosures in the past two years on vacation properties down at Point Breeze, Angola etc. that it may be difficult. Is the structure on a foundation or piers? Is it a private road with deed restrictions or is it a public road?
Feel free to e-mail me in private to discuss further;
Associate Real Estate Broker
MJ Peterson Real Estate
Serving the Buffalo-Niagara Region... more
It depends. There are other factors like how much debt you have and how much money you have to put down. If you have low debt and money to put down you should be okay. Most likely your interest rate will be higher than someone with a higher score.
Good luck!... more
Congratulations on graduation, finding a good job and saving some money. Chances are you do have some credit, a cell phone, student loan, utility bill etc. If the home only costs $15,000 you have 1/3 down and may be able to obtain owner financing. If you meant the home is $150,000 I would start with a mortgage broker or your local bank or credit union. FHA requires 3.5% down payment, so you are close at the asking price. Find an agent to represent you and see if you can get a better deal.... more
You could call Beth Paulsen from Flaherty Funding. Her number is 716-239-0754. Pls. let her know we referred you to her.
Do you also need help in searching for a property? We would be happy to assist you.
MICHELLE & TOM STONE
"THE STONE TEAM"
Hunt Real Estate ERA... more
If you are stating that you have a tenant, are you saying the property you want to purchase is an investment property? If so, in a lenders eyes, investment properties carry more risk than a primary residance so to balance the risk lenders will require a higher down payment, normally 20% on an investment property.... more
Sounds like it will would be your primary as you do not own in NY. Is your job in NYC and you will commute or do you work from home? Be prepared with an answer to these questions for underwriting.... more
The lender's basic rule for determining income is "if you don't declare it, you can't use it". Write-offs are considered as deductions to income. You probably feel like you're between a rock and a hard place, but the government is not going to let you have it both ways: undeclared income and then declare for loan purposes.
If you had them paid as part of your W-2 income, you would be in a better position from a loan perspective but would have a higher tax liability.... more
Some differences between a 203K Streamline and a 203K Full Renovation are:
No HUD consultant -203K Full requires one.
Less fees vs a Full Renovation
No Reserves - Full 203k requires reserves
Restricted to $35,000 in repairs
No Inspections - over 15k in repairs just needs to verify work is done.
No Contingency Added
Repairs must be completed in 6 months - no extensions, after 6 months must be kicked to full renovation.
Owner Occupied / 1-4 family... more
yes you will have trouble, you may need to file this year and also prove a consistency of employement and income before you will get appoved, allthough one Thing I always say is never say never, as lenders look at your credit score, your income and debts, and your assets so if you have a large downpayment or other positive variables its possible, but in todays market your circumstances and much tougher to get a mortgage then in the recent past.
the best wat to find out is to meet with a lender and get a pre-approval run, if you need a recommendation or two let me know I'll be happy to point you in a direction.... more