There would be quite a few more questions regarding this situation to determine. Feel free to contact us anytime and we will be able to work with you to decide the best route. We work with excellent lenders. Everything will have to be pulled and gone over. Look forward to hopefully assisting you!
Cecilia Sherrard & Andrew Ginter
RE/MAX NE Ohio
Too many unknowns for an accurate answer....was the bankruptcy discharged, current credit score, etc., therefore for a personalized answer visit with any licensed loan officer; 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.... more
"MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!"
That will be a tough one, I have had a few clients find lending through quicken loans online and have seen them lend as low as 35k however if I were you I would attempt to go through your bank that might be willing to help out just to keep you happy. Sadly the trueth of the matter is many lending offices wouldn't waste their time for the simple fact they pay check would be small. If you need any more help feel free to contact me directly I'll see what I can come up with to better assist you.
Keller Williams Realty
3xUS Army Veteran
website: http://www.blissful-estates.com... more
It sounds like you're on track for obtaining an FHA loan. Your best bet is to talk with someone privately about your situation and goals. There are a few different options out there and you'll want to weigh them all up along with getting good advice to start you off right. Feel free to contact us anytime to discuss your goals, down payment, interest rate, mortgage amount, etc. There are variables and specific questions which you'll want to address privately. We're free to work with and are very experienced.
Cecilia Sherrard & Andrew Ginter
RE/MAX NE Ohio
Can you give brief run down on a couple of things?
What interest rate are you being quoted?
What is your credit score?
What is your current balance and what are you trying do; cash out or rate and term refi?
What is the estimated value of your home?
What type of mortgage do you have right now, FHA, VA, USDA or conventional?
Without knowing a few things, it's impossible to determine if you're getting a great deal.... more
Hi, Mimi. That will depend not only on your income but also reporting debts on your credit report. Both these things are taken into consideration when determining your buying power. However, as rule, and once again depending on your credit reporting debt, also your interest rate and property taxes, you can usually make as little as 25,000 and still qualify.... more
Foreclosed properties aren't ruining property values. Property values go up and down as a function of the real-estate business cycle. Many areas are in the down portion of the cycle right now. Besides, unless a neighborhood has had lots of recent foreclosure sales, the appraisers wouldn't include the foreclosure sales in their comps.
Plus, prices in Richmond Hts have fared better than ones for properties in some other areas of Greater Cleveland. I know this, because I was there a couple weeks ago checking out some properties in Richmond Hts, Cleveland Hts, Solon, and other areas.... more
I suggest that you consult with a mortgage Broker to determine if you might qualify to refinance your 2 mortgages. It appears doubtful that you will be able to so based on what you are saying about your financial situation though.
Prudential Connecticut Realty... more
Hi, Kmez. Because you are currently unemployed, you will not be eligble to go on the mortgage. Therefore, and depending on what her credit score and history are like, only your wife would be able to secure the mortgage. However, if this is important to you, you can still be added to the tile/deed after you close.
So the next step would be for your wife to set down with a licensed and experienced loan officer to determine her eligibility. In order to do this, the loan officer will need to pull and review your wife's credit score and history, and be provided with the necessary documentation (i.e. most recent 30 days worth of paystubs, bank statments, last 2 years of w2s and fed tax returns) to verify her employment, income, and assets.... more
I don know if banks will do an actual mortgage for a house under $40,000. I can give my finance manager a call and ask him. Where can I contact you once I talk to him?
You can get a personal loan and pay that way but personal loans are much harder to qualify for.... more
Im not sure what they could have denied you for. May be the banks guidelines and not FHA's.
I have a great finance manager I could set you up with. He may have the answers you are looking for and may be able to get you approved.
Where can I contact to you?
Unless you're purchasing this property with "cash" or a VA loan, you will be required to put some sort of "down payment" on the property/loan.
FHA still only requires a minimum of 3.5% down on the purchase price. If this property is sold for less than market value, that's a benefit. Sounds like you might start out with some equity in the property. That will also be determined after an appraisal is performed by your lender.
Best of luck!... more
Hard money lenders you can do a google search for these types of lenders.
Most still require down payments, equity properties. Majority of these types of real estate transactions usually don't close.
Dont get your hopes up however worth investigation search
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Hi Marlow, I'm sure there are, as I am a Realtor in the area, I do believe I have one or two buyers that would like to hook up with you in a joint venture. Send me an email and I will get back to you asap.
Nearly all the REO homes I have seen these days are in need of quite a bit of work. Every home varies and there are a lot of loan options. I would urge you to speak directly to a mortgage lender. They can sit you down, pull up your credit and help you fully understand all the details.... more
I would get at least one more for comparison. Depending on your situation, the FHA may be the best for you but you won't know until you look. It only takes about 10 minutes on the phone, so go for it. Good Luck!... more
Maybe, Maybe not.
Is it a line item o the credit report? Are payments made on time? (Good things)
Does the debt cause you to exceed the accepted debt ratio of the loan program you are applying for? (Bad thing)
Contact a local mortgage broker to review YOUR scenario.... more