do you NEED to? No. But be prepared for it to come up as an issue on the buyer's inspection list.
I would have the system serviced, and get the technician's opinion on its condition and lifespan. If they tell you it's dead... replace it. If they tell you it has lots of life left in it... get them to put that in writing, and perhaps offer the buyer a home-warranty that covers the AC.
You are right to be concerned & you should get a second opinion to make sure.
Unfortunately loan officers are not perfect & we sometimes miss things or make mistakes because the guidelines on loan programs change a lot.
FHA & Fannie Mae guidelines require lenders to use one of the following options to determine the repayment amount on student loans:
- 1% of the outstanding balance
- The actual payment that will fully amortize the loan(s) as documented in the credit report, by the student loan lender, or in documentation supplied by the borrower
- A calculated payment that will fully amortize the loan(s) based on the documented loan repayment terms: or
- If the repayment terms are unknown, a calculated payment that will fully amortize the loan(s) based on the current prevailing student loan interest rate & the allowable repayment period based on the balance: IE: Loans of $60,0000+ have a 30 year amortization.
The concern is whether or not your Loan Officer is aware of these changes/guidelines.
Now on to the good news. There is a way around this where just the IBR payment can be used while still qualifying for a conventional mortgage but you need a lender, like me, that knows how to do it.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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Please don't be discouraged, there are ways to rebuild your credit if you're denied, what do you mean when you say "your credit is not good" with some minor adjustments you can achieve good credit. I just closed on my home, my credit score was 580,599,623 in 4 months it shot up to 660,692,720. A co-worker told me about a credit repair company, the consultation was free so I said what the heck and gave it a try, she gave me some simple instruction I did it and my equifax jumped up by 28 points. If you're interested her phone # is 347-500-6371 call or text and tell her Anderson sent you. Good luck my friend... more
No it is pretty common for there to be a large gap between the 2. We Realtors tend to choose the median for market talking points, because we believe that gives us the "more realistic number". Average can get skewed one way or the other pretty easily by extremes on both ends up the price range (million dollar home versus a $50,000 home). There is a seasonality factor that needs to be accounted at this time of year, because keep in mind that Spring and Summer are when the higher priced homes come on the market and move-up buyers come out to buy.
Which is why we compare each month to the previous year at same time to account for seasonality.
I just pulled that market for you and my numbers say $235,875 for the Median in March, and $256,414 as the average. This does not suprise me at all for Eagan since it is a higher priced neighborhood. We have a very strong sellers market right now with 3 months of supply on the inventory front. Low interest rates now make spring very bullish for home prices and I am anticipating a jump.
Both schools are good academically.
If you live outside of the busing boundaries for one of the schools, you can still open enroll. However, families must provide their own transportation to and from open enrollment schools.... more
Hope that you have had some luck finding a place, I have passed along the message to the neighborhood to let them know there is a client looking for a rental in the area. Hope you are having some luck with your search!... more
You can if the owner is willing to work with you but keep in mind that the bank doesn't have authority to sell it until the redemption period expires. Now, if the home has been vacant for a while the bank can accelerate the redemption period but you wouldn't know that until the home gets put on the market by the bank since they will not discuss the terms of the loan. Good luck!
Interior work should be fine. definitely check out to see if the association allows rentals or if you must be a owner/resident or close family member. I live in Burnsville and office in Eagan. Let me know price range and wants and I can help.
I agree with the realtor professionals that have answered you so far. I want you to be aware of our conventional loan program that allows you to build in any repair or remodel costs into your 30 year fixed loan. I would also like you to be aware of our pre-approval process & how it will give you the advantage in a multiple offer situation. Buyers that go through our full approval process have a competitive edge when submitting an offer with multiple offers on the table. The human underwritten borrower has a loan commitment before a property has been found contingent upon the appraisal & clear title work. This allows us the ability in most cases to close within 7 business days of a full loan submission. The human underwriting turn time in most circumstances is 6 hours after full loan submission.... more