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Home Buying in 13502 : Real Estate Advice

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  • Local Info0
  • Home Buying7
  • Home Selling0
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Activity 6
Steven P, Home Buyer in Deerfield, NY
Thu Jun 16, 2016
Steven P asked:
my closing is on hold till the seller gets paperwork for the bank to clear the title of a bankrupsy how long does this take generally
0 votes 0 Answers Share Flag
Anthony Math…, Real Estate Pro in Orlando, FL
Thu Aug 15, 2013
Anthony Mathis answered:
In order to list a property on this site, you have to be an agent.
0 votes 7 answers Share Flag
Barbara Gran…, Real Estate Pro in Anaheim, CA
Tue Oct 16, 2012
Barbara Grandolfo answered:
Hi Johnrwilliams

Did the seller or someone else purchase a home warranty policy for you when you bought the home? The purpose of a home warranty is protect both the buyer and seller from just this type of thing.

Call your agent to verify if there is a policy in place for you.

Best of luck,

Barbara Grandolfo
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Dan Tabit, Real Estate Pro in Issaquah, WA
Mon Sep 5, 2011
Dan Tabit answered:
FHA backs the loans and puts minimum guidelines for approval, but individual lenders can set conditions over and above FHA minimums. Shane did a good job at giving you some non-traditional trade lines to consider and at yelling at your lender. It's really a shame this didn't get caught up front and really should have.
Tell this lender to look at all the options and that they should have notified you of this before you paid for an appraisal and packed your stuff. You have a legitimate reason to be angry with them.
In the mean time, talk to some other lenders and be right up front with your situation. No sense wasting time with someone who will run into the same thing.
On a personal note, it's a shame when someone who has been responsible, paying cash and not getting in over their head can't qualify. It's also a lesson to get credit, you have to use some. Let us know how this turns out.
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Cathy Sloan, Real Estate Pro in Jacksonville, FL
Sun Sep 4, 2011
Cathy Sloan answered:
I am providing FHA guidelines from the government web site. I am cetainly not a loan officer or an underwriter however you might check with othermortgage lenders in your area. The guildlines below sound as though 12 months or non-traditonal credit may be acceptable. It sounds as though the boss referred to is FHA and that FHA will not insure the loan. You might try finding a mortgage broker as oposed to a Bank, as mortgage brokers have more resources and can shop a multitude of banks.

FHA stipulates that you the borrower must have 3 credit references from 2 groups of non-traditional credit sources.

Group 1 - The first group of references is weighted more heavily than the second because it is considered a more accurate predictor of your credit worthiness.

Group 1 consists of rental housing payments, utility payments (gas, electric, water). Also included are telephone, and cable TV bills.

Group 2 - FHA qualifications are possible by including payment references such as: insurance payments (medical, auto, life, renters ins), payment to day care, internet cell phone, a 12 month bank documented history of deposits resulting in increased balance. Group 2 also accepts individual loans where the repayment terms are written out and signed by both parties.

FHA Rules for Non-Traditional Credit

To qualify for an FHA loan with non-traditional credit you should have 3 positive credit references and at least one being a group 1-credit reference. To be accepted under FHA qualifications you must display - in summary:

- No late payments on rental housing (group1)
- No more than 1- 30 day late on other payments (group1)
- No collection accounts (other than medical) in the last 12 months.

Good luck to you.
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