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27409 : Real Estate Advice

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  • Local Info0
  • Home Buying4
  • Home Selling0
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Activity 5
Mon Jan 16, 2017
USMortgageRanger answered:
I am sure your Lender is looking out for themselves vs your best interest. Are you required to used your mom income to qualify for a mortgage, if not then you can sell her home at anytime in the process. If you will need her income to qualify then you can do a simultaneous closing contingent on the purchase of your new home. (In other words you will purchase, sell and close on both home at the same time. This will alleviate the needs to move twice. You can also use this strategy to negotiate a lower sales fee from your Agent. ... more
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Tue Aug 30, 2016
Guy40gso asked:
I am planning to buy a second home which will be my primary residence for 350K & will rent out the current home that I live in. I have 30% paid on my first home. I will come up to 47-49%…
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Tue Jan 26, 2010
James Bond answered:
Dave,

I am glad to hear of your interest in Covent Gardens. I believe you were interested the A unit with the big drive way. It is available now and it is yours if you want it. I look forward to hearing from you. ... more
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Sun Jan 3, 2010
Larry Story answered:
Elizabeth,
The answer is the same. Since you are using an FHA loan I also assume you are a first time homebuyer. You need to speak to your buyers agent. I hope you are not trying to use the seller's agent. As a first time home buyer with an FHA loan you must have your own agent. Your agent should have some attorney contacts that can look at your lease and help you through this. Seller's can offer you the moon but, it is not up to them what they can actually do and deliver on. You lease is the key and it needs to be previewed by an attorney. Then you can get an educated view of where you stand.

If you can find someone to rent your apartment then the management may let you out of your lease.

Hope this helps,
... more
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Sat Jan 24, 2009
Larry Story answered:
Elizabeth,
I am guessing that the seller is probably paying the closing costs also. The problem is that a seller can only contribute a certain percentage back to the buyer with the new FHA guidelines. They did away with down payment assistance but, allowed them to continue to pay for closing costs. Your probably not going to get around that. It is a fixed percentage of your loan. I will take a shot in the dark and guess that it is new construction. The only thing I can think of is to A) see if you can get someone to rent your apartment so you can leave. B) take your lease and talk to the closing attorney and an FHA lender to see what can be done. The apartment may let you out if you have someone ready to rent the apartment.

Hope this helps,
... more
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