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30168 : Real Estate Advice

  • All5
  • Local Info1
  • Home Buying3
  • Home Selling1
  • Market Conditions0

Activity 5
Wed Apr 6, 2016
Stevendr asked:
My mom is living in the home - and her Social Security benefits will pay on the short term loan.
0 votes 0 Answers Share Flag
Mon Mar 14, 2016
Hi Serge
The estimates on this and other sites are fun to play around with, but not always that accurate. Make an appointment with a good Realtor who can give you an accurate idea of what your house could fetch on the open market today.

If it's worth less than you owe, then your options would be to:
-Rent the home out and try to qualify for a mortgage to buy another home
-Sell the home and write a check at closing to cover the shortage, then move on and try to buy another home
-Try to do a short sale, then rent a home elsewhere for 3-7 years after which time you can be eligible for a mortgage to buy a new home

Hope this helps!
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Tue Jan 5, 2016
Gregsernack asked:
Sun Apr 13, 2014
Kirsten Wellborn answered:
Hi Tash,

Congratulations on graduating! You don't need to pre-qualify until you get closer. The PEN program is a good program, and it sounds like you have done your research. Yes, you should be able to qualify for the higher amount. There is another program called FHLB which is similar to GA dream but much easier. The downside is the max income to qualify is lower & a 60k income would be too high. You would probably need to use the program before you get your new job. If you have been self employed/part time long enough, you could use that income.

It works the same as GA Dream with the $5000 and $7500.

Let me know if I can help or direct you to an excellent lender.

Kirsten Wellborn
Garrett Realty
... more
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