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32725 : Real Estate Advice

  • All34
  • Local Info6
  • Home Buying18
  • Home Selling3
  • Market Conditions0

Activity 28
Fri Mar 31, 2017
answered:
Hello, I'm a mortgage professional.

There are several steps. Generally after you apply, submit your income and asset documents and get pre approved you then find a home, get a contract, submit whatever other paperwork the bank needs, order the appraisal, get the loan approved by an underwriter and close. There are a few other steps in there.

I can explain more.

If you have any other questions or would like help with this you are welcome to get in touch with me.
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Tue Mar 28, 2017
Maricris A answered:
Hi,

I sent an email to you about this concern.

Regards,

Maricris
Consumer Care advocate
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Tue Dec 13, 2016
Frank Carr answered:
Agree with Don on this one. We have many different types of Mobile Home parks in Orange City. Some really great ones that offer golf or retirement activities, others just a cheap place to park or purchase an older mobile home.

Whether you are looking to move your home in or purchase an existing mobile home in the park, make sure you thoroughly do you homework. Check with future neighbors and look for online reviews. Always, always read your contract and if you are not sure have a real estate attorney or paralegal review the contract.

If you are purchasing an existing mobile home in the park, do not waive the home inspections. Older mobile home have many issues that if not maintained or replaced can be very costly. A well maintained mobile home can last a long time but a poorly maintained one can deteriorate in less than a year to the point of being uninhabitable.

When purchasing a mobile home, you are not covered by the same laws that protect home owners. A mobile home is a vehicle and not covered by the states building codes or real estate laws, it is regulated by the DMV and HUD. Since a mobile home is tangible property, it does not require building permits or oversight by county and state building departments. Many of the additions, re-roofs, plumbing retrofits, electrical upgrades and other repairs are completed by handymen and unlicensed repairmen. Ensure you have a thorough mobile home inspection before purchasing a manufactured home.

Always do your research and never buy a mobile home without a thorough inspection. http://1homeinspector.com/inspection-services/mobile-home-inspection
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Thu May 26, 2016
MCM_STL answered:
If you actually mean $25K, I can understand completely. You normally can't get a mortgage for such a low amount. Your agent would also be working for roughly $500 depending on their tax bracket. They don't do tons less work at lower price-points - in fact it's normally more time intensive to deal with lower prices especially when you involve a federal agency owned property.

If this is a Homepath property, I suggest you do some looking into the process and difficulty in buying those online before you get too excited. (Spoiler: they're a pain in the rear.)

Also, if it's actually a 25K property and not in a terrible area, it's probably in such horrible shape it won't qualify for financing.
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Tue Jan 20, 2015
Karen Weathers answered:
Hi Roxanne,

You can certainly get a nice home in Deltona for a fraction of the cost of what that same home would sell for in some parts of Seminole or Orange County. I just had a buyer who was on a limited budget, and after an exhaustive search in Seminole and Orange counties, decided to go over the bridge into Deltona. That buyer is now very happy with his purchase. It really depends on your budget and what you are looking to accomplish. ... more
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Tue Jan 20, 2015
Kevin Richey answered:
If you can find a local lender they will actually be the best help for you. A good lender can save you a lot of time searching.
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Sun Apr 6, 2014
Charles Buell answered:
Stan, here is a post I did about how to find an inspector:
http://www.buellinspections.com/home-inspector-qualifications/
1 vote 3 answers Share Flag
Mon Dec 9, 2013
Carol Ann Ketchum answered:
You need to call a Lawyer,and take them to court? Call Patrick McAdams he has office in Orland and small office in Deland,wonderful guy,tell him you heard about him from Charlie& Carol Ketchum deltona,fl ... more
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Thu Oct 17, 2013
Eduardo Chan answered:
We can get a Approved Loan at 600+ Credit Score 407-494-3322
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Wed Oct 2, 2013
answered:
It might be interesting to update everyone on the latest guidelines on required waiting periods after a Bankruptcy, Foreclosure or Short Sale. The rules seem to change fairly often and, of course, may vary greatly with lenders and mortgage investors.
For conventional financing, basic guidelines at this time show a waiting period of four years after a Chapter 7 or 11 Bankruptcy, two years with extenuating circumstances; after a Chapter 13 Bankruptcy, it would be two years from the Discharge date, four from Dismissal date (two from Dismissal with justifying circumstances). A Foreclosure on your record would mandate a seven-year waiting period, three with extenuating circumstances but with additional restrictions as to the maximum loan-to-value allowed and occupancy of the property. A Short Sale or Deed-in-Lieu on a person's credit requires a waiting period of at least two years for an 80% loan-to-value and four for 90%, two with mitigating circumstances can be possible up to 90%.
FHA and VA requirements may be considerably different. For example, if a person had a Chapter 7 Bankruptcy, the usual waiting period would be two years for FHA, but under some circumstances it could be moved down to just one, not with VA though. Many factors must be clearly illustrated, including either no new debt since discharge or re-establishment and maintenance of good credit plus a demonstrated ability to manage one's financial obligations. A new purchase after a Chapter 13 Bankruptcy (where debts are being paid over time) has different guidelines also, primarily being that the Bankruptcy has been in a payout period for at least one year, with satisfactory performance and Court approval. Foreclosures and short sales generally mandate three years with FHA, two with VA.
These are some of the lending policies, but of course a person must also qualify for the new loan - income, stability of same, debt ratios and credit scores are critical. We must measure that with the basic question of whether a person is ready to purchase again and take on ownership responsibilities. Working with an experienced, professional mortgage advisor should be very helpful if you find yourself in this kind of situation.
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Mon Sep 2, 2013
Bobby & Lindsey, We Are Available Now! answered:
This home is currently in "Pending" status. It has a contract, and was expected to close on the 30th of August. Please give me a call at your earliest convenience to discuss what you are looking for and I promise I will find it for you! 386-624-1798 ... more
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Mon Jun 10, 2013
Jennifer Flinchum answered:
Yes it is one of the nicer areas with homes on larger lot sizes. It is in a lower traffic area and just minutes to I-4. Easy access to SR 415 and just 25 minutes to the beaches!
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Fri Apr 26, 2013
Linus & Hilda Odegaard asked:
Sat May 5, 2012
Donna LaConte answered:
It has been almost 4 mos. since you post. You can definitely find a few in Deltona... DeBary, maybe. In the last week I have shown quite a few 4 bdrm. homes in Deltona under 90k. Please give me a call and I can definitely help you and set you up on a search for new listings. I look foward to speaking with you if you are still looking to buy!

Donna LaConte, REALTOR
Adams, Cameron & Co., REALTORS
386-527-8043
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Tue Apr 10, 2012
Gary Geer answered:
You can check any property on the FEMA web site to deterine if it's in a flood zone. Lenders check for this and normally let you know they require flood insurance as a condtion prior to giving a loan approval. Also your home insurance company does a check when you apply for insurance for the property. Agents are not experts in this area, but should provide guidance to potential buyers. ... more
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Sun Mar 11, 2012
Donna LaConte answered:
I help my buyers in putting in their best offer & I also don't want them to "overpay". By pulling the sold comps in the last 3 mos. w/in a mile of the property.... this will assist in establishing the best price to offer. You may be competing with other buyers as well. Feel free to message me and I would be most happy to assist you!

Search for homes:
http://www.donnalaconte.adamscameron.com
http://www.myfloridahomesmls.com/donnalaconte

Thanks! Donna LaConte, REALTOR
Adams, Cameron & Co., REALTORS
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