Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

36854 : Real Estate Advice

  • All13
  • Local Info0
  • Home Buying10
  • Home Selling3
  • Market Conditions0

Activity 13
Sat Oct 15, 2016
Mimidph asked:
I put my house up for sale in July, by late August we had a buyer to make a cash offer. The buyer had the money and was set to close in less than 45 days, due to they lost their prior home…
0 votes 0 Answers Share Flag
Wed Jan 1, 2014
Rodney Mason answered:
Hi Harriet,
Information such as how long a property has been listed for sale is something that your Buyer's Agent will be able to assist you with.

When you decide to purchase a home, the very FIRST step in the process is to get Pre-Qualified. For this, you will need to gather your financial documentation including:

• Two most recent years of W-2’s & Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements

This will all be reviewed along with your credit report to determine your qualifications. Once your Pre-Qualification request has been competed, you will know more about your purchasing options.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 3 answers Share Flag
Mon Jul 8, 2013
Edwin answered:
I can help you with that I work with credit experts that help people improve their credit. Feel free to contact me at any time

Edwin Mieles
Senior Loan Officer




Residential Finance
1 Easton Oval Suite 400
Columbus, OH 43219
614.754.2754 Direct
614.324.4700 Ext 1561
877.224.7657 Fax
NMLS: 986881
Company NMLS ID: 1652
edwin.mieles@residentialfinance.com
... more
0 votes 2 answers Share Flag
Tue Nov 1, 2011
Carol Perdew answered:
Marilyn,

Most likely you will have to apply for a new loan to pay off the seller financing on your property. My advice is for you to contact a local lender to provide the different lending options for your situation. Contacting a lender now can let you know what will help you get ready to be in a position to buy a home.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
DRE 985176
... more
0 votes 3 answers Share Flag
Sun Oct 9, 2011
Annette Levinson answered:
Don't bother applying for a mortgage, you will not be approved with 3 lates on your current mortgage. At this point you need to set up a budget which allows you to pay all your bills on time. Go to your local nonprofit housing group for budget help. ... more
1 vote 2 answers Share Flag
Sat Sep 10, 2011
Shane Milne answered:
In order for your car loan & installment loan to your credit report AND impact your credit scores, the *creditor* will need to choose to report them to the credit bureaus. Creditors are *not* required to report items to your credit report, however if they do, what they report must be factual.

A loan officer can assist with modifying *existing* trade lines that are already on your credit report, and modifying them could increase your credit scores, but they cannot add trade lines that are not on there and have your score change because of it. They can document that you've been paying those items through what is called a "credit supplement", but that does not impact your scores, that is just an addendum from the credit vendor the loan officer uses as a 3rd party verification that you had the car loan & installment loan on time.

I've been reading your questions for a few weeks now and I feel you will get a lot of help if you just have a 1-on-1 talk with a loan officer who'd be willing to candidly answer every and all questions you ever have about qualifying for a mortgage - from why the scores they pull aren't the same as the ones you get from websites, to what you can do to improve your credit & credit scores, to what potential loan programs you'd have to qualify with once your credit is in the condition it needs to be to qualify.
... more
0 votes 4 answers Share Flag
Thu Sep 1, 2011
Shane Milne answered:
Unfortunately with USDA you cannot own another home in habitable condition in the same commuting area as you would be buying your new home, which is something you seem to realize since you are asking about that exception - so you would need to purchase the new home simultaneously with the sale of your home. My information is based on a conversation I had with a USDA representative in Nevada about someone who was moving 60 miles and selling their old home, which I thought was far enough away, but apparently it was pretty common commuting distance in the middle of the desert and so USDA required them to wait in order to purchase with their financing.

Can your renters buy the home earlier than December? If there is a new construction home that will be complete in ~4 months, you could make an offer now and time it with the sale of your current home.

If the home you are renting is not within commuting distance, then you can own that one home only and should be able to purchase with USDA financing.
... more
0 votes 1 answer Share Flag
Wed Aug 10, 2011
Jonathan Shidler answered:
You'd get a new home loan.

Depending upon how your rent to own (I prefer Lease with Option to Purchase) is constructed out.

The way we do ours involves a recorded option, and a portion of lease towards the purchase principle price.

At the end of the contract, the buyer has the 'Option' to purchase with funds credited towards the purchase amount that was agreed at the beginning of the lease option contract.

I LOVE lease option purchasing. As it gives you a sort of one way valve to purchase, in that if the value goes down, you didn't throw a bunch of equity or credit, and can walk away with minimal loss. If the value goes up, you have your option recorded, and you get to walk into equity.

[Self Promotion Start:] I have a few lease option properties in California, let me know if you ever find yourself in the southern california area, [end of self promotion]

Take a look at the video link I have that shows the benefits to Buyers with seller financing through Lease Options (third party link to a third party source I quote often).
... more
0 votes 3 answers Share Flag
Tue Aug 9, 2011
Shane Milne answered:
Marilyn, yes you can, but it'll cost money and the only company I know doing it is http://rentreporters.com/ and like Jack mentions, your apartment complex would have to go along with it. It does cost money, kind of like a "credit builder" card (so perhaps a credit builder card would be a better alternative), and if you miss payments those will get reported too, so it can be a double-edged sword. ... more
1 vote 2 answers Share Flag
Mon Aug 8, 2011
Rodney Mason answered:
The lender has to order what is called a credit supplement. For that, you will need to provide the lender with a recent statement from the creditor. Your creditor may also require a conference call with you on the line.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
... more
1 vote 1 answer Share Flag
Mon Aug 8, 2011
Deborah Garvin answered:
I agree Rodney in as much as no mortgage consultant should be issuing a preapproval until the deal is solid. However, unfortunately a lot do...which is exactly why there is so much distrust by agents and sellers of preapproval letters. Do yourself a favor and get all of your ducks in a row before you start shopping for a home. Your agent will appreciate it...and the sellers just might accept your offer on the property you want to buy~ ... more
1 vote 3 answers Share Flag
Mon Aug 8, 2011
Rodney Mason answered:
There are various credit scoring models that are used in the credit industry. Credit scores will vary based on the scoring model used. The mortgage industry has its own credit scoring model that will subsequently generate credit scores.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
... more
0 votes 2 answers Share Flag
Search Advice
Search

Followers

40