This does depend on the specific property. I would suggest searching either on Trulia's rental section, or on Rent.com. They both have great filters that will help you find what you're looking for. Your letters of recommendation will certainly be very helpful! If you find properties that you like, I would also suggest that you get in touch with the landlord yourself and explain the situation..
It depends on the terms of the listing agreement. For example, if the seller has excluded purchasers that the seller finds him/herself from the listing agreement then there should be no problem. If not, the seller will have to pay the full commission. Asking the seller to circumvent his/her listing agreement may cause the seller to breach the listing agreement. You cannot induce the seller to breach his/her contract with the listing agent. You might be liable to the listing agent for inducing a breach of the listing agreement. You should seek legal advice before you proceed.... more
Typical closing costs should be $200-250 settlement fee, $75-100 document prep plus title insurance which is calculated based upon the amount of the loan. You should ask for a title insurance quote from your title company. If you have an owner's title insurance policy that you obtained when you purchased your home, ask for a reissue credit. You will need to provide a copy of your owner's title insurance policy and it will need to be less than 10 years old. Reissue credit can save you up to 30% on the title insurance policy for your refinance. There is no transfer tax due on a refinance. That tax only has to be paid when a sale occurs or you record a warranty deed transferring the property. You will, however have to pay an indebtedness tax on the deed of trust (i.e., mortgage). That tax in Tennessee is 11.5 cents per $100 of debt secured by the deed of trust with the first $2,000 of debt being exempt.... more
Here's my advice...Use this site to find a Fed Gov. sponsored Homebuyers Program, many of them will help you learn whats available in your area to help you, make contacts, learn your rights and assist you with paperwork.
Many of these Programs are run by Housing Authorities or non-profits and their goal is to get you into a home..http://www.hud.gov/local/index.cfm?state=tn&topic=homeownership
Example..In my area
"The City's First Time Home Buyer program provides loans of up to $10,000 for low-income first time home buyers to cover a portion of the down payment/closing costs associated with their purchase of a home within the City of Corvallis.
The local Willamette Neighborhood Housing services have built a number of homes for low low income people to purchase and they are the ones who give the Home buying classes (Required if you wish to get the $10,000 from the city.
These classes will also teach you about available options like Rural loans (low low income borrow directly from the Gov.)
"Direct loans are repaid over 33 years or 38 years for applicants whose adjusted annual income does not exceed 60 percent of the area median income, if necessary to show repayment ability. Payment assistance is granted on direct loans to reduce the installment to an "effective interest rate" as low as one percent, depending on adjusted family income. Payment assistance is subject to recapture by the government when the customer no longer resides in the dwelling. There is no funding provided for deferred mortgage authority or loans for deferred mortgage assumptions. "
The ones here who give the classes also are trained to fill the paperwork out for these loans....
Go thru this, the Fed Gov site that has all the Fed Gov loan programs. You can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program
Here's a link to all the Fed Gov. Agencies and the homes they have for sale = what programs/options they offer..check them out.. http://portal.hud.gov/portal/page/portal/HUD/topics/homes_for_sale
Hud homes in Tn and check out the programs they offer ($100 down)
The key is being aware you have options, being willing to become informed about them and pursue them.
Going over this Fed Gov. page may be of great help also....http://www.usa.gov/Citizen/Topics/Benefits.shtml