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Home Buying in 44118 : Real Estate Advice

  • All39
  • Local Info6
  • Home Buying16
  • Home Selling3
  • Market Conditions0

Activity 15
Sat Feb 11, 2017
Derek Howze asked:
I want to get approve for FHA loan in December 2017. How much can be my limit? Am I making enough?
0 votes 0 Answers Share Flag
Thu Jan 26, 2017
Mkh17 asked:
Mon Jun 1, 2015
Tony Grech answered:
That shouldn't be a problem. FHA loans all the time get approved with DTI's even exceeding 50. Generally your loan officer will run the file through DU - Desktop Underwriter which is an automated underwriting program - prior to submitting the file to the actual underwriter. So long as the information entered is accurate, DU can provide an Approve/Eligible recommendation which underwriters will usually take as a sign that the loan is all good for meeting FHA requirements.

My personal experience (I do a lot of FHA loans) is that so long as the credit scores are over 660 and if you have a month or two of reserves, then that will usually result in an approval.

Your loan officer should have certainly mentioned something if they thought your chances of getting approved were in jeopardy.

Your concern is probably because it's been in underwriting a few days and you haven't heard anything yet? Well don't worry because you should be fine. Trust your loan officer until you hear otherwise. Good luck!
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Fri Feb 28, 2014
Miriam Stafford answered:
While your job history is important in qualifying for a home loan, other factors also come into play. Lenders want to know that you pay your bills on time and generate enough income to cover your debts. Some lenders may have stricter qualifications than others, so it is best to contact a few local lenders to find out what they require. The answer can differ depending on whether you just started a new job due to a pay increase or transfer or if you started working for the first time. ... more
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Tue Feb 25, 2014
Tony Grech answered:
Unfortunately, slim and none, and slim is on a permanent vacation.

After a bankrupcty, you need to wait a minimum of 2 years AND you need to have re-established good credit in that time in order to qualify for an FHA loan. Conventional mortgages require a 4 year waiting period. If there was a home included in the bankruptcy or you had a foreclosure then the wait will be 3-7 years, before you can apply for a new mortgage.

On the re-established credit, lenders are going to want to see that since the BK you haven't had any collections or late payments, and that you have 2-3 lines of credit established with at least a 12 month history of on-time payments.

So you should focus on keeping your credit squeaky clean in the next year and getting those scores up. That way, when you are eligible to apply for a loan you will give yourself the best chance of being approved.

Best of luck!
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Thu Feb 20, 2014
Waiterstheresa answered:
Probably not, you probably have to call the City of Cleveland, housing.
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Tue Feb 18, 2014
Carol Herzing answered:
Not at all. I think now is a great time. The interest rates are still pretty low and there are still some good buys on the market. If the interest rate goes up, like they are predicting then let me give you an example. If you were to purchase a $200,000 home for example, and the interest rate goes up 1% then your monthly mortgage will cost you about $160 more a month for that same house. So grab the rate while you can. Let me know if I can help - Carol Herzing, Realtor, Russell Real Estate Services 440-759-3347 ... more
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Sat Dec 14, 2013
Cecilia Sherrard answered:
Kimberly is correct, is a great website for checking your score and your entire report.

It also shows you charts to let you know there areas you an improve.

Having good credit isn't just important for getting loans but also for getting discounts for things like insurance, etc. ... more
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Tue May 7, 2013
Kim Beckwith answered:
You should definitely contact a professional before you undertake a flip on foreclosure property. Getting prequalified is your best bet. Any mortgage or finance company will be able to inform you of all of your financial options and the programs available to you. There is an FHA 203k loan that can provide you with the funds to both purchase and repair/improve a home. However, you may be required to live in the home for a specific period of time. There are many programs out there, you simply need to find the one that best fits your needs and desires. Good luck! ... more
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Wed Aug 22, 2012
Shawn Thomas answered:
A friend of mine was able to use her income and not her credit on a loan app with Fifth Third Bank, and they were working with Cleveland Housing Network(non-profit) to buy a home. I don't know if the bank allowed this due to the fact that the bank has a connection with that non-profi? ... more
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Wed Jun 27, 2012
Laura Davidson answered:
I would love to get you preapproved, then we can see what needs to be done to improve your credit. There are many options out there to help you purchase a home. Your results are just a phone call away. Contact me at 330-612-2493. Let Howard Hanna (#1 company in Ohio) out you in your very first home with ease. ... more
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Sun Jun 10, 2012
Eric Veronica answered:
This answer could differ depending on

- Previous Employment
- Full time vs part time
- Salary vs commission
- First job after college
- Length of time in industry
0 votes 4 answers Share Flag
Mon Nov 28, 2011
Tari Torch Sweeney answered:
A POS (Point-of-Sale) is an inspection the municipality does on a home when it comes on the market. There are 16 POS communities in the Cleveland area. When a seller prepares to sell their home, i.e., in Cleveland Heights, they must fill out an application for inspection with Cleveland Heights housing department, pay about $100, or $150 (I'm sorry, I forget the fee right now!). An inspection is scheduled with one of the city building inspectors. The inspections are SUPPOSED to be really for health and safety issues, but usually involve much more than that. The city then prepares a list of violations. These violations either must be completed by the seller prior to title transfer, or the buyer can "assume" those violations. If Buyer assumes, there is usually a dollar amount that will be required to be placed in escrow (for example, with the title company) until the violations have been completed. Many times, in a purchase offer, a Buyer asks that the Seller complete the violations, and the seller does. Other times, such as in this market, with the lower-priced homes, the buyer is asked to assume the violations. This means Buyer signs a form acknowledging their assumption, and places money in an escrow account to cover the repairs. Title, by the way, cannot transfer until this form is signed. The money is released to the buyer once the violations are completed. If there are a lot of violations, the buyer gets the money back in "draws". Fix 1/3 of the violations, have city inspect, then short list violations, and have some monies released. Usually they will do about 3 draws. If you mean, by "payoff", will it benefit the house? Of course. Once a home has been completed of the violations, it has a better place to stand on the market. But, obviously, there are things the city DOES NOT CITE....i.e., painting the interior....if it is not in good condition, aside from the violations, then it is the same thing...won't sell for much. People these days want to do nothing on a house....just move-in. So - depending upon your plans for the house, it is wise to explore buying a house and accepting the violations. If you are doing it for yourself, it pays because then you have repaired the house for yourself, and will enjoy it. ... more
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