If your score is 770, you shouldn't have anything to worry about in terms of qualifying for a mortgage credit wise.
There are a essentially 4 programs available that offer low or no money down options.
1) VA is no money down but you have to be a qualified Veteran.
2) USDA is also no money down but you have to buy in an eligible rural area & qualify under the county income limits.
3) FHA requires a down payment of just 3.5% of the purchase price. On a $250,000 sales price you would need a DP of $8,750. The down payment came come from a family member as a gift or you can take a loan against your 401K & we won't have to count the loan against you.
4) Fannie Mae & Freddie Mac both have a program that only requires a down payment of 3% but they both have income limits.
I would see which ones you qualify for & then let you decided which option works best for you.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
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Great Plains National Bank
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If you son is not required to register as a sex offender or if he served no time, things should be fine. If he was a first time offender and received probation under deferred adjudication auspices, he has only an arrest record once he completes probation. If he's of school age, the district might be required to get a court order and access files beyond the arrest.
I would suggest you seek legal counsel (there are free legal services to answer questions for folks that cannot afford an attorney). Not having the type of information you need makes me think your son had a public defender. Public defenders only handle the actual charges against your son. Had you hired an attorney, he would have answered all the questions concerning your son's future. a quick search online shoed lists of pro bono attorneys in Texas. I'm sure all states have such services.
There too many factors that come into play with your issue and I understand your reluctance to ask questions on a public forum. If for some reason you cannot seek paid or pro bono legal help, you can always write a letter to the Office of the State Attorney General if you have questions concerning the implications of your son's conviction.
Pro bono attorneys in Texas:
In my college days, a couple of us were busted for smoking pot. After my probation was successfully completed, I joined the military and passed a background check for a Secret Security Clearance.
Living space, or “under air” space is calculated when determining square footage of a property. In a single-family house, GLA includes all living space that is above the land-line and has heating, lighting and ventilation. The main rooms and bedrooms, hallways, bathrooms and kitchen footage is calculated to determine the gross living area. Finished attic space with a minimum of 5-foot walls and heat is calculated for GLA. Patios, porches and garages are not included in this measurement unless a garage has been converted into living space with the appropriate permits and an enclosed porch is heated. In a condominium or co-op, GLA is calculated by measuring the perimeter area of the unit.
Exterior measurements of a two-to-four family building are used to calculate the Gross Building Area. The interior must be finished to count in the calculation. Below-grade living space is also included in the GBA. Interior stairways, hallways, storage rooms and laundry rooms are part of the GBA. If the building has an exterior stairway, it is not included in the footage measurement.... more
I would be happy to help you. Just call me at 817-875-8214 or go to my website and view houses. Once you register on the website and choose a few houses, I can make an appointment to show them to you.... more
Were you going to use the FHA financing? How much was the total that you had to pay off?
FHA had put out a directive that certain collections were going to need to be paid off to get approved, so lenders had started to enforce that rule. They they put it on hold until July 1st, and only about a week ago, they decided to put it on hold indefinitely. So perhaps you got caught in that time when the lenders didn't know FHA was going to say "nevermind."
If not, after you got proof that it was paid off, I'm surprised that they would want a rescore, unless the credit report had expired.
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas For 30 Years!... more
That is almost the norm unfortunately. What you need to do is find an experienced Realtor and list the home immediately. You also want to contact the lender and let them know you would like to do a short sale. They will direct you to the documentation you need to provide like income and a hardship letter etc.
Talk with a few Realtors and make sure the one you are dealing with has had success with short sales. You will be up against the same issues. The lender may want to set a price based on their own appraisal or they may instruct you to list the home and submit an offer when received.
Because your situation has dragged on for so long you may be up for foreclosure very soon so make sure you keep communication open with the lender at all times. Call them at least once a week.
Best of luck to you and your family.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
Why are you considering real estate as a career field? Haven't you heard 75% of all new agents are broke and gone by the 5th year? Really ask yourself, "Why do you believe your outcome will be different?"
Now, let me share with you there are many challenges and these challenges mutate with the economy and technology. The challenges change as your permanance in the business is established. The challenges change as you refine your processes to contain costs and try to optimize ROI.
In the face of all of these challenges the NUMBER ONE issue to overcome is getting leads and converting them into real business! When you have an abundance of leads you can make decisions regarding the opportunities that best suit your business models, which ones to refer to others and the ones to incubate. You will not be under the pressure of making every deal work. Some people and leads simply are not worth the time and energy. I don't care how many letters you have after your name, with out leads coming in you willl be out of business. Rah, rah sessions are nice, staging training has purpose for someone, hour of power, yadda yadda, without leads and conversion....well refer to sentence two.... more