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Alice : Real Estate Advice

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  • Home Buying2
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Activity 7
Tue Dec 13, 2016
Angelica P answered:

We didn't get enough information about your problem to resolve the issue. Please provide us with your email address by replying to this email and we will be happy to assist you.

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Consumer Care Advocate
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Sun Sep 25, 2016
Susie Kay answered:
You would want to increase your credit score before purchasing a home. I would suggest that you talk to a lender or two as they'll be able to assist you in increasing your score.
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Thu Feb 12, 2015
M2mlomas answered:
I have a home for sale. I am listed with dynamite realty. My home is 3 bedroom 2 bath with two car garage. Home is listed at 137,000 quiet neighborhood.
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Mon Nov 3, 2014
Dan Tabit answered:
Rent to owns are rare and even more rarely are they a good deal for the renter/buyer. The vast majority of rent to own renter/buyer's never end up buying the house. They are a great deal for the landlord/Seller as they get to collect large up front deposits and over market rent only to do it all over again in the same house. I consider it basically immoral and predatory in most cases.
Resolving credit issues isn't rocket science and while help is great, a local mortgage lender can and often do assist buyers with this. Many things you can do yourself, others the lender can direct or assist you with.
Most people in your position are far better off renting the least expensive place they can stand to live in and save up some down payment, get on a budget and fix their credit. Once you are qualified, you can select any listed property in your price range and you've fixed the issues that hurt your credit.
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Mon Jul 5, 2010
Rudy McDowell answered:
Hi, Jacob

If you and your family are moving due to a new job that is 8 hours away from your current home, you should have no problem being able to qualify for a new FHA loan. Its more than a valid enough reason and your LO will know what is required to prove it. However, unless you have 25% equity in your home or have paid down 25% of the original mortgage, you will have to qualify with both mortgage payments and the rest of your reporting debts. Again, your LO, if he/she is experienced enough, will know these FHA guidelines and be able to assist you, saving you the unncessary time and expense of a refi. ... more
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Sat Jul 3, 2010
Don Groff answered:
It truly depends on the lender and also your loan options. I am also a mortgage broker and I do loans all the time with zero lender fees. These rates come at a higher interest rate and in a lot of cases make sense. In your case with the very low loan amount the closing costs could be higher because of the low loan amount.

Let me explain:

On a $250k purchase I can give my client a rate of 4.5-4.625% and pay just about all of h is lender closing costs. On your small loan amount the credit for the higher interest rate will not give as much of a credit as the credit is a percentage of the loan amount. So the bigger the loan amount the more credit you will get and the lower your total fees will be. If you are going to have the loan for a long time it may make sense to go with a lower rate like 4.25% and pay slightly higher fees. This is the current rate for a 30 year mortgage with my different lenders I use as a mortgage broker.

In your case because of the small loan the rate will be higher. If you are still paying the mortgage insurance and if the home can appraise for enough you may be able to drop the MI by contacting the lender and asking what the procedure is.

Honestly if your rate is not through the roof it may not even make sense to refinance it depending on the closing costs... on a loan that small dropping 2% points will not make a huge difference so you really do need to look at the total costs and see how many months or years it will take to recoup the closing costs. A good broker will do that for you and it is easy to figure out on your own as well.

As a Realtor I do not originate FHA but I work with a lof of good lenders that I can point you to if you are interested in refinancing and seeing it makes sense.

Good luck to you.
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