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Barberton : Real Estate Advice

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  • Home Buying3
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Activity 16
Tue May 30, 2017
Kathy Burgreen answered:
Your credit score needs to be 620 or higher. It's still very low now. As much as you hate paying rent, you need the following to buy a home: cash for a down payment (at least 3% of the purchase price) + cash to pay for closing costs (about 1% of the purchase price) + cash for moving and miscellaneous expenses.

To qualify for a mortgage loan, lenders need to verify the following information:

Employment and Income - Salaried? Hourly? Full time? Independent Contractor? Self Employed? If self employed - you need 2 years work experience. Do you receive a W2 or a 1099?
Savings or Investments - 401K? Savings account? Annuity? Where is the money for the down payment and closing costs coming from?
Credit Score and Credit History - Most lenders want a credit score of 620 or higher. Some lenders will go down to 580 BUT you will be charged a higher interest rate, higher fees, etc. Why spend extra money when you can wait until your credit score is 620 or higher.
Outstanding Debt - credit cards? student loans? medical debt? car loans?
Debt to Income Ratio - your outstanding debt should be 30% or less of your income.
Tax Returns - the last 2 years.

Hopefully this helps.
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Fri Feb 3, 2017
Kmvac asked:
I'm trying to sell my mom's house after her recent death. The house was built in the 1930s. The kitchen and bath were last remodeled in the late 60's. The kitchen appliances…
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Sun Nov 6, 2016
Jrpfeiffer asked:
Thu Jul 28, 2016
June Buerkle answered:
Regardless of how you find your purchase, when you close there will be closing costs for the buyer and for the seller.
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Tue May 24, 2016
Ttavanello asked:
Thu May 19, 2016
June Buerkle answered:
If the asbestos is all outside in the siding .... as long as the siding isn't broken with airborne particulates .... you should be OK.

Just make sure not to eat any siding.
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Tue Feb 16, 2016
Tim and Denise Davis asked:
I found a renter and need to remove my house
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Fri Jan 29, 2016
rjbka asked:
1341 Midland Ave New Franklin, OH 44203. Get it off of your site...it is not nor has ever been late with a payment. If this is not off your site within 5 business days my lawyer will be…
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Sun Sep 20, 2015
Lisa Parker Reid answered:
Hi Linda Meredith,

I am in the Texas market, and it looks like you are in Barberton Ohio. I operate in Texas & can not answer on what you can get in the Ohio market for $30k.

I think you may also be inquiring about "Foreclosed" homes that go to auction. In Texas, there is a published foreclosure list & they can be auctioned off to the highest bidder. Your area probably publishes the list also. Hope this helps you. ... more
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Mon Oct 14, 2013
Keith Jean-Pierre answered:
I do not understand your question.
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Thu Feb 21, 2013
Jason Raffle answered:
1bed 1 bath 450sq ft
as the rental specialist at Howard Hanna I would say $450
3bed 1 bath is going for $650 easy
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Tue Aug 9, 2011
answered:
To do what you are asking, your best bet would be a community bank in the Norton/Akron area who offers land loans - as they would actually have a loan program that could utilize a free & clear lot of land as collateral. Cross collateralizing it with your new purchase could be difficult if the new home is not contiguous with the land you own, but if you are purchasing a home on the adjacent lot of land that would make it easier. These aren't your typical Fannie Mae, FHA, etc. programs we are talking about - these loans would be held at the bank you get them from and so of course they would need to be familiar with the area (land isn't always easy to appraise) which is why I say local, and I would not expect as good of terms as if you utilized a traditional loan programs... these could be an ARM mortgage and/or a higher than current market interest rates, but hey no down payment.

However there is down payment assistance in Ohio (when funding is available, which I believe it currently is), through the OHFA which you read up on at http://www.ohiohome.org/homebuyer/downpayment.aspx and can be utilized with the traditional loan programs being made today.
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Sat Jun 27, 2009
Dennis Swartz answered:
Bob is right. If they get a judgement against you, it can be against any asset you have. If you own a house free and clear they could attach the judgement to that house, and then if you do not pay could seek a remedy to that, which would be bad for you. You should consult an attorney because maybe there is a way to shelter the asset you intend to purchase. ... more
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Sat Jan 26, 2008
Adelina Rotar answered:
Andre:

You might want to be careful. A lot of neighborhoods don't allow a person to have a business in their home. If you're in the middle of a residential area, the chances of the Planning Commission rezoning your place to commercial are slim.

If everything around you is commercial, go for it, your chances are probably pretty good.
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