A true FHA loan would be 3.5% down. The reason why your case may be true is maybe that is what your lender is requiring. Not all lenders are the same and some can require different standards than others. If you do not like your situation, try looking around for different lenders, and just don't look at banks, check out other options as well. Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can! Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 firstname.lastname@example.org... more
i live in the area.. and yes it is bad if you are not accustomed to "urban" living conditions. To be a bit more specific, since I've lived in the very near vicinity, my car has been burglarized twice (xeon head lights, then side view mirror); my neighbor's car was on bricks a few days later because thieves stole all 4 tires. so in short Opa Locka is notorious for car thieves. There is occasional gunfire and crime throughout the areas where the residents are not doing anything to evoke change.... more
The first thing the you guys need to work on is your bullet together, and how much can you guys put in a month. Try to include the water, light ($80 more our less), cable, and Internet. Let's say you guys are going to pay $875 for rent, plus $75 cable$intern, plus $80 FPL = 1030 so both of you guys to pay at less half of the if anything more just in case an emergency happen.
Cash for keys is very common, and I agree with the others. Get it in writing, and make sure you understand the agreement (particularly regarding what you can or cannot take from the property).
If you're a tenant, take the money... and find another place. You'll probably come out more or less ahead of the game.
If you're the owner, this is a question of time... if you have received a "Lis Pendens" the clock is running, and you may still have enough time to complete a short sale. The short sale will reduce the damage to your credit, and allow you to requalify for a mortgage in fewer years. Give me a call, and I'd be happy to help you figure out what the best course of action is for you.