If you are looking to buy the first step is to talk to a lender. They can work with you on your credit to try and improve and talk to you more about if you would qualify for a loan and how much for. I have seen people who have bad credit but after working with a lender for a few months are able to improve it to the point where they qualify for a loan.
If you were to buy, what price range do you think you would be looking for?... more
Props to you for having such a good credit score. Your first step would be to reach out to a mortgage lender. He will be able to run your credit report, determine your debt to income ratio and from that determine how much of a monthly payment you can afford and from that determine your max loan amount. All of that should be free of charge. Your lender would make the decision of weather or not to include your in-laws rent as part of your income or not. If your first lender does that, then I would recommend talking to others,
If need an agent to help you find a home or lender, let me know.
You should sit down with a local lender who can review ALL of your financial info. They're going to look at your income, credit scores, debt to income ratio, job history, etc. Also, you only need a minimum of 3.5% down for an FHA loan. I wouldn't necessarily take a loan from your 401K as that might add to your DTI? Your lender should be able to give you info on down payment assistance programs in your area, if necessarily.... more
First of all, Houseofgifts, that is not how you spell Hyattsville.
Second of all, why are you pushing that house to go to auction, you wouldn't want me hoping that something bad happens to your house.... more
Happy New Year to you by the way. Now you said that you are looking for a rental property within your kids school zone. What is the name of your Child's school? And how far from your child school are you looking to find a place to rent? You can also start your Hyattsville Home Rental Search here http://www.buyandsellnewhomes.com. Good luck.... more
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!... more
Foreclosure are always sold "as-is". The bank hasn't lived in the house and certainly can't attest to any past or potential future issues. Likely, their only contact with the house has been through a real estate agent or appraiser who is representing them. Unfortunately this would be an issue for you to handle.... more
There are many programs available, but a review of your full financial picture and particular areas of interest would be needed to determine which ones would be options for you. Let me know if I may be of assistance.... more