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Home Buying in Dallas : Real Estate Advice

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  • Local Info6
  • Home Buying25
  • Home Selling2
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Activity 38
Thu May 25, 2017
Tyeaselevers answered:
Does anyone know of a lender that will do VA Construction Loans in New York state?
0 votes 12 answers Share Flag
Tue Jan 17, 2017
Maricris A answered:
Hello,

I have emailed you regarding this concern.

Regards,

Maricris
Consumer Care Advocate
0 votes 1 answer Share Flag
Thu Mar 31, 2016
Natiborn62 asked:
Thu Jan 21, 2016
Dan Tabit answered:
Debra,
Buy the house first. The mortgage is far tougher to get and having car payments will limit your home buying capacity. Auto loans are far more flexible so getting that after you buy a home will be easier.
WHATEVER YOU DO, don't let a car dealer pull your credit until your home purchase is CLOSED. You can mess up your purchase by trying to do both at the same time.
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0 votes 2 answers Share Flag
Wed Oct 28, 2015
Sally Grenier answered:
Did you sign a Buyer Agency agreement? If you did...then yes, you have a legal agreement with your agent. If you look at a house with another agent, and end up buying that house...your agent could sue that agent for a commission.

If you don't have any written agreement, you can contact whatever agent you'd like. But...I'd be very careful about going directly to the listing agent. They are working for the seller, first and foremost. Some states allow an agent to act as a "Transaction Broker" and work with both buyer and seller. But...it's a very fine line, and it might be difficult for them to treat you 100% fairly, if they had a relationship with the seller first. Make sense?
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0 votes 1 answer Share Flag
Thu Apr 2, 2015
Jeri Patrick answered:
Sun Feb 9, 2014
Jimmy Payne answered:
From Roswell go Marietta Highway (GA 120) and take it west. It turns into Roswell Rd then Whitlock Rd then Dallas Highway. If you want a more scenic route, you could take Holcomb Bridge through Cherokee County and take a right on Lake Acworth Rd to a right on Cobb Parkway then turn left on Dallas Acworth highway. It will take you past Pickets Mill Battle field and is much more scenic than the 120 route. ... more
0 votes 2 answers Share Flag
Thu Nov 21, 2013
answered:
Yes, if a derogatory item must be paid in full as a condition of the mortgage approval, it can be paid at closing via the closing attorney. You will just need to be able to verify sufficient funds to pay it off or be able to get a gift.

If it is Midland Funding, then it is probably a collection account rather than a charge off. We see charge offs more when the debt is still with the original creditor. Once a collection agency takes it over, it usually stays as an open collection account rather than being charged off.

The older the age of the account and the lower the balance, the less likely it would have to be paid.
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0 votes 3 answers Share Flag
Sat Nov 16, 2013
LaShonda Solomon answered:
This real estate market is highly competitive with limited inventory. You do need an agent who puts your interests first. Did you sign a brokerage agreement with the agent? You do have the right to ed that agreement. Is this a full-time agent that you are working with or a part time one. All of these answers can impact how your agent works for you.

LaShonda Solomon
Associate Broker
Keller Williams Realty Signature Partners
(678) 477-5226
LaShondaSolomon@kw.com
http://www.LaShondaSolomon.com
http://www.AtlantasPremierProperties.com
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1 vote 11 answers Share Flag
Thu Oct 31, 2013
Team Lee Homes answered:
Here was the response from our trusted lender:

You may actually have better luck going with a conventional loan to 95% loan to value. You may be able to obtain FHA financing depending on what the reasons were for the charge offs. The best advice is to meet with a reputable lender face-to-face and have your profile run through our desktop underwriting system. You have obviously done your homework and it seems that a pre-approval appointment is the next step.

Please feel free to call or e-mail me to set an appointment. My team will be happy to help.

Michael Anthony
Access National Mortgage
770-989-7374
manthony@accessnational.com
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0 votes 3 answers Share Flag
Wed Oct 30, 2013
answered:
Since your job gap did not exceed 6 months, you should be ok now. All loan programs today require a verified continuous 24 month employment history in the same line of work, but not necessarily with the same employer. There are only a very few of exceptions to that rule. Those exceptions are as follows:

1. If you are a recent college graduate, you can use your time spent in college to make up part up the 24 month history. A copy of your college transcripts and your college diploma will be required.
2. If, within the last 24 months, you have had a 6+ month gap in employment, then you must be employed at least 6 months since that gap ended.
3. For someone with a longer break in history, the same 6 month rule is followed, but a full 24 month employment history from previous employers must be verified.

For someone who is salaried or hourly, you generally must be employed at least 30 days with the current or new employer. This is due to the fact that a pay stub reflecting at least 30 days of YTD income is going to be required prior to closing.

If you are paid by anything other than a W-2 (i.e. a 1099, self-employed, etc), then you must have 24 months of receipt of that type of income. Some exceptions are possible if your current employer switched your compensation from W-2 to 1099 or commission.

Closing on a mortgage prior to starting a new job with a new company is only considered on a case by case basis for certain fields. Generally, a non-revocable employer agreement confirming your new salary, position, and start date will be required.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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1 vote 2 answers Share Flag
Mon Jul 22, 2013
Janet Kane answered:
if you do not have cash to bring in..yes you lose out...for fha loans..but for conventional you can over bid..but the appraisal has to come in. ..
0 votes 16 answers Share Flag
Mon Jul 22, 2013
Renee Cagle answered:
Hi. I am a Buyer's Agent in Paulding County & HUD certified. I can help you find a great deal on your home & give you info about loan programs available. The 2 HUD homes have a special $100 down payment FHA program available. The home in Windmill Creek may qualify for the 100% USDA Conventional loan based on address. Please call or email me if you would like more info on loan options or help with you home search. You can search all available homes for free on my website listed below. Thanks & have a great week!

Renee Cagle
Solid Source Realty GA
Cell: 678-858-5368
caglerenee@bellsouth.net
... more
0 votes 4 answers Share Flag
Tue Jun 18, 2013
Bobby Crow answered:
What time of loan is it? You may be eligible for a streamlined refinance of the home that could lower your monthly obligation...

Best plan would be to sit down with a local lender, one you trust, and see what options you have. You seem like a very sensible person, so I would exhaust all options prior to letting them take the property... it takes a long time to fully recover from a foreclosure/bankruptcy situation, especially if you might have alternative options... ... more
0 votes 9 answers Share Flag
Tue May 7, 2013
answered:
Good afternoon Lexi,

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.

Saving money for a down payment? Well, heck, you can do that on your own.

If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.

Find a way to save up on your own; not with Rent To Own.

Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
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0 votes 3 answers Share Flag
Fri Mar 29, 2013
Clarissa Zumwalt answered:
Like everyone below has said, you should definitely consult a local real estate attorney to review the covenants and restrictions, and discuss your reasons for wishing to break from the HOA.

Let us know how it works out!
... more
1 vote 5 answers Share Flag
Fri Mar 29, 2013
Kawain Payne answered:
The bank will assign the property to one of the agents in their agent network. The agent will market and list the home for sale.

You will NOT be able to buy the home straight from the bank.

If you have your heart set on this home: get loan pre approval and be ready to go, once it is on the market be prepared to submit your best offer.

Best of luck to you.

Kawain Payne, Realtor
... more
0 votes 6 answers Share Flag
Wed Feb 20, 2013
Scott Roma answered:
You can find value information in several ways! You can ask a Real Estate professional like myself or you could use the Trulia site to give you the estimated value. A visit to the property is helpful and could reveal more information. Our company manages a home in that subdivision and our tenants like living there. If you are not working with an agent and would like some assistance, please contact me. Thanks and good luck. ... more
0 votes 5 answers Share Flag
Fri Jan 4, 2013
Terry McCarley answered:
Short sales are being done in every state. I am a member of the largest short sale agent network in the country and we have agents in every state that specialize in short sales. Feel free to contact me if you would like to be put in touch with a short sale specialist to assist you. ... more
0 votes 6 answers Share Flag
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