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Home Buying in Enfield : Real Estate Advice

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Activity 6
Sat Jul 23, 2016
Bryanrehor asked:
1st time home buyer, age 24. ~60k in cash, saving >2k more per month (living with parents). Annual income 70-80k depending on bonus. Pay $300 per month car payment, otherwise no debt.
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Sun Jun 21, 2015
Marciaf answered:
Most lenders look at credit scores from all three bureaus. The middle score is used to determine eligibility for a mortgage. If 650 is your mid-score, you should be eligible now for mortgage financing. Send me an email @ marciaf@fairwaymc.com and I will be glad to answer any questions privately concerning mortgage financing. ... more
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Tue Mar 11, 2014
Michael Reinhard answered:
There is a first time home buyer program for Enfield, CT that started again this year.
www.enfield-ct.gov/filestorage/91/12798/788/FTHB_Guide.pdf?

Do a web search for Enfield first time home buyer and you will find a PDF document with the details. ... more
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Tue Nov 12, 2013
Lisa Orme answered:
Asking price does not always equate to what the bank will accept when offers are presented. The bank is generally looking for the highest guarantee that the sale will actually close without unforeseen delays, so the stronger your ability to purchase, the better. I have actually had a bank owned listing that received 14 offers between 120,000 and 185,000. They chose an offer at about 155,000 that was all cash over four higher offers that required the buyer to obtain some type of financing. On the other hand, I have had cash offers rejected for offers that were only a few thousand higher and financing was required, but the buyer was very strong and had a 20% down payment. If you would like to discuss this further, please give me a call at 860-688-1400. ... more
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Fri Apr 13, 2012
Michael Reinhard answered:
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Thu Jun 17, 2010
Dawn Nostin answered:
I would address repairs now and have them done prior to closing. Most banks only allow the 6% closing cost credit at the closing if you have more than 6% a red flag could go up and cause you problems you dont need from your lenders underwriting department when they review the final documentation. I would speak with your lender, realtor and attorney as to how to deal with the repairs that need to be addressed as you are walking into a gray area and want to make sure you are fully protected. ... more
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