Hello Daniloveliz11, yes you may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.
You may consider a 3%-5% grant down payment program up to 417k from a minimum 620 fico score which does not have to be repaid. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
23+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
Back taxes usually must be paid off at or before closing. Lenders will obtain your IRS account transcript to verify your tax returns, and will see the back taxes owed for the current year. If the tax becomes a lien, it can supersede the lender's first lien position - this is the reason they want the taxes paid off.
A loan may be possible if you're making timely payments on an approved installment plan with the IRS. An underwriter may want to see a certain number of months of timely payments on this plan before approving your loan, and the payment will be calculated in your debt to income ratio.
You could always buy a house with cash without any restrictions (although as mentioned above if these taxes are delinquent too long they could become a lien on your home). If you have the money available, it would be best to take care of your tax bill before trying to obtain a loan.... more
I agree with the others. Patience will be required to purchase a Short Sale. But the pre-approved price is the biggest hurdle. Ask your agent to get an update from the listing agent. Most BofA deals are on Equator (website), but not all. If the Listing Agent gets assertive because they don't want to lose this great buyer, then maybe you will get prioritized.... more
The fact that you need to ask that question shows why you need a Realtor to help you with your transaction. If you just want value, then hire an appraiser. I don't think that a Realtor would want to guess at the value of a home they have not seen and don't have an address. There are too many unkowns. I know that neighborhood and I know the home is not on the corner of Vermont & Redondo Beach Blvd.
You state that you are purchasing this home. Who came up with the price? How much negotiating did you do? What were the terms of the contract? Who are you using for your appraisal, home inspection, etc.? Who reviewed the contract, disclosures and other documents for you?
Like hiring a good accountant or lawyer, having the right real estate agent could save you plenty.... more
You may qualified for a 3.5% down Federal Housing Administration (FHA) Loan if you are buying a second home that is bigger or in a better location. You need to have a meeting with a professional to go over with you, your goals, your credit, your finances, your income etc. to see if you can take advantage of this program.... more
Are you buying using a Buyers agent ? The agent should show you the comps for the area. You should look at similar homes in the area and then make an offer. If the home is priced below market value then there may not be much room for negotiation. If it is priced way above market value then make an offer based on the recent sold price.
The price is determined by what a buyer offers and what a seller is willing to take. Then it is in the hands of appraisers and sometimes if you offer more than what it is worth , it may not appraise. A good agent from your area can guide you.... more
You can shop for a new loan but make sure you haven't signed off on your loan contingencies. Check your purchase contract to see how many days you have on that. Have you and the seller intered escrow. Talk to you agent right a way.... more
Whether or not you are entitled to your deposit back will depend on several things. One, did you sign a Contingency Removal Form removing the loan contingency. Did you state a certain interest rate and that you were only looking at 30 year fixed loans on the contract (page one) or was this left vague and padded or God forbid, blank? Did you sign the liquidated damages clause? This is lawyer territory...
My question is, why you have been in this escrow for so long and passing the contingency removal period without loan approval? What has been going on for the 20+ days since you knew about the bank going out of business?
You may luck out and the seller will release the deposit from escrow if you explain the problem with the loan, but if he won't and you want your money back, you will need to contact a lawyer. The inspection money is probably gone for good, services rendered.
You should find a real estate lawyer by asking a friend or family member for a referral. I would go outside of the agent you are using on this one because I can't imagine having one of my buyers remain in escrow past loan removal without an approved loan.... more