Do you have a copy of the contract? Are there any clauses in it such as a home inspection clause or a financing clause? These allow you the option to walk away for specific reasons stated in the clause. Did you submit an Earnest Money Deposit? If you walk now you might loose your deposit... more
I would demand that they foot the bill to have the repairs professionally inspected to make sure they were done to your satisfaction. And make certain that the proper permits were pulled from the city (if required). Unpermitted improvements are no joking matter!... more
Unfortunately, each person on the loan needs to qualify (good credit, income, debit to income ratios, etc.) . You should sit down with a local lender who can review all of your financial info and point you in the right direction.... more
Allow me to share some information about "Rent to Own" based on my 35 odd years in real estate.
Rent to Own is more urban myth than reality. There are only two situations where someone like yourself will encounter "Rent to Own" and neither is desirable.
In the first situation the Seller has been unsuccessfully trying to sell their property often for a year or more and they cannot find a buyer. The reasons for this can be many such as; high crime rates, terrible condition of the property, stigmas the house may have such as some one murdered in the home, or a home used as a meth lab for example. There are others but I'm sure you get the idea. In this case the seller is so anxious to sell their willing to do anything, but Buyers should ask themselves why would I want to inherit this Seller's headache?
The second situation is in my opinion actually worse: it's when very savvy Sellers set out to intentionally take advantage of less savvy Buyers. They never have any intention of the Buyer owning the home and the contract they prepare almost ensures that a Buyer will never be successful in meeting the terms. Their intent is to get above market rental income with the promise that one day you'll own the property and if by chance you actually were able to fulfill the terms of their agreement their OK as they got well above market price for the property, but what happens 95+% of the time is that they simply take the home back when a buyer fails to fulfill one or more of their contract terms and they then repeat the process. I've been active in all aspects of residential real estate for more than three decades and can honestly report that I have never once met a single buyer who was successful with "Rent to Own"
Right now we're in a strong sellers market, and frankly there's no reason any legitimate seller would offer a Rent to Own option,... more
No... I am a realtor and my clients have done the same thing. I met them through a friend only 3 days ago. We are writing a offer on a Ryan home tomorrow. It is not to late. I suggest you do, they are free to you, and will only save you heartache and money.... more
Very possibly you can be financed, yes. I would need to get more into the details of your credit and other aspects of your application. I have access to software which enable me to run unlimited scenarios for things we could do as well as how it would affect your score. In addition, I can use this software to project out in time so we can see what the effect will be in one month, or two, or more. Often I can get peoples score up significantly while we process their applications which results in a better rate at the settlement.
I am available to help you at your convenience if you wish.
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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Hi Tuchezg, you can certainly use an ITIN number to purchase a home but the process is a little more complicated. The best thing you can do for yourself is to have an experienced agent and loan officer working for you to ensure the smoothest transaction possible. I have several loan officers I can recommend in the area and will be happy to help you in any way I can. Give me a call or send me an email if there is any way I can be of assistance to you. 301-503-5759 or Melissa.Bishop@remax.net.... more
Hi Rahda, the best way to find out the answer to your question is to find a good realtor and mortgage lender who work well together and can walk you thru the process. An ITIN number can be used for identification purposes in a home purchase but will be a little bit more complicated than a traditional transaction. Feel free to give me a call or send me an email if there is any way I can be of assistance to you. I have several excellent loan officers locally that I can recommend to help walk you thru the process of mortgage pre-approval if necessary. 301-503-5759 or Melissa.Bishop@remax.net.... more
I live down the street in Tanyard Springs which is still in development. I have found Tanyard Springs to be better priced for amount of square footage. For example, 2053 sq ft, 4 bathroom, 2 car garage ,3 bedroom, and large walk out basement to be currently selling for 319,000 (lowest price at the moment). They are renting at about 2700 mth I've seen people post about. And for having lived here for the past 4 years, I would think it's very much an up and coming area. My house value has increased a bit over the last year now with 3 new developments within 3 miles coming up.... more
Hi your VA bnefit limits ar based on the County, if you ar buying in AA cc were you question appears it will be 625k. I would try to save some more money. Butt as you know the VA is at no risk to the mortgage co and you do not have to pay mortgage insurance which will save you some money.
When you buy with VA it has to be for you primare residence not for investement.
I have among my team a VA expert and I we are both veterans.
Look forward hear more from you.
When the underwriters review your loan, they are verifying some of the information in your paperwork to make sure it is correct. An example would be that if you do receive overtime in your job, will your employer confirm that you will continue to receive that overtime. That becomes in important issue if the overtime was included in order for you to qualify for your loan. Another example,
would be verifying funds to close and that the funds were in your account for several months. If monies were just put into an account then underwriters would want to know where the money came from. Was it a gift or was the money borrowed? That could affect your loan if your borrowed money to pay for your closing costs because that could be considered a debt.Also, usually another credit report is pulled to see if there were any recent changes to a buyers credit ( missed payments, judgements,etc) which could affect buyer getting final commitment for loan from bank.
Rest assured, in most cases it works out all right for buyers and your just getting last minute jitters! Hope all turns out well!Donna... more
The best program for first time buyers is the AA Mortgage assistant program were you can obtain up to 30k to purchase a home. you have to qualify based on the number of persons in the family and the incomear .
The numbers on the income change slightly in July when the program gets funded every year. If your income qualifies you, you will have to attend a personal counselling session and a few classes /seminars about the proces of buying a home and you will be on your way.
In May 2012, I closed a deal were my first time buyers obtained almost 28K plus the closing help I secured form the sellers. I will be happy to help you figure out if you qualify and to register you in the program.