Currently FHA requires 3.5% of the purchase price as a down payment, and closing costs will run 3 to 4%. The house will have to appraise, and of course you will have to show income and satisfactory credit to the lender for approval.
Good luck - you're only eight months away!... more
There are mortgage loans available for buying an AZ Home 1 Day After Bankruptcy or Foreclosure. The problem with these loans is the interest rates, closing costs & down payments are much higher than conventional or government home loans.
But, some homebuyers have the cash and the income needed to procure loan approval for an alternative credit mortgage, and they choose to buy a home now versus waiting 2 to 4 years, post their bankruptcy discharge. This is more common when real estate values are increasing in AZ. Interestingly, the increased equity from appreciation, can often offsets the higher cost of subprime loans.
For additional mortgage or credit questions in az, contact Steve Bernstein at www.azcentralmortgage.com... more
For Conventional mortgage loans that require 3% down payments or more, you will need at least a 640 middle credit score. And if you want the lowest Conventional mortgage rates, you will need a 745 middle credit score or higher. These same rules apply to Jumbo mortgage loans that are > $417,000.
If you are buying a house in AZ using an FHA mortgage loan, you will need at least a 620 credit score. Moreover, the higher your score, the lower your interest rate. Though FHA loans only require 3.5% down payment, the maximum loan amount is $271,050.
VA mortgage loans are for eligible Veterans and Active Duty Military. VA mortgage loans generally require a 620 middle credit score, but VA underwriting is more liberal with respect to credit score.
Both FHA & VA home loans can be approved with middle credit scores less than 620, but very few lenders will do these higher cost, higher risk loans, and strong compensating factors are required.
For additional mortgage and credit related questions in az, contact Steve Bernstein www.azcentralmortgage.com... more
If you need a good mortgage broker in az to explain the benefits and drawbacks of each mortgage loan program, I know a guy that provides low mortgage rates and has 22 years of experience :-). www.azcentralmortgage.com... more
Mortgage down payments do not require seasoning, but they do require sourcing. Mortgage banks require the most recent 60 days bank or investment account Statements, to show the source of your closing funds. Moreover, if a large deposits shows up in your bank Statements, you will be required to document / paper trail where those lump sum deposits came from.
Depending on your specific relationship with your "gal's" son, you can either gift him the down payment funds, and have him apply for the mortgage. Or you can buy the house and apply for the mortgage in your name, and then quit claim your "gals" son onto the deed, immediately after closing your AZ home.
Another option might be to buy the house and close the mortgage in your name, and then move the house into a " Revocable Living Trust," listing your "gals" son as the beneficiary.
Note there are probably major legal and tax ramifications to selling your CA house, and then gifting a large sum of money, or co-borrowing for a relative. So, I definitely recommend that you talk to your CPA &/or a real estate tax Attorney, before you deciding how to specifically handle your AZ home purchase.
If you have specific questions about your AZ mortgage, please visit my website at www.azcentralmortgage.com and then give me call. P.S. It's very nice of you to help your "gals" son out!... more
You have the option of countering with a final offer of $304K and move on or offer full price contingent on an appraisal and inspection repairs. I would be delighted to provide you with some mortgage options, (this does not require us pulling your credit) that will allow you to make the best decision for your family. I can be contacted via my profile information for a no obligation consultation.... more
This house is remodeled inside and out and super nice but it's big for 1 person. It's 3000 sq ft. You may want to have couple roomates to share the rent of $1850: 5326 W. Greenway Rd, Glendale, 85306.... more
2nd Chance Rental offered Apartments and Condo homes for People with Bad Credit, No Credit, Evictions and Criminal Issues. We have Apartments & Condos Valley Wide. We offer lots of floor plans at Affordable Rates and low Move-in costs. We offer payment plans that matches your pay schedule, Weekly, Bi-weekly, and Monthly Payment Plans available
https://www.my2ndchancerental.com 602-393-4400... more