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Home Buying in Hartford : Real Estate Advice

  • All98
  • Local Info17
  • Home Buying28
  • Home Selling3
  • Market Conditions5

Activity 54
Fri Aug 11, 2017
Kathy Burgreen answered:
You should get pre approved. What will happen is lenders will average out both credit scores and determine interest rates and fees based on the median credit scores.
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Fri Jan 27, 2017
Scwh68 asked:
My mother got a reverse mortgage 1 year ago. I found out she didn't own the property the property was left to me 2 years ago. Do I have to repay it?
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Thu Nov 24, 2016
Kathy Burgreen answered:
The dreaded student loan catch. What happened is the law was changed recently and now the law says that lenders cannot accept IBR from student loans and instead must count 1% of the total balance due to the debt to income ratio of the buyer. This of course raises the DTI to a much higher percentage than what is allowed.

I don't know if Trump will change it back. Keep an eye on it. What you can do:
Get a 2nd job or find a way to earn more money.
Cut your expenses & pay more towards your student loans.
Continue renting.

If it helps, you are not alone. The change in the law affected everybody with student loans.
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Fri Nov 11, 2016
Lisa asked:
My bid on a condo was accepted and I plan to finance using a VA loan and have a pending contract, locked rate, and closing date in place. However, my lender just informed me that his underwriter…
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Fri Aug 5, 2016
Jadreamin1012 asked:
Mon May 9, 2016
Mikebittner3376 asked:
Bank bought house at auction and that is the last I heard from them. Now I received notice from court the the plaintiff failed to comply with a court notice and the case has been administratively…
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Sat Jan 30, 2016
Dan Tabit answered:
Virginia,
Conventional banks won't consider a loan if your scores are too low. It's possible a regional bank may do a portfolio loan if the rest of your file makes sense, you have good job time and an explanation for the poor credit. The other option would be a short term Hard Money Loan. These are expensive, need to be replaced with permanent financing in just a few months and are risky. Don't do one of these if you have any doubt about your ability to qualify for a better loan much earlier than this one comes due.
Please understand I'm not recommending the Hard Money Loan, only mentioning that it could be an option if you wish to take the risk.
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Wed Dec 9, 2015
Debra (Debbie) Rose answered:
Generally, rent to own favors the owner NOT the tenant - rarely does it work out well for the tenant

You will be expected to give a NON-refundable deposit, as well as paying rent over and above the usual rent - only that extra rent is applied to the purchase, and that extra rent is also non-refundable if you do not buy the home for ANY reason.

If you do not qualify for a loan now, you better make sure you will qualify at the end of the lease term or you risk losing money.

There are a number of other potential dangers lurking for the tenant.........the sale price is decided at the beginning of the lease - what if the market changes? what if the house doesn't appraise out? what if the owner stops making payments on the house?

My advice is to rent in the usual way until you can buy in the usual way - you will also then have a full selection of homes from which to choose ........work on whatever it is that is preventing you from buying now.
Rent to own is NOT the easy road to home ownership some think it may be.
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Wed Aug 12, 2015
Amelia Robinette answered:
You should contact an attorney to look at your contract. In most cases there is a financing contingency that allows you to cancel the contract if you can't get financing and receive your earnest money deposit back. 9 months is a long time for this to go on, so it seems there is something non-standard happening here.

You should be able to secure a consultation with an attorney for a couple hundred dollars to find out where you stand.
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Tue Jul 14, 2015
Jason and Krystal Harrison answered:
Listing a home for sale is an important, nervewracking and exciting process. We're sure that you have a price in mind but what a Realtor will do for you is verify if your price is comparable to other homes in your neighborhood that match your home. Ultimately, you can decide to list your home at whatever price you want but to get is sold quickly means pricing it correctly, which a Realtor can help you do. In order to list with a Realtor, they will ask you to sign a contract with them. We recommend having that contract reviewed by your attorney. However, the contract is why its so important to find the right Realtor. Interview many. See what fits best.

After finding a Realtor, they will take pictures of your home, ask you to fill out a property disclosures form and then put the listing up on the CT Multiple Listing Service which goes out to all of the agents in CT. Also, we recommend holding an open house soon after putting the listing up (2 weeks within listing tops.)

We'd love to meet with you and see if we're a good fit!
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Wed Apr 29, 2015
Kelsey Compars answered:
Recommendations are a great way to find an electrician. My parents are wanting to have the electrical work on their home updated. They have already started asking around for recommendations as well. http://www.northgoldcoastelectrical.com.au ... more
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Wed Mar 4, 2015
Dan Tabit answered:
Hi Mia,
I've never heard of a Newlywed program. Congratulations, by the way.
Where you both own homes you have some decisions to make. Move into one or the other, rent one or the other, or both out. Sell one or both and buy new.
I'd encourage you to find a great local agent and lender to explore these and potentially other options and discuss your goals. Your local pros will be the best source for local programs that you might qualify for.
Best of luck in your home situation and your marriage. I wish you many happy years!
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Tue Jan 20, 2015
Cynm answered:
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