From a lender's perspective, bankruptcy and foreclosure are serious financial mistakes. They want higher interest rates because "history" says you are a tremendous risk. For risk, they want reward. It's really that simple.
Two years from the finalization of the last event - bankruptcy or foreclosure is the time to speak with a lender about a mortgage. Hopefully by then you'll have something put away for a down payment. If you can't pay less, you will have to earn more.
For now the question is, what you have done to re-establish your credit? If nothing, I suggest beginning a dialogue with a lender "now" to find out how to increase your credit scores.
With "not so hot" credit and inability to document income, the only way to purchase a home is cash.
If you don't have it and family/friends cannot help, you will need to do three things...document your income through bank deposits, improve your credit by paying "on time - every time," and save money for your down payment and closing costs if you haven't already done so.
On the purchase agreement there should be a statement that says the property must appraise for the purchase price, and if it does not appraise for the purchase price then there needs to be a renegotiation. If that clause is not written in there, and the builder is not going to renegotiate the price, you will have to lose the EM or pay the difference. Did you have a real estate broker represent you when you made your purchase agreement? 317-439-8583... more
How soon do you think you'll have your credit card bills paid off? Are you concerned with your debt/income ratios? Good payment history will help your credit score. If you're worried about your income/debt you may want to wait to purchase your car. How soon are you thinking you'll want to buy? If your a ways out, it might not be a bad way to establish credit.
Century 21 Diversified
317-590-3434 direct... more
In order to get a mortgage you need three things: Income - you have that covered, Assets - cash on hand to put down on whatever you're buying, and Credit. Without a credit scored you are not going to be able to get a loan. That said you may have a credit score. Have you been paying a cell phone bill, utility bills, a car note, student loans? All of these go towards your credit score. If you really have no credit score than you need to start building one up. I've attached a link below that you may find of interest.... more
Homes on the water in Nineveh Indiana have shown to sell at a higher price than those located off of the water. Lake homes are somewhat limited in Indianapolis so owning a Lake home can be a great investment. When searching for a home on the water you want to keep many factors in mind such as depth of water, location on the lake itself. I tell all of my clients to walk down to the waters edge and look at the location first before they even go into the home. We can change a house, but you can't change the location on the water.... more
The home has now been foreclosed on and will be on the market as soon as the lender lists it with a broker. I am very familiar with the property and it needs a good deal of work. It may represent a good opportunity for the right buyer who is able to do some work. If you need some guidance and professional help, feel free to contact me for more details. Best wishes,
Joe Farley, Broker Associate
Some agents will put that info in the listing if they know the seller is willing to do that. I would be glad to check for you if you will contact me and give me the home criteria you are looking for. My cell is 317-345-5898, Sharon Moulder, Tomorrow Realty Inc.... more