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Home Buying in Lakeland : Real Estate Advice

  • All395
  • Local Info42
  • Home Buying117
  • Home Selling8
  • Market Conditions18

Activity 145
Adamhargrove, Other/Just Looking in New York, NY
Thu Jan 12, 2017
Adamhargrove answered:
I live in Lakeland FL, it is a small town in a VERY large county (bigger than Rhode Island!) I doubt you will find much of an Asian Indian community here, though there are two Hindu temples on the outskirts of town.

Home prices here have shot up lately, but it is still one of the cheapest housing areas around. Schools are not great in general, this is Florida.
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Alan May, Real Estate Pro in Evanston, IL
Thu Dec 8, 2016
Alan May answered:
No. The whole idea of a downpayment, is that the lender wants to see that you, as the borrower, have some skin-in-the-game... not merely some additional money you've borrowed.
0 votes 1 answer Share Flag
Diane Christ…, Real Estate Pro in Sarasota, FL
Wed Oct 5, 2016
Diane Christner answered:
You asked this question in the FL forum, so am assuming the property you are selling is in FL. Contact a local FL real estate attorney asap to discuss what options you have and consequences should you try to cancel your contract. Be sure to share your listing agreement with your attorney as you may owe your listing agent a full commission if you cancel since he/she brought you a buyer who was ready, willing and able to purchase your property. ... more
0 votes 2 answers Share Flag
Heidim, Home Buyer in Lakeland, FL
Thu Aug 11, 2016
Heidim asked:
Sally Grenier, Real Estate Pro in Boulder, CO
Sat Jul 16, 2016
Sally Grenier answered:
Most lenders require a minimum of 620-640. The higher the better!
0 votes 1 answer Share Flag
Janeaston, Home Buyer in Lakeland, FL
Wed Jun 22, 2016
Janeaston answered:
Don't waste your time - First off you will not get any brochures or details of the community or any of the home layouts to take home with you. You will get a 45 to 1 hour wasted sales script of their company and the area that you can easily look up online. It is worse than sitting through any timeshare scripted sales pitch or a scam telemarketer sales script. you have no choice of cabinets or counter-tops - as there are no upgrades unless you opt for their luxury models as they call them. Not much different than the cookie cutter homes where every home will have the same cabinetry and counter-tops. floors etc. The price start at $220,000 - LGI homes look more like low income homes - even Habitat for Humanity homes have better quality and options. You will feel trapped as they bring out their notebook and have to go through each step of their script without ever getting the chance to look at any home features. After you do - thats when you will realize what a waste of time you sat there with the slow talking sales script these people force you to listen to before seeing a sample of their cheap crappy homes. For $5000. more you will realize all the better homes built by reputable builders close by and be given all the brochures without the pressure sales LGI homes does. ... more
0 votes 11 answers Share Flag
Five Stars, Real Estate Pro in Jacksonville, FL
Sun Jun 12, 2016
Five Stars answered:
Check the USDA map, many locations in Polk County are still USDA approved.

Five Stars Mortgage
Florida Home Loan Resource
7 days week - 9am-8pm
Ph: 800-871-2636 ... more
0 votes 13 answers Share Flag
Mark LeMenag…, Real Estate Pro in Lake Nona Orlando, FL
Sat Jun 4, 2016
Mark LeMenager answered:
Not sure what you mean by lot fees? They apply when you are renting a mobile home or bring your own and set it up. This is not real estate and we really can't help with that. if you are looking for something where you own the land, then yes, it's pretty easy to search the MLS for age restricted communities.

Click on my picture, read my reviews, and contact me if I sound like the kind of agent you'd like to work with.
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0 votes 1 answer Share Flag
Jlg31, Home Buyer in Lakeland, FL
Thu Jun 2, 2016
Jlg31 answered:
The lakes of Lakeland, Florida, are sinkholes. Ask yourself (not us)
"Does Sink Hole Land have too many sink holes?"

Only you can make this value judgement for you.
0 votes 12 answers Share Flag
DWAYNE A HOA…, Home Buyer in Easthampton, MA
Sun May 22, 2016
I have a credit score 620 and no money down can I get a home loan
0 votes 12 answers Share Flag
Linda Dion, Real Estate Pro in Fort Myers, FL
Fri May 13, 2016
Linda Dion answered:
I'm not in Lakeland, I am a Realtor in Ft Myers but I'm assuming that policies are the same.

I don't know of a commercial lender that would do a mortgage on a $15,000 property. It wouldn't make sense financially for them.

There are private lenders out there but the interest rate is upwards of 10%.

If I can answer any questions, please feel free to contact me. I'll help if I can.

Linda Dion
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0 votes 1 answer Share Flag
Stephanie Sc…, Home Buyer in Lakeland, FL
Thu Mar 10, 2016
Stephanie Schwichtenberg answered:
Basically the mortgage guy told me what to do to get my credit score higher quick as i have been a ghost in the credit system til about 6 months ago. So i did everything he asked to bump my score up and it is steadily increasing every week, but now hes telling me since its so new i cant get approved, wasnt sure if all places were like this or if there was a different route ... more
0 votes 2 answers Share Flag
Tony Grech, Real Estate Pro in Southfield, MI
Mon Mar 7, 2016
Tony Grech answered:
Each case is unique so take it with a grain of salt.

But If you are at a DTI of 30-31% I think your chances would be good. There are generally some added requirements, like documenting a clean rental history and perhaps requiring a month or two or payments in reserves (outside of what is needed for closing costs and such). You will probably be asked to provide 12 months of cancelled checks for your rent history.

The credit score isn't THAT low, and the DTI is solid. So I'm really just wondering why it got a REFER.

REFER just means that there are risk factors associated with your loan that can't be adequately evaluated using the automated underwriting program (GUS). So a more experienced set of eyes needs to review things and make sure you are a good credit risk. It's all about telling a good story to the underwriter and backing up the story with facts Sean.

Hopefully the lower credit score was a result of some unexpected circumstances as opposed to a broad pattern of financial mismanagement. Job loss and severe illness are good excuses especially if you can document an otherwise clean history. In addition, if your last 12-24 month's of credit history look spotless then that can show signs you are truly paying attention to your credit. A long stable history at your job would be another positive sign.

Work with your loan officer to craft the best story to tell the underwriter (being honest of course) and support it with documentation and you should be fine
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1 vote 1 answer Share Flag
Tarahayley, Both Buyer and Seller in Providence, UT
Wed Feb 10, 2016
Tarahayley answered:
The status of a property which is in the early stages of being repossessed due to the property owner's inability to pay an outstanding mortgage obligation. Reaching pre-foreclosure status begins when the lender files a default notice on the property, which informs the property owner that the lender will proceed with pursuing legal action if the debt is not taken care of. At this point, the property owner has the opportunity to pay off the outstanding debt or sell the property before it is foreclosed.

BREAKING DOWN 'Pre-Foreclosure'
Property owners who are in the pre-foreclosure stage may enter into a short sale in order to pay off outstanding debts. Because the property owner is looking to avoid being foreclosed upon, an interested party may be able to purchase the property for less than if he or she waited until the property went into foreclosure. After a property is foreclosed upon, the lender is more likely to try to sell the property at lower prices.

Find the Best Financial Advisor for You -
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2 votes 8 answers Share Flag
Alan May, Real Estate Pro in Evanston, IL
Wed Oct 14, 2015
Alan May answered:
You may just have to wait until you can improve your credit score.

Your credit score is an important way that lenders determine just how seriously you take your financial obligations. A low credit score tells them that there's a high risk that they might have difficulty getting repaid.

$20,000 down is great, but a lot depends on how much home you're attempting to buy. If you're purchasing a $200,000 home, it represents a 10% downpayment... not bad. If, on the other hand, you're buying a $700,000 home, $20,000 only represents less than 3% downpayment, which may not be quite enough "skin in the game" for the average lender.

Talk to a local mortgage broker, and find out what the issues are that are keeping you from obtaining a loan, and see if you can work on improving those things! Good luck.
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1 vote 1 answer Share Flag
Sally Grenier, Real Estate Pro in Boulder, CO
Tue Aug 25, 2015
Sally Grenier answered:
Typically 80/20 pertains to loan value / equity in a home. Not sure how a grandchild living with you relates to getting a mortgage? If you are buying a home, you can have whoever you want living with you (as long as you aren't breaking any city ordinances) ... more
0 votes 1 answer Share Flag
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