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Home Buying in Lynn : Real Estate Advice

  • All128
  • Local Info8
  • Home Buying39
  • Home Selling5
  • Market Conditions8

Activity 40
Azube1, Home Buyer in Lynn, MA
Thu Apr 28, 2016
Azube1 answered:
Lynn will be developing in the coming years especially with the waterfront. I'm certain we will end up being another shopping district for the North of Boston. Charlie Baker has a commitment as well as others in developing Lynn. The crime scene is very over-rated. I've never been bothered and I walk around downtown Lynn all the time.I'm not familiar with the area you've chosen, but I want to welcome you to Lynn anyway. arlenez ... more
0 votes 12 answers Share Flag
AJ Hernandez, Real Estate Pro in Hialeah, FL
Sat Feb 27, 2016
AJ Hernandez answered:
A couple things to keep in mind lenders use before tax income to qualify a person in most cases. Have you looked into refinancing your car to get a lower payment? If you can save $100 or more this is money that you can apply to your debt to accelerate the payoff or apply to the housing payment since an interest rate for a car loan is usually much lower than credit card interest rates. Also if you are a first time home buyer you should see if there are any mortgage certificate programs in your area that will help you qualify and save you money on your mortgage interest. You mentioned multi unit house many loan programs and lenders will allow you to use some of the rental income you will be receiving from the other unit(s) to help you qualify and this additional income should help you pay the mortgage. If you have cash after considering the amount of your current rent + the potential rental income minus the new mortgage then this cash flow could also help you accelerate the payoff of your debt however be very careful if you are relying on this rental income to pay that mortgage, you never know when a tenant may move out and/or how long it will take to rent it out plus you must consider the responsibility and costs of being a landlord in addition to the new home ownership expenses you might incur. All that being said just because the debts are not in your name and even if you are only applying for a loan in just your name and assuming you get approved I still strongly recommend you consider the financial impact that a mortgage will have on your overall financial profile. Lastly some States require that even if a spouse is not included on the loan that their debts be considered, I only offer loans in Florida so best you check with a mortgage professional in your area. Best of luck and God bless! ... more
0 votes 25 answers Share Flag
Stasha Garcia, Home Buyer in Fredericksburg, TX
Thu Feb 18, 2016
Stasha Garcia answered:
not sure that i fully understand the question. are you talking about $100, $10,000 or $100,000? (sorry but there are no commas or periods in your amount) or another figure altogether?

2nd question, what are you talking about buying with that money? (you didnt clarify the purpose of the loan) if it IS to buy a home, is the property to live on or are you talking about buying something to rent out or once again are you talking about taking out a personal loan and the loan has nothing to do with a home? (i apologize but again, you didnt say and since the amount appears to only be $10,000 i would assume that there is no way you are buying a home for that small amount)

anyway, all those issues aside, i will try to answer you figuring that what you are really trying to find out is if there is a way to get financing without a credit history.

so long story short, if you ARE talking about borrowing the money to purchase a home, YES there may be but it depends were you live. there is an agency NACA (Neighborhood Assistance Corporation of America) that will typically finance you WITHOUT qualifying you based on a credit check that will also typically loan you money to get into a home WITHOUT a down payment and best news is that they will typically not sock you with more than 4% in interest in your loan no matter how bad your credit is. yes you read that right. i am working with them now.

there are things you have to do and regulations to the program but if you take their financial education classes, and have the income to prove that you can afford the home, typically can get a low interest loan through them.

problems would be a really really bad payment history and more importantly they are unfortunately not in every state which is why i asked where you lived. anyway, if you (or anyone that stumbles upon this thread in the future) wants info go to www.naca.com and check it out.

they are wonderful to work with and if nothing else they are registered as HUD counselors so they can walk you though the whole buying process anyway. good luck, i pray you end up with a home of your dreams.
... more
0 votes 1 answer Share Flag
USMortgageRa…, Real Estate Pro in Plano, TX
Wed Jan 14, 2015
USMortgageRanger answered:
Hi Suzydell,

This would be a question for the builder and their Agent, but before you run over and have this conversation with them I would highly recommend that you get approved by a Lender and hire your own Agent. When you start shopping for a home, most Agents and Builders want you to get pre-qualified, before they spend any time with you. However, being pre-qualified doesn’t mean you are ready to buy. In this market, property is moving faster than ever. So if you are ready to buy, you should get APPROVED by a competent Lender. Approval is similar to having cash in your pocket and this tells the seller you are truly ready to buy. In fact many listing Agents and Builder won’t even look at your offer unless its attached to a real pre-approval with FHA, Fannie Mae, Freddie Mac, VA or USDA Approval.


I recognize that you are very busy, so I am only asking you to spend 6 minutes with me to discuss your needs so we can determine if we can be of service to you. After answering just a few simple non-credit related questions (I do not need to pull your credit report in advance) I will be able to email you some options that will allow you to immediately determine if we are the right choice for you and your family.
I look forward to working with you to make your dreams a REALITY.

Lowell Sterling
Mortgage Banker
NMLS# 968898
The Federal Savings Bank
Mobile: 469-347-3572
Direct: 512-717-0403
https://www.thefederalsavingsbank.com/LowellSterling
... more
0 votes 1 answer Share Flag
susan dalles…, Home Buyer in West Lynn, MA
Sun Apr 6, 2014
susan dallesandro asked:
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sun Mar 30, 2014
Anna M Brocco answered:
Consider improving your credit before worrying about interest rates and purchasing. Most lenders prefer a 640 score, there may be some willing to work with a bit less but your rate will be higher. See links below for helpful information regarding credit repair...
http://www.myfico.com/crediteducation/improveyourscore.aspx
http://www.experian.com/credit-education/improve-credit-score.html
https://www.transunion.com/personal-credit/credit-issues-bad…
https://help.equifax.com/app/answers/detail/a_id/131
... more
1 vote 1 answer Share Flag
Bill Eckler, Real Estate Pro in Venice, FL
Sun Jan 5, 2014
Bill Eckler answered:
Any local real estate professional can assist you and walk you through the process. Buying a bank owner property is very similar to making a regular transaction with the exception that the bank is serving in the roll of the owner.

Good luck,

Bill
... more
0 votes 5 answers Share Flag
Wen Farina, Real Estate Pro in Reading, MA
Tue Aug 20, 2013
Wen Farina answered:
Hi Angel,

this is not he right forum to advertise a FSBO and trulia will most likely remove it. I see you already on zillow as a fsbo so that might help. Best of luck. info@wenrealty.com ... more
0 votes 2 answers Share Flag
Gene Clements, Real Estate Pro in Lynn, MA
Tue Jul 9, 2013
Gene Clements answered:
It all depends on the rest of your finances, If you have enough cash you could sell your home and pay the difference. Assuming this is not the case and you want a bigger place you should talk to an attorney about doing a short sale if you want to keep your home consider a loan modification. Best of Luck,
Gene Clements
978-998-9600
... more
1 vote 3 answers Share Flag
Gene Clements, Real Estate Pro in Lynn, MA
Tue Jul 9, 2013
Gene Clements answered:
You are limited when trying to by a condo with a VA loan. Most smaller complexes are not VA approved I just waited 5 months to get a 3 family approved in Lynn and it was very tuff and time consuming. A larger complex with a high owner occupancy rate is much more likely to be Va approved.I have a lot of experience working with buyers with VA loans and can also recommend loan officers who also have VA experience. You earned the right to qualify for a VA loan so make sure you work with an agent that has the experience. Thank you,
Gene Clements
Owner/ Broker
Clements Realty Group
cell 978-998-9600
... more
1 vote 3 answers Share Flag
Gene Clements, Real Estate Pro in Lynn, MA
Tue Jul 9, 2013
Gene Clements answered:
Rent to own can work if the buyer on the 3 things. What price the buyer will pay for the home . How long they have to buy usually 1 to 3 years for residential property. Then the tuff part how much of the rent will go towards the buyers equity. This is called the rent credit and is the reason most people do not do this even though it can work quite well. Make sure you have a good attorney look over all the contracts if the buyer fails to buy the property in the specified time the seller typically keeps the equity that the buyer has built up. This all being said with rates this low it does not really make sense for the buyer in most cases. ... more
0 votes 2 answers Share Flag
Russ Ravary, Real Estate Pro in Commerce Township, MI
Sun Mar 10, 2013
Russ Ravary answered:
Shouldn't be. So long as you have the down payment, and have a good debt ratio and qualify you should have no issues. Call a local loan officer to find out.
0 votes 9 answers Share Flag
Heath Coker, Real Estate Pro in Falmouth, MA
Sat Oct 6, 2012
Heath Coker answered:
It is still underagreement.
Tell your agent that you liked this one and see if they can find you one similar to it.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.) ... more
0 votes 3 answers Share Flag
Heath Coker, Real Estate Pro in Falmouth, MA
Sat Oct 6, 2012
Heath Coker answered:
If you aren't using a real estate professional to help you secure a property, that may be the reason you are missing out.
Find a good local pro, show them what you would have bought, and they will find you a great property.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
... more
0 votes 8 answers Share Flag
Carl Greenler, Real Estate Pro in Lynn, MA
Sun Jul 1, 2012
Carl Greenler answered:
A USDA loan is for agricultural properties. There are grants available to first time home buyers to help with down pyment/closing costs. Call City Hall and ask for Community Development. They will tell you what they have and what criteria. ... more
0 votes 14 answers Share Flag
Jody Falking…, Real Estate Pro in Peabody, MA
Sun Jul 1, 2012
Jody Falkingham answered:
yes it is open hse today 1-2:30 ALL OFFERS CONSIDERED PLEASE BRING BUSINESS CARD OF UR AGENT IF U HAVE 1
0 votes 2 answers Share Flag
John Crosby, Real Estate Pro in Marblehead, MA
Tue Jun 26, 2012
John Crosby answered:
There are 2 on the market on Colonial Ave, #49 and #22 which has an accepted offer according to MLS. I'd be happy to show them to you.
0 votes 2 answers Share Flag
Christine Mo…, Real Estate Pro in Wilbraham, MA
Tue Jun 26, 2012
Christine Moran Realtor & Notary answered:
You can look up the house on Realtor or zillow too for views.
0 votes 1 answer Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Mon Mar 19, 2012
Anna M Brocco answered:
If unfamiliar with the area(s) do revisit more than once and at different times of day, possibly chat with locals/neighbors. When it comes to any safety/crime related issues, it's always best to contact the local police department with all your questions, hear all there is to hear firsthand. Real estate professionals are prohibited from steering, enticing a buyer to purchase, or not, in specific neighborhoods.
https://www.crimereports.com/
http://www.neighborhoodscout.com/
http://www.homefair.com
... more
0 votes 5 answers Share Flag
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