I have a similar question to hers. I am looking at a property currently owned by CHFA and it's been almost two years. I called and emailed them, they aren't much help. It';s been about 3 months their still doing repairs. Do you have an ideas when they might put the home up for sale?
They're most likely transferring it to HUD so HUD can sell it ..... more
I found one two bedroom on St. James St. in Manchester. It's 2 bedrooms 1 1/2 baths for $700 a month. It is 1,000 square feet. It is a co-op building so it requires a $2000 security deposit. It has oil heat which is not included. If I can help you with any other searches or if you would like to see this one let me know.
Have you gone back to the bank that now holds the mortgage? I have had clients that have had success with their original mortgage holder, as long as they participate in the HARP program. Give them a call.... more
When I combine your 2 questions, I believe the answer you are looking for is that in order to purchase the 2 - 4 unit non-owner occupied property when you already have 4 mortgages you will need to find a Fannie Mae direct lender and put 25% down.... more
I've had tremendous success with HARP 2.0's, especially when they are multi-unit investment properties. Having a stellar credit score of 800 will be extremely helpful. It will really come down to whether Fannie or Freddie own it since each use different qualifying ratios.By ratios I'm referring to Debt-to-Income (DTI) and Combined-Loan-to-Value (CLTV). I know what to look for and can give you an accurate answer as to whether you qualify in a matter of minutes.
I'll be available throughout the weekend if you'd like to discuss your scenario in greater depth. I may be reached directly on either my office phone, (201) 203-2266, or my cell phone, (551) 486-0243. I look forward to helping.
(551) 486-0243... more
I would tend to believe that it was cash and quick. That is the most popular of offers that the bank sees as no risk, to them. They have already lost money on this property and they just want it off their books. Don't give up, keep looking, that home is out there waiting for you to find it:)... more
You said for investment. You can't do it for investment but you can for purchasing an owner occupied primary residence that you can live in.
Call a local bank or credit union in your town, and find someone knowledgeable who can tell you about the following 2 options:
- FHA mortgage financing (minimum of 3.5% down)
- CHFA mortgage financing for CT (see link below)
There are other programs for the first time home buyer plus you will need to check if you qualify for each of the programs above (income limits, etc.). If you need resources in your town, send me an email and I will gladly provide you with some names. There is a program called HDF for New Haven, Fairfield & part of Litchfield County but it does not cover Hartford County if that's where you are purchasing.... more
Here is a simple formula .Have your realtor estimate the value of the home if all the updates will be done . From that value reduce the cost of updates and the profit that you would want .
So if the home is already under priced why would you want to offer less and lose the home to some one else. Similarly if the home is grossly over priced why offer just $25,900 below the List price. It is very important to have a knowledgeable,informed and insightful agent and listen to him.
Your options really are finance the new home until your existing one sells, or make an offer with a hubbard clause (contingent on sale of existing home). If you go the Hubbard route, be prepared to show the seller that your house has a reasonable chance of selling in the time period of the hubbard. To do this, it should be fairly aggressively priced and well marketed.
There might be a 3rd option that is a variation on the first, seller financing on the new home. You may have to offer an attractive incentive (i.e. points, or higher rate) to make that happen.... more