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Home Buying in Merrillville : Real Estate Advice

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  • Local Info2
  • Home Buying21
  • Home Selling0
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Activity 16
Sun Sep 11, 2016
Cristina Holmes asked:
Sat Jul 18, 2015
Dan Tabit answered:
It depends on you, your income, the homes you like, your plans, just to name a few things. 20% or more will eliminate the need for Mortgage Insurance which insures the lender, not you. If you don't have that much, it will depend on what you believe will happen in your area. Will purchasing become more expensive through higher prices, rates or both faster than you can save up more money or can you get to 20% pretty quickly?
Do you have a VA or USDA option? Are there other local programs that may benefit you?
The only way to know what makes the most sense for you is to meet with a great local lender and explore and understand the options. Best of luck.```
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0 votes 2 answers Share Flag
Sat Jul 18, 2015
Unknown Name asked:
Sun Mar 29, 2015
Diane Taylor1 asked:
I was approved by a mortgage company for a loan. 2 days before closing they called and said because of the cash deposited my account they could close. I told them my husband is out of work…
0 votes 0 Answers Share Flag
Thu Jun 19, 2014
Debra (Debbie) Rose answered:
With most rent to own agreements, that "extra" rent is NON-refundable if the buyer doesn't close - for ANY reason..and not obtaining financing is one reason.

You just learned this lesson the hard way (although you should read your contract, assuming you have one)

This is one of the reasons rent to own is a terrible idea for anyone with any kind of financial issues.

My advice is to never engage in this kind of arrangement - rent until you can buy in the "normal" manner.

Best wishes....
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0 votes 3 answers Share Flag
Mon May 5, 2014
Olga Vega answered:
Hi William,
This is a foreclosed property. There is is no Owner Financing. Occasionally a bank will help with obtaining a mortgage for one of their own foreclosures, but you still have to qualify. Many foreclosures require a cash purchase unless it's in decent shape. You may be able to obtain a 403k loan which helps you purchase a property and fix it up. If you would like me to help find properties where there may be owner financing, please give me a call or email me. 219-588-9494 olga@ddre.org ... more
0 votes 2 answers Share Flag
Mon Oct 7, 2013
Johnette Gore answered:
Good morning,

I have lived in that area and know it well. Wonderful neighborhood and neighbors. Please give me a call if you are not currently working with anyone. 219-902-4482.
0 votes 3 answers Share Flag
Wed Aug 7, 2013
Christine Hall answered:
Yes, Sheila I have a loan officer that I can refer you to. His name is Larry Penilla @ A & M
Mortgage is number 219-794-0600
0 votes 1 answer Share Flag
Sat Jan 26, 2013
Olga Vega answered:
Hi Kguppy,
Merrillville is a great town to invest in, especially for flipping. I know several investors that flip in the NWI area and Merrillville seems to be a preference for many of them. If you would like further information, please email me at olga@ddre.org or call 219-588-9494. ... more
0 votes 4 answers Share Flag
Wed Jan 2, 2013
Debbie Hemphill answered:
You do not have anything in writing, so your ernerst money should still be with your agent. Call him/her immediately and submit in writing that you want to withdraw your offer. You should not have any problems getting your EM back. Good luck to you! ... more
0 votes 8 answers Share Flag
Wed Jan 2, 2013
Debbie Hemphill answered:
If you have a cheking and or saving account, I suggest you speak to your bank. Most banks have loan officers that can answer this question for you. With an income of $1300 per month, you would have a hard time paying a mortage, insurance, taxes, etc.... along with other day to day bills such as NIPSCO, water, sewer, phone, internet, groceries, books, etc....

I would suggest finding a home that you can pay cash for, then your income could be spent on day to day and monthly expences. There are several homes in the Merrillville area that you could purchase for $80,000 or lower. Whatever home your looking at, check to see what the taxes are, call NIPSCO to get an idea on what the monthly bills are, so you can make an informed decision.

If you have other questions or need assistance, feel free to call or email me!
Thanks!
Debbie Hemphill
219-746-4098
hemphill.debbie@yahoo.com
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0 votes 5 answers Share Flag
Wed Jan 2, 2013
Debbie Hemphill answered:
You should review your contract with your agent, if your offer was subject to FHA financing, the seller should make repairs required by the lender per FHA. If not, you may want to change your financing to allow borrowing extra money to fix repairs, FHA 203 or 203K. Depending on the amount of the repairs required. Your agent should be able to answer you on these questions, if not, talk to his/her Broker.
If the seller is not going to do the repairs required to do the loan, you may have to look for another house. Hope this helps!
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0 votes 4 answers Share Flag
Wed Jan 2, 2013
Debbie Hemphill answered:
When buying a foreclosure, you should be working with an agent who has experience in that market. Foreclosued homes are owned by banks or investors. It can be owned by HUD, VA, Fannie Mae, Freddy Mac, or numerous other identies. Each seller has thier own forms as well as thier unique system they utilize. Plus they use our State forms as well.

What that house will sell for, depends on the house. It has been my experience some houses are priced below what they will sell for, they may receive may offers over the asking price, and others are over priced and will sell for much lower than the asking price. Depending on the house, location, condition, etc... As well as who the seller is. Keep in mind, not all foreclosures are able to get a loan on them. Some may be cash offers only, due to the condition of the home.

If you are working with an agent, he/she should be able to advise you as to what a good offer is and what to expect during the buying process. If you are not already working with a knowlegable agent, feel free to give me a call. I have been working with foreclsoures for over 13 years. I would be glad to assist you with the process.

Call me at 219-746-4098 or email me at hemphill.debbie@yahoo.com
Hope this helps! Debbie Hemphill
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0 votes 8 answers Share Flag
Tue Jan 1, 2013
Jessica Kljajic answered:
I will look some up in the morning for you.
0 votes 2 answers Share Flag
Tue Aug 14, 2012
Alison Hillman answered:
Hey Scott,

Have you checked out the listings on Trulia yet

Take a look: http://www.trulia.com/for_rent/Merrillville,IN/#for_rent/Merrillville,IN/1p_beds

Good luck,
Ali, Community Manager ... more
0 votes 2 answers Share Flag
Sat Jun 25, 2011
Laura Feghali answered:
To Shane,
Great answer! Thanks for the information.

Laura Feghali
Prudential Connecticut Realty
0 votes 6 answers Share Flag
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