Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Park Place : Real Estate Advice

  • All5
  • Local Info1
  • Home Buying0
  • Home Selling0
  • Market Conditions0

Activity 3
Sun Aug 18, 2013
answered:
Real Estate Agents are not allowed to comment on a variety of topics. The Fair Housing Act restricts the information that can be provided by a Real Estate Agent. Visiting the area and making your own determinations about what is best for you is the way to go.

Off Limit Topics Include:
• Crime Statistic (including questions about whether a neighborhood is good or bad or safe)
• Demographics
• Environmental Concerns
• Household Income
• Religion
• Schools (including questions about how good or bad the school is)

Determining to the answers to questions on any of the topics listed above is something that you would need to do on your own. It is up to the individual to make their own determination about a specific area. If a Real Estate Agent were to comment on such a thing, it could be steering which is a prohibited act.

Some websites to try include:

http://www.trulia.com/crime/

www.crimereports.com

www.familywatchdog.us/

www.neighborhoodscout.com

www.greatschools.org/

www.schoolmatters.com

Reasons Why A Real Estate Agent Cannot Comment
http://realestate.msn.com/article.aspx?cp-documentid=20748062
http://www.fairhousing.com/index.cfm?method=page.display&pageid=3657
http://realestate.aol.com/blog/2010/12/06/what-a-real-estate-agent-cant-tell-you

These links should be able to provide some of the answers you are seeking.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
0 votes 1 answer Share Flag
Tue Oct 16, 2012
Ruth Carlson answered:
Such a sad situation. But, you cannot qualify for a new loan yet. Following a foreclosure most banks will not lend funds for a period of 3+ years. The type of loan that was foreclosed makes little difference. FHA loans will re-open to you after 3 years. All other credit references must be very good! ... more
0 votes 1 answer Share Flag
Thu Oct 4, 2012
answered:
Eventually you could, yes. To purchase a home with FHA financing it requires a 3 year wait from a foreclosure. There is an exception, and that is if the foreclosure was due to documented extenuating circumstances (got sick/in an accident, death in the family, victim of fraud, etc.), FHA requires that you wait at least 1 year from the foreclosure sale. If required to pay rent, then verification of an on time rental history would also be required. In any situation with a foreclosure, there needs to be re-established credit, typically defined as 12 months of on time payments as well as no new delinquencies. I recommend at least 3 trade lines (forms of credit) of 12 months of on time payments, with both installment (loans, etc.) & revolving debts (credit/store cards, etc.). If your loan doesn't fall under the extenuating circumstances category, then at least 24 months of on time payments with one of the trade lines would be very helpful to qualify as soon as the 3 years is up.

Shane Milne | Lending in all 50 states | NMLS #81195
... more
1 vote 2 answers Share Flag
Search Advice
Search

Followers

108