The USDA Rural Housing Service offers the following programs to assist rural areas: http://usdalenders.org
Single Family Housing Direct Home Loans
Single Family Housing Guaranteed Loan Program
Housing Preservation & Revitalization Demonstration Loans & Grants
Community Facilities Technical Assistance and Training Grant
Multi-Family Housing Loan Guarantees
Rural Community Development Initiative Grants
The most popular are these are the Single family guaranteed and direct programs, which finance residential SFR properties in eligible rural areas.... more
Its always best to speak with a lender as soon as possible. In doing that you will identify and address any hurdles up may have front related to credit or assets. In addition you should be given a clear picture of funds required to close and expected payments. It seems as you may qualify for a USDA loan. You do have a number of options that do not require 20% down. Feel free to contact me to discuss.... more
Do some research about agents in your area that specialize in listing bank owned properties by looking thru local real estate magazines and newspapers. Agents usually advertise these properties as "investor specials, bank owned, corporate owned or REO's". Introduce yourself in person to those agents and give them your contact information, card etc. It is hard to find good help these days and putting a face with name makes you look more professional and eager to work.
The reason for the usda pulling out was because the well was too close to the septic. But still within building code. Okay whatever I've got the money saved up to do %5 down. They come back with nope can't do that either now. Because, I haven't been at my current job for 2 years and they can't count all of my contractual overtime pay which is constant (weekends are overtime) and that my credit history isn't long enough. Not that I have bad credit it's just not long enough for their liking. No one is entirely to blame. But I feel like this should have all been discovered with the amounts of information I provided before I spent all this money to do all this stuff they require... more
While two years is the rule, it is typically not with your current employer but work history in the same field. For example, if you worked for ABC as a producer for 2 years and then went to CBS and worked as a producer 1.5 years - your "total" employment history should be satisfactory.
If this is the case with you, remind your loan officer you didn't change "fields" but simply took a better paying job. Ask him or her if writing a letter of explanation to the underwriting would be helpful and provide greater clarity in the matter.
Below is an information page for Ottawa IL. It references LaSalle County flood maps as well as pages from FEMA. You can search property locations and maps through various websites or you can visit the county for more information.
Assessed values have been decreasing in the last 3-4 years due to the market decline. Overall market has dramatically improved in the last year and values jumped up by around 12%. Many homes are over assessed and some are under assessed. You can file a complaint with the tax treasury and appeal your tax assessment, if you have a legitimate case you have good chance of getting your tax bill down.... more
I have a 5 bd, 3 ba with 2 car garage, fenced yard, finished basement with bar and newly remodeled kitchen for 1200 month. south side, quiet neighborhood, Lincoln school. 815-343-2406. 1st, dep and 12 month lease.... more
He needs to call the lender, identify which type of loan it is and talk to them about a short sale process. This is better than foreclosure, it does affect your credit, but in the long run offers you the option to buy down the road sooner than foreclosure. I do not live in Michigan, but most banks have similar requirements. Good luck.... more
We have a lot of distressed properties in our area. I would be glad to send you some searches with properties in our area. Let me know more criteria via an email or phone call and we can start there. My email is email@example.com or go to my website www.alicegreen.com, or phone me at 815-488-9712.... more
Did the lender actually pull his credit? Does his credit report actually show unpaid student loans? If you don't know, then have him pull his credit and find out. If he's had a job for 4 years and caught up on the payments or made an arrangement with the lender, it shouldn't affect the credit anymore. If he's still behind in some way, then he needs to get caught up right away.
Your monthly payments on a rent to own are probably not triple, but are likely to be close to double what you'd pay if you purchased the house. Also beware that if you don't become eligible for financing by the time the rent-to-own option expires, you've lost all the extra money you've paid for that option.... more