Is there a tenant in place? If so, most lenders will take 75% of the rent (if it the same or lower then what the appraiser found for the area) and wash it from your PITI. If it is a positive number, it is added to your income. If it is negative it is added into your DTI. For an investment property, don't expect the lender to go over 41% backend.
Jim is correct on the liquid assets you need for the purchase.... more
Savage, MN. Temporarily NOT Available to Show. Sometimes they are listed this way for many reasons, rehab or fixing parts of the home, after a few showings and had feedback to fix. Could be in financial limbo with buyer/seller and or bank. It could be they went on vacation, either way, a good realtor should be able to find that out for you in one phone call. Joie Schubert, The MLS ONLINE.com. 612-578-9939. I am in Savage, MN and would love to help you. I have a listing on my page in Savage, check it out. It just got freshly painted this weekend!... more
If a buyer is currently selling their existing home, but finds another home that they would like to purchase, you can make what is called a "contingent" offer. This means you and the seller agree that you will purchase the home, but the seller is aware that you have to sell your current home first in order to purchase the new home. Once you sell your home, the contingency is then removed and you work towards closing.... more
You could try to find a rent to own home, which means you rent until you can clean up your credit and then buy. If you go to my web site mnhousebuyer.com and put in what you're looking for I could try to find you such a home. Jackie... more