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Schererville : Real Estate Advice

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  • Home Buying5
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Activity 24
Thu Sep 14, 2017
Mdchell24 asked:
Ham Looking for something nice clean good pest free area.

Merrillville munster highland griffith Hammond in area.

Also with water sewage included carpet central air appliances garbage…
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Sun Jul 16, 2017
Destinylewis912 asked:
We will pay on time and have young kids we need a place to call our own
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Tue Feb 7, 2017
Cherice Derrico answered:
Mon Feb 8, 2016
Bob Kotarski asked:
Fri Jan 8, 2016
answered:
3.50% for FHA and 3% down for conventional loan. Other conditions applies for down payment due to credit score.
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Tue Nov 19, 2013
Brent Wright answered:
Honestly land contracts are only good to a small majority of sellers. Ones that have there homes paid off. If they don't then it can be considered mortgage fraud and the seller might have a DOC Due on-sale clause in there loan. Now if that is the case you can't get exemptions or anything unless they're going to rent. The better option is to do a lease option. This is where they don't sell it to you but actually rent it with a small amount down and the price already negotiated. I will tell you this. It's going to be harder to get someone to do this for the fact the market has picked up a lot in the last year. This month alone from the 1st to the 19th home sales are up 76% from last year the 1st through the 19th. If you don't mind me asking why are you wanting to do a land contract? Feel free to contact me. I'm here to help with anything I can. I'm always available. ... more
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Tue Aug 20, 2013
Lutrell Kirk answered:
There are. Just as I mentioned earlier to the other person looking for a place to lease in the area, the good deals get leased pretty quickly. For them, I recommended that they use a buyers agent to do the work for them instead of they themselves searching the internet, going from site to site looking at condos that may or may not be to their liking or even available. I recommend a service that gives you immediate access to the condos in your desired area and price range the moment that they become available. It's a free service and of course just as I told the other person in your position, you're never obligated to lease/rent a condo. Would that be of interest? ... more
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Tue Aug 20, 2013
Lutrell Kirk answered:
For rentals, I would recommend having a personal buyers agent to do the work for you. Looking on various websites at hundreds of homes which may or may not be available or may not even match your criteria could put you at risk of missing out on the perfect one. The more affordable homes do get leased pretty quickly. I would recommend a service that would give immediate access to ALL of the homes that are for lease in your desired area and price range the moment they become available. It's a free service and of course, you're never obligated to lease a home. Would that interest you? ... more
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Mon May 27, 2013
Gina answered:
Matthew,

I have a lender that can provide you the information you are looking for. If you would like, I can send you the information. Also check out my blog for more FHA 203K loans info as well as NWI Loan Guy’s Blog, there is a link to his blog from mine. Let me know if I can be of more assistance. ... more
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Mon May 27, 2013
Monir Mamoun answered:
Hi Matthew, more FHA guidelines released -- fresh data. If you can still use the information, I got two relevant things for you to read -- this is a blog excerpt from Bill Zielinski...


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The FHA is introducing new guidelines on loan to value ratios and the minimum credit score required for FHA borrowers. As detailed in a Mortgagee Letter from the Department of Housing and Urban Development (HUD), the following credit requirements will apply for FHA borrowers, effective October 4, 2010.

* To be eligible for maximum financing, borrowers will need a minimum credit score of 580 or higher.
* Borrowers with a credit score between 500 and 579 will be limited to a loan to value of 90%. A sub 580 FICO credit score borrower will henceforth need to make a 10% minimum down payment on a purchase transaction.
* All borrowers with a credit score below 500 will not be eligible for FHA-insured mortgage financing.

HUD’s newly introduced minimum credit score and loan to value requirements will apply to all single family loan programs, except for Reverse Mortgages (Home Equity Conversion Mortgages) and Hope for Homeowners.

The new credit requirements are not expected to dramatically change the number of FHA mortgage approvals. Most lenders had already imposed a minimum credit score requirement of 640 or higher for FHA borrowers. In limited cases, borrowers with scores between 620 and 639 could still obtain mortgage approval.

Many potential FHA borrowers with scores below 640 who cannot obtain mortgage approval may be left wondering why this is the case if the FHA has established a minimum score of only 580. The explanation for this is that the FHA does not make mortgage loans but rather insures FHA loans made by lenders. Despite the FHA insurance, banks do not have an iron clad protection from loss.

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... rest of that blog at http://seekingalpha.com/article/223956-the-fha-s-new-minimum-credit-score-requirement-won-t-change-much


And I wrote a 10 part blog called "Top 10 Credit Myths" which is good..

http://www.trulia.com/blog/monirmamoun/2010/10/top_10_credit_myths
... more
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Tue May 21, 2013
Michelle Maglaris Hurckes answered:
Here are two websites I found that might help you better understand how the system works.
http://www.guidetolenders.com/refinance_mortgage/articles/passing-a-caivrs-check.jsp
http://portalapps.hud.gov/FHAFAQ/controllerServlet?method=showPopup&faqId=1-6KT-571
Hope they are useful.
... more
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Tue Mar 26, 2013
Brent Wright answered:
I hope you found the property you were looking for. If you haven't feel free to contact me. Let's do a new search for the Land Contract. The company I'm with has an Attorney that can do the contract for a minimal fee.

Brent
... more
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Thu Jan 31, 2013
Jessica Kljajic answered:
Wed Jan 30, 2013
Jesse Kikkert answered:
Hey Regan, I don't know if you are still looking, but if you are I would love to help you out....
0 votes 1 answer Share Flag
Thu Nov 29, 2012
Jesse Kikkert answered:
many times a frustrated seller will be willing to rent while the market rebounds
0 votes 1 answer Share Flag
Wed Apr 11, 2012
Jessica Kljajic answered:
0 votes 7 answers Share Flag
Thu Apr 14, 2011
Debbie Hemphill answered:
You don't apply for a land contract. You have to find a seller who is willing to sell, using a land contract sale. Most seller do not use this type of financing, typically due to the fact they need the money to buy another home, or cannot qualify for 2 or more mortgage payments. The seller becomes the bank in a land contract situation. The buyer puts up a down payment, (amount is up to the seller and can be negotiated) this is appilied towards the price of the home. A mortgage cacluator is used to fiqure out the amount of the mortgage. The taxes and insurance are paid by either the seller or the buyer. An escrow account can be set up for this, just like the banks do. Payments are made directly to the seller on a monthly basis. (principal, interest, taxes and insurance) If the buyer does not pay the payments, the money is considered rent, and the buyer will forfiet all monies that they have paid. Of corse, everything is negotiable in real estate, and it would be wise to have an attorney draw up the contract to protect all parties. Hope this helps!! Call me if I can be of assistance to you! ... more
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