I need to know what is your main criteria which financing or buying a house ? A decent living space or a stove or a oven which can be later incorporated. A conventional loan is good if you are a civilian but why ignore the advantages of a VA or FHA loan if you happen to be a veteran or an active duty member.... more
Karen Peyton makes some excellent points. The answer to your question is that a foreclosure in 2009 would not stop her from cosigning, how ever it could limit the programs that are available.
Call my office if you want to go over the exact situation and see if I can do it for you
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
Sr. Mortgage Banker
NMLS # 659743
I can do FHA loans on a flip, there are some restrictions: must be owner occ. Requires 2 appraisals one must be paid for by the seller, and we review the home inspection, the buyer can not pay for the home inspection until closing.... more
Review the loan modification paperwork with a real estate attorney and local loan officer before signing. Understanding the details, whether or not this is a recourse/non-recourse situation, as well- predictions on recouping the $46K in future appreciation.
That depends on your circumstances for purchasing another home. FHA is doable only if you can show a legitimate reason for leaving your current primary home. The acceptable ones are: needing a larger or smaller home due to increase or decrease in family size. Needing to go from a two stories to a single stories due to physical ailments, impairments, or age. Job relocating to another city or state over 60 miles one way away. You won't recieve one simply because your upside down in your current home. The same applies for CONV/FANNIE MAE financing as well.... more
Hi Nikki, Seller financing and lease options, as mentioned earlier by Richard, are definitely routes to go if you have credit challenges that banks are unwilling to accept. We actually have a rare seller financing opportunity. We have an entire gated community of improved home sites in Stockton that are free and clear with the seller willing to carry paper. Six of these exclusive home sites are on the river front with boat docks and access to the deep channel. You can also have your Realtor search for other seller financing opportunities when they become available.... more
Although FHA guidelines do not require an appraisal or a certain credit score to streamline, given what happening with home values today, lenders now do. Right or wrong, fair or not, that's the way it is for now, and I don't know any other lenders or brokers that have not followed suit. Especially in MI, CA, FL, and Ohio.... more
Every lender is diffierent, imortgage average closing times on all loans is 30 days or less. FHA doesn't have to be difficult at all. However, sometimes the seller takes a bit to get their papers signed. Other times, there might be issues with the property itself or some city violations that cause delays.
3555 Deer Park Drive #100
Stockton, Ca 209-609-9000... more
There are a few cases where the lender will lower principle. If you qualify for the FHA programs, or if in the originial loan docs there were violations and your attorney used those violations to negotiate your principle write down loan modification.
Are you kicking the can down the road by accepting this interest only payment for 5 years and not chewing away at the principle? What is your goal to own a home or keep this home?
This website might help you, it was filmed in Sacramento by the way. Good luck!... more