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Home Buying in Valley : Real Estate Advice

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Activity 11
Wed Mar 25, 2015
Scott Saults answered:
Each situation is different. You would be best advised to speak with a lender about your situation and they should be able to provide you with more information to help you to obtain a loan as quickly and efficiently as possible.. ... more
1 vote 1 answer Share Flag
Wed Jan 1, 2014
answered:
Hi Harriet,
Information such as how long a property has been listed for sale is something that your Buyer's Agent will be able to assist you with.

When you decide to purchase a home, the very FIRST step in the process is to get Pre-Qualified. For this, you will need to gather your financial documentation including:

• Two most recent years of W-2’s & Federal Income Tax returns
• Two most recent pay stubs
• Two most recent months of bank statements

This will all be reviewed along with your credit report to determine your qualifications. Once your Pre-Qualification request has been competed, you will know more about your purchasing options.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com to get started.

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 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
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Sun Oct 21, 2012
demetrial_williams asked:
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This question was asked from this property: http://www.trulia.com/property/1054976728-2412-Lismore-Dr-Valley-AL-36854
0 votes 0 Answers Share Flag
Sun Oct 9, 2011
Annette Levinson answered:
Don't bother applying for a mortgage, you will not be approved with 3 lates on your current mortgage. At this point you need to set up a budget which allows you to pay all your bills on time. Go to your local nonprofit housing group for budget help. ... more
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Thu Sep 1, 2011
answered:
Unfortunately with USDA you cannot own another home in habitable condition in the same commuting area as you would be buying your new home, which is something you seem to realize since you are asking about that exception - so you would need to purchase the new home simultaneously with the sale of your home. My information is based on a conversation I had with a USDA representative in Nevada about someone who was moving 60 miles and selling their old home, which I thought was far enough away, but apparently it was pretty common commuting distance in the middle of the desert and so USDA required them to wait in order to purchase with their financing.

Can your renters buy the home earlier than December? If there is a new construction home that will be complete in ~4 months, you could make an offer now and time it with the sale of your current home.

If the home you are renting is not within commuting distance, then you can own that one home only and should be able to purchase with USDA financing.
... more
0 votes 1 answer Share Flag
Wed Aug 10, 2011
Jonathan Shidler answered:
You'd get a new home loan.

Depending upon how your rent to own (I prefer Lease with Option to Purchase) is constructed out.

The way we do ours involves a recorded option, and a portion of lease towards the purchase principle price.

At the end of the contract, the buyer has the 'Option' to purchase with funds credited towards the purchase amount that was agreed at the beginning of the lease option contract.

I LOVE lease option purchasing. As it gives you a sort of one way valve to purchase, in that if the value goes down, you didn't throw a bunch of equity or credit, and can walk away with minimal loss. If the value goes up, you have your option recorded, and you get to walk into equity.

[Self Promotion Start:] I have a few lease option properties in California, let me know if you ever find yourself in the southern california area, [end of self promotion]

Take a look at the video link I have that shows the benefits to Buyers with seller financing through Lease Options (third party link to a third party source I quote often).
... more
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Tue Aug 9, 2011
answered:
Marilyn, yes you can, but it'll cost money and the only company I know doing it is http://rentreporters.com/ and like Jack mentions, your apartment complex would have to go along with it. It does cost money, kind of like a "credit builder" card (so perhaps a credit builder card would be a better alternative), and if you miss payments those will get reported too, so it can be a double-edged sword. ... more
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Mon Aug 8, 2011
answered:
The lender has to order what is called a credit supplement. For that, you will need to provide the lender with a recent statement from the creditor. Your creditor may also require a conference call with you on the line.

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
... more
1 vote 1 answer Share Flag
Mon Aug 8, 2011
answered:
I agree Rodney in as much as no mortgage consultant should be issuing a preapproval until the deal is solid. However, unfortunately a lot do...which is exactly why there is so much distrust by agents and sellers of preapproval letters. Do yourself a favor and get all of your ducks in a row before you start shopping for a home. Your agent will appreciate it...and the sellers just might accept your offer on the property you want to buy~ ... more
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Tue Mar 17, 2009
Ninve Adams answered:
Having been born and raised in Modesto, I feel that it might be one of the nicest places to live in Stanislaus County. In today’s market there are many homes that meet your budget. A couple of neighborhoods that I would suggest are; Dutch Hollow, College Area, and Sherwood Forest. Although these neighborhoods are much older the homes tend to have more character and set on larger lots. If your contemplating on buying, I suggest run don’t walk. The value is enormous today. For more information click on the link below. ... more
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