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Home Buying in West Allis : Real Estate Advice

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  • Home Buying11
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Activity 11
Jeff Oesau, Real Estate Pro in Racine, WI
Wed Feb 19, 2014
Jeff Oesau answered:
I'm a former Marine and a local lender. I have done several VA loans for my brothers and sisters in the military. Jeff Oesau All Western Mortgage 262-977-1159
0 votes 5 answers Share Flag
Keith Jean-P…, Real Estate Pro in East Brunswick, NJ
Tue Dec 17, 2013
Keith Jean-Pierre answered:
There is no property attached to this question.
0 votes 1 answer Share Flag
lendersnetwo…, Real Estate Pro in Plano, TX
Thu Oct 24, 2013
lendersnetwork answered:
12 months after a BK you're now eligible for a new HUD program for an FHA loan, as long as you have reestablished positive payment history.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements. ... more
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No Account,  in Milwaukee, WI
Tue Mar 12, 2013
No Account answered:
Please contact me. You can still get a duplex for only 3.5% down and way less PMI if you have an accepted offer by the end of March. After that you will pay more in PMI. New regulations. It's a fact. I would love to have a chance to explain to you. ... more
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Gene Anderson, Real Estate Pro in Brookfield, WI
Thu Nov 1, 2012
Gene Anderson answered:
I've been selling a lot of homes in West Allis recently (six sold in the last five months, two buyers currently shopping). My experience has been that there are enough new listings for a buyer to have a nice selection, but the really great homes are going quickly, and sometimes with multiple offers. I have seen many really nice homes for first-time buyers available in West Allis. ... more
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Gene Anderson, Real Estate Pro in Brookfield, WI
Thu Nov 1, 2012
Gene Anderson answered:
Great question for an attorney! Your contract may guide you, but you should consult an attorney for legal advice about how to proceed. Sorry to hear this happened to you, but hopefully others will learn from your posting that you should always do a final walk-thru. Good luck to you. ... more
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Bob Haglund, Real Estate Pro in Glendale, WI
Mon Jan 30, 2012
Bob Haglund answered:
A lot of the issues wyou need to consider have been addressed. Also consider cash reserves to keep up with expenses that will be on-going or occur from time to time. Also, will you be the person managing the property? Will you take the calls and be the one to respond in the middlle of the night? Many other investors consider these in addition to financial aspects such ar rate of return, cap rate; etc. There are still lots of people in need to rent and is a good tme to buy! Good luck. ... more
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Mary Skanavis, Real Estate Pro in Wauwatosa, WI
Tue Dec 27, 2011
Mary Skanavis answered:
Quinn I doubt this would shorten the short sale process. Many times it can take as long as 6 months to find out the lender won't allow a short sale. Your best bet is finding a realtor that can help you negotiate on a non-short sale to get a good deal. With 20% down & good credit you are a dream buyer. Let me know if you need any help.

Mary Skanavis
Homeowners Concept
Owner/Realtor
marys@homeownersmke.com
... more
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Shane Milne, Real Estate Pro in South Jordan, UT
Fri Jul 8, 2011
Shane Milne answered:
Thanks for the props Ron.

Linda - it sounds like the loan officer needs to use non-traditional credit in order to help your son qualify, perhaps because there is either no traditional credit/credit scores or that there is just very minimal traditional credit, and the lender has a requirement for there to be a certain amount of traditional or non-traditional trade lines in order for approval, but for their program it can be waived if there is a 20% down payment.

The good thing is this is being caught and addressed right now, during the pre-approval process, rather than after an offer has been made.

I put a blog post up about using non-traditional credit at http://www.trulia.com/blog/shanethemortgageman/2011/06/no_scores_no_problem_just_use_non-traditional_credit in case you want to get a further understanding of the possible issue at hand.

How many traditional trade lines does your son have reporting on his credit report, and how many "months reported" are each of them? If it's at least 1 with 12 months, then your son shouldn't need any non-traditional credit with quite a few lenders, but if it's not at least 1 with 12 months then I can see why the big need for the non-traditional credit.

If your son is applying for a conforming loan program, the most extreme guidelines would be looking for 2 years of credit history with at least 3 trade lines reporting 12 months of reporting history - but most are just fine with 1 or 2 traditional trade lines with 12 months of reporting history.

As you can see, it can be a maze to navigate depending on the lenders requirements and what your son has on his credit reports.
... more
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Perry Grutza, Real Estate Pro in New Berlin, WI
Mon Mar 14, 2011
Perry Grutza answered:
Contact the city assessor at city hall. As for converting the electric, they shouldn't require that and WE Energies should be able to combined them on to one bill to make it easier to keep track of yet avoid the expense of doing electrical work. ... more
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