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Fha Through Bank Of America All Locations : Nationwide Real Estate Advice

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Fred Yancy, Real Estate Pro in Woodstock, GA
Wed Jan 23, 2013
Fred Yancy answered:
What You Can Do to Improve Your Credit Score

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
1.Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2.Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3.Don’t charge your credit cards to the maximum limit.

4.Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5.Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6.Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7.Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8.Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

It is always best if you take control of your own finances instead of hiring someone to do it for you. Best of luck with repairing your credit.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-463
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0 votes 6 answers Share Flag
Dan Firks De…, Real Estate Pro in Naperville, IL
Thu Oct 18, 2012
Dan Firks Defined Realty Group answered:
Short sales are always a roller coaster ride. When a bank sells to another bank (happens for then you would think) it should not make your offer go to the bottom of the pile, as long as BOA is working with your offer, the new bank should start where BOA left off. However, depending on the bank it might not work that way. I always recommend to my buyers not to deal with short sale as only about 20-30% turn out to be a sale. They are never fun. If you would like to search the entire MLS for regular sale homes or foreclosures (much easier to work with) please visit www.DanFirks.com Any other questions please let me know. Thanks Dan ... more
0 votes 6 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Mon Jan 21, 2013
Ron Thomas answered:
Low-Ball offers haven't worked for some time now; particularly with the Banks:
They are prepared to sit it out and wait for a recovery.
I think you may have outsmarted yourself on this one.
I can just imagine the conversation between you and your Agent as you were discussing your OFFER.
The LISTING PRICE should have allowed for the Shortsale situation; but you chose to discount it further.
If you're lucky, the Bank will come back to you and ask for your Best-and-Final Offer; you will then be able to make a reasonable offer.
In the best of circumstances; you just bought a house for a ridiculous price.

Good luck and may God bless

ps. Do you think that just because they are a small out-of-state bank, that they don't know what they are doing?
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0 votes 12 answers Share Flag
Sari Levy, Real Estate Pro in Addison, IL
Fri Oct 12, 2012
Sari Levy answered:
Hard to say. Supposedly the banks are speeding up the process but I won't believe it until I see it. I have yet to see an approval come back in less than 3 - 4 months unless for some reason the process has already been substantially completed by a previous buyer. ... more
0 votes 13 answers Share Flag
Tom Bailey, Home Buyer in Greensboro, NC
Tue Oct 30, 2012
Tom Bailey answered:
Bank of America Home Loans recently changed underwritting standards for FHA loans it provides through its mortgage loan officers for FHA purchase mortgages. FHA will increase its flexibility on FICO score rerquirements and allow borrowers with minimum FICO scores of 580 to apply for loans, assuming they meet certain debt-free requirements. If you have any questions about Bank of America's underwritting criteria for FHA loans you should contact a Bank of America Mortgage Loan Officer. ... more
0 votes 4 answers Share Flag
Nicole Piont…, Real Estate Pro in Vero Beach, FL
Fri Oct 19, 2012
Nicole Piontek answered:
I believe it is called "Good Neighbor Next Door"
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot
Here is the link for the information on hud.gov. I do not believe there are currently any listing for this program.
There are other programs available to anyone interested. There is a $100 down payment program if you purchase a HUD home with a FHA mortgage. There is also a fannie mae homepath mortgage program. This would allow you to purchase a home for a little as 3% down.
A mortgage specialist is the best person to help with these programs. Feel free to contact me if you would like more information. I would be happy to send you a list of properties that would qualify for these programs.

Nicole Graham
Weichert Realtors Hallmark Properties
nmgraham@att.net
843-367-0480
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0 votes 12 answers Share Flag
James Gordon…, Real Estate Pro in Hamilton, OH
Sat Oct 6, 2012
James Gordon ABR SFR SRS answered:
To do a short sale you need to be able to show hardship. If you can prove that you will not be able to make payments in the future the lender will normally aborb all the costs. If you have assets the lender may ask for you to contibute.
The first step is to contact a Realtor® in your area that i familar with th hort sale proces and will work with you to get the property sold.
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Alan Lovitt, Real Estate Pro in Colorado Springs, CO
Sun Jan 20, 2013
Alan Lovitt answered:
Ingrid Johns…, Real Estate Pro in Brockotn, MA
Fri Sep 28, 2012
Ingrid Johnson answered:
A Mortgage Under 50K can be difficult, Square Footage of the Property will play a big part.
Your Credit Score well that depends on the Lender and risk level you fall into
All though FHA does do that Score it still depends on much more than this.
Your credit History is important.. You may want to check out creating traditional trade lines.
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0 votes 7 answers Share Flag
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Thu Jan 19, 2017
Debra (Debbie) Rose answered:
I'm sorry - I hate to throw cold water on this, but............you have less than stellar credit..............you have no down payement............(wonder if you have any savings).......why do you think you're ready to take on the added responsibility of home ownership?
I think this is a premature idea for you.

Why is your credit "not good"?
You really should be working on that first.

Just because you think the mortgage might equal your rent...keep in mind that when you own.... there is so much more to factor in.....insurance.....taxes (which tend to go up often)..........higher utility bills than compared to an apartment....and - the real biggie - there is NO super to call in when the stove breaks....or the furnace dies......or the roof leaks..........a home, while lovely to own, can become a money pit.................would you have the necessary back up support (savings) to carry you when emergencies strike?

My advice..............make a plan to get those credit scores up.....and plan a budget to save for a down payment........and to have at least 3-6 months liquid assets to cover expenses in the bank (Suze Orman says you should have 6 months).....

I know the thought of buying now is tempting due to the low interest rates........but.........you're comitting to a large loan from the bank to make this happen.........make sure you're not on thin financial ice, and that you can actually afford everything that is involved in home ownership.

Best wishes......
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0 votes 8 answers Share Flag
Sue Vaterlaus, Real Estate Pro in Pacifica, CA
Sat Dec 1, 2012
Sue Vaterlaus answered:
First thing that you should do is to talk to a mortgage broker or a mortgage banker. They will give you the maximum you qualify for in a purchase. Then you need to decide what you are comfortable paying and thatwill help you and your agent to see the best properties for you. Credit score is only one factor in purchasing a home. Good Luck to you and make sure you use a local agent. ... more
0 votes 12 answers Share Flag
Dawn Lane,  in Las Vegas, NV
Mon Sep 17, 2012
Dawn Lane answered:
Good luck . It's not a matter of an agent who can be " fast enough" . There is NO inventory ! The price range and area you are looking in us highly competitive . Prices have increased exponentially and more than likely you're going to have to bid higher for something in that area . ... more
0 votes 14 answers Share Flag
Agustin Cant…, Real Estate Pro in Coral Gables, FL
Sun Nov 20, 2016
Agustin Cantens answered:
Some banks and asset managers do not accept financed offers that high above asking because they know the appraisal will not hold in the end and they will end up renegotiating most times for less than a cash offer would have been. ... more
0 votes 15 answers Share Flag
Bertha Garza, Real Estate Pro in San Antonio, TX
Thu Sep 27, 2012
Bertha Garza answered:
Good morning Victoria ,I work on the southside of SA , I have a couple of lenders that have done VA loans for over 15 yr. with my past clients . I have experience with VA loans and what the requirments are . feel free to contact me .
Sincerely,
Bertha Garza
--210-300-1719
Home Team
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0 votes 12 answers Share Flag
Stephen McRo…, Real Estate Pro in Tampa, FL
Sun Aug 26, 2012
Stephen McRory answered:
-
Edward,

Before you let an effortless $13,000 saving slip thru your hands like it's Monopoly Money, please contact me in advance.

see the reasons why here:
http://www.trulia.com/blog/steve_31/2012/08/working_with_a_buyer_s_realtor_who_offers_realtor_rebate_or_buyer_s_agent_credit_can_result_in_a_massive_savings_for_bu

See the programs we could use it to benefit you here: www.pro-option.com

-
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0 votes 5 answers Share Flag
Kathy Bogan…,  in Naples, FL
Thu Sep 20, 2012
Kathy Bogan Cannady answered:
Sorry I don't know Firserv and the article wasn't much help. However, First remember all real estate is local and general stats don't always reflect the local market. That said I don't have a crystal ball, but with reduced inventory, increasing buyer interest and an improving economy I don't agree with that sentiment. We have had the busiest summer in a number of years (even over last year's which was terifically up). If the econony bottoms no one is safe; but locally 4-5 builders have reentered the market, which they have been out of for a number of years. I have a great track record and would enjoy sitting/talking with you more on this subject. Call KathyBC 800-448-3411 ext 601. (8/23) ... more
0 votes 13 answers Share Flag
Jeff Wallenf…,  in Las Vegas, NV
Mon Nov 12, 2012
Jeff Wallenfang answered:
I do have a few people who can help Canadians get mortgages. If memory serves, the last time I asked they were talking about 20% down. Remember not to spend all your cash on the downpayment because you will have some closing costs, and you will surely want to make some repairs or renovations on your new home. Something you will want to keep in mind is that it's hard to finance a condo unless it's on the HUD list of FHA approved communities (I've attached a link).

Of the 20000+ properties that have sold through the MLS this year, only a few hundred were owner financed, lease-to-own, or some other alternative to cash/mortgage. Don't count on this sort of thing.

I know the NW and SW well and have helped condo buyers in both areas.

Hope you have a great day.
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0 votes 10 answers Share Flag
Al Geffon, Real Estate Pro in Houston, TX
Wed Aug 22, 2012
Al Geffon answered:
Since the mortgage meltdown a few years back, loan requirements have become more stringent. You will need a credit score no lower than 620 (probably a bit higher) to qualify for FHA-insured financing, along with a minimum of 3.5% down. Figuring in some closing costs, you're looking at 6% to 8% in cash. Conventional mortgages require scores in the 700's, along with at least 5% down. As solid as your rental history is, the likelihood of obtaining a loan at this time is remote at best. Keep working to raise your credit score. There will be some great homes available ... Guaranteed. I wish you well.

All Geffon
(713) 213-6350
al@algeffon.com
... more
0 votes 8 answers Share Flag
Sandie Warren…, Real Estate Pro in Saint Augustine, FL
Thu Aug 23, 2012
Sandie Warren Koutavas answered:
There should not be a charge for a pre-approval. As far as qualifying for a conventional loan, it is not only based on credit score and debt to income ratio. In order to use a conventional loan product to purchase real estate and avoid MIP, you will need to have a substantial down payment (typically 20% of sales price). FHA loans only require a 3.5% down payment. I hope that this clarifies things. Please let me know if you have additional questions or would like a recommendation for another lender. It doesn't sound as if you were given the best advice and maybe you should seek a 2nd opinion from another lender. ... more
0 votes 8 answers Share Flag
Ronald Klug, Real Estate Pro in Las Vegas, NV
Fri Mar 22, 2013
Ronald Klug answered:
Yes, I not only assist investors but invest my self. I just purchased a 5/3 home at the end of June for 104k and sold it 6 weeks later for 155k. One home I bought less then 30 months ago is making me almost $800.00 per month rental income and has over 60k in equity while another I just bought 9 months ago appreciated 60k also.

I would be happy to assist you. I can be reached at 702-321-5067 or you can visit my web page at www. Attornyrealtyalliance.com

Respectfully,

Ron
... more
0 votes 23 answers Share Flag
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