When interest rates were high- 8, 9, 10% or more, assuming a mortgage that had an interest rate of 4 or 5% could save the buyer quite a bit over the course of the loan. With interest rates at all time lows, it would probably not be to a buyer's advantage to assume a mortgage loan.
If, on the other hand, you are shopping for a mortgage on a home, some banks may offer mortgages that allow a future buyer to assume your mortgage. You will need to ask your lender whether or not they offer a product that has the assumable option.... more
It means that the home will be sold and there is not going to be a minimum amount that needs to be met for the auction to proceed. Don't confuse foreclosure and auction, they might not be connected. You have not giving us enough information to know for sure if this is the auction at the end of the foreclosure process or some private auction being done on a house to maybe stave off the foreclosure. You said "prior to the foreclosure" so that tells me the foreclosure is over in the past and those end with an auction, once done it is no longer (or should not be) called a foreclosure since it ended. If this is the trustee sale that ends the foreclosure process and converts the property to a new owner, then yes you have to pay any liens that you buy along with the property. Yea, if you buy a property for $1 then you better start looking for a $50,000 tax lien on it too. Many auctioneers use terms like absolute auction to encourage bidders that have no idea what they are doing to come out and throw away money. Be careful.... more
There are many homeowners who call my team too late in the foreclosure process to be helped. So for them, I would say "yes" had they known or understood Short Sales better they would have given it a try.... more
If you show enough income it's not an issue. Depending on the program you might need only 2011 taxes or 10 and 11 get averaged.
If you switch jobs and are paid as employee. You can qualify once you have a patsyub.... more
Natasha..you really need to consult with a mortgage person to find out what programs they have to offer. I am sure one will respond to your question shortly. To my knowledge, you need to see if you qualify for an FHA loan where the down payment is possibly 3 1/2 percent. I think that is the minimum down but a mortgage provider would know better. I believe you will also need to have 12 months of rent receipts if you are renting and proof of where the down payment money came from if not in your bank account. You may contact me directly at LHagopian@hammondre.com if you need some names.... more
You should all sit down with a mortgage professional to find and see what programs would be available to you all. Figure out downpayments and credit requirements and what might work for an affordable price for you all. There are some great mortgage folks here on Trulia, but you should also ask friends, family or colleagues for a person theyve worked with recently and been happy with. Referrals are the ultimate thank you for any professional.... more
From the information you have given, I believe you are entitled to your deposit back and can start looking for another home. I would ask your Realtor to review the contract and forms you signed, to insure you you can get it back.... more
Smart? Depends... Are you thinking long term investment? Primary residence? Rental? The best way to find out is a property is a "good deal" is to know what the comparables are (Active, Pending & Sold properties). Ask an Agent to prepare a CMA (comparative market analysis) on your behalf. Also - Get a Buyer's Agent. They will look out for your best interests in a property purchase.
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
There are others factors in addition to credit that determine qualification, therefore do visit with any qualified loan officer(s), after reviewing your information a determination on qualification can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future.... more
Begin by visiting with any quialified loan officer(s), after reviewing your overall financials and credit he/she can make a determination on qualification, the type of loan, how much, etc., then go from there.... more