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Home Buying in Brockton : Real Estate Advice

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  • Local Info10
  • Home Buying52
  • Home Selling4
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Activity 46
Sun Mar 2, 2014
Luis Martins answered:
There are currently no 3 bedroom condos or townhouses available in that price range. if you send me your info I'd be glad to keep an eye out for you! Luishelpme@yahoo.com


Luis martins
774-360-1997
Realty World
Broker associate
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0 votes 4 answers Share Flag
Tue Jan 1, 2013
Sonja Tani answered:
Hi Brian,
You're going to get a lot of advice to work on your Credit Score to be able to qualify for a Conventional Mortgage. And that's not bad advice. As for an FHA loan, it will depend on the type of bankruptcy you had. If it was a Chapter 13 Reorganization, you may be able to qualify for and FHA loan after 2 years of being discharged if your Credit Score is high enough. If your bankruptcy was a Chapter 7. it will take 3 years before they will consider you.

There is another way for you to acquire a Home Mortgage and more and more buyers are resorting to it. There are very few of us who have not had their credit dinged by the unfortunate circumstances of the last few years. At the same time, the Banks and Mortgage Lenders, who seem to have been assigned the blame for this mess, have been inundated with rules and regulations and Regulatory Agencies looking over every move they make to the point where they are demanding reams of information and qualifications before they are willing to make a loan.
The alternate source of a Home Mortgage is to resort to Private Lenders.

Many individuals and groups of investors, having seen the vacuum created by the difficulty of obtaining a Conventional Loan, are becoming licensed by the State to issue Home Mortgages. Their down payment requirements are higher that Conventional money and their interest rates are higher but they are providing the vehicle for potential buyers to get financed when no other avenue seems to open to them.

Private Lenders are more expensive that Banks but, consider this. The home you buy today is selling for about 70% of what it sold for 4 years ago and hopefully 60% to 70% of what it will sell for again 2 to 3 years from now. You, therefore will have considerable equity in your home in a lesser amount of time. Your bankruptcy will not be a consideration in their decision to lend to you. They look for your income and assets that will enable you to repay the loan and the Appraised value of the property you will use as collateral.

If you research some of the Private Lending Companies, be sure to ask if they have a Pre-Payment Penalty. You don;t want to be locked into a high interest loan when you have gotten your affairs in order and can refinance to a more economical Conventional Loan. These Companies will usually lend up to 10 or 12 years but they do so expecting that you will pay it off early.

I have worked with a Company for several years now who are licensed here in Georgia, with excellent results. If you would like to explore that avenue of financing a home, here's their contact information:

The Westmoore Group, LLC
www.westmooregroup.com
Ph: (646) 801-6190
Fx: (646) 619-4291
The Westmoore Group, LLC is a licensed lender in the State of Georgia and operates under the license #30544.
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Sat Dec 15, 2012
Richard Shapiro answered:
Yes. Pay you credit cards on time and pay them down. If you get to a point where they have no balance keep them open with $0 balance. Part of the score is the amount of credit limit to credt balance. It's best to have this under 50%. ... more
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Fri Nov 2, 2012
Jodi Beckman answered:
The mimimun credit score needed for a loan is typically 640. Buy Brockton is run by Neighborhood Housing Services. They are running a first time buyer class on Nobember 27th and 29th from 5-9 PM. THe cost is $20.00. This class will qualify you to receive a first time buyer grant. It would benefit you to take the class e ven if your score isn't 640 right now because they will give you credit counceling services and work with you to get your score to that level. Joe Madaio runs the first time buyer program.
Give me a call at 508-326-5860 and I will give you all the info you need.
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Sat Oct 6, 2012
Jim Olive answered:
No such thing as a stupid question! The downpayment is a percentage of the total purchase price Best of luck with your purchase...Jim
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Mon Oct 8, 2012
Janet Baxter answered:
Mass Housing has some great programs But I just heard from my mortgage rep FHA rates just went to 3%. This is just amazing. Call me and I'll give you her info. 508-246-8195.

Janet Baxter. ... more
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Thu Mar 20, 2014
Jadreamin1012 answered:
It looks like no one is doing my community loans up there.
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Mon Nov 25, 2013
Maria Butner answered:
Brockton/Abington Line is a good area its near brockton hospital.
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Fri Nov 2, 2012
Christine Moran Realtor & Notary answered:
You can use a mortgage calulator - just google it online. It wouldn't hurt to get pre-approved so that you know what you need. If you don't mind commuting there are certain areas of Ma that are cheaper than others. You can ask for closing costs to be paid by the seller. ... more
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Mon Oct 1, 2012
Maria Gilda Racelis answered:
Hi Jadreamin: I believe if it is a lateral move or same line of work, this should not affect your employment history being one of the factors to qualify for a mortgage.

I am quite sure that mortgage professionals on this forum can chime in.

Best of Luck.
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Wed Oct 2, 2013
Alicia Mcdonald answered:
Lease options tend to be few and far between. Sellers stray from them because they can be pretty risky. Is there a particular reason why you can't get preapproved such as poor credit? I work with a loan officer who has approved some of my clients with scores as low as 580. He also helps my clients repair their credit so if they aren't where they need to be initially, they will be there in a few months. Give me a call if you'd like to discuss further. (774)274-7012

Thanks,

Alicia
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Sun Sep 16, 2012
Christine Moran Realtor & Notary answered:
The NACA should give you a list a agents affiliated with the program.
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Tue Oct 2, 2012
Heath Coker answered:
If you haven't heard from anyone yet, let me know and I'll refer you to a broker up there.
However, I would just walk into an office with your preapproval, checkbook, and other papers and choose a local pro to help you right then and there.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
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Thu Jan 13, 2011
Kong_yang asked:
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Mon Nov 22, 2010
Territory.com answered:
unfortunately it does not seem abnormally long. Sometimes it can take months. The banks are completely backed up and a lot of them are facing huge lawsuits so new requirements for the reo process are being implemented, all of which I am sure is slowing the process down even further. These purchases are not for the faint of heart. Often you will wait months to find out the purchase wont happen. Set your expectations and read up on the news.

http://territoryre.com
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Wed Oct 20, 2010
Territory.com answered:
This is very typical of foreclosure (and short sale) deals and your Realtor should have warned you of these downsides before you got involved. Purchasing bank owned properties are not for the faint of heart: the process can take a long time just to get simple answers. Remember you are negotiating with a corporation the has layers of bureaucracy built in.

Good luck! I hope the process gets easier for you.
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Tue Nov 16, 2010
Elizabeth Herbert answered:
Have you been pre-approved for a mortgage? How much are you looking to spend?

If you are looking for a Buyer Agent, I'm happy to assist you!

I can be reached at elizabeth@elizabethherbert.com ... more
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Wed Nov 17, 2010
Caroline Choi answered:
Hi Don, I would recommend finding out more details on the loan to see if it is transferrable/assumable. Check with the mortgage holder. If it is, you would have to qualify for the mortgage and proceed from there. Best of luck.

Caroline Choi
Broker Associate/Realtor
www.CarolineSellsTheCity.com
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Mon Aug 9, 2010
Christine Moran Realtor & Notary answered:
You can find a REALTOR to help you. I can email you a list of properties in Brockton and help you find the right agent in your area.
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