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Home Buying in Jonesboro : Real Estate Advice

  • All150
  • Local Info22
  • Home Buying23
  • Home Selling5
  • Market Conditions10

Activity 15
Sat Jan 19, 2013
Rodney Mason answered:
Hi Ray,
I do not suggest doing lease purchases. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

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 see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at www.rodneymason.com.

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 with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
... more
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Sat Jan 26, 2013
Ron Thomas answered:
First of all; Thanks for serving!

Did you get your CERTIFICATE OF ELIGIBILITY from the VA?
Do you have a local office of VA? They will help a lot.
I have found that the Navy Federal Credit Union is a good source; you don't have to have been in the Navy, but I would like you better for it.
Be prepared for a FUNDING FEE, about 2 1/2%; not applied if you have a Disability, can be folded into the loan. We didn't have this years ago; but, we do now.
You will pay a little higher Rate than FHA, but with No Down.

Good luck and may God bless
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Fri Nov 23, 2012
Kaylane Peters-Davis answered:
Hello & congrat.Jonesboro has nice areas & subdivision my sister actually owns a home in Jonesboro so I know the area really well. & id be more than happy to help find a home that fits all your needs. Did I mention I love love love buyers!!! Contact me lets talk about it. Kaylane Peters.(Buyers Agent) Keller Williams Realty Metro Atlanta Licensed in GA. & LA. 504-373-9696. ... more
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Sun Sep 16, 2012
Rodney Mason answered:
For an FHA mortgage, most lenders require a 640+ credit score for the last 2-3 years now. Prospect Mortgage is one of the few direct lenders to offer an FHA 580-639 FICO loan program. Credit profile is a major factor in a mortgage approval. Generally, there should be no late payments, new collections accounts/charge-offs/liens/judgments in the last 12 months. It is required that all open collection accounts must be paid in full if their cumulative balances exceed $1,000.

The 3.5% down payment can be from the borrowers own funds or it can be gifted from a family member. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at www.rodneymason.com.

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

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
... more
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Mon Jun 4, 2012
Gerars Grant asked:
Fri Apr 13, 2012
Konstantin Zaliznyak answered:
Typically they are concerned about the last 7 years but can see more.

Konstantin
0 votes 3 answers Share Flag
Sun Mar 25, 2012
Millie Lumpkin answered:
There is not necessarily a problem, it just means that the seller is not willing to make changes to get the deal. Your best bet is to make your own assessment regarding the property. If you get an accepted offer, get an inspection to further assure yourself of the condition. ... more
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Sun Dec 30, 2012
Michael Hammond answered:
Besides the amount borrowed of $65,900 how long a loan term and what interest rate do you expect to receive, Unique? Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com
... more
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Wed May 18, 2011
Hank Miller answered:
Find another house and have your agent watch this one to see if it becomes available again.

Hank
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Mon Oct 11, 2010
Ken Cook answered:
Have you been paying rent and can you show you have been writing checks for it? Just a letter, especially from a family member, probably will not be enough to prove you have been paying rent. A "rent free" letter would be different. An institutional VOR (Verification of Rent) is generally what is required to evidence rent.

Be that as it may here's about as good a sample for a private VOR as you can find. Your loan officer should be answering this question for you unless you're working with a company that uses "application takers".

http://www.docstoc.com/docs/3090753/RENT-VERIFICATION-FORM
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Mon Jul 19, 2010
Michael Hammond answered:
The last data from GA MLS on 1575 Cardinal Road shows it sold and closed on 11/21/2006, Martha. If the property appears vacant with no "For Sale" sign visible, it could be in the early stages of a foreclosure. Please let me if I may help further. Good Luck!


Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.SellsRealty.org
... more
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Wed Oct 24, 2012
Michael Hammond answered:
There are a lot of things to do in obtaining a house like yesterday, Girly. Have you been approved for a mortgage yet or are you a cash buyer?

Michael Hammond
SellsRealty@gmail.com

404-538-5499

http://www.SellsRealty.org/
... more
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Mon Jun 8, 2009
Laura Jefferson answered:
Hire a real estate attorney to consult with and be careful.Your payments should be made directly to the lender and not the individual. One way to do this is to use a third party source that will also build your credit like Virginmoney.com
If you cant buy at the end typically you forfeit the down payment. Get into a good credit couseling program.
... more
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Tue May 12, 2009
Curtis Williamson answered:
It is due to the number of foreclosures in the county and the problem that they were having with the schools being accredited. The school system has recently been recertified.
0 votes 1 answer Share Flag
Wed Aug 12, 2009
Solomon Greene answered:
Maurice, your post does not reference a property. Which property is this person wrong about?
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