Good Evening Tami,
You can't go wrong offering land contract terms. Where else can you make 10% on your money? Of course you would want to put some restrictions on the property until the balance was paid in full. It is all in the details and I would be happy to speak with you further about your options and what I could do to ensure your transaction is in your best interest. Call me anytime 810-652-2222 I am looking forward to working with you.... more
The house on 6865 Jonathon is NOT on the market anymore. It was listed last November and just Withdrawn from the market 2 days ago on 3-29-2013. It is no longer available and when it was listed it said that it was NOT available on a Land Contract.
Any lender will have a minimum amount of income they want to see to qualify you for a loan. They will most likely want to see your tax returns for the last two years for proof among other things. The best thing to do is to call around to some lenders and explain your situation and see what they can do.... more
Loans are similar. Contact USDA direct and they can answer all your qualifying questions But hurry they are on limited budget and money is half gone already. Let me know if you need contact information.... more
When financing with a Homepath loan an appraisal isn't required because one has already been done. You should have been given a copy of the appraisal when you closed on the house. Appraisals for refinancing are different that purchase appraisals. Your Realtor didn't do anything wrong. Hopefully, you were given comparable sales of like homes before you made an offer on the property. The bank lended to the appraised value at the time of purchase. Again, there was an appraisal done on the property you just weren't required to pay for another one. If you're asking about legal issues you would need to contact an attorney. Realtors are not allowed to give legal advice.
Karen Paytas, GRI, CMS
Real Living Kee Realty
No, your closing was not valid and all the figures that were used for 1/31 need to be revised. The closing should have been canceled, until it was completely through underwriting. I would like to know who the loan officer is, as it was not handled properly. If there was no money disbursement than I am guessing that you are not out any money and you can just start over with someone else who can take you through a successful refinance.... more
Unfortunately you're not in a profession where your offer letter is pretty much a guarantee. Physicians and Attorney's usually are allowed to start before their first day with just an offer letter (in some cases, the first day) because those offers are usually a guarantee and this is the norm for those professions.
Until you can produce a month of pay stubs, you'll have a hard time closing with anyone (you could still take application before, you just can't close). If your wife can go solo on the loan, you could run with it now but of course you'll have to decide what's best your family.... more
There are not too many lenders in the market lending on land. And more than likely, they will require much more than 20% downpayment. My best bet is look online, for the very few lenders that still takek risk on vacant land.
Interest Rates are also a reflection of the risk that an entity is willing to take. So, for anyone serious to give you relevant information, would have to take a complete application, to see the four factors of analysis: Credit, Income/Employment, Assets and Collateral. With this information, they should be able to determine, LTV, DTI, and other risk indicatives.
Good Luck.... more
This is really a lender type question. There are many other factors besides credit score. Such as debt to income ratio etc. They can help you plan to get to the next step. Feel free to contact me to help you with the next big step to your future.