You really need to speak to a lender as soon as possible. There are many factors involved including credit score, employment, salary, etc. How taxes are filed doesn't really have a bearing on the purchase, but these other items do. Contact a reputable mortgage lender as soon as possible so you can start planning as now is the time to purchase with interest rates so low and prices holding steady in most areas at the present time.... more
Generally the best person to ask about grants is someone in your local area, however you could also consider a 203k loan, which is an FHA rehab loan, that would give you money for major repairs. There are certain guidelines and restrictions, and it is a more costly home, but could be worth it if the price is right.... more
It's not FHA, it's Fannie and Freddie. It is a requirement of every bank and lender, don't switch now.
Ask the lender what can be done NOW? Call the IRS line and see how long? 800-829-1040. Be prepared for a long wait like the rest of the day. If you take them to an IRS office will they stamp them and will this be accepted by the lender. There are things that can be done to speed it up but the lender needs to see if they can make it happen. It's not easy but you are within your right to ask how they assist and speed it up. Just remember it's not easy as it sounds I know. Good luck and let us know how it turns out.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
Whoa, good luck! USDA Loans can take 60 days or even longer to be approved. Make sure your lender is VERY pro-active and follows up every day. You may also consider extending the closing time to be safe.
We just closed one that took 40 days to get done, even with daily "supervision".
You might want to check with a tax professional, but after working with another client, I do think you might have to pay a portion or all of the grant money back if you do purchase another home before your three years are up. If you need a larger home, you might want to think about lease purchase or rent to own, while you do the same with your current home. I can refer you to some good tax professionals in the area who would be able to advise you.... more
I can't speak to the past complaints about Hallmark- but I've been in several of their new homes and I have to say the homes are built extremely well. I've sold 3-4 of their homes over the past few years and have never received a complaint from my buyers.
As a Realtor- there are definitely some builders that are easier to work with than others. I've found Hallmark to be one of the better ones.
Welcome to RIchmond, Jeff! You've got to check out Bellevue in the Northside. Historic neighborhood, big trees, sidewalks, restaurants, shops, and real houses. I-95, I-64, and Powhite right here, too.... more
The question of safety in a neighborhood is one of the hardest questions we receive as agents. Everyone has their own definition and idea of what makes a neighborhood safe. I would suggest you visit the neighborhood during various times of the day and night. A nightime visit on a weekend is particularly helpful.
It is also very helpful to visit the neighborhood in the evening when there may be families out in their yard or taking a walk. Stop and talk to them about the neighborhood and the schools. If you don't get a good feeling from them, then maybe it's not the neighborhood for you.
Good luck and I hope you find the perfect home for your family soon!
Church Hill is becoming a favorite for professionals who want to be outside of city but need intestate access. The historic character of this area, eclectic, locally-owned restaurants, local events and community-oriented environment are making Church Hill a fun and neighborhood to live in.... more
You should have the option to make a few changes to protect yourself. Also ask the potential land lord questions. Are there specific ways to protect the pipes from freezing in the winter? Does he have the pipes insulated? The landlord should offer ways to safeguard such an occurrence.
Should you turn off the water at the meter when not in use during a freeze? Plumbing problems and broken windows; the tenant should only be responsible if those issues are caused by you (intentionally or by careless acts and/or neglect.
The neighbors kid chunking a baseball through the window should obviously not be your expense to repair. Backed up plumbing created by extended vacancy or plumbing issues in the past should not be your expense either.... more
If anyone says you can qualify for a 203K loan with a 580 score you should be very leery. Generally you may be getting a rehab loan, but it will not be a FHA 203K as their credit guidelines require credit scores be a minimum of 660 or 680 to finance the renovation costs with the mortgage costs. However, you may be able to find a lender who will manually underwrite a home loan (no renovation) for you if your 580 score is simply from a lack of credit or unfortunate temporary circumstances.
If you would rather wait for your score to improve, you can also look at rent-to-own or houses where the owners are willing to do some kind of owner financing. This generally requires a larger downpayment or option fee of several thousand dollars.
Don't lose hope, there are many programs out there to help you rebuild your credit. RRHA and Housing Opportunities Made Equal both have homebuyer programs and offer credit counseling.
There are lots of choices in the Richmond area and I have worked with first time homebuyers and am a passionate advocate for my clients. If you wish to know more, you may reach me at 804-385-2768 or visit my site... www.soldbyann.net... more