You can just send in your payment checks with the payment coupons that are mailed to you once a year. Or, check with your property tax assessor's office to see if they will accept online payments.... more
You, as the owner, can do most anything you want with it as long as the lender has no restrictions with the type of loan you have with renting it. Some loans are for owner occupied only for a period of time.... more
Good question. Here's a new flash: Lenders now require decent credit and actual money to buy a house (among other things, like stable employment history, good debt-to-income ratio, etc.)!
FYI -- This is why we're in the financial crisis we're in! People took out loans who had bad credit, who couldn't afford it and had zero money to put down. Banks took people at their word on what their income was. And because people put zero money down and therefore had nothing to lose, when things got tough, they just walked away and let the bank deal with the fall out.
BUT....While lenders have gotten pretty tight, it's still pretty easy for your average Joe to buy a home. Look on the bright side -- you only need a 640 credit score. And with an FHA loan, you can put as little as 3.5% down. I think that's still a pretty good deal. My advice to you: work on your credit score, and SAVE SAVE SAVE.... more
Contact a local agent in your area and let them know you would like a Comparable Market Analysis done on your property. They should do this for no charge. Make sure you pay attention to recent sold property information, this represents what you may be able to sell your home for. This is what your home is worth in the current market. Active listings only represent what a seller would like to sell their home for not necessarily what buyers will pay.
How low is low? That will determine on whether or not you qualify for a mortgage. Speak with a mortgage officer and let them see your credit report. They will be able to tell you if you qualify.... more
Bob, There are many good and qualified agents that can get the job done in Sheboygan. So you need to find the one of them that fits your personality and puts you at ease. I would nominate myself but that is self serving and I am here to serve you. I can give you a list of names of the Realtors that I would contact to interview for the job of marketing your home, maximizing your profits, and making you feel as if you were important and the only person that has that Realtors attention.... more
There's nothing about what you've described here that's common. Determining whether there could be potential problems in underwriting due to job gaps and who's income counts towards qualifying for the loan are loan officer fundamentals. Those kinds of potential problems should be identified at the point your application was taken. I'm not suggesting that you switch to a different lender but, given your time considerations, you'll definitely want to apply with another lender (perhaps one that is a bit more cautious).
Also, since it was the listing agent and the seller that required you to use this less than stellar lender, they should be obliged to extend your contract if you need additional time to execute your contract with a competent lender. Talk to your Realtor about this.... more
This would depend on the home in question. Each property has its own fair market value (FMV). The FMV is typically used by the city as an estimated property worth so that they can set a assess a proper tax.
If you're a home buyer, I wouldn't put a lot of weight behind the FMV in determining how much to offer on a home. The market is fluctuating quickly at the moment, and recently sold comparable home prices would be the best data source for determining a reasonable amount to offer.... more