It depends on your goals. If you need to find something quick, regular sales or bank owned homes may be the way to go. They usually close faster than short sales/pre-foreclosures. If you have time to find a home, including short sales/pre-foreclosure homes may be a good idea.
Jose Dias, REALTOR
(623) 418-5700 | Jose@MyFirstHouseAZ.com | www.MyFirstHouseAZ.com... more
Don't give up Hope. Check with a few local mortgage lenders to get pre-qualified. Go to those that do not charge application fees (ask them before moving forward). Those that want your business will be happy to guide you through the process of getting your credit to the point of being able to buy a house. Will it be easy? I don't know, but make that first call to find out.... more
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
First go speak with a lender. No sense looking at homes and wondering if you can get a loan. That is step #1 and then find a Realtor. Call around or speak to others or go visit some real estate offices or use the Find A Pro link on this site, but talk with a lender first.... more
There is a difference between title holder and debt holder. If both names are on the title, then both names must release the title.
Apparently, someone felt that it would be in your mother's best interest if she owned half the car title in case the payments fell behind. The loan is typically set up that way when the 1st position borrower's credit file is not strong enough.
Mortgages on the other hand, for those reading this, require the 1st position borrower to qualify with credit and ONLY add a co-borower for income purposes.... more
You might find that information in your Contract with the Lender:
It might include a PREPAYMENT PENALTY, or other language.
The term might be 2 to 5 years.
You'd have to ask your Lender or the Mortgage Broker.
Dee it is not impossible with a down payment, you should meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgage programs that you may quailify for and what the cost and done payments may be.