I am certainly not an attorney, so this is strictly a personal opinion. I would think that as long as they use the same criteria for every applicant, it would be legal. It would be illegal if they had one credit score requirement for one set of applicants and another score for different group. Credit scores are becoming more and more influential in the market place. Have you looked at your credit report lately? There may be some things on them that would surprise you and need to be corrected. The three main credit bureaus are required by law to provide you will a FREE copy of your credit report once a year. Go at www.annualcreditreport.com to check your report. Do not confuse this with other sites that you have to "join" to get the reports.
For a personalized answer visit with any licensed loan officer; a determination on qualification, co-signer or not, can only be made after financials are reviewed; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more
You need to have a Realtor represent you - It doesn't cost you a penny and then you have someone looking out for your best interest. Realtors can find out what other incentives are out there and some Realtors will even give you an incentive as well. Call me Phyllis Kent 407 937 8436... more
Sorry to hear what happened. This is truly a legal question, so you really need to run this by an attorney.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
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I've included a link to the government web site that will help answer all of your questions about the loan product.
These loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.
There is too much information to write here. Please follow the link.
I hope this helps. Once you've found your answer I would love to help you in your real estate needs.... more
The bargaining room will be base on the asking price, the recent sales and the condition of the property. It has been my experience that in California most short sales will allow about 5-10% under the BPO if the investors are willing to allow a short sale, however because the inventory is so low most of the time they will sell for appraised value because the buyers have bid the price up. Make sure that you work with an experience agent that can help you understand the value of the home and the conditions in your area.
From my experience, and from word of mouth, Countrywide (Bank of America right?) tends to be a little slow in assigning negotiators and getting BPO's done. Be patient. The short sale process is tough. Once a negotiator is assigned, which takes a lot of paperwork, especially if there is more than one lender, I have heard to expect 30 to 90 days before acceptance/rejection of any short sale offer. Upon acceptance, standard escrow dates should apply... keep in mind those are standard dates in the eyes of a banking system overloaded with problems and inventory.
Do everything you can to get them all your paperwork in at one time, in the manner that they request (I believe they expect loan numbers written out on every page faxed in, fax only 10 pages at a time etc.) and as soon as you can to get things rolling...
Good luck!... more
You have excellent choices if you're deciding between Oviedo and Winter Springs based on public schools. Both cities are perenially among the best in the State and you'll find that most of the schools at ALL levels (elementary, middle or high schools) are very strong and almost exclusively "A" rated schools.
You can find the school rankings for the last ten years running on the Florida Department of Education web site at: http://schoolgrades.fldoe.org/default.asp
I also have had several clients who have visited the schools their children might attend before selecting a home or neighborhood. I've found the school staff more than willing to talk about their school and programs and student successes.
I've relocated people from around the area and around the country and also have been a Seminole County resident for many, many years. In my opinion the schools are top notch and you can't go wrong with Oviedo or Winter Springs (or Longwood, Altamonte or Lake Mary for that matter)!
Best of luck in finding a great home and the perfect schools for your children.
Marty Hunt, RealtorÂ®, ABR, CRS, GRI, e-PRO
Florida Home Team Realty, LLC
Direct, Anytime: (407) 869-7779
Toll Free: (888) 412-8681 Fax: (407) 869-8987
Web Site: http://FloridaHomeTeam.com or http://www.MyFloridaHomesMLS.com/Marty
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HI we are looking to buy a new home in Oviedo and rent our current home in Winter Springs (red bug and tuskawilla). We have a 3 bed 2 bathroom, fenced backyard 2 car garage. Monthly rent $1250....... more