 Is it acceptable to view a property, put in an offer even though I dont have a mortgage in place? |
| We are first time buyers, was going to wait untill the new year to put wheels in motion regards the mortgage but we have seen a very nice house. Obviously it depends on the other other offers the ... |
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 Buying a house, why should I get a home inspection? |
| I'm purchasing a house and am no longer sure I should spend the $300 - $400 to get a home inspection. Why should I get one? I hear most of them do not offer warranties.... |
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 How much can I afford on a New House/Condo? (first time buyer)? |
Hello everyone,
I am really interested in buying a house soon (or a condo if I can't afford a house). I am not married, I have no dependents, I currently have a 690 FICO score, no ... |
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 UK ONLY PLEASE... will house prices rise again anytime soon? |
| I bought a flat last year for £212K and really need to sell now. I'm really worried that I am gonna be in loads of negative equity, but really need to sell. Any idea if the housing prices will ... |
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 I'm buying a condo, and the contract has some questionable areas, when do I hire a lawyer? |
| I'm about to put an offer in on a condo, but I've reviewed the contract and there are a few things that I'd like to take out or have revised. My realtor advised me to call a lawyer ... |
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 Is it natural for a tenant to hate thier landlord? |
| I owned a condo for a few years, a 3 bedroom and rented out the other 2 to about 8 people, most of whom were also in college as i was. The condo was furnished, and had very nice interior decorating ... |
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 A tenant/friend has left my house trashed... what can I do? |
| I opened my home up to a friend that needed a place to stay for 6 months. This raised my rent not to mention was a hassle for my family and I. Last Sunday she moved out unexpectedly and left us with ... |
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 If you quit your job whilst Pregnant are you untitled to all benefits? Housing Etc...? |
I recently found out im pregnant and now my bf is telling me to quit my job today to get full housing benefits tomorrow???
We've been through the housing office and viewed a place ... |
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 Is now a good time to buy a house and take on a mortgage? |
Georgia, USA
first time buyer
single family unit
Please explain and also if you have tips for getting a good mortgage.
Thanks you in advance!... |
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 If my husband and I divorce and the mortgage and house is in both our names how can I get the mortgage interes? |
| My husband and my divorce went through about a month ago and the mortgage and house is in both of our names. How can I get the mortgage interest off the house. And me and him are not on speaking ... |
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 What happens when you split up with spouse? |
| Ok here's the deal. My wife has informed me she no longer wishes to be married to me. I am planning on moving out in January. When i do she isn't going to be able to afford the mortgage ... |
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 Can i claim land that i have looked after but belongs to someone else? |
| i have heard that if there is a neglected piece of land that no one tends to and you have used it for a number of years then it is yours? How can I claim i?... |
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 Anyone with advice.? |
| been in my council house for few years now, through difficult times we got in arrears. now other day got eviction letter for the 14 august and bailiffs are moving us out what shall i do i have 3 ... |
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 How does one determine a fair purchase price offer for a home? |
| The asking price is $139,900. Closing costs have been estimated at $7000. Is it unreasonable to offer a purchase price of $124,900, while asking the seller to pay half of the closing costs? The ... |
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 New owner wants me to leave and pay him? |
| Situation: I have a new landlord (according to my old landlord) but I have gotten zero notices on this so I have no idea where to send my rent money. I just received an eviction notice. On the ... |
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 How do I avoid from someone placing a lien on my property? |
Is there a way to protect your property and avoid HOA or creditors from placing lien on your property?
Additional Details
What if you incorporate or place your property in a trust. Is ... |
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 Buying/Selling Home.....what do you think? |
| We currently have our 3 bed/1 bath full basement home for sale in Wonder Lake, IL. It has a fenced, large, wooded yard. It's been on the market for about 1 month and is very competitively priced.... |
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pleasure6910462 | House buying question.? |
My FICO score is about 575, and I want to purchase a home. I have paid off my debt in order to increase my score, so that I can get a lower interest rate on my mortgage. Can I buy a house know or should I wait 6 months. Also my income is a little over 35,000 a year--how much mortgage can I afford for both a single family home and multi-family home? |
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Ken
 |
You can get a mortgage with a 575 score and it doesn't have to be a terrible rate. Check with a mortgage broker in your area to get a pre-qualification. It would help if you would work to get your score over 600. If you have recently paid some debts it is possible that your score will go up in the next month or two anyway.
Depending upon your location, the market may be stable. I am in the midwest and we did have had continuous, steady growth in real estate for the past ten years. Therefore, we will not have a crash. Some areas may experience a burst of the bubble in the next few years.
Most people can comfortably afford a mortgage of 3-3.5 times their annual income. If you are young and anticipate much higher income in the near future, sometimes you can go as high as 5 times your annual income. Again, depending on your market, that may not get you much today. The first rule of real estate is to get into the market as soon as possible. This is not a 6 month investment. Assuming you are going to live in the house for at least 5 years, you will come out ahead by purchasing now. |
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coolbeanie27
 |
Better to buy now...recent changes are making it more difficult to secure a mortgage with a lower score. Your score is low but not too low if you act fairly quickly. Get pre-approved for a mortgage , find out how long your interest rate is "locked in" for and shop within that time frame for your home.
35,000 is not going to purchase you too much home ...so go to this website ....
www.hud.gov
here you can find government repossessed homes that sell for basically the amount of the tax assessment price.
you can also find programs and grants that may help you purchase a home. Lastly ...grab onto a real estate agent who can help you through the process and explain things as you go along. This person will get a sales commission on your home sale either way you go about it so you may as well have them earn the money.
Good Luck and God Bless |
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Holly
|
Honestly only you know what your monthly bills are... So sit down look at what you pay out every month and decide what you can afford for a monthly payment.
Who knows what the market will be in 6 months... Everyone keeps talking about those with lower credit scores won't be able to get loans anymore! Good Luck! |
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spiritwalker
|
If you could let me know what state you are in, I just found something out...
since the crisis with the sub lenders, All companies are going to want you to have at least a 600 credit score, with 10% down. So you may have to wait. Keep checking the news and see if the largest lender goes bankrupt, that'll give you your answer. |
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chase11209
 |
Score is not the best. May want to wait & save more money for downpayment.
http://www.letsgobble.com/ |
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newmexicorealestateforms
|
Go play with these calculators and you'll be surprise all that still needs to be done
Mortgage Calculators – Includes finding if you will qualify for a mortgage:
http://www.mortgage-x.com/calculators/Pre-Qualifier.htm
Buena Suerte |
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brettR
|
First off think of if you really can afford to buy - I would not take out a high risk variable rate loan at this point in time. Too much market apprieciation recently and things aren't going to appreciate as rapidly anymore. Factor in things other than just the mortgage costs - and try to put as much as a downpayment as you can.
Make sure to research the costs of various types of mortgages - I have used the one below and they are pretty good. |
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Don't Know
|
Paying off your debt will help make more money available to purchase your home. You should talk to the bank about how much you can afford, and what kind of interest rates they can offer you. It depends not just on your income and FICO score, but also on your assets, and your expenses.
You should definitely work on increasing your score by paying your bills on time, and keeping your credit cards open - longer items work better for you. Also work on getting a nice downpayment. You should have 20% down to avoid paying pmi, but you can get down to 3-5% but you will have to pay pmi. Any extra money you can use to fix up the house before you move into it, and for things you need as a homeowner - tools, lawnmower, shovel, etc.
You can start looking now to get a feel for home prices, and to decide what features you want. In the meantime, also talk to the bank, and also work on increasing your score and your $$.
This is a good time to buy houses, since house prices are low. I would worry more about the house price than the interest rate, since you can refinance at a later date when your credit score is higher. |
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peache68
 |
Your fico score that you can get from any credit reporting agency is not the fico score that the mortgage lender will use. Alot of people don't realize this, but the fico score on your credit rating, is a generalized number. Mortgage bankers and auto loan companies use a different algorithm, so the fico score for a mortgage may be up to 40 points lower for you. The easiest mortgage for you will be a single family. Getting a mortgage as an owner occupant or on a multi-family will require alot more work on your part and will incur a high interest rate. You'll also need to go through the hassle of getting a Certificate of Occupancy (CofO) on the property, and if it doesn't pass yearly, you'll be held accountable.
You can find a mortgage value calculator on yahoo real estate, but the rule of thumb is that your mortgage payment should be no more than 25% of your gross income. |
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bob
|
Wait until your score goes up to 720. Real estate is in a funk right now, and it shouldnt go up considerably if at all, in the next 18-24 months...but that is plenty of time for you to use credit wisely, build up your fico, and build up a down payment, or at least closing costs....If we used 30% of gross income, you should be looking for a monthly payment of around 875 bucks a month. |
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billyh
|
Creditors report to the credit bureaus each month. It's a possibility that your score could have increased by the next month. You said you've paid off debt, did you close the accounts or leave them open? A mortgage lender will look at how many active tradelines that are open on your credit report. Active accounts can help you get approved. Some people are under the impression that they should pay everything off and close everything out, but that is not always best.
Keep in mind that most mortgage lenders will use your middle of 3 fico scores from the 3 main credit bureaus, Equifax, Transunion, and Experian.
Regarding how much house you can afford, most lenders want a debt ratio of 45% or less. To figure your debt ratio, they look at the amounts that you are currently paying out each month (car payments etc.) That amount can't be more than 45% of your gross (before tax) monthly income. They will also figure the amount of your homeowner's insurance and your property taxes into your monthly debt ratio as well.
I work for Mortgage Professionals of Kentucky. We are licensed for Kentucky and Tennessee. We have a mortgage calculator on our website that can help you figure what a monthly payment would be. You can use this feature at our website: www.mortgageprosofky.com
The mortgage market is in an odd position right now. Many lenders are closing their doors. Almost all of the lenders that we work with are changing their guidelines. Most want a mid fico score of 620 or above for 100% financing. If your mid score is 575 you'll probably need about 10% down payment. But some lenders are still offering programs for 100% financing at a 575 mid fico. I am working on a purchase loan right now for a borrower wanting a 100% loan with a 575 mid fico. I have them pre-approved with a lender for 100% loan at a 6.875% fixed rate. |
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Kelly T
 |
The loaner will probably state that your mortgage can't be anymore than 20% of your income. But that's not net income and it doesn't take into consideration your other expenses.
The loaner may state that you are eligible for a loan much higher than you might have expected. But that doesn't mean that's how much you can afford. |
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bradxschuman
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There's a general rule of thumb that what you pay annually on mortgage expenses should be about 28% of your pre-tax annual income. That's your principle and interest plus homeowners insurance plus property tax.
Unfortunately, you won't get much for $35,000 a year income. |
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railroad dave
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market is crashing now , wait till early 08 , prices should hit bottom by then . |
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