My wife and I are trying to buy a foreclosure and want to correct it. We both have bad credit, so we coudln’t our own home, even if I have enough money to get a mortgage. I am setting up my credit, but has no deadline for the next two months to get a house. We found a co-signer, but the mortgage broker, said, we can not have, because our credit is not big enough. So my father is a mortgage and we said we should get a loan FHA 203K, then he intends to make a quick note immediately after I became the owner of the house. mortgage broker, said it is difficult these days to get this type of loan and real estate man, said he is not. I had a few questions if anyone has any knowledge or personal experience with this kraami.1. Can I get a tax deduction because I do a good deed, after a fast or not? Second Someone said that the limit of $ 35,000 is the FHA 203K loan for home repairs, if I buy a house and my mortgage was $ 40,000 $ 70,000 to spend every penny I have to repair? If there is an extra, I keep it until something goes wrong, like the basement leak or rupture of an oven? Third I was also told that you need a licensed contractor in writing of the repairs, etc., but they must be prepared for late payment? How is this so, because I thought after getting a mortgage, you can view and pay the contractor? Back Taxes on this house is very big, and people could turn to the city, but I heard it often does not mean they will cut taxes. Why do they make you pay property tax on the price and what are the chances that they lower my taxes? Thank you to all who contribute to teema.Ok, maybe I’m confused as a boon for business. The estate agent said that if he writes something good for me, I am the owner of the house, he would simply charge the mortgage. Obviously I would pay a bank or to pay each month, but below, it can not happen? My real estate agent must be mistaken.
We just got our first mortgage loan closing and we need to catch up on the second – Quick! We have quite a few small problems that are not supported. We had perfect credit for nearly 20 years until a few years ago. We have filed for bankruptcy, I think it helps 2001.Hope guru credit! In addition, we are independent and our income is very good now.
that will not work either. See once dad buys the home it is his. Now a quit claim deed recorded in the court house will trigger the due on sale clause in his deed of trust so that is out. No you will not qualify as a first timer if there is a family transfer. Yes you must spend the cash on repairs as the file must contain contracts for the repairs. The funds are es crowed at close and when he thinks he is done then the appraiser comes back out and inspects them and then send the new report to the lender who then will release funds to the contractor. Appeals are done and most are never heard with deaf ears. The county wants the tax revenue
As a loan officer able to do loans in all 50 states if you don’t have anything in judgment on your cr and have a score of at least 57*
you can be approved for a home loan.
Doing the loan the way your describing is so much more complicated than what it needs to be.
I would be happy to guide you through the process even if you do not use my services.
1. No, your father will have to sell you the house, the lender will not let him just deed it over to you. The bank will not allow the deed to change hands until the mortgage is completely paid off. You will not qualify for the credit buying from your father. I am clueless why you think you will qualify to buy after he buys it, your credit situation will not change.
2. There isn’t a limit, but this will work like a construction loan, there is no keeping any money.
3. You get the checks after each portion of the contraction has passed inspection. There is no money in advance.
4. All this depends on the city and state. There will be two assessments, one before and one after improvements. This is standard whereever you are.
“Ok, maybe I am confused about the deed thing. The real estate agent said that if he signs the deed over to me, I will be the owner of the house, he would just be responsible for the mortgage. Obviously, I would pay the bank or pay him every month, but according to below, this can’t happen? My real estate agent must be confused.”
Your agent is a scumbag, he just wants the sale. You can not sign the title over to anyone without all lien holders agreeing to it. Your father has to pay off the mortgage, by check or another mortgage in your name, before he can transfer the title to you.
No Credit…No loans…No debt…
you should know that having a long credit history is good. also, check your credit score and credit report. for $ 20 or go to freeannualcreditreport.com and get one for free, if you already havent. If your self employed now and have good income, try getting a ‘personal loan’ say around $ 500, just to pay a minor issue. If that goes through pay it off in 6 months, then try for the big one. I am on 24 , but i hope this helps some, ~B
Since you are now self employed and had good credit for a many years. And that year you filed bankruptcy and had a bad year, I suggest go to your banker or local bank and discuss your situation and they can help you with what options are available to you. It’s hard to answer your needs without looking at everything you have. Avoid companies selling you products to fix your credit. I found out that mortgage brokers do not like people who uses credit repair companies.
Here is what I would recommend, 1st get all 3 of your credit reports(and your husband?) from http://www.annualcreditreport.com. Review those for accuracy. Dispute any item you believe to be incorrect.
The if you can I would spend the $ 90.00(2 x $ 45.00) to get your FICO scores at http://www.myfico.com/12. When you have your “real” FICO scores then you can do some shopping on the phone with local bankers/mortgage brokers telling them your situation. A good mortgage broker will give you the info without trying to get you to apply to see what they can do. You will be an informed consumer.
What they will need:
1st mortgage balance & no of late payments & when
2nd mortgage balance & no of late payments & when
Other debts, monthly payments & no of late payments & when
Business net income
Debt to income ratio
The problem is you say you need this loan quick!
Credit Guru’s idea is fine, but it could take a while to clean up your credit (a few months).
Keep in mind that the better your score, the lower the interest rate you will be paying. So, if your loan can wait that long, definately clean up your credit.
If not, then just start calling around. If you can demonstrate that your income is good (and secure!), and you have your debts in order, they may give you the loan. But it will cost you in higher rates.
Just be patient and persistant.