I own a commercial property. I have 500k on the bench and was assessed for $ 1.15 2 years ago. I suppose, a notice would be about 900k today. We are working to finance a deal for the seller, a developer for $ 1.15, which are ground to 325K and use the remaining funds to an additional storage on the property to increase value and then refinance in a year or so and pay the rest of us. Now, that means we would be in a position of secondary importance. We arrived with a few different safety precautions to minimize risk. Do you think that mortgage insurance would ensure that, because it is technically a loan?
I’m 20 years old making around $ 3,200/month and have $ 15,000 in the bank that I saved up while living with my parents. I currently have no debt, my credit score is perfect, my car has been paid for and I have no kids. Would I be able to afford a 200k-250k home in the Houston, TX or Sugar Land area? If so, what would be the best mortgage company to finance my home and for the best rate?
I’m looking to pay no more than $ 2000/month for mortgage, insurance, and taxes on the house together. Commercials like Ditech, Quicken Loans, and Lending Tree usually promise a $ 200,000 loan between $ 450 and $ 999 a month. Sounds pretty good, but my mom says it’s unrealistic and that for the type of house that I want, I’d be paying well over $ 2000 a month for the mortgage alone aside from property taxes, utilities, etc.
Any advice?
we financed a house through a finance company.Everytime we pay the note more money goes to the interest than it does the balence.Is this legal? Also we bought the house”as Is” and we discovered termite damage in the walls of the house,and was not told about it.what legal steps can we take?
I need to sell my house and owe $ 200K. I found a buyer who is willing to put down $ 10K and pay me $ 235K for the house with monthly payments of $ 1,650. I need help figuring out interest rate, amortization, etc. This will cover my current mortgage, taxes and insurance. What is the best way to write this contract up? Does a title company do it as well as an attorney? Will there be closing costs – which ones? I guess I have to carry the morgage for 30 years unless they can refinance earlier (they have poor credit due to medical bills now). At this point, I am just glad to not have to pay the monthly payments and have one less property to take care of. I am just not sure how to make this all legal and fair to me and the buyer.
Dec 162011
I have a quick question for me.
I am looking to buy a house. Getting financing is not a problem, getting mortgage insurance is.
The finance company tells me that my wife’s score is about 25 points too low (to get the loan we want) due to having used to much of her credit in ratio to her limits. We need to get her from 655 to 680. She was off work about 3 1/2 years ago due to illness and basically lived off her cards for 2 months. Prior to our getting married about a year ago she was only able to make small payments. She was never late, she just could not get ahead enough to make much head way on paying the cards off.
Since we have been married, we have taken the cards one at a time and have paid 3 totally off and cut three more balances by more that half, but we still have three with 75% of the high limit used. This is hurting her score.
Here is my question-I could pay down the score, but I need to use the cash on repairs necessary to get FHA financing and for the down payment.
Could I reduce balance to limit ration and improve the score if I get her credit limit raised? If I do this would the credit companies pull her credit report again and would that hurt her score more than raising her limit would help? I would ask four different cards for higher limits.
Thanks for your time, Wes
Dec 162011
I was hoping for a answer to a quick question.
I am looking to buy a house. Getting financing is not a problem, getting the mortgage insurance is.
The finance company tells me that my wife’s score is about 25 points too low (to get the loan we want) due to having used to much of her credit in ratio to her limits. We need to get her from 655 to 680. She was off work about 3 1/2 years ago due to illness and basically lived off her cards for 2 months. Prior to our getting married about a year ago she was only able to make small payments. She was never late, she just could not get ahead enough to make much head way on paying the cards off.
Since we have been married, we have taken the cards one at a time and have paid 3 totally off and cut three more balances by more that half, but we still have three with 75% of the high limit used. This is hurting her score.
Here is my question-I could pay down the score, but I need to use the cash on repairs necessary to get FHA financing and for the down payment.
Could I reduce balance to limit ration and improve the score, if I get her credit limit raised? If I do this would the credit companies pull her credit report again and would that hurt her score more than raising her limit would help? I would need to ask four different cards for higher limits.
Thanks for your help.
We bought a house owner financing over a year ago. We had homeowners warranty on our roof for full 12 months, that guarantees any roof repairs and damages. We tried to claim the roof warranty with our private mortgage company but he said the roof was fine and it had no damages at all. Anyway, we claimed our insurance , and they approved the hail damages and necessary repairs to be done. They cut a check to us and the mortgage company. Now , the private mortgage refuses to sign the check until we have the roof done. And he also keeps saying that he wants to inspect the job , to make sure it has been done before he signs anything. What should we do?
He’s a control Freak! We are very upset and we feel like this is not our house at all!
Wife and I are in Virginia and signed contract to purchase home, signed off on inspection addendum, and then were denied both mortgage insurance and eventually a mortgage as there were problems with value of home (bank stated property was overvalued despite appraisal coming in at agreed purchase price). We told sellers we no longer wanted to purchase the home as there are problems with value (house had 3 dfft appraisals all coming in with very different numbers). Seller attorney sent letter stating we are in default of contract and must attempt to obtain another loan. Contract states “purchaser must make diligent effort to obtain loan from a lender” (not lenderS). If we attempted to obtain loan and were denied, does the seller have recourse against us?
Earnest discussion with seller’s agent, who stated we cannot cancel contract just because we do not want to purchase home which bank states is valued incorrectly. We reminded them that we were denied loan from bank. They are stating that because my wife knows the loan officer professionally (she is a real estate agent also), we must attempt another loan with difft lender. Seller’s lawyer is further stating that because she spoke directly to the bank’s appraiser AFTER he had submitted value to the underwriters, she is in collusion with the appraiser.
We have obtained an attorney, but he does not have answers for us yet. We are panicked b/c we sold our current home as we were really in love with the other property and will close soon. We now have no home to live in and may have to move with our infant daughter to an apartment! Seller’s attorney has warned us not to put a contract on any other home.
The underwriter denied financing based on the value of the property, which they felt was priced too high. We have this in writing from the bank, as well as proof of denial from the mortgage insurance co. prior to denial from the underwriter, also related to the property being overvalued. This is what we stated to the seller, “bank and insurance have problem with value”
Seller offered financing, requiring more cash down, We were not comfortable with this offer and declined, as we do not have enough cash.
Seller attny is arguing that we did not perform diligence by seeking another another loan source, though we went though bank and sellr
If the bank declined the loan due to appraisal, I do not understand how the seller has recourse. They argue that using my wife’s in house mortgage people is improper and not due diligence. Can they force us to seek another loan? The broker of the firm (wife and seller agent in same office!) has advised seller agent to sign release. They have ignored request from him.
Thanks so much!
Dec 062011
Ok, looks like my last post still left out some important details for you guys to give me accurate advice.
I got offered 6.625% with 1% Discount Point and 1% Origination Fee for a 30yr fixed using a VHDA loan program. (http://www.vhda.com/vhda_com/Template_app.asp?VHDA_COM_PAGE_NAME=currentrates)
Overall, is this considered good or bad? If it’s bad, please state why you think it’s bad and what you think a better rate I could get would be…
-It’s a joint application and both our credit scores are in the mid-700s.
-Low debt to income ratio
-We not putting any money down (zero-down)
-There are no assocatied mortgage insurance (PMI)
-We’re using the builder’s lender because of the nice incentives: 10k towards closing and 1% Origination Fee.
-Location is Northern Virginia
-Amount of loan is $ 365k
This is our first home purchase and the only other placed we shopped at was Bank of America and the GFE was not any better and didn’t include the nice incentives.