Best Area in Which to Purchase

Best Area in Which to Purchase

Excellent buyer video explains how to choose a great place to live.

Advertisements

Why Could a Home Short Sale Take Long to Be Approved?

There are a number of decision makers involved in a short sale. And it’s a fact – the more parties involved, the more complex the decision process becomes because all parties must be in alignment before a home can be sold. Image

  • Ultimately, the decision rests with the investor, who is the owner of the loan. For instance, most large bank own  a very low percentage of the loans they service. The higher percentage is owned by investors (Fannie, Freddie, FHA, private investors, etc.). Most of the time, banks are under contract to handle the servicing for those investors., so in those cases they are acting not as the owner but as the investor’s agent with their fiduciary interest in mind. Each of these investors will try to decrease their losses and their unique contractor guidelines must be followed.
  • In addition to the investors, there are other interested parties, too – such as mortgage insurance companies and second lien mortgages holders.

Who Can Buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

What About Financing?

HUD does not give direct financing to buyers of HUD Homes. Buyers must get financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not give direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-INSURED MORTGAGE to finance the purchase.

Time Frame For Getting A New Mortgage After A Short Sale

  • Mortgage program lending guidelines after a short sale depend on the lender. For loans that are federally backed, such as those from the Federal Housing Administration (FHA), you’ll have to wait at least two years from the short sale before you regain eligibility. That’s as long as you were current on your old home loan. If you weren’t, eligibility could take as long as three years. Private lenders, of course, are free to set their own time requirements. 

Of course I am NOT a mortgage professional. This information is based on my research. 

Own For Less Than $325 Per Month

Image

Any investors out there? Bank has directed me to cut substantially the price of this SHORT SALE LISTING. This is a HAFA pre-approved SHORT SALE. BANK will give final approval within 10 days of receiving agreement to buy property. Searching for a “ready and willing buyer” ASAP. I just update the listing price few minutes ago and you are among the first ones to be notified. If you are paying cash, make sure to have proof of funds. If you are financing, make sure to have a pre-approval letter, not pre-qualify letter. Pre-approval means only contingency is appraisal 🙂 IT IS ONLY $72,600. Click on mortgage calculator to see for yourself how little will it take to own this property. Current interest rates are hovering at 4%

Five Frequent Questions About Buying “HUD” Homes

Question: I want to buy a home, but I don’t have much money. Can HUD help me?

Answer: Helping people become homeowners is one of the most important thing HUD does. Here are some suggestions:

  1. Start by reading the “homebuyer’s kit“- particularly the part about the federal mortgage programs that can help people buy homes. HUD’s FHA has many mortgage insurance programs that can help first-time homebuyers. Also, be sure to read about buying a HUD home – they can be very good deals!
  2. Contact one of the HUD-approved housing counseling agencies. They can help you sort through your options.
  3. Call your local office of housing and community development or your mayor’s office to see if there are any local homebuying programs that could help you.

Question 2: I’m interested in an FHA mortgage. Who do I see?

Answer: You’ll need to go see a HUD-approved lender.

Question 3: I’m thinking about buying a home, but I don’t really know if it’s a good idea for me. Who can I talk to?

Answer: There are HUD-approved housing counseling agencies that can help you decide whether buying a home is right for you. Contact one in your area.

Question 4: How do I know if I qualify for a mortgage?

Answer: There are many different kinds of mortgages available, and qualification requirements vary. The best thing for you to do is shop around – talk to two or three local lenders to find out what kinds of mortgages they have available that could fit your situation. There are a number of mortgagecalculators online that can give you some idea about your ability to qualify for a mortgage. HUD offers a good calculator, in our “homebuyers kit.” You also might want to contact a housing counseling agency. They may be able to direct you to the kinds of mortgage programs that might fit your needs.

Question 5: I’ve heard of the Officer Next Door and Teacher Next Door programs. How can I find out more?

Answer: Teacher Next Door and Officer Next Door have been combined into Good Neighbor Next Door.

Contact me for more guidance about buying homes from HUD. Email me at RochaRealEstate@Gmail.com

Four Secrets to Avoid Foreclosure Rescue Scams

Image


  1. Beware of anyone who asks you to pay a fee in exchange for counseling services or the modification of a delinquent loan.
  2. Beware of people who pressure you to sign papers immediately or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
  3. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
  4. Never make a mortgage payment to anyone other than your mortgage company without their approval.