What is the best way to get pre approved and financed for a new house when you have sold your existing house and moved to another state for relocation purposes? The dillema we are in is I will have a job even though it will be less than 6 months of present employment with that company and my wife has a job presently but will be obtaining new employment upon arriving in the new commmunity. Is it still possible to get financing under that scenario?
136852
Best thing to do is to have a detailed, confidential conversation with a mortgage broker.
54304
You will usually take as few as 15 days to as many as 45 days to close from the day you sign the agreement. So ideally you would make offers you expect to be accepted at 45 days from the move in date. You will then raise the offers them and tighten up the closing date as the deadline approaches if you have to move. Remember there is usually a day or two before it funds and you get the keys, or put in the offer you take possesion at closing. Otherwise it is at funding.\n\nYou should start getting comfortable with the market by looking on your own. You probably don't want to tie up your own agent for this long. So call the listing agent when you want to see inside a house. Otherwise just look at the prices and the paper and maybe drive by. Once you are ready to start making real offers within a month then get your agent lined up. You will even have several that you already talked to and you might like.\n\nAnother option is to start making lowball offers in the mean time and see if any get accepted. My wife and I started looking in Jan a few years ago and made offers 15% below the listed price if it was a very reasonable price, and as much as 20-25% if it was inflated for a big sell. (you can use www.zillow.com to help with valuation, but it isnt perfect remember). It took 8 offers (7 rejections) and we moved in in July to a house that was appraised for 10% more than we paid! Just tell your agent what the plan is so she isn't surprised when you don't come up to reasonable offers. You might even consider springing for lunch once in a while since you are really making her work hard.\n\nMake sure you can afford to have the house early if you get it, otherwise you might not want to try that.\n\nGood luck
136114
Ours has been discharged now for about a year and a half and we are in the process of purchasing a 4 bdr, 2bth home. So far we have the home but are now looking for a piece of land to put it on. All we had to do was show proof of discharge and what all was paid off in it. Since you have no money to put down I would check around and find out what ya had to have down. If you had to have a down payment I would try to get a co-signer, or look into FHA, HUD or Section 8 or any Government loan programs to see if I could get help from any of them. Good luck and wish ya the best..... :0)
17791
If you are able to obtain financing thru a seller you maybe able to get more favorable terms depending on your negotiating with the owner.  My experience so far has been there are few people that are willing to give seller financing.  The majority of people selling their homes use the proceeds for a down payment on a new place.  Being a loan officer, I have leaders that will give 100% financing with a 580 Fico score.  Your interest rate at that score is not the greatest, but it gets you in the house at least.  You can also have the seller pay your closing close so you can get into the home "with no money down". You will need 2-6 months of reserves to qualify for a loan ie 401k, IRA, checking or saving.  A seller financing the deal will not ask this from you either, as another pro of this option.  Send me an email if you have questions about your specific situation.  There is so many creative things you can do with R.E.  Don't let not have money stop you from purchasing property...
404900
why don't you look into a lease-with-option-to-buy?  you can rent from the owner, but a portion of the payment goes towards the down payment on the house.  then, in 6-12 months, you can purchase the home with some money down.  remember to negotiate the purchase price upfront when you enter the contract.\n\nbut, there is no mortgage product that allows you to get the cash now and not have the loan secured by a property.\n\nlast suggestion would be setting up a direct withdrawl from your paycheck, and have it put into a savings account.  maybe if you don't have to actually bring the money to the savings account, you won't miss it.  good luck... homeownership rocks!
172135
ok here is the deal, i am also a stay at home mom, I tried the realestate thing, it is impossible to do it all from home, you really have to be able to jump, to work for you clients. this for me ment taking my one year old to show a house, and she pooped, and 8 months pregnant trying to close of houses. some my case was extreme. I know that you can do referals, and relocation, you relocate people with set appointment, ONLY from home I have never heard of, just think about it people are buying the most expensive thing they will ever buy, they want to see it, feel it, be in it, and THINK a lot about it and this means showing it over and over, even if you don't make the sale, I felt like I wasn't taken to seriously b/c i had to take my 1 year old with me sometimes, cause my husband was at work, and you have to show at the drop of a dime sometimes.  I heard that you can do telemarketing from home in some states, my state you can't but I have a friend that does it, and she sets her own hours, and she loves it! good luck its hard to juggle both I am still trying to!
651631
My husband & I bought a foreclosed home last year.  We actually looked at several.  We chose this house because of its location.  It had been vacant for 2 years, and not well maintained prior to that.  We knew all of this before we made the offer of nearly 25% less than the asking price (which was low for the area to begin with).\n\nThere was some extra paperwork, mostly releasing the bank from any liability for things that did not work.  Nothing worked.  Our offer was accepted within 24 hours, and it still took 6 weeks to close on an unoccupied house with a cash purchase.\n\nWe have been doing renovations since December.  We have been doing them ourselves and have saved tens of thousands of dollars.  Even with all of the work we have still spent less than 1/2 of the curent market value of similar homes in this area.  If we had it to do over, we would.
576906
If you only have a few things to fix on your credit and it can be done in 6 months or less, you may want to wait on the lease purchase.\n\nHere's how it SHOULD work:\n\n- You located a home with the seller willing to lease purchase the property and sign a LEASE agreement with a payment of $X per month.\n\n- You sign a PURCHASE & SALES agreement for a puchase price of $Y by a specified date.\n\n- You sign a OPTION agreement that holds the home for a period of time in which the seller can not sell* the property to anyone other than you. You pay CONSIDERATION in the amount of $Z that will hold the property for you. The consideration is non-refundable. If you decide to purchase the home the consideration will be credited to you at closing. If you decide not to purchase the home the seller keeps the consideration.\n\n* The seller can sell you OPTION to another individual during that time period but it does not make your contract void.\n\nYou can also negotiate to have a portion of your rental payments credited to you at closing (i.e.: Rental: $1,100 with a $100 credit each month for on-time payment).\n\n\nGood Luck!\n\n______________________________\n\nCAROLINE SIMMONS\nREALTOR® & Affordable Housing Specialist\nO. 866.894.3601 ~ C. 404.787.8685 ~ F. 404.745.8019\nE. caroline@premyiergroup.com\nW. http://www.premyiergroup.com
202747
Most landlords make you sign at least a 1 year lease!!!!!\nI think you should transfer to your new house and rent out the old house until it sells.  Why would you want to pay someone else's house payment when you could use the old house as a mortgage and be a landlord yourself.  You can rent the old house for the monthly amount you are paying on it plus taxes/year and a little extra for repairs. (Collect first and last months rent putting it into a saving account to collect interest and to have to give back when they leave) It would help you build a better future for your family.  It's all in what you want to deal with.  GOOD LUCK!!!!!!!!!!
67787
To get pre-qualed on a house you are going to need:\ntwo months bank statments for all accounts\nlast two paystubs for each borrower\nlast years 1099/w-2/ or tax returns for each borrower\nCredit pulled\n\nWith this information your LO will be able to know how they are going to need to structure the loan (full doc/ stated/ no doc) and how much you can qualify for. \n\nOnce this is done you will need (this is not an exhaustive list as different underwriters can and will ask for different things depending ont he file):\nPreliminary title report\nsigned REPC\nID\nsigned app. with all disclosures\nappraisal\nVOE (verrification of employment)\nVOD (verif. of deposit)\nVOR (verif. of rent if previously renting)\nInsurance Dec. page\nothers as deemed by underwriter\n\nIf you asking what will qualify you for a mortgage then you need:\n2 years in the same line of work (if you were in school that qualifies)\nminimum 3 months reserves (3 months of PITI in your bank after paying all closing costs)\nMin. 2 lines of credit for 2 years (helps if they are positive trades)\nSteady monthly income
667874
Hello - \n\nThe good news is that their are numerous lenders that will allow you to utilize your good credit scores and still include your husbands monthly income.\n\nIn regards to Stated loans, there are two major types. What we call a SIVA (Stated Income Verified Assets) or a SISA (Stated Income Stated Assets) The lower monthly payment would be on a SIVA loan. On this loan you would have bank statements to verify your monthly income.\n\nMonthly payments could be as low as $600 per month. However, you also will want to look at how long you wish to borrow the money, and at what point do you want to reach the freedom point of owning your home.\n\nThere are a few important questions you need to make sure you ask your mortgage company.\n\nQuestion 1: Is your mortgage portable? In some cases, your mortgage may be 'portable', which means you can carry it with you when you buy your next home and avoid having to obtain a new mortgage. NOTE - These types of loans are not available in all cases.\n\nQuestion 2: Is your mortgage assumable? The term 'assumable mortgage' means that when you sell your house to a buyer sometime down the road, that the buyer can 'assume' your mortgage, instead of having to apply and receive their own mortgage. This is very attractive to some buyers and may help you during negotiations.\n\nQuestion 3: Is there any 'pre-payment penalty' if I decide to sell or refinance my home before I have paid off my existing loan? This is a very important question, since you might be forced to a penalty if you pay off certain types of loans before they are due.\n\nDid you know that with certain loan types, you can shave off years of payments and thousands of dollars in interest? It all depends on what payment schedule you pick. Using additional payments and/or 'bi-weekly' payment programs can save you enormous amounts of money and time. For example, with a bi-weekly payment plan, you could save up to $46,701.00 on a $125,000 loan. Or if you have money trapped in an IRA or 401K plan, we could show you how to get that money out TAX FREE, by utilizing a different strategy.\n\nIn some areas, a seller may not even deal with you until they can verify that you can actually afford to purchase their home. To them, a pre-appon lineroved buyer is essential. But even in cases where pre-approval is not mandatory, it is still wise to consult with a reputable mortgage company and receive a pre-approval. Especially considering that the pre-approval process is fast and easy.not to mention AT NO-COST TO YOU!\n\nOnce you are pre-approved, you can embark upon your home buying journey with confidence, knowing that once you find your dream home, obtaining the money to buy it will be the easy part!\n\nMy company provides this as a free service at :\n\nwww.victorylenders.net \n\n-How to get the best rate and payment on your next loan\n-How to get started with a bi-weekly payment program\n-How to pick a payment amount that fits your needs and lifestyle\n\nPlease let me know if you have any further questions.
497274
I would definitely have concerns about the resale of the house. Fewer and fewer lenders are writing loans for No Fines homes, and unless you make substantial upgrades to the exterior insulation and windows (or the previous owner did) you may have a hard time finding a buyer. It's very hard to predict the future but if you can get any idea from your realtor or lender about how many lenders are still writing these loans, and how that percentage has changed over the years, you may have a better idea how likely a future  buyer may be to get their financing.
645391
Basically, if the lender believes the new home will be your primary residence, then you can get a primary home loan.  Once you obtain a multitude of properties, you will find it extremely difficult to convince the lender this is the case.  \n\nDid you know that you need to tell the lender of your current mortgage that you're renting out the property?  I assume you obtained renter's liability insurance while rentin it out, rather than ordinary homeowner's insurance?
508940
Consider this alternative which is a three step procedure.\nIt is absolutely normal for a couple to sell one house and consider this option.\nStep 1  : Sell the house. Get whatever you can after you've paid off your mortgage. If you're thinking there isn't going to be any left for keeps, don't sweat it. Just settle this 'giant problem' first.\n\nStep 2 : This is the simpler part. Since it is apparent that it is generally easier to buy than to sell, you might consider lease-purchase option. Which means, when you move to your new location, it may not be a purchase straight away. Later if you decide this new home is really for you, then you can exercise your option to purchase by entering into a Sales & Purchase Agreement.\n\nStep 3 : If you decide NOT to buy, then your lease, maybe 5 years can be made into a very comfortable setting, the money which most people use up paying for mortgage facilities can be channeled into having all the gadgets you require to enjoy a  refined  quality of  life.\n\nOptional Step 4 : While you're enjoying Step 3, Save your money within these 5 years and invest in a smaller house, not for you stay in yourself, but to rent it and sell it for profits. Try not to take a loan. Invest in smaller a property because you can re-sell it faster. The idea is to have best of both worlds: one way you refine your lifestyle as in Step 3, and the other to purchase/invest into something which will snowball in value, without having to pay for mortgage services that eat into your savings. \n\nThe above is is truly the easy way, taken into consideration  all the mistakes I have made in properties and, learning from them.
48746
Assuming you'd like to start off working with a good Realtor who will take care of your real estate needs now and in the future, I suggest finding a Realtor who works for and by referral. They will not be spending time on door knocking etc and keep in touch with their past clients. This way, they'll have more time to work with you during the transaction.\n\nI'm a Realtor but not in your area. However, I have met other Realtors in person who are in your area and run their business in the same way I run mine. If you'd like a Referral to one who's professional and runs their business like I run mine, go to http://www.ReferredPro.com and submit your request. I'll forward your request onto a qualified Realtor local to you. Most of the Realtors I network with, I have met in person. I won't give your information out without your approval. So no worries there!
303875
Call your local bank and get pre-qualified for a mortgage.  Ask them about what grants are available in your area, at your wage level etc..\n\nI qualified for two grants when i bought my first house.  one was based on my income level.  the other was based on the location I was buying my new house.
431292
Shop shop shop for your loan.  Different lenders offer different deals depending on how much money they "have to move".  Sounds like you want a fixed rate loan.  Don't pay "points" or loan origination fees unless the difference in the interest rate provides a lower payment that pays back that much money in the time you are fairly certain you will stay in the home.\n\nYou have some chance that you will lock in a fixed rate and then rates will fall later, but rates are fairly low historically still.  You probably face a higher interest rate risk by taking an adjustable rate mortgage, and you have said you don't want that kind of risk.\n\nIf you are buying a starter home and know you will be moving in 5 years or less, consider a 5 year ARM (adjustable rate mortgage), but only if the rate is a meaningful amount less than the current fixed rate mortgage with the same (other) terms.