Buying a home with a VA loan is different. The house you want must pass an appraisal by a VA appraiser. This appraisal not only sets a value on the home but also assesses the condition of the home. If the home does not meet the condition requirements, then the seller must pay for the home to be brought up to the requirements. The lender will not lend the money to you, without the VA insuring the loan/ passing the appraisal.
Things that the appraiser looks for are; permanent heat in each room or central heat system, double pane windows or storm windows, gutters and downspouts, possibility of lead based paint inside or outside and more. They are not concerned as much about cosmetics as with structure and safety.
The best way to find out about the loan is to talk to a banker, credit union or other lending institution that you trust. They will explain the loan in detail. It is a good loan for a first time home buyer because it is for 100% of the loan. By the way, they will only lend you money for the appraised amount of the home by the VA appraiser, or the agreed upon sales price - whichever is LOWER.
Find a realtor who is familiar with these loans so you do not spend time looking at houses that will not work for a VA loan because of their condition. They should also be able to guide you through the loan process.
Neither the bank or the realtor should charge for this meeting and gathering information.
Hope this helps.
Re/max Real Estate Ten
Morristown, TN 37814... more
Typically it's almost always less expensive to buy a pre-existing home than have one built. I've been a Broker and occasional home builder for over 25 years and have worked in a number of markets and have always found this to be the case.
The easiest way to get an answer to your question is to simply make some calls to local reputable builders in your area and ask what their charging.
Best of luck to you.... more
Do you know his credit scores? We are able to finance loans with credit scores as low as 580. Feel free to apply online at www.rhlapps.com/kjones or give me a call. :)
Unfortunately, only the lender and the listing agent would have that information as it is not posted anywhere. If you are interested in purchasing the property you can contact your agent to view it. I am a little bit confused as to why you would want to know who the management company is for the property. Is there something more specific you wanted to know about this property?... more
With my office in Morristown, I can tell you what drives sales in the area are trains and access to everything. Morris County is one of the wealthiest in the country.
As far as why some areas of Morristown may bring more $'s is simple. It is a city and a diverse one at that. With that in mind prices can be mixed. Sections can be drawn on a map just by looking at selling prices. The higher the price the more desirable. You cannot tie it to the school however. Some parents send their children to private schools but many love the diversity of the public schools. A child can excel anywhere with the right parental guidance and self discipline.
Would love to assist you more. Please contact me at 973-538-5555 or email JeffHalpern@PruNewJersey.com.
I look forward to hearing from you.
That depends on your budget and lifestyle among other factors. One thing people wrongly assume, is that homes appreciate over time. Homes don't appreciate, land does. So, first look at the lot with the existing home. Is it in a good location? Is the size sufficient for your needs? What is the traffic and noise like? Given equal qualities and amenities for a lot with a home on it, and vacant land, then look at the existing structure. Do you like the layout of the home? Is the square footage sufficient for your needs? Do you like the style of the home? If yes, then you may want to purchase an existing home.
Does the home need updating? If so, and your budget and lifestyle allows for it, you may wish to start from scratch. By building your own home, you get to make all the selections that go along with the construction. Unless you have an unlimited bankroll, you'll need to be very conscious of your budget and selections, as its very easy to spend money!
Long term, I don't think it matters whether you build or purchase existing construction. Over time, the structure and interior will need updating and remodeling anyway. Look at the area (in general), the neighborhood and street (in particular). Do the neighbors maintain their yards? Unless you live on acreage, your value will be somewhat dependant on your neighbors homes as well as your own. Remember this: there are only 2 times you can choose your neighbors. When you purchase, and when your neighbors sell. Make the most of them...
Best of luck!
IF YOU CAN MAKE A DEAL WITH THE OWNER IF IT HASN'T MADE IT TO THE AUCTION YET... IT WOULD HAVE TO BE ENOUGH FOR PAYOFF PLUS FEES THAT THE MORTGAGE COMPANY HAS ADDED .... IF IT GOES TO AUCTION YOU USUALLY CAN PURCHASE FOR $1 OVER THE AMOUNT OWED.... more
Sounds good.....but this is not the case. Selling prices are determined by the present fair market value and supported by BPO's and appraisals.
In most situations the lender sells the property for less than is owed on it but there are situations in which the sale price is in excess of the amount owed. Please note, this is not the norm.
here are some basics about rent to own:
1. you will put down a (non refundable)your deposit and the exstra funds will be placed into an escrow account to build your down payment deposit which is usualy 10% of purchase price,but negotiable
2. you will agree to lease the property for a specific time period(usually 1-2 yrs.) at a price that must be above market rate
3. .Your deposit & extra funds willl be placed into an escrow account to build your down payment
4. At the end of the lease period you will take your escrow funds to a mortgage lender and obtain financing
5. if you do not go through with the purchase you will forfeit your escrow funds
if you want to pursue this option,i urge you to work with a local realtor who will look out for your best interests.... more
This area is in you price range then if you are looking to buy because the history shows houses being sold and listed from 75,000 to 89,000. I didnt see any houses for sale though at this time in the area. I was including Hayter Dr, Colony Cr, and Annie Ln. Hope this helps and feel free to email me at email@example.com if I can further assist you.... more
Yes, you can own a home. If you are not able to get a traditional loan through a bank or mortgage company, the best way is to find a rent to own home or one with owner financing. I have several listed on my website at iwantinquick.com. Let me know if any of them interest you.... more
Going with a conventional loan avoids it. FHA explains it best:
There are currently two types of Mortgage Insurance or PMI associated with every FHA loan we make.
Up Front Mortgage Insurance Premium (sometimes referred to as UFMIP): The current rate on this premium is currently 1 percent of the loan amount. At THIS TIME, if you sell the property or refinance it – you will NOT get a refund of the fee as you did in year’s past.
Annual or MONTHLY Mortgage Insurance (I’ve seen it referred to both ways because pay for it MONTHLY – but it’s calculated on an annual basis): The NEW rate for this FHA Mortgage Insurance Premium varies depending upon your downpayment – and the length of your loan
Annual Premiums for Loans Longer than 15 Years
(So 20 and 30 year mortgage loans)
If you borrow 95.000% of the value of the home or Less 110 BPS
If you borrow MORE than 95 percent of the value of the home 115 BPS
Annual Premiums for Loans 15 Years or Less
If you borrow 95.000% of the value of the home or Less 25 BPS
If you borrow MORE than 95 percent of the value of the home 50 BPS
How do I know what the BPS means to my monthly payment??
In the simplest of terms (for these purposes) here’s how you calculate it:
Sales Price is $300,000
3.5% Downpayment makes your Loan Amount $289,500
Multiply $289,500 by 1.15% which equals $3,329.25 per month. Divide that by 12 months – and your Mortgage Insurance payment is roughly $277 a month.
If you apply for a mortgage PRIOR to April 17, 2011 (meaning the CURRENT rate), your monthly Mortgage Insurance payment is $229 on that mortgage. Here’s the letter from FHA about all of this.... more
Are you asking about rental property to purchase? We have access to many foreclosures and best buys of Morristown and surrounding area. Visit our website at www.homesinthesmokiesonline.com. or call us at 423-258-4830 or 865-202-2240... more