FHA is very strict, it is not usually used for people who own another property. It is common that they decline anything and anyone not completely within their guidelines with no exceptions. You should definately check with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any other mortgage programs that you may quailify for. Anyone else is guessing...
Please see my blog for a complete list of tips and advice on getting a mortgage... more
Congratulations on making the decision to buy a home.
To answer your question, if you are buying a home here in AZ, this is a community property state & you will be required to disclose your spouses debts since you are responsible for them & add them to your liabilities on your loan application, unless you can prove she acquired these debts prior to your marriage. The lender will run a credit report on both you & your wife to identify your total liabilities.
There are lenders who will approve an FHA loan with a credit score down to a 580. I am local & can help you there if you want, so please feel free to contact me if I can help you with any questions you may have.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund in-house, FHA, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725... more
This is a question for the lender. As a Realtor I certainly keep my radar open for quality lenders that give great service. It is extremely important that our lenders returns calls quickly, prequal and ask questions on the first contact rather that sending an application so that we have to wait days to find out an idea how they appear upfront, knows his/her product, and gets the files done prior to closing and appear organized and competent to our clients. Seems like many work great at first and slack later.... more
If you're paying cash, Renee, let's go shopping! ha! If you must get a loan, you'll want to explore that whole thing first. If you're a US citizen, you must have a job netting enough income to be approved plus your debts must be VERY under control. If you're not a US citizen, traditional lending avenues aren't available today. Private lenders might be able to help but the premium is high for that service. Would you like the name and number of a reputable lender with whom you can discuss your options?... more
HOA fees vary from place to place, depending on what ammenities are offered. (i.e. if there's a pool, clubhouse, etc) Usually the more ammenities, the higher the HOA dues. Do you have a specific property you're inquiring about? I'd be happy to put you in touch with an agent in your area.... more
You would qualify for an FHA loan if you do not already have an FHA loan in your name with a balance on it, are buying a home with the intent to live in it and meet the credit and income criteria. Being on title to another home does not automatically exclude you from FHA financing and you also do not need to be a first time buyer to qualify for FHA financing. Good luck!... more
Raising the bar in the Real Estate Industry is an effort I have personally been involved heavily in for years. It does take a collective effort to have an impact.
The general public is often unaware of the bad information until they are so far down the road and many other parties have been impacted.
Thanks for your efforts and contributions to the cause in the mortgage arena!
Arizona Homes for Sale by a Guy from Iowa... more
There are hard money lenders but they as well as banks have tightened up on their ending practices. They want you to have some sort of down payment and investment into the property before they will loan money. There is really no mor eno money down loans. Interest rates could be 12-18% and points differ sharply among lenders form 2 to 10. Most lend for a 1 year period with points to renew for another year. If you are living overseas, you may have a harder time finding a lender comfortable with you, HM lenders are regional, so hopfully some will see your post here and repsond to you
with some offers,
Please see my blog with tips and advice on buying bank owned homes... more
What's the lending center? Is that one of the national sites that says it will shop your loan for you? If so I would suggest you talk to friends and family who have purchased a home recently and get referrals to two or three local loan officers or brokers. It is always easier to work with people you can meet face to face and who know your local and state guidelines.
Are you looking for an agent---If you are not working with an agent it may be a good idea to consider doing so, before making any offers--he/she can provide you with comps--recently sold similar properties in the immediate area, handle all related paperwork, schedule a showing, etc.... more
You can check the records on any corporation by doing some google searches, also check the Arizona Corporation Commission website for details. http://starpas.azcc.gov/scripts/cgiip.exe/WService=wsbroker1/connect.p?app=names-report.p
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
Yes if your credit score is above 620 on the median score of all three credit bureaus. This situation happened recently with someone I know. The foreclosure is against the property and shows up at the credit bureaus on the name the mortgage was taken on. I have a great loan officer I work with that can answer any more questions you have. Give me a call.... more
3 years for an FHA guaranteed loan is correct. You can get a conventional loan after 2 years however you will need 20% down.
There are a good number of investors that will do a lease purchase option. Where you are "leasing" for 1-2 years with the option to purchase at a predetermined price. In most all cases they will ask that you put some money "down" to purchase the "option". Anywhere from $1,000 to $10,000+ depending on the purchase price. There are more details and terms to be hammered out in this type of transaction however those are the basics.
Another option you may be able to explore is to have a lawyer clean your credit score. There are various services out there that will claim to "clean" your score however the most thorough that guarantee to remove all blemishes will be actual lawyers. Their fees seem to range from $1,500 to $2,500 depending how much there is to improve.
Hope this helps. If you have any other questions feel free to ask.
Best Wishes, Bryan... more