My wife, and two daughters need a home. We are currently renting a small 2 bed. apt. My wifes aunt is going through a seperation from her husband and they have a house. Since January, not one single payment has been made to their home and thats also the month they moved out and put the home up for sale. As you can see I think that there may be something to gain from this, I just don't know what(if anything). Unfortunately, their payments are 2,900 a month and we cannot afford that. Is there anyway my wife and me can benefit from this situation? Is there anyway to bring the payments down to under 2,000?
P.S. They've onwed the house for about a year now and it's been on the market for 5 months and we are first time home buyers(trying to be). We have no money down. Thankyou
2007-06-08 14:39:14 · 5 answers · asked by The_Family_Guy 1 in Business & Finance ➔ Renting & Real Estate
sounds like the home is worth about $420,000. right ??
get a really great lender and see what they can do for you! I know a few ... I'm not a lender!
2007-06-08 18:12:36 · answer #1 · answered by jmilil 3 · 0⤊ 0⤋
You could purchase it strignt out with a 100 percent loan, depending on your credit - income - job time - rental history.
If that does not work, there are lenders out there - that if you buy a home from a family member they can transfer a percent of interest to you. Do a seller 2nd for 10 percent or 20 percent.. Rates are still good, but you did not mention how much they are wanting for the home. Since it is in forclosure, you could do a short sale of the property from them to you. Where the lender will take less than what is owned. This takes time, and you need to have the aunt call and see if the lender will do a short sale. They may not talk to her - but it is a try. Get a Mortgage Broker and have them talk to the lender and the lenders attny. You will have to get a borrower authorization form signed by the aunt before the lender will talk to anyone involved in the transaction. You have some options. The reason for the short sale, is the lender has tacked on months and months of interest ontop of the late's so now the payoff on the home is much higher than what the mortgage was orginally.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies, plus am a direct lender) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
2007-06-09 02:10:16 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
Buying a home, especially the first one, is a very important decision that must not be made emotionally.
The situation with the aunt and foreclosure is ripe for a lot of emotional factors, and therefore extremely dangerous.
You need to do this right. To buy a house, you need to assemble a team of people with expert knowledge that you don't have. At a minimum, that team includes someone to arrange the financing, and a lawyer. As first time homebuyers, I suggest you start with the lawyer.
You want one that is willing to quote you a flat fee to represent you from start to finish. You will pay extra on top of that for Title Insurance, which probably varies by the size of the loan and the price of the house, and another flat fee to get the title information. What you want is someone who will give you the roadmap for what steps are involved, and what each person will do along the way, and why it takes six weeks to close, and he/she needs to be willing to answer all of your questions for that flat fee. The attorney is the ONLY person who is on your side and no one else's, so choose one you feel really comfortable with, and can understand when they talk.
You need a source of financing. Talk to your bank, and a few mortgage brokers. You want one that spends the first thirty minutes or so asking YOU questions, not telling you things like what they can do for you. If they are telling you about loan programs and don't even know how many kids you have or how long you've worked at your job, they aren't the right one.
Once you've done those two things, you know how much house you can buy, and have an idea of some of the pitfalls, and what the contract is all about. You can go examine property and make a wise decision. You are ready to decide on a Realtor or to look for property without one.
This is not a fast process. You're going to live in the house a long time, it's worth the effort to learn what you need to know to make a good decision.
Start with an attorney. Do not start with a house.
2007-06-08 21:56:48 · answer #3 · answered by open4one 7 · 0⤊ 0⤋
For first time buyers there are programs with no money down, no closing costs etc. Call
a realistate company about this. McColly was/is a good one to use. They can assist you and prepare the paper work to see if you qualify for that type of home. It maybe possible they can work something out for you but then in the same sense you may not qualify for that home but a different one. Good Luck to You.
2007-06-08 21:47:15 · answer #4 · answered by Samantha 4 · 0⤊ 0⤋
There is so much to tell you and so many questions to ask you. I can help. you can email me at samp6888@yahoo.com.
I am a Realtor and mortgage broker. I also have plenty of banks for the no money down but i do not know your other factors to get you approve.credit, etc...
. you can check out our website at www.unifundinc.com..
2007-06-09 02:39:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋