What should I do before looking at homes?
Get prequalified!!!! This is a very easy process that involves talking to a qualified, licensed loan officer. This can be done over the phone or in person.
What do I need to get prequalified?
All you need is your last couple paystubs, 2 years w-2’s and tax returns, your last two bank statements and 30 minutes of your time.
Are bank owned/ foreclosure properties really a great deal?
They can be, but buyers beware! Make sure to get an independent home inspection and understand that the condition of the property is NOT warrantied by the seller (the bank who owns it) or the Real Estate agent who lists it.
What is a 203K Loan?
This is an FHA product and a great way to purchase a foreclosed or bank owned property that needs $5,000 or more worth of repairs or updates. The repairs can be inside or outside the property. You can do anything from new siding to a new furnace to remodeling a kitchen or bathroom. The 203K offers the same low interest rates and flexible underwriting guidelines as all the other FHA products.
What is title insurance and why do I need it?
Title insurance is required by most if not all lenders these days. It it used to make sure a certain property has a clear chain of title, or that no other liens exist against the property such as old mortgages from previous owner.
Can I purchase a home even though I have filed bankruptcy?
The short answer is YES! If you have filed chapter 7, you must wait two years after discharge and re-establish your credit with no late payments. You can apply for an FHA , VA, or RD loan if your are still in chapter 13 as long as you have court approval and all payments to the court have been made on time.