Mortgage loan for a first time home buyer?
Hello everyone, firstly thank you for reading my question. I need some serious answers. My husband and i am buying a house in Las Vegas Nevada because my husband is retiring soon (propably nect year or in two). We are house huntig right now and we fell in love one 2 bedroom house and 1 bath for $20,000. We are going to make a $10,000 down payment on it. Since he filed for a bankruptcy a year ago, i do not think that he will be able to have a loan for the rest of $10,000 that we have to pay for the house. I don’t work but i do odd jobs occasionally (selling avon, baking cakes and sell my home made tamales to my friends and neighbors) so i don’t have a steady job. but i have a little over $10,000 saved up for the down payment next year. how can i get the rest of the $10,000 to be financed? Plus, i have a new credit. I did not have a credit card before but now i have one and i am building my credit score. My credit score is about 750ish. Is it possible that i can have the rest of the mortgage to be financed by a company or a bank?? If not, what are my choices? Please help me. Thank you very much. Suggestions from experts are very important to me please give me some advice. I am curently living in Los Angeles Area. Thank you
The bankruptcy might not be as much problem as you think. You should apply for a FHA mortgage loan, Most lenders will consider a mortgage loan application with a bankruptcy that is at a minimum of 12-24 months with the ideal situation being 24 months.
You might consider a FHA mortgage loan as the requirements are not as stringent as those of a conventional mortgage loan. There are some FHA mortgage loans that require as little as 3.5% down payment.
You might want to verify this property that is being sold for $20,000, the ad might say as low as $20,000 and then of course there is the neighborhood where this type property might be located. Also this $20,000 property could be a condo or perhaps a townhouse.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
September 11th, 2010 at 10:30 am
If this place only costs 20k, and you are putting 50% down, only needing a 10k loan, you won’t be finding a bank to write a mortgage for this. The amount is just too little.
Add to that your hubbys bankruptcy and your lack of income (do you file taxes and report this income? You would need to show 2 years of tax returns to get a mortgage) and that is going to nix the deal completely.
What you can do, is approach the owner of this house and offer them the 10k down, and ask them to do owner financing, or do a lease option for say 3 years and that will give you time to save up the other 10k .
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September 11th, 2010 at 11:05 am
BK is too recent to qualify for a mortgage. You may look into look at owner financing or possibly borrowing the money from family.
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September 11th, 2010 at 11:13 am
Mortgage companies don’t make mortgage loans for that little bit of money. You will have to pay for the house completely or is if the owner will finance.
Also, just because you see the cost of $20000 on zillow or whereever you are looking, does not really mean the house is selling that low. And if it is, you have to be VERY concerned about the safety of the neighborhood. Decent neighborhoods in Vegas are a minimum of $90000.
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September 11th, 2010 at 11:51 am
The bankruptcy might not be as much problem as you think. You should apply for a FHA mortgage loan, Most lenders will consider a mortgage loan application with a bankruptcy that is at a minimum of 12-24 months with the ideal situation being 24 months.
You might consider a FHA mortgage loan as the requirements are not as stringent as those of a conventional mortgage loan. There are some FHA mortgage loans that require as little as 3.5% down payment.
You might want to verify this property that is being sold for $20,000, the ad might say as low as $20,000 and then of course there is the neighborhood where this type property might be located. Also this $20,000 property could be a condo or perhaps a townhouse.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
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September 11th, 2010 at 12:14 pm
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September 11th, 2010 at 12:59 pm
There’s a couple of really good advice on this. go through all of the advice here - http://www.loansguide.tk
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