Question by edvariz: Is it easier to get a home loan approved using VA instead of FHA or conventional?
I was told it was easier to get a home loan approved if I used my VA, nurse this web because the government would back a part of the loan in case it foreclosed so lenders are are willing to lend to someone who uses VA. Also, dosage click I was told VA accepts a larger dept to income ratio than the other financing. Are these both true?
Best answer:
Answer by alterfemego
Easy has nothing to do with it. Each have their requirements and inspections. What really matters is your credit history and rating. Each have their own programs and terms, advice so rates may be close but not exactly the same. As an FHA appraiser, I’d say their inspection is pretty indepth. I’d say conventional loans are somewhat more liberal in the criteria the appraiser can use, while there are guidelines, they aren’t as restrictive as FHA or VA. So what you really should be considering is the best terms and rates for financial situation.
Add your own answer in the comments!
Question by QM2: What is the best legit website to find listing of foreclosed homes in NY?
My wife and I are looking to move back home and looking to buy a foreclosed house, approved maybe in the New Rochelle area. We cannot find any free websites that list and show pictures of the foreclosed homes so we will pay for a membership but just want to know what is the best one?
Best answer:
Answer by Cold
You can go to sites like Century 21, cialis 40mg Coldwell Banker, etc.
If a home is foreclosed it will state so.
In some sites, they may have a place where you can just look for foreclosures.
Note: Foreclosures are not really bargains.
Banks are not in business to give away homes. They will play hardball.
The price you see, is the price you’ll pay – usually they will not negotiate at all.
We have a foreclosures in our area – they are not any cheaper than regular sale homes.
And, they are missing dishwashers, ceiling fans, one even has the countertops ripped out.
If you are moving from a long distance, I would get a realtor.
They have foreclosure information right at their fingertips.
You don’t pay the commission on a realtor – the seller pays this…
Add your own answer in the comments!
I an thinking that by foreclosed house you are considering the purchase of a house that has gone through the foreclosure process and is now bank owned. Your real estate agent would have a list of bank owned property.
You are not speaking of contacting a person that is currently in the house and in foreclosure.
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
“FIGHT ON”
Forget those scam websites. Foreclosed homes are relisted for sale through realtors. So just find a realtor to use as your buyer’s agent and tell him/her that you are interested in REO properties.