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Armando Ramirez's Advice

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  • 76 Contributions
  • 2 Best Answers
  • 13 Helpful

Armando Ramirez wrote:

Hopeful Soon Homeowner..

Answer
A quick phone call with a lender will give you all the answers you need, but most lenders, in addition to your credit score, want to see a steady work history of at least two years and you will need to have saved for a downpayment too.  Unless you are a veteran and can qualify for a VA loan or are buying a home in a rural area that qualifies for a USDA loan, both 0% down loans, you will need at least 3.5% of the purchase price of the home you purchase as a downpayment.  Talk to a lender though.  He or she can pull your credit report and let you know where you stand today and the steps you need to take in order to be able to purchase a home.
October 08 2013
(1)

Should I get pre-approved before I have sold my own home?

Answer
Yes, even if you are confident your credit score is good enough to qualify for a loan you should still get preapproved before selling your home.  Over 80% of credit reports have inaccuracies and you don't want any nasty surprises that would delay your ability to qualify for a home loan. 
October 06 2013
(0)

Buying a house w/ Govt Shutdown

Answer
For the most part, lenders will keep operating with business as usual on Conventional, FHA, and VA loans.  The biggest impact is that lenders will be unable to order IRS transcripts during the shutdown.  These IRS transcripts are required on every single FHA/VA/Conventional/Jumbo loan (it "proves" that the borrowers tax returns and w2's are legitimate).  Most good lenders order these transcripts at the beginning of loan processing so it should not affect any loans currently in process.If the shutdown lasts only a week or even two, this will not be an issue but if the shutdown goes to 3 or 4 weeks it could start to delay closings since a lender will not fund a loan without IRS transcripts.  Borrowers with USDA/Rural loans in process have more to worry about.  USDA does their own approval after the lender's underwriter approves the loan.  During the shutdown, USDA will not be issuing these approvals.  Prior to the shutdown, USDA was running 2 weeks on their approvals.  Once the shutdown ends, it will likely take them 2 weeks plus the amount of time that the government was shutdown. One other potential issue (for all loan types) will be completing a final verification of employment for government employees.  Lenders are required to do a final verification of employment for all borrowers within 10 days of closing.  During the shutdown, it does not seem likely that lenders will be able complete this verification of employment if the borrower is a government employee. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman","serif";}
October 05 2013
(0)

Working on bringing our score up

Response
Your lender will know exactly what you need to do to get your credit score to an acceptable level.  Pull your free credit reports from annualcreditreport.com and send them to your lender.  Don't use a credit repair service though.
October 04 2013
(0)

where is the best place to buy a rental property in usa or the world

Answer
I would get your feet wet in your first rental in your own backyard first.  Being a landlord is a learning experiment and I just can't imagine having had my first rental in another state or even country.  Would have been a total nightmare.  Buy one that is close to you first then maybe venture out for your second once you know how things work. 
October 01 2013
(0)

Buying with cash? is there any advantages?

Response
The advantage is your offer will most likely be picked over financed offers that are in the ballpark of yours, even lower ones, because you can close quickly and your offer is not contingent on obtaining financing.  I would leverage your money though.  Instead of buying one property all cash, put 20% down (to avoid MI payments) on 2-4 properties and your wealth will go exponentially more than just owning one investment property.  That's what I would do.
October 01 2013
(0)

Confused??

Answer
You are not allowed to make any repairs to the property until it is yours.  I can't believe your agent told you it was ok.  The long escrow is typical right now as HUD is backed up.  I sold a HUD home a couple months ago and it took 2 extensions and one rate lock extension to finally get it closed and about 20 angry phone calls/emails from me.  Your agent has to keep bugging them or else they will sit on your file forever.  The problem is they have no incentive to get it done quickly. I don't think they will deny your loan as long as you give them what they need because HUD wants to get an owner occupant in the house quickly to lessen the impact of a foreclosure on the community and the lender wants to get paid.  Best of luck to you.  Hope it all works out.
September 30 2013
(0)

Can I switch buyer's agents?

Answer
ABSOLUTELY MOVE ON! He doesn't deserve your business or your time.  There are plenty of agents that will work with you.  Start by contacting a few you see on Zillow that have good reviews.
May 01 2013
(0)

how much does my house need to go up before i can make a profit selling it

Best Answer
Your Realtor will charge you 6% to sell your home, 3% of which goes to the Realtor who brings a buyer to the table.  If you need to repair any part of your home to make it sellable then you need to factor that into the equation as well.  There may be transfer, stamp, or property taxes to be paid when you sell your home. Those taxes are listed on the settlement statement prepared by the title company. The good news is that there are no federal income taxes if you have owned and lived in your home for two out of the past five years. So, if you bought your home for $200,000 and you sell it for $250,000 the $50,000 capital gain is not taxed.  The tax code will allow taxpayers to exclude up to $250,000 in capital gains ($500,000 if married).  If you have lived in your home less than two years then you should consult your tax advisor for tax implications.Those are pretty much all the expenses you need to consider when you start doing the math of how much your property needs to go up in value for you to realize a profit.  A local realtor will be able to tell you the current market value of your home, usually for free. Hope that helps.
April 30 2013
(0)

Once offer is accepted, how long to closing? an appraisal? Home inspection? Is 30-60 days typical?

Answer
Michael is correct.  30-45 days.  30 is typical for most banks, depending on the type of loan, and 45 days is typical for HUD properties.  The bank will order the appraisal within the first two weeks of contract acceptance. In my state you have 10 days from contract acceptance to perform the home inspection, unless stated otherwise in the contract. 
April 30 2013
(0)
 
 
 
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