Amy Smits Team, "Amy Smits"-The advise you just gave is incorrect! Please reread question!Truican0126 asked about an FHA loan. Your answer is only applicable regarding conventional loans and FHA loans.
Yes. Having homeowners insurance doesn't negate paying Mortgage Insurance. Depending on the loan terms and LTV-You might be required to have MI for the lifetime of the loan.
Unfortunately, a conventional loan is not an option at this point.
Yes, you will best served going with a local bank for your lot loan.
There is no such thing as pre-foreclosure. You have short sales-when an individual is delinquent on the (note) and the bank has agreed for the homeowner to sell the property for less than owed. The other is a foreclosed property- the bank now owns the property and is in the process of listing the property or preparing it for auction.
The bottom line is that BOA wants to "NET" $273,000 after all said and done. If you guys can accomplish that then it's a go. If not, then look else where.Good Luck!
Not only will you need proof of the mortgage being paid, but also the taxes and insurance if they are not escrowed. You could have them provide 12-24 months of canceled checks showing that they are making the payments. But, the underwriter will have the final call on what is actually needed. Also, are you even sure they are making the payments?Good Luck!
Sorry, but no one has any idea about your financial situation. I suggest you spend more time on describing your financial situation rather than the description of your home. Need the following: What is your FICO scores?monthly debt? (including taxes & insurance), monthly income? What is your down payment? etc.?
I also need a 740 FICO to go 90% and no MI. Please review my profile and contact me.
Pay on time and reduce debt. Try to keep your revolving debt below 30% of the approved credit limits.Good Luck!