Posted on: 31st Mar, 2010 11:10 am
i am interested in buying a manufactured home.. my husband is the only one who works .. I'm a stay at home wife... this home has been on the market for over a year... we've gone out and looked around outside.. but the Realtor that is over the property refuses to show us the inside without showing proof that we are approved for a loan... is this typical?... she has the same story over and over again every time we contact her... she has 3 buyers looking at it.. the prospects look good.. this home was drop 40,000 in the last 2 months... it is a "short sale" home... I'm not sure what that means... this home is perfect for my family... would love to try and see if we could qualify for a home mortgage... we just found out that bank of America is over the property.. according to the Realtor it is the banks issue with letting this property go.. can u advise or help
geewiz indeed! yes, this realtor is 100% correct. you need to demonstrate to her that you've been prequalified or preapproved (the latter, it appears) by a lender before she'll be able to show the home to you.
if you don't know any lenders to speak with, ask some friends or family or coworkers (somebody) to recommend someone to you. take your income, asset and credit information to that lender and tell them what it is you wish to do. there's no need to be nervous about it, as they'll have seen this happen over and over again with other people anyway.
they'll run your credit report to ensure that it's clean (no lates, hopefully), and they will analyze your income and current monthly debt obligations to see if this home will be a "fit" for you. they take into account how much it will cost you monthly for the loan to make the purchase, along with real estate taxes and homeowner's insurance on the home (plus mortgage insurance, if your down payment is low). they'll see what kind of funds you have for the purchase and also calculate how much you'll need to make it work. hopefully, again, that number and the total of your assets will be compatible.
i hope that this brief description is helpful. if not, certainly feel free to post another query.
if you don't know any lenders to speak with, ask some friends or family or coworkers (somebody) to recommend someone to you. take your income, asset and credit information to that lender and tell them what it is you wish to do. there's no need to be nervous about it, as they'll have seen this happen over and over again with other people anyway.
they'll run your credit report to ensure that it's clean (no lates, hopefully), and they will analyze your income and current monthly debt obligations to see if this home will be a "fit" for you. they take into account how much it will cost you monthly for the loan to make the purchase, along with real estate taxes and homeowner's insurance on the home (plus mortgage insurance, if your down payment is low). they'll see what kind of funds you have for the purchase and also calculate how much you'll need to make it work. hopefully, again, that number and the total of your assets will be compatible.
i hope that this brief description is helpful. if not, certainly feel free to post another query.