Help us with our timeframe to go see out a mortgage PLZ! (PMI, loan officer)

[Mrs.Bewitched]

We want to be in a house by NO later than the second week of May (apartment lease is up the end of May and we want a min. of 2 weeks to clean up the apartment and get things in perfect condition).

When would I want to go and be approved for a mortgage, and then start the house hunting, so that I can have things closed and squared away by my timeline (prefer in by the 1st week of May).

I was thinking 2nd week of March....opinions please.

Also, if I was considering a short sale, and since they usually take longer...is that giving enough time frame...
Thanks!

[renriq02]

Yep...some lenders pull your credit every 60days....some 120 days.

Make sure to apply early March if you have a low credit score OR dont have a sufficient down payment (at least 5%).

When you apply make sure to have your last 2yrs tax returns ready, last 2yrs of w-2's, 30days of paystubs, last 2months of FULL asset (checking,savings, 401k, etc) statements.

Submit that to the lender to make sure you're approved.
Bear in mind that foreclosures/short sales may need to meet lender property guidelines. I had a guy who was trying to buy a home that was flipped twice within 1yr...and he was going to be the 3rd guy buying it in less than a year.
Lender killed the appraisal, and said the property wasn't worth the price.
Needless to say....the owner didnt want to lower his home price by 30k.

My borrower lost 350 dollars for an appraisal.

Go to the local courthouse...or go to the clerk of courts online for that county...and pull the records of how many times that home has been sold.

Originally Posted by mrshvo

We want to be in a house by NO later than the second week of May (apartment lease is up the end of May and we want a min. of 2 weeks to clean up the apartment and get things in perfect condition).

When would I want to go and be approved for a mortgage, and then start the house hunting, so that I can have things closed and squared away by my timeline (prefer in by the 1st week of May).

I was thinking 2nd week of March....opinions please.

Also, if I was considering a short sale, and since they usually take longer...is that giving enough time frame...
Thanks!

[Mrs.Bewitched]

Why would I apply early in March if I have low credit and/or no money for downpayment? Thanks!

[darkblue]

so that your credit may approve in two months and you may get more funds in two months or its good if you start applying now itself.

Points to consider

1 - How much downpayment are you going to make?
2 - If its less than 20%, ask your lender 2 options - two loans with piggyback loan and one loan with LPMI
3 - Find interest rate on second loan (piggy back loan)
4 - Compare both options and calculate how much you can save over other . Try this calculator before lock the loan
Mortgage Piggyback Calculator: Two Mortgages Versus One Larger Mortgage
5 - Calculate total amount needed including upgrades , closing costs and appraisal fee

I am telling these things based on my experience

[renriq02]

so your mortgage lender (loan officer) can give you advice in how much you need to save...sometimes to the exact dollar amount.....and to help you fix your credit or get it resolve before you even purchase a home.

sometimes these factors can take about 2-3months to fix

Originally Posted by mrshvo

Why would I apply early in March if I have low credit and/or no money for downpayment? Thanks!

[sierraAZ]

Originally Posted by mrshvo

We want to be in a house by NO later than the second week of May (apartment lease is up the end of May and we want a min. of 2 weeks to clean up the apartment and get things in perfect condition).

You want to make all these important, long-term decisions based on an apartment lease being up...?! At least in my neck of the woods, if you have such intentions you don't sign a new lease and just go on month-to-month basis. Rent is somewhat higher with this arrangement, but worth every penny.

[darkblue]

Originally Posted by sierraAZ

You want to make all these important, long-term decisions based on an apartment lease being up...?! At least in my neck of the woods, if you have such intentions you don't sign a new lease and just go on month-to-month basis. Rent is somewhat higher with this arrangement, but worth every penny.

Yes, thats correct.I made a mistake of not going month to month becos i was not planned to buy home. Since i found the one i liked, i had to go before my lease ends up.3 months , i have to manage

[rcarrillo]

Originally Posted by sierraAZ

You want to make all these important, long-term decisions based on an apartment lease being up...?! At least in my neck of the woods, if you have such intentions you don't sign a new lease and just go on month-to-month basis. Rent is somewhat higher with this arrangement, but worth every penny.

Good comment. I have seen people get burned both ways.

Some end up not finding a home (or qualify) and then have no place to go for 1-2 months until they can purhcase. Others renew a lease and then have to pay hefty penalties to get out when they are ready to buy.

Look into month-to-month options. The higher rent is a small price to pay if it saves you having to do 2 moves or delay your plans to buy.

[sierraAZ]

Originally Posted by rcarrillo

Good comment. I have seen people get burned both ways.

Some end up not finding a home (or qualify) and then have no place to go for 1-2 months until they can purhcase. Others renew a lease and then have to pay hefty penalties to get out when they are ready to buy.

Look into month-to-month options. The higher rent is a small price to pay if it saves you having to do 2 moves or delay your plans to buy.

Absolutely! I'm in the same situation right now. Have done it once before, too. Back then the rent was about $70 more. Now it's about $40 more. I don't think it's worth mentioning considering it gives you the flexibility you need. I just hope things are not different in other states because it'd be really horrible being time-constrained by a lease... In AZ as long as you've had one lease, you can opt to pay on month-to-month basis in any apartment complex. Of course, there are also places that rent only on month-to-month basis, but they're usually the ones you don't wanna live in. My complex even agreed to let me out in the middle of the month paying half the rent (because I'll be closing at the very end of the previous month) as long as I give them a written notice a month earlier. They know well beforehand anyway, so they can plan renting my place.

[gracie07]

I bought my house about eleven years ago. About a year afterwards I added my husbands name to my mortgage and the deed. About a year afterwards he left for his fantasy women. He has been gone since June of 1999. I tried to declare him deceased last year and found out that he had been in jail in Indiana the July prior (this would have been in 2006). The state of PA, where I live, won’t allow me to file a missing person claim, or declare him deceased because he is running. He has several warrants out for him in PA., and has been in trouble in several other states.

My problem is that it is getting harder to make ends meet, and I have gone through all of my savings. I have done a lot of updates to the house and have built some equity in the house. I have tried to have his name removed, but the mortgage company wouldn’t go for that. How can I resolve this issue with out losing everything that I have worked for? Thanks for your help and suggestions, Lisa