Home-ownership is part of the American dream. However, the process of finding the perfect home, making an offer, and closing on a house can be a nightmare for some. Home owners that had foreclosures a while back are trying to secure mortgages again. FHA requires that foreclosure owners wait 3 years until they purchase a home again.
One of the biggest obstacles in real estate today is getting financing. I have several clients who would be in homes today if they could only secure a mortgage. Many buyers have heard of real estate transactions being done through a land contract or some other form of seller financing. They think that this will be a great deal for the seller who is looking to sell their house. Seller financing, lease/options and lease/purchases can sometimes work. However, there is a big problem: The seller always dictates the rules on this. The buyer loses a boatload of leverage when he/she asks the seller to be their bank. You may get the seller to come down 3% OR to do some seller financing. You won't get them to do both. The price reduction is much more likely to happen than seller financing. You are in a very bad spot in this situation. In the market here in the greater Indianapolis area, most homes are being sold somewhere around 96% of their asking price. With that understanding, the seller isn't likely to move much past that number. I always push people to get traditional financing if at all possible.
I often say that asking for seller financing concessions is like going into a fight with a butter knife. I'd much rather have a samurai sword (a bank commitment letter)!
So, what can you do in order to put yourself in a position to be bankable again and secure the home that you are dreaming of?
First, work on your credit score. Every bank that you apply for a mortgage with will take a look at your score to get a quick idea of your credit worthiness. Make sure you are paying all of your bills on time or early. Check out http://www.fico.com for more info.
Second thing you need to work on, is ขายบ้าน your job history. A strong work history is great for a bank to see. The longer time you have with the same employer the better.
Lastly, work on your income. Can you pick up some part time work? How about a side business?
If you can get all three of these things in a strong position you have a great shot at getting that coveted traditional mortgage making everyone happy!
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