Hey everyone! No 100% answer just yet, I need to get some more paperwork over to the loan officer this morning still for him to finish up but, we talked things over and found out I qualify for help from WIDA! They will cover 100% of the loan, I have to pay closing costs (unless like someone mentioned, I want them to tie the closing costs into the loan, then I can get into the house with no money out of my pocket) but I think coming up with, he said approximately $1300, wont be an issue!
Yeah I found out I got to meet with the big dog, I met with the SENIOR loan officer! He had the biiiig office on a corner of the building with 2 large windows...as soon as I walked in I was like wow this must be one of the big cahoons! (I told him that too LOL!). He was so friendly and up-beat, extremely wise, I was very open and honest with him like everyone told me to be and we crunched numbers and figured out how I could afford a loan in the quantity of what I was looking to get. When we were all done, he told me he is feeling extremely confident that I will be pre-approved!
YAY! So I get the option of going for WIDA's 100% down program or 97% down (meaning I have to put 3% down and closing costs) so he's going to run me through for both, obviously if I qualify for the 97% then he said i'll pass for the 100% and i'll know about the one before the other...today...so i'm all excited!!!
NOW for the realistic question...
FOR THOSE OF YOU WHO ARE, OR HAVE WORKED AS, REAL ESTATE AGENTS...The house I am looking to buy is a great location, close to town but just far enough out! However, it is a foreclosure. I looked around the property and in the house and it is still in great shape (unlike most foreclosures you see totally trashed!). They are asking $109,900 for the house but I was told they are very open to offers at this point. Is it unrealistic to put in an offer for $89,900? Just to start I mean...if all goes well, I will be approved for the $109,900 but like many of you said on here, I should try to go for less than what I was approved for and yes, it would be easier on my payments LOL!. I don't expect the bank to take the offer but, think it's a good place to start? I think if I can at least get that house for $100,000 I am totally going for it. I don't want to pay the $109,900 although I can, I don't...lol...
any tips for that??? I have never gone through putting in offers on a house before!
here is the listing - it is a 3br, 2 bath, 2 car garage built on, 2 car garage detached (though it doesn't say on the description), there's another small building back behind the house off to the side, a large fire pit behind the detached garage, and loooooots of wide open space for mini's!! Oh yeah it's a couple acres, so to me it's someplace to start and 5-6 years down the road i'll sell and upgrade to 5 acres =)
http://www.ranwrealtors.com/wis/maildoc/sd...0411104027.html