Discount Loan Advances
My Community Mortgage Loan question, I am selling a house I recently purchased less than 3 months ago to some1
I am selling a house I bought at a discount (because I was a family friend and helped care for the house) I bought the house for 52,500 last week and this week I am selling it for 68k. It needs work, missing a few shingles on the roof but doesnt leak. The floor joists are bad, along with the above plywood and 2 of the concrete piers underneath. A family offerered me 68k because they are builders and can live in it and work on it. They are preapproved for a MY COMMUNITY loan. I haven’t had an appraisal on the house yet. I think it’ll appraise for at least 68k. Three questions. #1. whats the chances this loan will be approved? #2. How long do you think it will take to close? #3. What should I watch out for and any tips? Thanks in advance to any legitimate answers!
The My community loan is a great product. You shouldn’t have any problems with the approval as long as the loan officer ran the loan online. Purchases usually take 3 weeks to close and can get down quicker if necessary. Things to be aware of… The My Community loan can only be used if the customer doesn’t currently own any other home. Also, the MI company’s will no longer issue mortgage insurance on the loan if the borrower has a credit score under 575 and going to 100 LTV. My community had been great for clients with low credit scores. Even if the loan officer gets an approval it won’t be any good if the MI company won’t issue the insurance required to close the loan.