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Hello, Id like to buy a home in the Atlanta area, and I have about 100K to put down on a home. I know this will help, but will it seal the deal? My wife passed and the home that we already own, it was in her name and left to me. I currently have a mortgage of 2800.00 a month through countrywide, and Id like to sale this home or rent it out. Since our home was in her name, is there anyway to get it in my name , or can i sale it even though its in her name? I know i cant get approved for a mortgage, and I have no job either my wife took care of us she financially set. I will be getting lots of money montly from her passing, and I will be making about 100K a year. How can I get this home sold and move to minnesota and buy a home? Im looking in the 250K range. Also has anyone ever heard of a bridge loan and how it works?
Probate will transfer the title of the home for you and settle the estate. (Estate taxes are only for estates worth more than $3 million for 2006.) If your wife filed your taxes for you (as married joint), there's no problem there, you just have to start doing it now for yourself. If you can demonstrate your income as reliable, getting a loan shouldn't be a problem, either. In fact, you sound like you're in a position to shop around. (If it were me, I'd never rent to anyone. Hell will freeze over before I ever let someone I don't know into my home paying rent unless I'm living right there with them. Current laws are mostly on the side of renters and you bear all the risks of property damage. A $10,000 damage deposit sometimes isn't enough for the things people do to your house.)
First off, a bridge loan is when you pull out money on your current home to purchase the next home. This is an additional loan. you probably won't qualify if you don't have a job or income. Also, if the home isn't in your name, you can't take a loan on it. You said that your wife left you the home you're in now. If that's the case, the home should be in your name. If she didn't leave the home to you, or if it's still in probate, the estate will be paying the mortgage, and they can/will decide whether or not to sell the property. Good luck - you might want to see an attorney on this.
As a full time Realtor there are some things you can do. Selling your current home will be diffucult if she had no will naming you executor, consult aReal Estate Attorney. You van buy a home using a stated income loan, CountryWide offers these. You'll need a good Realtor in the area too. As a REMAX Agent I have some contacts locally who could assist you in your home search. I also have a few contacts with CountryWide you could access. Visit my site below and provide your contact info and I'll get everything to you.
Money down helps tremendously. Yes, you should be able to get a home loan - call me to get help if you need someone, look me up at www.fnmshome.com You don't need a job, if you have income, you have income that can be used in most cases. The large down payment almost ensures approval, but if you go deeper, you probably will get better terms. if the house was left to you, as soon as the estate is probated, you can sell it, sometimes sooner, depending on which state you live in right now and how title was held.
If you have no credit, but your income of $100K can be verified (life insurance or something?), it can be used as income. No credit is usually ok with a 40% down payment. You might even find a private lender, but I wouldn't recommend it, as the foreclosure process is not good for you as the buyer. A bridge loan is something that would pay off your current home, give you whatever equity is available up to 80% of that home's value, and removes the payment from qualifying, since the bank will pre-pay itself 6-12 months of payments (anything unused you get back, with your remaining equity, when the home finally sells). You'll probably not qualify for one with your situation, as they are much riskier loans. But they are used to help someone buy a home before selling their old one. And they rarely get used, because few can qualify for them, or have enough equity for them to be available.
You cant sell a home that is not in your name. You'll have to wait until it is probated and 'given' to you. Then you can sell it. What you'll need when you move is to get a no-income verification loan---but with bad credit, this will be very hard...so get a good mortgage broker and see if they can find something that will work for you. otherwise you'll have to rent to get your credit score up.
I can help you. Stated income is enough. Call 516 535 5800 ext 239. Mortgage Consultant.
Get your credit fixed 1st. the site below will help you. Then everything else is easy. You can go "Stated" with little documents needed for the Loan. Hope this helps get you started.