Need your opinion, for the first time home buyer?

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I have already approved a loan for $ 400K. I found a house that has a Zestimate (Zillow estimates) of $ 376k. I also have the figures on the compositions with my mortgage consultant and came with an average of $ 375K. The house I am making a bid on a short sale and ask for the submission of the Bank is between $ 390-425K. I make an offer of $ 390K in upgrades to the house (wood floors in kitchen and upgrades), in terms that the seller pays all closing costs. First, it is a good thing? Second, there are pre-paid (reserves) the interest cost for a month, insurance and taxes for 12 months to 6 months. If I paid the sum of these pre-paid, not that I pay insurance and taxes for the first 6 months?
My husband was laid off and he gets $ 1,668 a month in unemployment. My child receives $ 47 per month from SSI. We applied for food stamps in July and he got through to November, I asked again and when I called to verify our case, I got an automated reply saying that the case was denied . Our mortgage is $ 1005th We’re getting a loan modification. Because our income does not change in July, why have we failed? I have several estimator beneift food stamps used, and after them, let him also. The paperwork says they must decide jan7 the case. Is it perhaps because our documents hasen’t done? If my calculations are on the right, our adjusted net income after all deductions on less than $ 1500, which is within the income limit. Contrary to the estimator benefit snap is another tool I can use? Our income has not changed since April. So why I was rejected because we still have the same income. I do not think my racial problems.

  1. Reply
    Arbor Mortgage
    February 8, 2011 at 8:16 pm

    It may be a good offer, but no one can really say for sure without seeing the comparable home data, etc. It’s certainly right in their range, which can’t hurt.

    For the escrow account, it needs to be started with funds so that there is enough in it to pay the bills when they come due. The 12 months of insurance pays for the next 12 months, you still have to pay in to your escrow account every month in order to make sure that there is the full premium when the next bill comes due. Same for taxes. You will have to start paying in to that account right away with your first payment.

  2. Reply
    Usman Niaz
    February 8, 2011 at 8:26 pm

    I hop this link solve your problem there you will found many experts regarding property.

  3. Reply
    Giovanni Auditore
    February 8, 2011 at 8:46 pm

    waw and maybe has to do with the type of that ur going to buy.

  4. Reply
    February 8, 2011 at 9:29 pm

    Loan mod?With him on u/e….there is no chance of him qualifying for a loan mod…even people with good jobs and great credit can’t get one….
    also,you need a job or two,,,,while hubby is home you can work at the supermarket or drug store…somewhere,anywhere….
    i am already help pay your hubbies u/e in his time of need,i really don’t want to be paying for your food….get a job…or two…

  5. Reply
    February 8, 2011 at 10:20 pm

    Go online to estimate eligibility and benefits:

    If you have questions, contact the state agency that administers the program: or 1-877-787-8999

    Hope this helps.

  6. Reply
    February 8, 2011 at 10:45 pm

    maybe your income is too high. i get 490 dollars food stamps each month. and i have 4 kids and i make 1400 a month and 560 a month of child supprt you might try to re do the paper work

  7. Reply
    Captain Stud Beefpile
    February 8, 2011 at 10:57 pm

    you neither mexican nor black am i right !!!

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