Jim Mellen

I am happy to provide you the name of a reputable lender I work with who can talk to you about an application and evaluating where you are in the qualifying stage. I'm not sure a time share will do more to help your credit though. Most of your credit score is determined by length of history and payment history. A car with a recurring monthly payment for instance will help more than a time share with a once a year payment. If you made the time share purchase recently on credit, your payment history may be too recent to help and you could also have a huge debt to pay back and that might actually hurt. Your credit profile is a very complex combination of your use of credit available and I would trust too many people selling you something to have your best interest at heart. As an ethical real estate agent I have no problem looking at your big picture and suggesting when renting or buying is in your best interest. But you are planning something for a year from now and it's a great time to start making improvements so your're ready to move in 2013! If you want to contact me directly or get more information check me out online.

Lots of agents and realtors ask questions here-not always and usually not identifying themselves as agents. Not that that's surprising. Mono is a realtor with Remax!

Hi Bryan, That is a tough one to locate but I will ask around. What are you willing to pay?

Some lenders are able to go as low as 600 but there numerous qualification parameters in addition to credit score

Calling a reputable mortgage lender is your first step. I can point you in the right direction. Your credit score is the minimum for most lenders today. You should also look at your budget for what you can afford.

Until, May 26th the property is available for bids for owner occupants,government agencies and non profits. In some cases "bids" have been presented but not accepted or not contracted yet. Your best bet is to look at it if you are ready and able to buy be prepared to submit a bid. Timing is everything when it comes to some of these properties. They can be a real deal!

Any Realtor or real estate agent can help you find rental homes, but few are likely to do so without establishing some kind of fee-most likely up front,since we are not paid in the typical sense. If you agree to pay someone for helping you, you will probably find someone willing to help!

It still is possible with a few different types of mortgages-like a VA mortgage or USDA financing, but those are not available to everyone or every property. The lending environment has drastically tightened up and the lenders and the government who is backing the loans, want buyers to be qualified and prepared for homeownership. By saving up and having some of your own money in the deal gives everyone some assurances. An FHA mortgage typically only requires a 3.5 % down payment so for every $100,000 you are buying, you'll need $3500 toward the down payment. There will also be some closing costs to pay.

Linda, I've sent an email to the listing agent about a longer term lease. It may be a good possibility. One of us will call you back. Thanks, Jim Mellen, RE/MAX Peninsula at New Town

Here is the contact phone number for the leasing agent. Perhaps she can get you in to see it and answer your questions 757-827-1400

Hi Carol, There are only a couple of loan programs out there I'm aware of where you can buy with no money down. FHA and USDA rural development financing of the property qualifies. if you are a veteren, you may have you VA eligibility as another option. You should consult with a local lender in your area for your options! Good Luck

Thanks for the question. In todays lending and house buying environment, the one thing a buyer has to have is sufficient credit scores. Lenders have and are on the losing side of loans for the past several years. They have established some guidelines to lend based on credit scores that may seem punitive. But the last thing anyone wants to do is put someone in a home they cannot afford. So I would say, get an idea what your scores are and have a minimum score of 620 with a mid score in the 660-680 range and there most likely will be a loan program out there for you. Unfortunately scores below 600 won't qualify, and shouldn't qualify for a mortgage. They indicate that you are already stressed financially or have been in the past and aren't quite ready to be tied down to a mortgage commitment just yet. I've seen people turned down with ample income, but low scores and people with minimal income and good scores get qualified. If I can recommend a lender to you to make some inquiries, I have some great Williamsburg area lenders who would be happy to see what you look like on paper and if they can't help you today, they will give you some adviise on how to get where you need to be.

Hi Myra, I am not the listing agent of this property and based on your questions I would suggest you try to work with an agent who can represent you in full capacity rather than a listing agent. A listing agent may not easily be able to represent your best and full interest if they already have that relationship with a seller. This particular home does have a master bedroom down and I would be happy to discuss with you the features of the home as listed in the MLS or perhaps meet with you to discuss the contingencies you are concerned with. Nuyer counseling is free but best handled in person in a professional environment and not through forums like this that are open to everyone and their brother! My number is 757-810-3642 and my web site is www.JimMellen.com where you can see if I am a true full time dedicated professional!

Hi Raquel, this is listed by Greg Garret/GregGarretrealty.com. I suggest you contact them directly!

This listing looks like a HUD property. It depends on where the source of this listing comes from as to the accuracy of the information. Many sites not related to the MLS or a REALTOR code of ethics may post throughout the internet. If you are interested in this $10,000 listing you might try going to HUD.gov and looking through the areas listings. However to buy one you need to go through a registered agent. You may contact me directly at 758-810-3642 and I will spend some additional time helping you.

Vickie,owner financing is a great solution for both a buyer and seller, but the terms can be tough. Finding a seller capable and will to hold the note is tough since most sellers need the proceeds to make their next move. If you do find one though,they will ask for a lot of the same credit info a bank may in order to prove your worthiness. If you have a little money to put down to have "some skin in the game" that will help.You'll likely be asked a lot of personal questions, and if offended or too private to answer, you might stick to renting and find a seller landlord willing to do a lease purchase or rent with option to buy instead of right into a contract for deed.

This might be a tough combination of criteria in the area you prefer but I will see what I can find. Feel free to email me directly at Jim@JimMellen.com at RE/MAX Peninsula in New Town so I can find more about what you might wnat in a home or if can be flexible in your search! Thanks

Hi Brittany, when you apply for and get a mortgage for a home you own the home and have the right and obligation to live in it and maintain. However the bank owns a very important piece of paper filed at the courthouse that gives them a lien on the property in case you do't pay. But you pay the bank back over the course of 30 years typically or until you decide to sell. When you resell it the bank is the first one in line to get paid back!

Hi Lynda, I'm not able to send photos through this system but if you can email me directly at Jim@JimMellen.com, I'll be happy to send you a link from the MLS with 14 pictures.