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Securing a loan with poor credit

This forum is to provide discussion, advice and assistance related to methods, or procedures, for placing a value on real property or interests in real property for right-of-way purposes. Discussion on concepts, practices and procedures related to measuring the economic impact of right-of-way acquisition, and subsequent construction, on the affected parcel and any remainder parcel are encouraged. It is also established to provide a venue to examine, monitor and report on legislation or changes in legislation pertaining to such methods or procedures.


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Securing a loan with poor credit

Postby URA on Wed Oct 29, 2008 9:42 pm

If there is a 180 day owner occupant that cannot secure financing to purchase a replacement home – is it acceptable under the URA to provide that owner a rental comparable and consider it a comparable solution to their situation?
We've had this happen a few times in the past but the owners wanted to become tenants – problem solved.
What if the owner is adamant about staying an owner – what responsibility does the acquiring agency have to keep the displacee as an owner in the replacement property? I know that we are required to provide advisory services and assist in providing a resource for financing but "what if" the displacee just has horrible credit and cannot secure a new loan? I know we have "options" under LRH but are these options or requirements? Have we meant our obligation under the URA by providing a comparable for purchase as well as a comparable to rent?

Thanks.
URA
 
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Postby amandaaz on Fri Apr 10, 2009 10:09 pm

How can I get approved for a home loan if I am moving to another state?
Hi! My husband and I are trying to move to Arizona in the next year and buy a house. This will be my first home. We both work full time jobs in California now. Any home loan advisors out there? Can you tell me how I can get approved/pre-approved for a full 30-40 year home loan when we have not yet gotten new jobs in the state we're planning on moving? One thing I heard is if we plan to rent out the property, then we can get approved for a loan. Please help!
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