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Buying a house in New Mexico, like purchasing property in any other state, involves several steps and considerations. Here is a general overview of the process:

1. Determine Your Budget:

   • Calculate how much you can afford to spend on a house. Consider your income, expenses, and any available savings for a down payment.

2. Get Pre-Approved for a Mortgage:

   • Contact a mortgage lender or a bank to get pre-approved for a home loan. This will give you a better idea of the price range you can consider.

3. Choose a Real Estate Agent:

   • Hiring a qualified real estate agent can be extremely helpful. They can provide insights into the local housing market, show you properties, and negotiate on your behalf.

4. Start House Hunting:

   • Begin searching for properties that meet your criteria, such as location, size, features, and price. You can use online listings, work with your agent, and visit open houses.

5. Make an Offer:

   • Once you find a house you like, you can make an offer through your real estate agent. Be prepared for negotiation with the seller.

6. Home Inspection:

   • It’s essential to have a professional home inspector evaluate the property’s condition to identify any potential issues or necessary repairs.

7. Appraisal:

   • The lender will require an appraisal to determine the fair market value of the property. This ensures that the property’s value matches the loan amount.

8. Secure Financing:

   • After your offer is accepted, work closely with your lender to finalize your mortgage application and secure financing.

9. Closing:

   • The closing process involves signing the final paperwork, transferring ownership, and paying closing costs. This typically takes place at a title company or attorney’s office.

10. Obtain Homeowners Insurance:

    • You’ll need to secure homeowners insurance before closing on the property.

11. Move In:

    • Once the closing is complete, you can take possession of the property and start moving in.

When buying a house in New Mexico specifically, here are a few state-specific considerations:

• Property Taxes: Research property tax rates and how they vary by location within New Mexico. Property tax rates can significantly affect your ongoing homeownership costs.

• Homeowners Association (HOA): If you’re purchasing a property in a planned community, check if there’s an HOA, as it may have specific rules, fees, and regulations.

• New Mexico Real Estate Market: Stay informed about the local real estate market trends, as they can affect property prices and availability.

• Legal Requirements: Consult with a real estate attorney to understand the legal aspects of buying property in New Mexico, including the closing process and any state-specific laws.

Remember that real estate transactions can vary, and it’s crucial to work with professionals like real estate agents, inspectors, and lenders to navigate the process successfully. Conduct thorough research and due diligence to ensure you make an informed decision when purchasing a house in New Mexico or any other location.

Can you please tell me what a charge off account on a credit card means? I don’t have to pay this debt?

HUD, the parent of FHA, does not allow credit disputes on the following:

1. Outstanding collection accounts that are not medical collections.

2. Charged off accounts

3. Late Payments in the past 24 months

4. Derogatory public records such as bankruptcy, foreclosure, deed-in-lieu of foreclosure, short sale, child support, federal and state tax liens, judgments, delinquent student loans, and other derogatory credit tradelines.

EXEMPT FROM CREDIT DISPUTES

1. Medical collections

2. Non-medical credit disputes that are on-time payments and good standings.

3. Non-medical disputes with zero balance.

4. Non-medical credit disputes with total credit tradelines with under $1,000 Outstanding Balance.

5. Collections and charge off accounts, late payments, older than 24 months.

VA, USDA, NON-QM, FANNIE MAE and FREDDIE MAC are normally EXEMPT from credit disputes. We have a YouTube live video aired today September 25th, 2023 at 10 am hosted from GCA Mortgage Group which we will post on this thread. Contact Gustan Cho Associates if you have any questions.

What is the difference between AXEN Mortgage and NEXA MORTGAGE?

I am paying off all my credit card debt in the next few days and was wondering if anyone knows how long that will take to reflect on my credit scores? I used the FICO simulator, and according to my existing revolving debt ($5400) and current FICO score (658), if I pay it all off, it would change my score to 718-738.
I want to buy a college graduation present for myself and would like to walk in the door in the best possible position.
Has anyone any advice or information to share?

What are the initial documents I need to send to a lender or loan originator to start the process of an application?

What’s the difference between chapter 7 Discharge and Dismissed when it comes to the waiting period to qualify for a mortgage?

Who here has been through a credit union to get auto financing? How long had you been a member of the credit union before you got your car loan through them? I’ve heard that sometimes credit unions are easier to get a loan through and have better APR’s, so I’ve been thinking about opening an account maybe and trying that route.

You may have heard about the lawsuit where the National Association of Realtors was sued whereby the Plaintiffs alleged that NAR conspired to inflate commissions for Sellers, also alleging that Buyers would pay their own brokers, if not for NAR basically holding Sellers hostage to getting their properties listed on the MLS. As I read some of the commentary, it sounds as though the Plaintiffs allege price fixing, and lack of transparency in real estate transactions. WOW! Is all I can say to that. Being a Realtor for going on 32 years now, I would have to disagree with some of this. From the very first class, the trainers beat it into our heads that commissions are negotiable. That agency relationships must be disclosed to buyers and sellers. That dual agency must be approved by both the buyer and the seller and they must both understand what fiduciary duties they are giving up because of the dual agency arrangement. Disclose, Disclose, Disclose is what we heard. Now as the market has changed on a dime, we are seeing anything and everything but fixed prices. Commission rates are all over the place in our market, and that is because they are NEGOTIABLE. Of course there can always be some bad actors out there in the marketplace, but to try to change a business practice that helps buyers buy, and sellers sell, and allows them the right to negotiate their price, terms and commission rates with their brokers and each other, I believe would be so disruptive and counterproductive, that the parties will just find new ways to negotiate around it.

To pay today’s real estate commission, a seller factors that into his asking price, and so does the entire market place. If that changes and the buyer now has to pay his own broker, then the pricing of homes will need to decrease, and sellers will not be happy. Or, Buyers will need to offer a higher price and ask for Seller Concessions to help pay the buyer’s real estate commission, because Buyers will still be shopping with a limited amount of money to make their purchase, and will require down payment help, closing cost help, and now lets add on Buyer commission help? So all of you real estate agents out there, better start letting your voices be heard to your local, state and national associations about this issue. And BTW, all you mortgage brokers, you need to put in your commentary as well, because this can have a huge impact on getting your borrowers qualified, if they now have to start coming up with a Buyer’s side commission, along with all the other costs they pay on the ALTA. Personally, my hope is that this gets appealed and overturned, because we don’t need to turn an entire industry upside down to make improvements in transparency and fair dealing. We can do that by self regulating ourselves, as we have been doing for over 100 years. I would love to hear your thoughts on this lawsuit and where you think we might be headed because of it.

Mortgage rates are surging to 25 year highs. Mortgage rates for 700 plus credit score borrowers are 7.5% on FHA loans. Lower credit score borrowers with credit scores down to 500 FICO are priced at 7.75% with as much as 3% in points. Mortgage rates on conventional loans are 8.125% for 720 credit score borrowers.

Do any of you have any idea or heard anything about where Mortgage Rates are headed or anticipate any form of correction?

Real estate agent commissions are being attacked once again, but as of age of myself, I was always deemed as a bargain brokerage. If I were to discount my commissions, to be competitive, the national association of Realtors seems to be losing the battle with the feds with their commission practices Are now affecting Home prices. What are your thoughts? Let me know. Check out this link. https://www.cbsnews.com/news/nar-lawsuit-verdict-real-estate-agent-commissions/

cbsnews.com

How real estate brokerage ruling could impact home buyers and sellers

Landmark verdict could ultimately reduce agent commissions by 30%, saving sellers a bundle, according to analysts.

Are many Mortgage Lenders going out of business due to high mortgage rates?

Auto Repossessions are nearing 20,000 per day and increasing month after month by 5%

Inflation is screaming 😱 out of control. Many people who are very conservative have been saving money for years if not decades. What is the best way to invest money during periods of out of control Inflation?

Can a borrower use 2 different income to qualify for a mortgage?

Can you please explain what POS means and how you can make money 💰 with POS with small business owners?

Can someone please explain the difference between recourse and non-recourse loans on commercial loans?

Mortgage Rates are finally dropping fast. JEROME POWELL, The Chairman of the Federal Reserve Board announced yesterday the Feds will not be increasing interest rates for the past two Fed meeting which caused mortgage rates to plummet. The 10 year treasuries started plummeting the past few days from a high of 5.0% to 4.66%

What loan program the borrower can qualify for a 6-unit apartment (Purchase)? What are the documents needed?
728 FICO with experience renting out properties (currently have 4 other rental properties).

Time flies, and everyone wants to limit the wasteful. The time they spend going to the wrong source for research on buying a home and getting approved for a mortgage. Over 80% of our clients at Gustan Cho Associates are borrowers who could not qualify at other mortgage companies due to the lender’s overlays or because the lender did not have the best mortgage loan option

Proud to announce my colleague, Associate and friend Dr. Martin Blank is running for Congress of The United States 🇺🇸 in Michigan. Dr. Blank is a retired colonel of the U.S. Army, a residential and commercial loan officer, a cardiovascular surgeon, a trauma surgeon, an attorney, and a police officer. With his vast work experience and excelling in every field he is in and his kind heart and generosity in always wanting to help family, friends, co-workers, and his community, I don’t think you will have a better candidate for Congress other than Dr. Martin Blank, M.D. I give Dr. Blank full support and endorse Dr. Martin Blank for Congress

• This discussion was modified 1 month, 3 weeks ago by  Sapna Sharma.

30 year treasuries skyrocketing this morning surpassingthe 4.5% mark. Mortgage Rates expected to increase this morning when they open. What’s going on? Rates are expected to increase until the 2024 election.

So many scammers when it comes to shopping for pets. This website is reputable and referred this site to my friend Wendy Lahn and she got her dog from this site.

HOOBLY PETS

Needed 100% financed loan for a Condo purchase
I was approved in July for a 100% financed loan for a condo conversion.

Not sold are 50% of the units in this condo conversion, so I was placed into escrow some time ago (extension). This lender requires 50% of the units to have sold prior to funding the loan.

Well due to the length of time it has been, and the volatile mortgage market, I am now not qualified for 100% from this lender. They say I will now need to put down at least 10%. The property is 335K.

My Question now is this: Is there any lender out there that WILL APPROVE 100% financing for a condo conversion? My Fico scores are: 636, 622, 605

Thanks in advance for all your help!

Can anyone on the boards tell me how much will ones credit score take a dive due to a auto repossession? Just curious to know. Will it be hard to get another auto loan after that.

Is Home Inspection Recommended?

Is there really a 4th reporting credit agency?

Is it easy to qualify for lender credit and/or seller concession to pay for closing costs?

I will be quick to lay out my situation, and I am curious if there are any FHA Manual Underwriters who can do loans in Phoenix, AZ. I’m still working with my broker now but it’s been several months and

still no closing. I’ve refinanced FHA in the past with no issues, and this time, it almost feels like the banks are not approving these loans, even though they are advertising historically low rates.

1. I have had stable employment for two years, coming up in August. With my existing employer, my employment type changed from 1099 to a W2 in April 2019.

2. I have never missed a mortgage payment nor applied for COVID-related deferments.

3. My DTI isn’t the best, but my income has increased since the last time I did an FHA refinance several years ago. My FICO is over 680.

4. The purpose of the refinance is to merge my primary and secondary (HELOC) into a fixed low rate. I do not know what the max LTV ratios are but I’m pretty close to the max if it is 80%. However, I can bring cash to close if required.

5. Increase in income, stable employment, no missed payments on my mortgage EVER, and Quicken denied my refinance and would not tell me why a week before closing. I told them I’m never doing business with them again. I tried working with Northstar, Interactive, and now United Wholesale Mortgage, and it’s been literally three months and still no closing.

Is there something going on with FHA refinances right now that I’m not aware of? United said they are working on a manual underwritten FHA refinance but I have gotten absolutely no feedback in a week and am beginning to think the deal may be dead. If I don’t hear an update by the end of this

week, I’m going to pull it and place it somewhere else, unless there is a reason why this can’t be done that isn’t being disclosed to me.

Am I missing something here? Do I just have the worst luck in the world or is there a bigger problem brewing?

How long does a manually written FHA refinance typically take? If you feel you can do a manual FHA refinance, please contact me. DO NOT WASTE MY TIME WITH CONVENTIONAL AS I TRIED SEVERAL TIMES AND IT WON’T GET APPROVED.