Generally your purchase contract will state in a firm dollar amount how much the seller is paying towards your closing costs and prepaid items. Example - $4000 or 3% of the purchase price
The agreement rarely would be so vague as to say they'll pay all your closing costs - it will be more specific than that.
With regards to the appraisal itself, most lenders will not let that be paid for out of escrow because the appraiser requires payment up front and if the loan doesn't close then the seller is not going to pay for that for you. No one will get $375 back, but at the time of closing they will probably take $375 that could have gone towards the appraisal and use it to pay something else like some of your tax escrow or something.
Hope this clarifies things a bit. If not, press your lender for more clarification. Best of luck... more
A mortgage broker/loan officer can tell you about loan types available to people with less than perfect credit scores and a good one will even work hard to get you qualified if you are just on the edge of approval. However, until you are to that point, a mortgage broker/loan officer will most likely refer you to credit counseling agency.
Credit counseling/repair services have helped many people turn their finances around, but be cautious when selecting help. Any claims of "instant credit repair" should be a red flag that a scam lies ahead! Even non-profit organizations have been found to take advantage- so you must be careful.
The National Foundation for Consumer Credit is the nation's oldest and largest non-profit financial counseling organization. To find a local office near you, visit www.nfcc.org.
A recent publication by WAVE 3 tells what you can expect from a legit credit repair agency. Just follow the link below...and may the odds be ever in your favor! :)
Short answer yes. The bank statements will show the deposits each month into your account, along with outflows. Sometimes the underwriter will catch child support, other payments that may be missed on the mortgage loan application, that will result in a turn down of your loan.
Also, if you have deposits going into your account that cannot be sourced, this will result in the assets on your application to be reduced by the amount not sourced and seasoned by a eligible source.
Lastly, if you have bounced checks or nsf's fees, this can result in a turn-down of your loan because this is a sign that you cannot handle your money.
Mary, I lived in PRP for 5 years before recently moving. The values seem stable and I really enjoyed the general atmosphere. You can find out EVERYTHING about schools, shopping, churches, dining and much more by going to www.LouisvilleMarket.com and entering the 40258 zip code. You will also see homes listed and recently sold in the area complete with their MLS listing and photos.
For crime information, you can search http://louisvilleky.gov/MetroPolice/ and clicking USE METRO WATCH.
I have sold many houses in that area and would love the opportunity to work with you.... more