The biggest mistake I see people make is 'over improving' a home. I don't care if you have granite counter tops and travertine tile floors, the home will only sell for what the neighborhood will bear. Remember that kitchens and baths sell a house, but if all the other homes in the neighborhood have lower end ceramic tile and formica counter tops, then those, or something of only slightly higher quality should be your choice.
And remember, a good cleaning, fresh paint and a little landscaping go a long way.
In my opinion, It's not so much the age of the house as bringing it up to neighborhood standards.... more
I'm actually reading all the VA paperwork required for assistance in acquiring specially adapted housing for veteran's, for another client. I will follow up with your question, after studying the requirements.
Landeen Real Estate Co.
Yes. If you still want the spouse not on the loan (state specific), you may add him/her to the title of the home just in case something tragic happens.
If you currently own a home and both of you are writing off the interest in your joint returns, you will have to qualify with the current mortgage, new mortgage, debts versus income.
If you are a first time home buyer, then you should be okay. Credit score needs to be above 620, income versus debt must be below 45%. In other words, take your gross income (net adjusted income if self employed), multiply by 45%, then subtract miminum monthly debts from the credit report from that number and that will tell you your maximum mortgage payment. From that, subtract your property taxes, insurance, mortgage insurance (if any) and association dues (if any - like from a condo).
2000 X 45% is 900 minus credit card payments (100) is 800 minus taxes/insurance (200) is 600 minus mortgage insurance (90) is 500. That's about a 90,000 home (give or take, I'm not using a calculator). You can check out my site for calculators.
Don't forget to check on when to file for homestead exemption in your state to ensure getting the tax benefit of living in your home. Don't forget to renew your termite bond (if applicable) every year (so many people forget that).
Good Luck... more
No matter where you are in teh USa, teh average closing costs can be from 3-5% of your loan amount. The differences are if you are paying points with your loan and what you state charges for a transfer tax on the sale.
Your loan officer will provide you a "good faith" estimate that outlines your proposed closing costs when you apply for your loan. You can always ask teh seller to pay up to 3% of your closing costs. Simply ask your loan officer what teh program you are using allows.
Good luck with your purchase and you loan,... more