Depending on the mortgage company ,I am seeing a lot of people getting pre-approved with a 620 credit score. If its lower you could consider the NACA program for more details call me at 901-409-5490.... more
If there is a dispute about whether your Earnest Money should be returned, you need to consult a good real estate attorney immediately. Agents and Brokers cannot give you legal advice or interpret Contracts.... more
I am going to assume that you this 4% is from the seller (seller's concession) and from what I am gathering, both parties (you as the buyer and the sellers) have agreed upon the 4%. Now you are thinking you would like to have them pay 6% instead? There are a couple of points here regarding this. 1. If both parties have agreed to the 4%, you may ask for additional closing costs to be paid, but the other party is more than likely under no obligation to agree (since there is the 4% that is already agreed upon.) 2. If you were to receive 6% instead of the 4%, then certainly the seller could offset his/her loss by increasing the price of the home. Sometimes that is what needs to happen in order to sell the home.
I would certainly consult with your agent to see if it is even possible to negotiate that increase. Once you are past a certain period within the contract, you are typically bound to what you have agreed to up until that point. There is never any hurt in asking, but you may not be able to even negotiate that at this point in your contract. Again, speak with your agent and see what your agent suggests.... more
An escrow account is just another way of saying that someone is holding money that doesn't belong to them. Money is being held to cover the cost of the repairs and when the repairs are completed, that money will be released to whomever paid for them (or directly to the contractor in some cases).
If this is a HUD house, click on the link below and scroll down to point #4 for more information about how it works.... more
FHA loans require a minimum score of 620 and 3.5% down. If you haven't visited with a qualified loan officer(s) yet, consider doing so--see exactly what your budget can handle and check the credit score. As for the $8000 tax credit--refer the question to your tax consultant--keep in mind in order to qualify you need to be in contract by Aril 30, 2010 and close before the end of June 2010.