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Home Buying : Nationwide Real Estate Advice

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  • Home Buying264K
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Activity 227,191
A few minutes ago
Ms.a asked:
A few hours ago
Paulbyers86 asked:
A few hours ago
Sam Shueh answered:
It is exempt by law. You do the investigation if you do not like the condition you can walk away.
0 votes 44 answers Share Flag
A few hours ago
Sam Shueh answered:
A few hours ago
Sam Shueh answered:
You can do that when title company wants to know how you two want to hold the title.
0 votes 27 answers Share Flag
A few hours ago
Mary answered:
Hi,

I have emailed you regarding this concern.

Thank you for using Trulia!

Mary
Consumer Care Advocate

Contact Us: http://www.trulia.com/help/ask/
Help Center: https://support.trulia.com/hc/en-us ... more
0 votes 1 answer Share Flag
A few hours ago
Larry Berg answered:
If both Buyer and Seller have signed the Agreement you have fully executed a Purchase Contract. Unless the contract has a "due diligence period" or "inspection period" you are committed to performing to the contract. You will lose your $1000. However, if you walked away from the deal the Seller would have to sue for performance, something that is almost never done. ... more
0 votes 196 answers Share Flag
A few hours ago
Dottievanorden answered:
Looking for rent to own homes in irondequoit ny 14617
0 votes 105 answers Share Flag
A few hours ago
Spawnadmaster answered:
Hi found this good company, they helped me a lot and now I'm buying with them since years

https://www.opisas.com/eng
0 votes 9 answers Share Flag
A few hours ago
Susie Kay answered:
There are many different types of loans. I would suggest that you consult with your lender and let them know what you are planning to do.
0 votes 2 answers Share Flag
A few hours ago
Tod asked:
We purchased a home in June 2017. Our realtor refused us having our own roof inspection ststing sellers were doing that for us. We had a home inspector take a walk through on the home and…
0 votes 0 Answers Share Flag
A few hours ago
Susie Kay answered:
A few hours ago
Densilucy answered:
The most common mortgage types for residential properties are an FHA loan and a Conventional loan.

Depending on the loan program, the required minimum down payment amount varies. For FHA loans it is 3.5% but keep in mind that with less than 20% down you'd have to pay "mortgage insurance".

The Fannie Mae conventional 97 loan program allows for home financing with just 3%. However, it may be difficult to secure the mandatory mortgage insurance if you have a low credit score.

USDA has ZERO down payment loan programs. To be eligibile, the property location must be in a designated rural zone.

Find out more about the low down payment mortgage programs.
... more
0 votes 23 answers Share Flag
A few hours ago
Densilucy answered:
Finding a Lease to Purchase home can be very difficult if you are not looking to put any amount as security deposit or down payment.

The first step is to tackle your low credit score. Bad credit or no credit can be fixed over time, provided you are committed to doing so.

Here are some of the most common features of lease to purchase terms:

1. The amount of Down payment expected by the owners can be substantial. Most owners generally ask for 10% to 20% of the purchase price. This amount is non-refundable.

2. The amount charged as monthly rent is much above the fair market rent for the area, with the only the excess amount going towards the house purchase. Even this is also not refundable.

3. If not qualified for financing at the agreed upon time and price, then you lose all money you've put into the property so far.

4. The sale price is usually agreed upon at the beginning of the rent to own contract, and the housing prices may still decline before you finally take ownership.

5. The owner must also properly pay their mortgage, if they own. If they fail to pay or default, you lose.
... more
0 votes 3 answers Share Flag
A few hours ago
Densilucy answered:
The amount of down payment you need inorder to purchase a house is one of the most frequently asked questions. The correct answer is - it depends.

Depending on the the type of mortgage loan program, the required minimum down payment amount changes significantly. For FHA-insured home loans it is 3.5% and for conventional, conforming loans it can be 10% or 20%. It really depends on the type of loan.

You'd be required to put a minimum of 3.5% down for the FHA loan - but keep in mind that with less than 20% down you'd have to pay "mortgage insurance". In case of Fannie Mae loans, you'll have to opt for private mortgage insurance or for a second mortgage.

USDA has ZERO down payment loan programs. To be eligibile, the property location must be in a designated rural zone. For eligible veterans, VA loans can allow for very low down payment.

Find out more about the minimum down payment requirements for various loans at http://downpaymentguide.org
... more
0 votes 9 answers Share Flag
A few hours ago
Densilucy answered:
The Georgia Dream Homeownership Program provides first mortgage loans, down payment assistance and home buyer education to eligible home buyers. An eligible borrower must not have owned a home in the past three years, or must be purchasing a home in a targeted area. The borrower must meet income and purchase price limits, have limited assets, and must invest at least $1,000 into the purchase transaction.

Find out more the dream program and other GA down payment assistance programs at http://downpaymentguide.org
... more
0 votes 12 answers Share Flag
A few hours ago
Densilucy answered:
Closing costs are settlement fees and charges associated with the cost of obtaining a residential mortgage loan. These fees include a wide range of items such as the cos tof the appraisl, lender origination fees, escrow handling charges, wire transfer fees, discount points, document preparation fee, lender’s title insurance and prepaid taxes and hazard insurance premiums.

The down payment is the amount that is applied directly toward lowering the loan amount. This is normally based on a percentage of the total sales price. The down payment amount is established by the lending guidelines of the home loan program the lender has chosen for your loan.

For in depth information related to this, visit: http://downpaymentguide.org
... more
0 votes 5 answers Share Flag
A few hours ago
Densilucy answered:
Finding a Rent to own home can be very difficult if you are not looking to put any amount as security deposit or down payment.

The first step is to tackle your low credit score. Bad credit or no credit can be fixed over time, provided you are committed to doing so.

Here are some of the most common features of rent to own homes:

1. The amount of Down payment expected by the owners can be substantial. Most owners generally ask for 10% to 20% of the purchase price. This amount is non-refundable.

2. The amount charged as monthly rent is much above the fair market rent for the area, with the only the excess amount going towards the house purchase. Even this is also not refundable.

3. If not qualified for financing at the agreed upon time and price, then you lose all money you've put into the property so far.

4. The sale price is usually agreed upon at the beginning of the rent to own contract, and the housing prices may still decline before you finally take ownership.

5. The owner must also properly pay their mortgage, if they own. If they fail to pay or default, you lose.
... more
0 votes 10 answers Share Flag
A few hours ago
Densilucy answered:
When buying a HUD home, qualification guidelines vary depending on the type of mortgage program you choose. If you opt for a FHA loan, you can secure financing with down payment as low as 3.5%.

If the HUD home is in need of renovation work, the FHA 203K rehab loan can be a great choice. It provides the necessary financing needed to purchase and renovate. The down payment for this program is also 3.5%.

Find out more about the qualification requirements for purchasing a HUD home: http://downpaymentguide.org
... more
0 votes 18 answers Share Flag
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