down payment
Earnest Money and Seller Disclosure: Contract Must Be Signed To Be Valid
If you put down earnest money or a down payment on a home and you have a seller disclosure issue, you better make sure you have a way to get out of the contract. If the seller disclosure form failed to disclose mold in a home, and you signed a contract to buy the home, you should have the right to also inspect the home to make sure you want to move forward in the deal. If as a buyer, you don’t understand issues like contracts, earnest money, seller disclosure and home inspections, you might want to reconsider buying a house or hiring a real estate attorney and a home inspector before signing a contract to buy a home.
Refinancing A Construction Loan With A VA Loan
Once you have started construction on a home and you have obtained a construction loan, the time comes when you must focus on obtaining permanent financing. Construction loans are short term loans. You’ll need to refinance the construction loan with a standard loan. US Veterans have an additional choice when obtaining financing. They can obtain a Veteran’s Administration loan or VA loan. While VA loans can be more expensive, VA loans can also be a great deal for those that may have lower credit scores or certain credit problems or want to obtain a larger mortgage on their home.
New Guidance from HUD: Use $8,000 tax credit toward FHA loan costs
This morning, HUD Secretary Shaun Donovan announced a new program that will allow first-time buyers to use the $8,000 tax credit toward FHA loan costs, rather than wait to file their 2009 tax returns (in 2010) to get the cash. We’ve published the Shaun Donovan HUD statement and the FHA Mortgagee Letter that describe the program on the ThinkGlink.com website.
Home Buying Requires Down Payment, Perhaps From Tax Credit
During the housing bubble it was possible to buy a home for nothing down. Today, you have to have a down payment. But where can you get a down payment to buy a home? Fannie Mae and Freddie Mac have said that the biggest obstacle to home buying is a cash down payment. But that down payment ensures you have “skin in the game” and are more likely to take your home buying seriously. To get a down payment you’ll either need to save the cash or, if you live in a state that offers down payment assistance through a second mortgage to be repaid by the federal tax credit, you can try that route.
State Home Buying Incentives You Can Bank On
By now you should have heard about the $8,000 federal tax credit for first time home buyers, including those who haven’t owned a home in the last thre…
Credit Score Requirements More Strict For Mortgage Loan
You may think that having a credit score of at least 700 and a down payment of almost 5 percent will help you buy a home in this home buying environment. But lenders have tightened credit requirements for obtaining a mortgage when you’re buying a home. You may still be able to get an affordable mortgage through the FHA, which has lower down payment requirements. You may discover you’re better off waiting until you have improved your credit score and saved more money for a down payment.
Home Renting In Short Term, Buying For Long Term
With mortgage rates at record lows and the $8,000 first time home buyer tax credit many Americans are thinking about buying a home. What should you consider when you’re buying a home? What financial calculations could you make to decide between buying and renting? While renting does appear more cost effective if you don’t plan to be somewhere for a long time, buying a home does ultimately lead you to greater wealth.
Determining Amount Of Down Payment
To avoid PMI, or private mortgage insurance, you’ll need to make a down payment of 20 percent of a home purchase. If you’ve already avoided paying PMI, is it worth it to make a down payment more than 20 percent? Determining the best amount for your down payment means figuring out what the best investment would be.
Cancel House Contract Before Closing
If you decide to buy a house and change your mind just before closing can you get out of your home purchase contract? It depends on the contract and the reason that you want to cancel your home purchase. You may or may not be able to get your earnest money or down payment money back when you cancel a home purchase contract. To understand what to do it’s advisable to contact a real estate attorney who can review your contract.
Borrowing From 401(k) For Down Payment On House
It’s generally not a good idea to borrow from your retirement accounts, but borrowing to invest in real estate is essentially trading one type of investment for another. The risk is that real estate doesn’t always appreciate in value, which means your retirement could take a double hit. There may be other options for a down payment on real estate other than dipping into your 401(k).
