Whenever you make a large purchase, such as a house or a car, you will likely need to make a down payment. How much down payment do you need? It depends on the purchase and who is giving you the loan. What happens if you change your mind on your purchase? Will you lose your down payment? Learn the ins and outs of down payments here.
Real Estate Agent Should Return Down Payment Money
After a home sale falls through, a buyer asks about getting earnest money back from a real estate agency. The real estate agency cashed the earnest money check. What can the buyer do to get her earnest money back?
Home Loans, Homeowners Insurance And Home Inspections
If you're looking for zero down mortgage but don't qualify for a VA loan, you could look into the USDA Rural Development Guarantee Loan Program. When shopping for homeowners insurance, be sure to look at more than price because you may miss out on extra coverage that could save you money in the long run. And if you're a home buyer or seller, be cautious about having your attorney share the results of a home inspection.
Bad Appraisal Of Home Value Leads To Loss Of Earnest Money
Mortgage lenders require appraisals before issuing home loans. What happens if the home you want to buy appraises lower than what the seller wants? It depends on the contract. The buyer may lose his earnest money if the home does not appraise out and the seller is unwilling to lower the price. It's up to the buyer to cancel the home buying contract if the contract permits him to do that.
Contract Termination With Structural Damage
A home buyer asks about breaking a home sale contract after he learns about a cracked plaster wall. The seller wants to fix the problem but the buyer still wants to terminate the contract. The buyer does not want to fulfill the contract and buy the home with the structural issue, even after it is fixed. The buyer may lose his earnest money depending upon the terms of the contract.
Down Payment For Buying A Home As A Gift
When you're selling a home and a buyer wants to buy the property as a gift is there anything you need to watch out for? Should the earnest money, which may become a down payment, be handled in a special fashion? It's critical that the transaction be handled with care to ensure estate planning and gift tax considerations are taken into account.
VA Loans Offer Zero-Down For Veterans
To get a VA loan you have to be a veteran. VA home loans may be the only true zero down loans at the moment. You have to meet specific requirements to qualify for a VA home loan. Another home loan option with low down payment requirements is the FHA loan.
Mortgage Requirements Stricter For First Time Home Buyers
Mortgage requirements have become stricter for first time home buyers. Lenders have tightened credit requirements for first time home buyers, making it more difficult to qualify for a mortgage loan. To qualify for a mortgage loan, first time home buyers need a credit score of at least 660 unless they try for an FHA loan.
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Breach Of Construction Contract
A buyer says he's having trouble getting earnest money back from his builder after deciding not to buy a home. The buyer can sue the builder for breaching the construction contract.