Can IRA Withdrawal Be Used To Buy Home?
An IRA is a retirement account that typically allow people to put money in and receive a tax benefit on their federal income taxes for their contributions. At age 59 1/2, you can withdraw money from your IRA but must pay income taxes on it. In some cases, you can withdraw money from your IRA to buy…
Repair Credit Before Applying For Mortgage
Sometimes when you go through a divorce one partner lashes out at the other by running up credit card debt. If the credit cards are in both spouses' names it can be a real problem. What can you do post-divorce if you want to buy a home? If you're low on cash and your credit is bad, you should pay…
House Passes FHA Revitalization Bill
As the Federal Reserve's Open Markets committee was meeting, the House of Representatives was busy working in Washington, DC.
The House of Representatives overwhelmingly passed HR 1852, the "Expanding American Homeownership Act 2007," which will revitalize FHA. Some of the highlights of the bill…
Investment Property Requires Large Down Payment
In the current real estate market, mortgage lenders are requiring investment property buyers to make a large down payment. To borrow the money for an investment property, buyers will need to have a large amount of cash up front. Even with excellent credit, it will be hard to finance investment…
Home Buyer Loses Earnest Money When Closing Fails
When financing falls through for a mortgage, the seller wants to keep the buyer's earnest money. The buyer withdrew from the home buying contract but now the seller's attorney says the buyer can't get her earnest money back. Keeping the earnest money will compensate the seller for taking the…
Zero Down Payment Loans Difficult To Find
What can you do if you want to buy property but you don't have the money for a down payment? You either need to save or get down payment money from a friend or family member. You must have at least 3 percent of the purchase price to put down on an FHA loan.
Refunding Money Down On A Home Purchase
A home buyer put a down payment on a home and then was denied financing. Now the seller refuses to refund the down payment. A financing contingency in the contract will determine if he can get his down payment back.
Down Payment Amount Varies With Good Faith Estimate
What's an appropriate amount of earnest money or down payment? When you're buying a home you'll likely pay some earnest money to show your good faith - that you're really interested in the home. But how much money to put down as earnest money, which can later become your down payment, varies…
How Much Down For A Down Payment?
Since the downturn in the real estate market, a home buyer may not have to put as much money down on a new home. How much you put for a down payment depends on how much cash you have on hand, how big a loan you can qualify for and how desperate the seller is. The bigger the down payment, the less…
Good Faith Estimate For New Construction
When you're buying new construction you'll have to make a down payment, or a good faith estimate to show that you're interested in the property. Developers set their own standards for down payments or good faith estimates. To get the best deal on new construction it's good to hire a buyer's agent so…
Sellers Cite Down Payment Gift To Cancel Home Sale
When you're buying a home you have to come up with a down payment. Is it risky to use gift money as a down payment? In some cases, sellers may be wary of selling their home to someone whose down payment comes in the form of a gift. What recourse do the buyers have to close this sale?
Buying A Home Depends On Selling A Home
Sometimes when you buy a new construction home, your purchase depends on the money you'll get from selling your current home. But what if you're not having luck selling your home? What can you do to improve your ability to sell your home? Talk to your listing agent and discuss your listing price and…
Buying Property After Graduation
A soon-to-be college graduate is planning on buying a condo with some of his student loan money for the down payment. Interest rates on student loans aren't that low, and the money will need to start being paid back six months after graduation. This grad needs to calculate his debt, income and…
Variations May Be Necessary In New Construction
Typically, new construction contracts are written by the developer and for the developer. That means the contracts are heavily slanted to favor the developer in all situations, including the product specifications, delivery date, and variations in the lot and house configurations. This home buyer…
As the market shifts around the country, more sellers are getting caught in the slowing market -- where some homes are taking longer to sell or don't sell at all. If you sign a contract to sell a home but fail to close on the purchase, the seller may be able to enforce the terms of the contract. If…
New Construction Delayed Without Building Permits
To build a new home your builder has to secure building permits from the local government. It may take a while to obtain building permits because of zoning board concerns or other local issues. To get the builder moving or switch to another builder it helps to go through the original new…
Buyer Cancels Deal Due To Flight Pattern
A home seller had a deal fall through because the buyer said they were in a flight pattern. After proving that flights are to the south of his home, the seller is wondering if he is entitled to the earnest money.
Breach Of Contract Due To Pool Water Damage
What can you do when your earnest money gets held up due to a damaged pool? It's up to the seller to disclose water damage and if he doesn't the buyer may have to hire a real estate attorney to get his earnest money back from the seller. Learn about breach of contract and seller disclosure in this…
Selling Your Home Requires Proof Of Ownership
When you buy a property it's important to have your name on the title and mortgage, if you have one. If you buy a property with a family member and later decide to sell, but you have no clear documentation showing you're the owner, it could be a problem. Learn the legalities of determining a home's…
Find Down Payment Assistance To Buy Home
When you are a first time home buyer it may be difficult to find money for a down payment. Several organization such as your state or your house of worship may be able to help you. Research your down payment options when you are a first time home buyer so that you can save money and successfully buy…
Are You A First Time Buyer With A Low To Moderate Income?
I got a call on the show today from someone who earns $28,000 per year and wants to buy a house. He'll only qualify for about a $90,000 mortgage, and wanted to know if there were any other resources. After the show, I got this email that I wanted to share with you:
"I was listening to your show today…
Tips For First Time Home Buyer
A first-time home buyer is wondering about purchasing a home with cash. Paying for your first home entirely with cash is a very conservative financial move. Whether you choose to do it depends on how nervous you are about being able to make your payments each month and what kind of return you expect…
ThinkGlink Radio Show for May 7, 2006
Ilyce reports live from the Georgia World Conference Center at The Learning Annex Real Estate Wealth Expo. Ilyce opens the program discussing a recent report in the Wall Street Journal regarding home down payment gifts. These programs assist first time buyers with down payment loans. Often a kick…
Canceling Contract On Home Purchase
What do you do when you run into financing problems and can't fulfill a contract to buy a home. Title problems and financing troubles can very quickly ruin a deal. You need to examine your real estate contract and talk to a lawyer to see if you can walk away from a real estate transaction and how to…
Penalties For Backing Out Of Contract
What happens when you can't get financing after making an offer to buy a home? You may have second thoughts and want to back out of the contract. However, the sellers could sue you and keep your earnest money. Make sure you read your contract carefully and find any clauses about financing that could…
