Homebuyer Tip - Applying For Home Financing - 03/11/07 03:27 PM
How quickly must I apply for a loan?
Many sale agreements require buyers to apply for a mortgage within a specific time period, say five business days after the contract is signed. This is a negotiable item, however, and can be any period agreeable to both parties. Of course, a … (2 comments)
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Homebuyer Tip - Rental Income - 03/11/07 03:22 PM
Can I rent out a room to help me qualify for a loan?
Generally no. Lenders have no assurance that such income will be regular and continuing. If you intend to live in the single family residence that you are purchasing, very few lenders will allow you to use "boarder … (0 comments)
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Homebuyer Tip - Seller Contributions - 03/11/07 03:17 PM
What is a "seller contribution?"
Lets say you find a Spokane home that you want to puchase. Your agent will help you write up a sales agreement to purchase the home. A sale agreement typically includes both a purchase price for the property as well as terms and conditions. It … (0 comments)
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Homebuyer Tip - Pros and Cons of Land Contract - 03/10/07 01:09 PM
What are the pros and cons of a land contract?
A land contract may allow a buyer to obtain real estate even if he or she is not able to obtain financing through regular loan channels. A land contract may allow a seller to market a property when interest rates … (0 comments)
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Homebuyer Tip - Land Contract - 03/10/07 01:08 PM
What is a "land contract?"
A "land contract" or "contract for deed" or "agreement for sale" is an installment sale you buy today but only get title after some or all of the payments are made. If you miss a payment, you could lose some or all your equity. Because … (0 comments)
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Homebuyer Tip - Due-On-Sale Clause - 03/10/07 01:06 PM
What is a "due-on-sale" clause?
When a home is financed, the borrower agrees to make regular monthly payments. However, if those payments are not made, if they are late, or if the lender's security is reduced (by not making payments, damaging the property, not maintaining insurance, not paying property taxes, selling … (0 comments)
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Homebuyer Tip - Down Payment - 03/10/07 01:04 PM
Can I discount the sale price to create a down payment?
No. Lenders provide financing based on the sale price or the appraised value, whatever is less. In the case of a "discounted" price, say selling a home worth $250,000 for $240,000, the sale price is $240,000. Lenders do not … (0 comments)
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Homebuyer Tip - Sweat Equity - 03/10/07 01:03 PM
We are handy and want to buy a house using sweat equity for a down payment. Will lenders go for this?
From time-to-time, you hear about lenders that allow the use of sweat equity as a credit toward a down payment, but not all of it. Most lenders, however, are … (0 comments)
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Homebuyer Tip - Accessible Housing Options - 03/10/07 01:00 PM
Where can I get more information regarding accessible housing options?
Try the following sources:
•· State architectural associations.
•· Local builders.
•· State and local builder organizations.
•· Hardware and building supply outlets.
•· University architectural schools.
•· The library of the National Association … (0 comments)
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Homebuyer Tip - Offering Less Than Asking Price - 03/10/07 12:59 PM
We made an offer on a home that was about 5% below the asking price. Our offer was rejected. What can we do to make the owners more reasonable?
Who says the owners aren't reasonable? They have established a market price for their home. If they can get that price … (0 comments)
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Homebuyer Tip - Buying Real Estate With No Money Down - 03/10/07 12:57 PM
Can I buy real estate with no money down?
Yes. Millions of people have bought real estate with no money down through the VA loan program, or using conventional mortgage financing requiring zero down payment.
If you mean, can you buy real estate at a discount of 20% or 25% … (0 comments)
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Homebuyer Tip - Owner Occupied loans - 03/10/07 12:43 PM
How long must I live in a house once I buy?
When you apply for a loan, a lender will ask if you intend to use the property as a primary residence. If the answer is "yes," then it is expected that you will physically move into the property and … (0 comments)
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Homebuyer Tip - "As Is" sale - 03/10/07 12:38 PM
What is an "as is" sale?
An "as is" property is sold without a warranty as to condition, repairs, or structure. With an "as is" sale, the buyer is on notice that the seller makes no promises regarding the property's physical status. With an "as is" sale, it is extremely … (2 comments)
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