government loans: ALLOWABLE AND NON ALLOWABLE BUYER COSTS - 07/05/11 08:01 AM
Mortgage financing comes with literally thousands of variables and just as many rules to go along with it. Knowing what is allowed and what isn't can make the difference in how smooth your home loan transaction will be.
Here are some examples to be aware of:
The following items cannot be added to the transaction without a dollar for dollar reduction in sales price since they are considered an "Inducement to Purchase". Having these types of seller concessions in your purchase contract will change the down payment requirement:
Vacations/Air Fare/Hotel Accommodations Gift Cards - even those for repairs or improvements for the … (2 comments)

government loans: The Government is Closed - Please Come Back Later! Will this crush your deal? - 04/07/11 10:28 AM
It is a distinct possibility that the government may actually be shutting down. No one knows yet if it will happen and if so, for how long. But if it does, how does this affect all of us?
If the Republican and Democratic Senate remaing divided, then we are days away from them having the legal authority to spend money expire. If the Federal agencies shut down , it's possible that many aspects of mortgage operations may go down with it.
For example:
4506T processing - Tax transcripts mandatory for all loans SSA Verification - mandatory for all loans Obtaining FHA … (0 comments)

government loans: Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction - 02/05/11 12:25 PM
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing.
If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan.
Short Sales & Foreclosures -
Short sales and foreclosures are everywhere. They often represent great value when looking to by a new home.
However, they also present a unique set of problems that homebuyers need to be aware of and plan for.
1.) Property Condition
Typically, when homeowners are facing foreclosure or looking to short sell their house, it means they … (0 comments)

 


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