Closing Costs and the “Good Faith Estimate”
After you have applied for a loan, your broker or lender is required to mail a Good Faith Estimate (GFE) to you within 3 days of receiving your application. The GFE gives you the breakdown of closing costs and prepaid items that you must pay at Close of Escrow. This...A Gift as Your Down Payment
If your family has the ability to gift you money to use towards the down payment on your home purchase, we need to make sure that it complies with certain rules. Here are some highlights and tips you should be aware of: CONVENTIONAL LOANS: If your total down payment...Home Affordable Modification
For those of you whom are unable to refinance because your value has declined and who do not qualify under the Fannie Mae Refi Plus program, your only option is to ask your servicer for a loan modification. I’m working on gathering information from people who...When you’re looking to buy a home…
Be wary of the property’s condition and the work that needs to be done. You may be a handy, do-it-yourself person, but lenders have specific rules about what constitutes a “livable” home. Even if you agree to buy the home “as-is”, the...First Time Homebuyer Tax Credit up to $8000
I have to first preface this post by stating that I am not a tax advisor and cannot guarantee any of the following information. But I can let you know some of the requirements and stipulations for qualifying for the First Time Homebuyer tax credit. First time...Loan Calculator
Try for free!
Free eBook
