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Are home buyer rebates a scam?

By | 2015-04-15T23:42:28+00:00 April 15th, 2015|Buyer Questions|

Answer: They may sound too good to be true, but home buyer rebates are legal in 40 states. The US Department of Justice is urging the remaining ten states to remove their restrictions. The Federal Government recognizes home buyer rebates as being beneficial to consumers. Moreover, the IRS has determined that home buyer refunds are

How to save money when buying a home in Texas

By | 2015-04-15T23:29:13+00:00 April 15th, 2015|Buyer Questions|

Creekview Realty will return 2/3 of our commission back to our buyers at closing. Example: You buy a $300,000 house. In a typical residential real estate transaction, 6% of the sales price is reserved for the agents' commissions. That means real estate agents are paid $18,000 to sell you the $300,000 house. If you think

What are lender non-allowables?

By | 2015-04-15T23:16:05+00:00 April 15th, 2015|Lending Questions|

Answer: Ultimately, lender non-allowables are closing costs that the seller is responsible for paying. In a VA loan, there are several closing costs that are known as lender non-allowable items, because the Veterans Administration does not allow the borrower to pay these costs. The VA limits the amount of origination fees that a lender can

What are VA loan requirements?

By | 2015-04-15T23:12:40+00:00 April 15th, 2015|Lending Questions|

Answer: To qualify for a VA loan, the borrower must either be a veteran or the surviving spouse of a veteran (who was killed in the line of duty or died as a result of a service connected disability). Other VA loan requirements include: The borrower must have served 181 days during peacetime (Active Duty)

FHA versus Conventional Loan; What is the difference?

By | 2015-04-15T23:07:41+00:00 April 15th, 2015|Lending Questions|

Answer: FHA backed loans are easier to qualify for than conventional loans. Even buyers with less than stellar credit histories can often be approved for a FHA loan. This is why FHA loans can be a great option for first time buyers who might otherwise have trouble getting a conventional loan. Borrowers do have to

What are lender required repairs?

By | 2015-04-15T23:00:15+00:00 April 15th, 2015|Lending Questions|

Answer: Lender required repairs must be corrected by the seller before the mortgage bank will fund the buyer's loan. Many people know that a lender might demand repairs for obvious problems such as damaged roofing or cracked foundations but they can also require other items such as siding, windows or doors--even crawl spaces be fixed

What is an Appraisal?

By | 2015-04-15T22:14:59+00:00 April 15th, 2015|Lending Questions|

Answer: An appraisal is the estimate of the market value of a piece of property given by an impartial expert. Typically an appraisal includes references to comparable properties to support the assigned value. When a home is being sold, the buyer usually pays the fee for the appraisal of the property. Appraisal vs. Inspection It

How do I read a HUD?

By | 2015-04-15T21:53:24+00:00 April 15th, 2015|Title Questions|

Answer: As of 8/1/2015, the HUD-1 has been replaced with the Closing Disclosure. It is a summary of all the costs involved in the purchase of a property. A HUD-1 is rarely used now, except for some cash sales and reverse mortgages. Click here for an example of a Closing Disclosure form. Click here for a

How do I read a land survey?

By | 2015-04-15T21:43:05+00:00 April 15th, 2015|Title Questions|

Answer: A land survey is a detailed record of the features, orientation, dimensions, boundaries and overall layout of a given piece of property, all drawn on a two dimensional map. It is based on exact measurements taken by a surveyor and creates a legal description of the land. A survey can tell you if the

What is closing?

By | 2015-04-15T21:33:07+00:00 April 15th, 2015|Title Questions|

Answer: Closing day (AKA settlement) is the day on which the property legally changes hands. The certificate, title deed and abstract will be prepared in advance by the title company or attorney handling the closing. At closing, the contract will be signed by both parties, all funds will be distributed, the deed will be signed