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What are VA loan requirements?

By |2015-04-15T23:12:40-06:00April 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 |2015-04-15T23:07:41-06:00April 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 |2015-04-15T23:00:15-06:00April 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 |2015-04-15T22:14:59-06:00April 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 |2015-04-15T21:53:24-06:00April 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 |2015-04-15T21:43:05-06:00April 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 |2015-04-15T21:33:07-06:00April 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

What Does Cloud on Title Mean?

By |2015-04-15T21:22:55-06:00April 15th, 2015|Title Questions|

Answer: The term "cloud on title" means that there appears to be an outstanding claim or lien which adversely affects the marketability of said title. In other words, a third party has some form of interest in the property which reduces the value and hampers the sale. A cloud on title can be as simple

What is earnest money?

By |2015-04-15T21:15:13-06:00April 15th, 2015|Title Questions|

Answer: Earnest money is a good faith deposit on the property that a buyer wants to purchase. Earnest money is typically between 1/2 to 1% of the offer price of the home (usually 1%). It's used to pay closing costs as well as the down payment. Earnest money is held in a non-interest bearing account

What is a Certificate of Title?

By |2015-04-15T21:05:17-06:00April 15th, 2015|Title Questions|

Answer: A certificate of title is issued by a title company and states that the seller has a clear, marketable and insurable title on the property. Basically, it's a form of documentation that proves a given seller actually owns the property that they have listed for sale. A certificate of title offers some measure of