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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
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)
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
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
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
Answer: Mortgage lending is complicated, but if you are buying or selling a home, here's what you need to know: The terms pre-qualified and pre-approved are often confused. As a rule, pre-qualified means that the buyer hasn't fully completed a loan application. Pre-qualification is usually done for free over the phone or online as a
Answer: To get a professional opinion on where to price your house, you have 3 options: 1. Schedule a professional appraisal. The cost can vary, but a typical professional appraisal is usually $300-$350.Considering the importance of the pricing decision and the impact of a potentially wrong decision, it's not a bad investment. A professional appraisal
