Lending Questions

What are lender non-allowables?

By | 2015-04-15T23:16:05-06:00 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 | 2015-04-15T23:12:40-06:00 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 | 2015-04-15T23:07:41-06:00 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 | 2015-04-15T23:00:15-06:00 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 | 2015-04-15T22:14:59-06:00 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

Do I need an appraisal to sell my house?

By | 2015-04-14T23:49:11-06:00 April 14th, 2015|Lending Questions, Pricing Questions|

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