article thumbnail

The risk of zero-down loans while the Fed talks recession

Housing Wire

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. The entire system has to be designed to inflate the price over time. This is what we do in America.

Loans 543
article thumbnail

What to Know About FHA Loans

Realty Biz

They are designed to allow borrowers with lower credit scores and less money saved for a down payment to buy a home. The FHA limits the amount lenders can charge in closing costs, which can be paid by sellers or added to the loan amount. We take a look at FHA loan requirements. What are FHA Loans?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 of the Top We Buy Houses for Cash Companies in Lakeland, Florida

HomeLight

This company assigns customers to a designated coordinator who provides updates and works directly with you. They also specialize in quick sales, stating on their website that they usually deliver a cash offer within one hour and can close in as little as seven days. The company also takes pride in its customer relationships.

article thumbnail

5 Easy Ways to Impress New Florida Homebuyers

Boom Town

While many actually protect your home against foreclosure, even if you file for bankruptcy, if you purchase a home in an HOA community you may lose this right because the homeowner’s association has the right to foreclose on your home. Educate buyers on Home Inspections and Closing Costs in Florida.

article thumbnail

Selling a House ‘As Is’ in North Carolina

HomeLight

Any known flood hazard or if the property is located in a federally-designated flood hazard area. If the property is the subject of any lawsuits, foreclosures, bankruptcy, leases or rental agreements, judgments, tax liens, proposed assessments, or other liens or notices that could affect title to the property. Main home systems.

As-is 85
article thumbnail

Your Go-To Guide on How to Save for a House on a Low Income

HomeLight

The most important factors in calculating this are your total monthly income, your monthly minimum debt payments, cash you have on hand that will help cover a down payment and closing costs, and your credit profile. We’ll start with your credit profile. For most home loans, a credit score of at least 620 is needed. USDA loans.

Loans 83
article thumbnail

Here’s How You Can Make an Offer On a House Without a Realtor® in 9 Steps

HomeLight

We’re bound by a certain code of ethics that really governs everything that we do and is designed to protect our clients and to put our clients first.”. Liens are generally tied to debts, unpaid taxes, bankruptcy, or more. Do you want the seller to cover closing costs? Zoning contingency. Step 5: Make your asks.