HomeLight

SEPTEMBER 1, 2020

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. What’s a bank-owned foreclosure?

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HomeLight

AUGUST 29, 2022

Some conventional loans allow for first-time buyers to put as little as 3% down , subject to qualification requirements. FHA Loans usually require a minimum down payment of 3.5% — so if you purchase a house for $325,000, expect to put down at least $11,375 with this type of loan. Closing date. Home warranty.

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HomeLight

JANUARY 27, 2021

Home financing. A lender with a local presence will likely know the ins and outs of your market better than a big bank, and they’ll have local relationships that will make closing your deal easier. Other features : Interest rates are low with USDA loans, but they do come with a 1% upfront fee, and a small monthly fee on top of that.

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HomeLight

AUGUST 9, 2022

As we mentioned, your lender will need to see that you do actually have the money as part of your loan approval process — a current bank statement will usually suffice — but you won’t need to transfer it out until closing day. How much you’ll put down depends on the specifics of your finances, and what kind of mortgage you’re getting.

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HomeLight

JULY 31, 2022

Before properties can be financed, their value and condition is typically examined by a state-licensed, independent appraiser contracted by the buyer’s mortgage company. These are standards related to the overall condition of a property which will play a role in the willingness and/or ability of a lender to finance a buyer’s loan.

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HomeLight

MAY 28, 2021

A seller may lack the resources or finances to complete repairs at the moment and doesn’t want to have that contingency to sell the home. On the other hand, a home in foreclosure might list as-is because the bank doesn’t want to invest money or spend time on fixes. Financing considerations for an as-is purchase.

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HomeLight

AUGUST 24, 2022

These things tend to make the house more appealing without breaking the bank. But if you do end up working with a financed buyer, be aware that different mortgage types (such as conventional loans or government-backed FHA, USDA, or VA loans) have different minimum property standards.

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