Housing Wire
MARCH 29, 2022
Chasing down missing pages can require several days of back-and-forth correspondence between processors and borrowers, extending loan cycle times and frustrating borrowers. Consider, for instance, the multitude of scenarios that require lenders to take another look at assets between loan qualification and loan closing.
Housing Wire
FEBRUARY 9, 2021
Specifically, they want to be sure it’s worth the money they’re lending you and, most importantly, that they’ll recoup their investment if you default on the loan. In this situation, your lender approves your loan amount without much hassle. When this happens, your lender will only loan you up to the appraised value.
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HomeLight
SEPTEMBER 30, 2020
The Federal Housing Administration (FHA) is part of HUD’s Office of Housing, and it guarantees certain mortgage loans for lenders by providing mortgage insurance on loans for borrowers who may not qualify for a conventional mortgage ; the lenders in turn provide those mortgages to homebuyers. The home is then sold at a discount by HUD.
Point2Homes
OCTOBER 20, 2021
If a buyer borrows money to help cover the costs of buying the home, the lender they choose will order the appraisal on the property. The appraisal ensures that the lender is not lending more money than the actual property is worth. Typically, lenders will loan the lesser of the appraised value or the purchase price.
Realty Biz
JULY 1, 2023
Depending on how far along in the escrow process you are, this can be done in a variety of ways: Providing a deposit - If you have not yet made an offer on a home, consider providing an earnest money deposit as your first step. Typically, a minimum credit score of 620 is recommended for conventional loans.
HomeLight
AUGUST 31, 2021
As of October 3, 2015, the Closing Disclosure has replaced the HUD-1 Settlement Statement and Truth-in-Lending Statement, combining them into one document. The Closing Disclosure is issued by the buyer’s lender, and is designed to be compared to the Loan Estimate, which is the first estimate of fees the buyer gets when they borrow money.
HomeLight
JUNE 9, 2023
If a buyer asked you to front them the money to buy your house from you, you’d think they were crazy. Believe it or not, there are actually home sellers who offer to loan buyers the money to purchase their property: it’s called owner financing. The bad news is that it’s a private loan between two private citizens.
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