Archive for August, 2008
Accessible Housing Information
Question: Where can I get more information regarding accessible housing options? Answer: Try the following sources: State architectural associations. Local builders. State and local builder organizations. Hardware and building supply outlets University architectural schools. RebuildingTogether.org The library of the National Association of Home Builders in Washington, DC. Local public housing agencies. Local chapters of associations [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Adjustments At Closing
Question: We’re selling our home and have prepaid our property taxes through June — two months from now. How do we get this money back? Answer: A sale agreement should contain a clause that deals with adjustments. The prepaid property tax, for example, should be a credit to you at closing and a cost to [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
What If The Appraised Value Is Less Than Sale Price?
Lenders will provide financing on the basis of the sale price or the appraised value — whichever is less. This means if the appraised value is less than the sale price, the seller may have to lower the price, the buyer may have to offer more cash, or both parties may need to make some [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
How Do I Dispute An Appraisal
Question: We are refinancing our home. I think the lender’s appraisal of my home is too low. What can I do to show a higher value? Answer: In general terms an “appraisal” can be seen as an independent estimate of value by a licensed appraiser who is not a party or beneficiary of the transaction. [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Sale Prices Versus Appraised Values
Question: If the appraised value and the sale price of a home are different, which will lenders use when granting a mortgage? Answer: Whichever is lower. Lenders want as little risk as possible, so they will look at both the sale price and the appraised value and then make a loan based on the lower [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Why Do Lenders Want Tax Returns?
There are several reasons why lenders want to review tax returns for the past two or three years. First, they want to assure that the income you claim in your loan application is also the income you report to the IRS. Second, if you are self-employed lenders may be able to “add back” items which [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Can Mortgage Lenders Ignore My Monthly Auto Costs?
Question: Is there any way that auto payments will not reduce my ability to qualify for a loan? Answer: Yes. You MUST tell lenders about all outstanding debt and payments. In the case of an auto loan or other installment debt, some loan programs will not count the debt against qualifying ratios if there are [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Can Unmarried People Buy Real Estate Together?
Sure. Our society, and laws, provide certain benefits for wedded couples. Thus, if two people who are not married wish to buy real estate together, that’s fine. But a few caveats are in order. First, there should be a written agreement among the parties showing who owns what, the rights and obligations of each party, [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Can I Get A Mortgage If I have Tax-Exempt Income?
Lenders have a wonderful expression which explains how non-taxable payments are handled — they are “grossed up.” This means that if you take in $1,000 in tax-exempt payments and state and local taxes are 17 percent, it would take an income of $1,204.82 to have a $1,000 income after taxes. The lender would compute the [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
How Quickly Must I Apply For A Mortgage?
Many sale agreements require buyers to apply for a mortgage within a specific time period, say seven to ten calendar days after the contract is signed. This is a negotiable item, however, and can be any period agreeable to both parties. This is an important matter because if an application is not made, then a [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
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