The information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us), we can not represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and can not be verified by Sotheby's International Realty Affiliates LLC. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.

Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. Your real estate agent usually will help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.
Buyers are also taking advantage of two Fannie Mae offer loans; Conventional 97 and HomeReady mortgages, which both allow for a minimum down payment of just 3 percent. HomeReady mortgages are designed for creditworthy, low-to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. Conventional 97 mortgages are designed to help creditworthy home buyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment.
This person will be your lifeline through the process. Not so long ago, people didn’t have much to go on when selecting an agent. A postcard in the mail or a name on a sign might have been all you had to consider if you didn’t have a personal referral. But now it’s a breeze to check reviews online. Go ahead and meet with a few agents and ask some questions. Your agent is your chief advocate, confidante and hand-holder in the process so you want to find a good fit.
However, the devil is in the details. You have to pay back your 401k loans, with interest – typically at 2% above the prime rate. On larger loans, that means several years’ worth of three-figure monthly payments and several thousand in interest charges. Plus, if you take out a 401k loan before applying for a mortgage loan, your credit utilization ratio will spike, which could raise your mortgage loan’s interest rate or cause the bank to think twice about lending to you in the first place.

Beyond program-specific requirements, these special loans have some important drawbacks. Perhaps most importantly, they carry private mortgage insurance (PMI) premiums until LTV reaches 78% (though you can formally request PMI removal at 80% LTV). In some cases, these annual premiums can exceed 1% of the total loan value – an extra $3,000 per year on a $300,000 loan, for instance.
However, the devil is in the details. You have to pay back your 401k loans, with interest – typically at 2% above the prime rate. On larger loans, that means several years’ worth of three-figure monthly payments and several thousand in interest charges. Plus, if you take out a 401k loan before applying for a mortgage loan, your credit utilization ratio will spike, which could raise your mortgage loan’s interest rate or cause the bank to think twice about lending to you in the first place.
Personal Capital has quickly become one of the most popular tools to manage your budget and overall finances. In addition to having a very detailed budget platform with the ability to break everything down by categories, Personal Capital also gives you the tools to track your net worth. Want even more? You can analyze your investment portfolio for fees and to make sure you stay diversified.
"Down payment": It's amazing that these two little words have such a profound influence on your homeownership process—and your life! Ask most people what is an acceptable down payment on a house, and nine times out 10 they'll tell you it's 20% of your home's selling price. So you do the math, figure you'd have to put down $50,000 on a $250,000 house, and break out in hives when you realize that the chances of your getting out of that tiny one-bedroom apartment are slim.
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