Community Home Buyers Program CHBP

This low-down-payment, fixed-rate mortgage was designed by Fannie Mae to help creditworthy buyers who can't qualify for standard conventional mortgages. You can choose between a 30-year and a 15-year loan. To qualify you must have income of no more than 100 of your area's median household income. Fannie Mae, however, waives income limits in approximately 600 designated cities across the U.S. ADVANTAGES. CHBP loans require less income and less cash. You may be able to pay as much as 33 of gross...

Temporary Listing Contract

If you think a particular agent has a buyer who might not see or buy your house without the agent's cooperation, you might be persuaded to give the agent a shot at selling your house, but for less than a 6 commission. This calls for a short-term, custom-tailored listing agreement. Tell the agent to come alone to your house (even if the prospective buyer just waits in the car at the curb) and sign a temporary listing agreement that contains the name of the agent, the amount of the commission...

Government Backed Loans

USDA GUARANTEED RURAL HOUSING LOAN PROGRAM. Through the Rural Housing Service (RHS), a part of the U.S. Department of Agriculture's Rural Development (USDA RD) office, qualified low- and moderate-income families can receive loan guarantees for purchasing rural property. To qualify for the program, creditworthiness, down-payment size and appraisals. you must have adequate income, a stable employment profile and good credit history. You must also plan to live in the home you purchase. Other RHS...

Hazards of a Clouded Title

There are circumstances, such as assuming an old loan or using seller financing, that may tempt you to save money by foregoing a title search and new owner's title insurance. The savings aren't worth the risk. Regardless of how great a deal you've found or the customs of the region, you should obtain an owner's title insurance policy. The wisdom of buying title insurance boils down to this You need the protection. Title problems are numerous and varied, and they're on the increase. Some...

Full Refinancing

An owner who trades a 100,000 fixed-rate, 30-year mortgage at 10 for the same loan at 8 is happily saving 144 a month before taxes. Refinancing means paying off your old loan and getting a new first mortgage. Now the bad news. It generally means paying fees for origination, appraisal and credit check, and points, too. What if your rate is 9.5 , or you paid to refinance a couple of years ago, or you have an adjustable-rate mortgage (ARM) with an adjustment due soon...

Special Advice for Fizzbos

F you plan to sell your house yourself, then setting the right price becomes imperative. Study your comparables closely. Get an appraisal. Use it to bolster your sales pitch when necessary. Some fizzbo sellers solicit pricing opinions from real estate agents, even though they don't intend to list the house with an agent. That may strike you as a bit shady, but look at it this way If you don't make a sale within your time frame, you'll probably turn the job over to a professional. Agents may be...