Property Listing

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Weichert Realtors: Homes for Sale & Real Estate Listings in NJ,NY,FL,VA,MD,DC,CT,PA,MA,SC,NC,TX,GA,DE,OH,TN,WV En Espanol City & State, or Zip: MLS #: Price Range: $ ,000 To: $ ,000 Rentals Careers at Weichert Luxury Homes Historic Homes New Homes and Land Corporate Housing Commercial & Investments Insurance Gold Services Relocation Real Estate Schools Referral Associates Franchise Opportunities Start your Home search here, or click on the map. Please Select Alabama Arkansas Connecticut Delaware Florida Georgia Illinois Maryland Massachusetts Missouri New Jersey New York North Carolina Ohio Pennsylvania South Carolina Tennesee Texas Virginia Washington, DC West Virginia Weichert, Realtors proudly donated $1.3 million to the American Red Cross for the victims of Hurricane Katrina Also Search For: Selling · Open Houses · Mortgages · Associates · Offices Browse By State: Alabama Real Estate Properties New York Real Estate Properties Arkansas Real Estate Properties North Carolina Real Estate Properties Connecticut Real Estate Properties Ohio Real Estate Properties Delaware Real Estate Properties Pennsylvania Real Estate Properties Florida Real Estate Properties South Carolina Real Estate Properties Georgia Real Estate Properties Tennesee Real Estate Properties Illinois Real Estate Properties Texas Real Estate Properties Maryland Real Estate Properties Virginia Real Estate Properties Massachusetts Real Estate Properties Washington, DC Real Estate Properties Missouri Real Estate Properties West Virginia Real Estate Properties New Jersey Real Estate Properties Call 1-800-USA-SOLD (1-800-872-7653) Buying a House | Selling a Home | Open Houses | Real Estate Agents | Realtor Offices Find a Mortgage | My Real Estate Listings | About Weichert | Home | Contact Us Real Estate Franchise Opportunities | Weichert Careers © 2005 Weichert Realtors. All rights reserved. Terms of Use | Privacy Statement REALTOR® -- A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS ® and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR® holds membership. © 2005 Weichert Realtors. All Rights Reserved.

Buy Home

FCIC: HUD Home Buying Guide Return to Federal Citizen Information Center Home Page Printer-friendly page -- U.S. Department of Housing and Urban Development THE HUD HOME BUYING GUIDE www.hud.gov espanol.hud.gov YOUR DREAM HOME COULD BE A HUD HOME. OWNING A HOME OF YOUR OWN. Almost everybody has a dream home. A place they like to wander through in their thoughts, choosing imaginary wallpaper and putting in imaginary skylights. But for too many people, dream homes remain just thatdreams. The reality of owning their own home never seems to become theirs. Thats where the United States Department of Housing and Urban Development (HUD) comes into the picture. HUD is a government agency created to help make the American dream of homeownership a real possibility for everyone. Since 1934, HUDs Federal Housing Administration (FHA) has helped millions of Americans unlock the door to homeownership and have a home of their own. We do it by making homebuying easier and more affordable. One way we can do this is by selling homes HUD owns in many communities throughout the U.S., at attractive prices and economical terms. So that home youve been dreaming about just may be one you buy from HUD. But whether you decide on a HUD Home or not, you can use this guide to take you step by step through each stage of finding and buying your own home. HOW MUCH HOME CAN YOU AFFORD? Before you start shopping for a home, you need to know what kind of home to shop for. To determine that, of course, youve got to figure out how much you can afford to pay each month. Fortunately, theres a pretty simple formula for coming up with this number. Its the FHA formula that many mortgage lenders use. The FHA has found that most people can afford to budget 29 percent of their gross monthly income to housing expenses, depending on total debt. Buyers with no debt can budget as much as 41 percent of monthly income to housing. No need to reach for your calculatorweve done the math for you. The two charts on the opposite page should tell you everything you need to know. The first chart tells you how much 29 percent of your monthly income is. Find your annual income, or a figure close to it, in the column at the left. Then read across to find out howmuch yourmonthly gross income is, and finally,what 29 percent of that figureamounts to. This is approximately how much you can spend on total housing costs each month. The second chart tells you how much your monthly mortgage might be based on a homes selling price. Remember to keep in mind that the monthly figure from this second chart is based on a 30-year fixed mortgage and includes monthly principal and interest payments only. Taxes and insurance which vary from community to community are not included. So if 29 percent of your gross income is, say, $604, that doesnt mean you can pay a $604-per-month mortgage. You need to look at a mortgage somewhat below that, to leave room for taxes and insurance. Be sure to ask your lender to help you estimate how much your total costs will be. Annual Gross Income Monthly Gross Income 29% of Gross Income $15,000 $1,250 $363 20,000 1,667 483 25,000 2,083 604 30,000 2,500 725 35,000 2,917 846 40,000 3,333 967 45,000 3,750 1,088 50,000 4,167 1,208 MORTGAGE PAYMENT CALCULATOR. Monthly principal, interest payments for 30-year, fixed rate mortgage.Monthly taxes, insurance not included. COST 6% 6.5% 7% 7.5% 8% 8.5% 9% 9.5% 10% $25,000 $ 150 158 166 175 183 192 201 210 219 $30,000 $ 180 190 200 210 220 231 241 252 263 $40,000 $ 240 253 266 280 293 308 322 336 351 $50,000 $ 300 316 333 350 367 384 402 420 439 $60,000 $ 360 379 399 420 440 461 483 505 527 $70,000 $ 420 442 466 489 514 538 563 589 614 $80,000 $ 480 506 532 559 587 615 644 673 702 $90,000 $ 540 569 599 629 660 692 724 757 790 $100,000 $ 600 632 665 699 734 769 805 841 878 $110,000 $ 660 695 732 769 807 846 885 925 965 $120,000 $ 719 758 798 839 880 923 966 1,009 1,053 $130,000 $ 780 822 865 909 954 1,000 1,046 1,093 1,141 $140,000 $ 839 885 931 979 1,027 1,076 1,126 1,177 1,229 $150,000 $ 899 948 998 1,049 1,101 1,153 1,207 1,261 1,316 $160,000 $ 959 1,011 1,064 1,119 1,174 1,230 1,287 1,345 1,404 $170,000 $1,019 1,075 1,131 1,189 1,247 1,307 1,368 1,429 1,492 IT'S TIME TO STOP TALKING ABOUT IT AND BEGIN DOING SOMETHING ABOUT IT. HELP IS AVAILABLE. You will have lots of questions and countless issues to consider when you buy a home. You'll need someone that can help you through the process.Agood real estate agent is a good place to start. The quality of local schools, neighborhood safety, the number of children in the area, and traffic patterns are just a few of the issues to be considered in shopping for the right home. A real estate professional can be helpful in guiding you to the right source for facts and useful information. And all the financial details that can seem so mind-boggling to first-time home buyers are something the agent deals with every day. He or she will help you figure the price range you can afford, explain the different types of mortgages, guide you through the paperwork, and be there to answer last-minute questions when you sign the final papers at closing. If you're buying a HUD Home, you're required to use a real estate agent. While purchasing a HUD Home may be easier than many private real estate transactions, there are still some requirements which must be metcertain forms that must be used, and procedures that must be followed. But these requirements are clearly stated in advance, and the real estate agent will be there to help you through it all. There are no negotiations between buyer and seller when you buy a HUD Home. This can be a real advantage. There's no haggling about priceeverything is spelled out in black and white. What's more, your offer is responded to promptly, and if it's accepted, closing on the home usually will occur within 30-60 days. Finding a HUD-approved selling broker is not difficult, especially since so many real estate brokers are happy to sell HUD Homes. All you need to do is to call a few brokers who work in the area you're interested in and you'll find someone willing and experienced. Some brokers specifically advertise their desire to sell HUD Homes in the real estate sections of newspapers. Best of all, the valuable help you'll receive from the real estate agent is usually free! In most instances, agents get their sales commission from the home seller, not you, the buyer. Even if you're buying a HUD Home, HUD will pay the broker's commission. THERE'S A HUD HOME WITH YOUR NAME ON IT. Out of all the homes for sale in your area, there is likely to be one that has everything you want. The trick is simply to find it. Of course, your real estate agent can be a big help. But even the agent will need to know what your priorities are. Is a short commute important to you? Or are schools your biggest concern? How many bedrooms do you think you need? Before you begin looking at homes, try to decide in advance exactly what you want. This can save you and the agent a lot of time. It's a good idea to actually write down your wishes, and share the list with your agent. This is helpful because he or she will usually have lists of the properties for sale in your area, including all the HUD Homes. HUD Homes are listed in the local multiple listing service (MLS) and on the internet at www.hud.gov. A broker should have all the information you need. Almost any home you look atwill have room for improvement. But the more that needs to be done to a home, the less you're going to have to pay for it.HUDHomes, because they're sold in as-is condition, can often be a great, affordable opportunity for the fixer-upper. Many are in fine neighborhoods and offer outstanding values. And while some HUD Homes do qualify as handyman specials, many are in very good condition. HUD does not warrant the condition of its properties, butwill give you the information it has about the condition of the property you're interested in. You can use this information in formulating your bid. There's even a HUD loan program available called the 203(K), where buyers can borrow money to make repairs on some properties. You repay these funds later, as part of your mortgage. Just be aware that 203(K) funds aren't available for all houses in all areas. Ask the real estate agent you're working with about 203(K) availability in your area. BEGINNING TO MAKE IT YOUR OWN. Once you've found the home of your dreams, it's time to make an offer to buy it. Before deciding how much to offer, HUD urges you to get a professional home inspection. It can also be helpful to find out how long the home has been on the marketif it's been for sale awhile, the seller may be more willing to bargain. After you and the agent have prepared your offer, he or she will present it to the seller. It may be accepted or rejected, or the seller may counter your offer by asking for a higher price or by making changes in the sales contract. Making an offer to buy a HUD Home is often much easier than the process of buying a homeon the private market.Your bidwill be submitted electronically through a computer, a touchtone telephone or by real estate broker. The person making the highest acceptable bid is generally awarded that HUD Home. Offers for HUD Homes can only be made through a licensed real estate broker. This way, HUD requirements are met and buyers get the help they need. HUD will pay real estate commissions if the commission amount is requested as part of the bid. The initial listing price of each property is HUD's estimate of current fair market value and is based upon an appraisal conducted by an independent real estate appraiser. HUD may accept an offer that is less than the listing price, depending on market conditions and the length of time the property has been on the market. In some instances, buyers will offer more than the listing price if they believe the market conditions demand it or if the home is particularly appealing. It is important for buyers to be aware of the property values established by HUD and submit offers knowingly. You will generally make your offer for a HUD Home during a designated Listing Period. With the commencement of the Initial Listing Period, bids may be submitted by all potential purchasers. However, priority will be given to owner-occupant purchasers for the first 10 calendar days as follows: All owner-occupant offers received during the first five days of this10 day period will be considered to have been received simultaneously. On the first business day following the expiration of the five day period, owner-occupant bids are reviewed, at which point the highest acceptable net owner-occupant will be accepted. Should there be no acceptable owner-occupant bids, owner-occupant bids will be reviewed on a daily basis for the remaining five days. At each such daily review, HUD will accept the highest acceptable net owner-occupant bid. At the conclusion of the 10-day owner-occupant priority period, should the property remain unsold, a review of all general public bids (e.g. investor) received during the 10 day period will be conducted. Earnest money. When you make an offer on a home, the seller will usually require an earnest money deposit as proof that your offer is serious. If the offer is accepted, your earnest money deposit will become part of your down payment or closing costs. If your offer is rejected, the broker will return your earnest money to you. YOU'RE ALMOST HOME. DIFFERENT LOANS FOR DIFFERENT HOME BUYERS. Just as there is more than one kind of home, there is more than one way to finance it. Mortgage lenders have come up with many different methods of helping you pay for a home each one with its own advantages and disadvantages. First of all, you should know that HUD itself does not provide financing. You obtain financing through a bank or mortgage lender. Since many HUD Homes are eligible for FHA-insured mortgage loans, this can make financing easier to obtain. However, you are not required to get an FHA loan to buy a HUD Home. Fixed-Rate Mortgage. With a fixed-rate mortgage, your interest rate stays the same for the term of the mortgage, which is usually 30 years. Your principal and interest payment remains stable, making it easier to plan a monthly budget. However, initial interest rates tend to be higher than with other types of loans. Adjustable-Rate Mortgage. With an ARM, your interest rate and monthly payments start out lower than with a fixed-rate, but your rate and payments can change either up or down, depending on where interest rates in general are going. (If they're going up, your monthly payments will probably go up as well, sometimes significantly.) FHA-Insured Mortgage. In this type of loan, the Federal Government insures the lender against loss in case the home buyer defaults on the loan. This program was set up so that Americans who can't afford the 10 percent to 20 percent down payment required by most lenders can still buy a home. Many HUD Homes can be bought with FHA-insured mortgages, which allow you to purchase the home with a low down payment. You do not have to be a first-time buyer in order to qualify for an FHA loan. VA Loan.Under this program, the Department of Veterans Affairs guarantees the lender against loss. HUD Homes may be purchased with a VA loan or any other loan. Assumable or Non-Assumable. You may find a home with a mortgage loan you can assume from the previous owner. This means that the lender is willing to transfer the old loan on the home to you. These loans can be wonderful bargains, and the paperwork is usually not very complicated. Before you decide which loan is right for you, talk to your loan officer. You'll get information that will help you figure out which option best suits your needs. HUD BRINGS UP-FRONT COSTS DOWN. The costs of buying a home are more than just the price you agree to pay for it. Before you move in, you'll have to pay various charges, which we explain below. The good news is, with HUD Homes these costs may be lower than they are with other homes. DOWN PAYMENT. Most people know that a down payment is a percentage of the price of the home that must be paid up front, in cash. The typical downpayment is three percent and family members may give a gift to make up the balance of the downpayment. CLOSING COSTS. This term covers various fees your lender charges for providing your loan, and other expenses. Closing costs typically add up to about 3 percent or 4 percent of the price of your home, depending on where you purchase it. But when you buy a HUD Home, these costs may be picked up by HUD if this incentive is offered by HUD and if they are specifically requested, by dollar amount, in the bid offering. If you buy a HUD Home, HUD may pay many of your usual and customary closing expenses plus real estate sales commissions. Just remember that closing costs and sales commissions are deducted from the bid amount in making the decision as to which offer brings the greatest return to HUD. Since bidding is competitive, you may, in order to offer a more competitive bid, pay your own closing costs. This makes HUD's net return greater, making your bid more favorable and increasing the likelihood that HUD will accept your offer. COMMISSIONS. These are paid to the broker by the seller, and usually amount to 6% or 7% of the cost of the house.When you buy aHUDHome, the selling agent's commissions are usually paid by HUD. CHECKING IT OUT BEFORE YOU CHECK IN. Before you buy anything, you'll want to know exactly what it is you're getting. With something as important as your home, you can't know too much. That's why it's a good idea to get a professional inspection of your home even before you make the offer. HUD strongly urges every home buyer to get a professional inspection, whether you're buying a HUD Home or not. HUD Homes are sold in as-is condition. That means you agree, if you buy the home, to accept it in its present condition. HUD does not pay for the correction of defects in existing homes that it sells or on homes purchased with FHA-insured mortgages. The owner of the home will be responsible for needed repairs. Therefore, be sure of the condition of the home before you submit your offer. THE FINISH LINE. The day you finally close on your new home will probably be one of the most exciting in your life. Finally, the long, tedious process of finding a home and getting a loan is over, and by the time the day is done, you'll be the proud and happy owner of your new home. Before that day ends, you will be asked to sign a seemingly endless number of forms, but the closing agent will go over each one with you. It's all necessary, but you can make it a little easier by asking the real estate agent about it before the big day comes. Also, when you apply for your loan, your lender is required to give you a booklet explaining closing costs, an estimate of how much cash you'll have to supply at the closing, and a list of all the documents you'll need. If you have any questions, perhaps they are answered in the Q and A section that follows. If not, why not go straight to the phone right now, and call a real estate agent and ask about HUD Homes? It's a small, first step. But the journey could eventually end at the door to a home you call your own. Good luck and have fun! QUESTIONS AND ANSWERS ABOUT HUD HOMES. What is a HUD Home? A HUD Home may be a single-family house, a townhome, condominium or other type of residence. The properties were deeded to HUD/FHA by mortgage companies who had foreclosed on FHA-insured mortgage loans. Now HUD must sell these homesas quickly as possible at market valuein order to obtain the maximum financial return on its mortgage insurance funds. Who can buy a HUD Home? Anyone who has the money or can qualify for the necessary amount of mortgage financing can purchase a HUD Home. You do not have to be low-income or meet any other such limitations. Can I get a HUD Home for free, or for one dollar? No. HUD acquires its properties through the foreclosure of FHA insured mortgages. One of HUD's many missions is to maximize return to the FHA insurance fund, which it does by selling the properties at fair market value. How do I buy a HUD Home? Our policy is to market acquired properties on a competitive basis with offers being submitted through any participating licensed real estate broker. Local brokers will assist you in the transaction. They can show the property to prospective buyers, as well as answer questions and provide information on the location of parks, schools, shopping, and employment centers. Are HUD Homes meant for low income people? HUD Homes come in a variety of price ranges, though most are affordably priced, making them accessible to low and moderate income Americans. What are the income requirements? If youmake a cash purchase, there are no income requirements. Otherwise, you must be able to qualify for a particular type of mortgage financing based on established mortgage lending criteria (see page 3). How does HUD decide how much to charge for a HUD Home? The listing price of a HUD property is a price based on the appraised value. Can investors purchase HUD Homes? Yes. However, HUD offers its properties to owner/occupants for a period before making them available to investors. What happens if I can't close the sale within the time permitted by HUD? You'll probably have to pay fees for an extension of time, usually in increments of 15 days. Is there any way for me to get advanced notice about homes that will be coming up for sale? No. HUD Homes are listed for sale in the local multiple listing service (MLS), the Internet at www.hud.gov or ask your broker. A WORD ABOUT LEAD-BASED PAINT. HUD and the Environmental Protection Agency (EPA) have begun a nationwide effort to alert home buyers to the risk that older homes may contain lead-based paint. Lead exposure can be harmful to young children. If you are making an offer on a home constructed prior to 1978, you should receive a copy of the EPA pamphlet Protect Your Family from Lead in Your Home from your broker. You will be required to submit a lead-based paint addendum with your offer on the HUD Home. You will be given the opportunity to conduct a risk assessment or lead-based paint inspection (at your own expense) prior to being obligated under the contract. TERMS YOU NEED TO KNOW. Adjustable Rate Mortgage (ARM) . A type of mortgage rate loan whose interest rate changes periodically up or down, usually once or twice a year. Annual Percentage Rate (APR). Everything financed in your mortgage loan package (interest, loan fees, points or other charges) expressed as a percentage of the loan amount (usually slightly above the actual interest rate alone). Assumable Loan. A loan in which the lender is willing to transfer from the previous owner of the home to the new owner, sometimes at the same interest rate, sometimes at a new rate. An assumable loan can make your home more attractive to buyers when you want to sell. Closing Costs. Costs the buyer must pay at the time of closing in addition to the down payment: including points, mortgage insurance premium, homeowners insurance, prepayments for property taxes, etc. Closing costs average 3 percent -4 percent of the loan amount. If you're buying a HUD Home, you can request they be paid by HUD, if the sales incentive is offered. Contingency. A condition put on an offer to buy a home; such as the prospective buyer making an offer contingent on his or her sale of a present home. Conventional Mortgage. A type of mortgage not insured by either the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA), and thus usually requiring a 10 percent - 20 percent down payment. (HUD Homes may be purchased with a conventional mortgage.) Earnest Money. Funds submitted with an offer to show good faith to follow through with the purchase. Earnest money is placed by the broker in an escrow/trust account until closing, when it becomes part of the down payment or closing costs. (HUD generally requires an earnest money deposit of $500-$2,000.) Escrow. A procedure in which documents or transfers of cash and property are put in the care of a third party, other than the buyer or seller. FHA Financing. Financing for a loan which will be insured against loss by the Federal Housing Administrationa part of the U.S. Department of Housing and Urban Development (HUD). Such financing allows for a lower down payment than required by most lenders. Homeowners Insurance. Insurance that protects the homeowner from casualty (losses or damage to the home or personal property) and from liability (damages to other people or property). Required by the lender and usually included in the monthly mortgage payment. Loan Origination Fee. A fee charged by the lender for evaluating, preparing, and submitting a proposed mortgage loan. Mortgage Insurance Premium (MIP). A charge paid by the borrower (usually as part of the closing costs) to obtain financing, especially when making a down payment of less than 20 percent of the purchase price, for example on an FHA-insured loan. Point. An amount equal to one percent of the principal amount being borrowed. The lender may charge the borrower several points in order to provide the loan. Property Taxes. Taxes (based on the assessed value of the home) paid by the homeowner for community services such as schools, public works, and other costs of local government. Paid as a part of the monthly mortgage payment. Title Insurance. Protects lenders and homeowners against loss of their interest in property due to legal defects in the title. VA Loan. A loan guaranteed by the Department of Veterans Affairs against loss to the lender, and made through a private lender. (HUD Homes may be purchased with a VA loan.) U.S. Department of Housing and Urban Development Office of Single Family Housing 451 Seventh Street, SW Washington DC 20410-3000 August 2004 Return to Federal Citizen Information Center Home Page Printer-friendly page --

Home Mortgage Insurance Home

Looking for the Best Mortgage ESPAÑOL Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage--whether it’s a home purchase, a refinancing, or a home equity loan--is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars. Skip to content Obtain information from several lenders Obtain all important cost information Obtain the best deal that you can Remember: Shop, compare, negotiate Fair lending is required by law Credit problems? Glossary Mortgage shopping worksheet For more information Obtain Information from Several Lenders Home loans are available from several types of lenders-- thrift institutions , commercial banks, mortgage companies, and credit unions. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a home loan through a mortgage broker . Brokers arrange transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a wider selection of loan products and terms from which you can choose. Brokers will generally contact several lenders regarding your application, but they are not obligated to find the best deal for you unless they have contracted with you to act as your agent. Consequently, you should consider contacting more than one broker, just as you should with banks or thrift institutions. Whether you are dealing with a lender or a broker may not always be clear. Some financial institutions operate as both lenders and brokers. And most brokers’ advertisements do not use the word "broker." Therefore, be sure to ask whether a broker is involved. This information is important because brokers are usually paid a fee for their services that may be separate from and in addition to the lender’s origination or other fees. A broker’s compensation may be in the form of "points" paid at closing or as an add-on to your interest rate , or both. You should ask each broker you work with how he or she will be compensated so that you can compare the different fees. Be prepared to negotiate with the brokers as well as the lenders. Obtain All Important Cost Information Be sure to get information about mortgages from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough. Ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. The following information is important to get from each lender and broker: Rates Ask each lender and broker for a list of its current mortgage interest rates and whether the rates being quoted are the lowest for that day or week. Ask whether the rate is fixed or adjustable . Keep in mind that when interest rates for adjustable-rate loans go up, generally so does the monthly payment. If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced when rates go down. Ask about the loan’s annual percentage rate (APR) . The APR takes into account not only the interest rate but also points, broker fees, and certain other credit charges that you may be required to pay, expressed as a yearly rate. Points Points are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points you pay, the lower the rate. Check your local newspaper for information about rates and points currently being offered. Ask for points to be quoted to you as a dollar amount--rather than just as the number of points--so that you will actually know how much you will have to pay. Fees A home loan often involves many fees, such as loan origination or underwriting fees , broker fees, and transaction, settlement, and closing costs . Every lender or broker should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. In some cases, you can borrow the money needed to pay these fees, but doing so will increase your loan amount and total costs. "No cost" loans are sometimes available, but they usually involve higher rates. Ask what each fee includes. Several items may be lumped into one fee. Ask for an explanation of any fee you do not understand. Some common fees associated with a home loan closing are listed on the Mortgage Shopping Worksheet in this brochure. Down Payments and Private Mortgage Insurance Some lenders require 20 percent of the home’s purchase price as a down payment. However, many lenders now offer loans that require less than 20 percent down--sometimes as little as 5 percent on conventional loans . If a 20 percent down payment is not made, lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay. When government-assisted programs such as FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services are available, the down payment requirements may be substantially smaller. Ask about the lender’s requirements for a down payment, including what you need to do to verify that funds for your down payment are available. Ask your lender about special programs it may offer. If PMI is required for your loan, Ask what the total cost of the insurance will be. Ask how much your monthly payment will be when including the PMI premium. Ask how long you will be required to carry PMI. Obtain the Best Deal That You Can Once you know what each lender has to offer, negotiate for the best deal that you can. On any given day, lenders and brokers may offer different prices for the same loan terms to different consumers, even if those consumers have the same loan qualifications. The most likely reason for this difference in price is that loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Generally, the difference between the lowest available price for a loan product and any higher price that the borrower agrees to pay is an overage . When overages occur, they are built into the prices quoted to consumers. They can occur in both fixed and variable-rate loans and can be in the form of points, fees, or the interest rate. Whether quoted to you by a loan officer or a broker, the price of any loan may contain overages. Have the lender or broker write down all the costs associated with the loan. Then ask if the lender or broker will waive or reduce one or more of its fees or agree to a lower rate or fewer points. You’ll want to make sure that the lender or broker is not agreeing to lower one fee while raising another or to lower the rate while raising points. There’s no harm in asking lenders or brokers if they can give better terms than the original ones they quoted or than those you have found elsewhere. Once you are satisfied with the terms you have negotiated, you may want to obtain a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, and the number of points to be paid. A fee may be charged for locking in the loan rate. This fee may be refundable at closing. Lock-ins can protect you from rate increases while your loan is being processed; if rates fall, however, you could end up with a less favorable rate. Should that happen, try to negotiate a compromise with the lender or broker. Remember: Shop, Compare, Negotiate When buying a home, remember to shop around, to compare costs and terms, and to negotiate for the best deal. Your local newspaper and the Internet are good places to start shopping for a loan. You can usually find information both on interest rates and on points for several lenders. Since rates and points can change daily, you’ll want to check your newspaper often when shopping for a home loan. But the newspaper does not list the fees, so be sure to ask the lenders about them. The Mortgage Shopping Worksheet that follows may also help you. Take it with you when you speak to each lender or broker and write down the information you obtain. Don’t be afraid to make lenders and brokers compete with each other for your business by letting them know that you are shopping for the best deal. Fair Lending Is Required by Law The Equal Credit Opportunity Act prohibits lenders from discriminating against credit applicants in any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, age, whether all or part of the applicant’s income comes from a public assistance program, or whether the applicant has in good faith exercised a right under the Consumer Credit Protection Act. The Fair Housing Act prohibits discrimination in residential real estate transactions on the basis of race, color, religion, sex, handicap, familial status, or national origin. Under these laws, a consumer cannot be refused a loan based on these characteristics nor be charged more for a loan or offered less favorable terms based on such characteristics. Credit Problems? Still Shop, Compare, and Negotiate Don’t assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders.If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don’t assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can. Whether you have credit problems or not, it’s a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, contact: Equifax: (800) 685-1111 TransUnion: (800) 888-4213 Experian: (888) 397-3742 Glossary Adjustable-rate loans , also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered. Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA). Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance. Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan. The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions. Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount. Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing. A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan. Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs. Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value. Thrift institution is a general term for savings banks and savings and loan associations. Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range. Mortgage Shopping Worksheet File for Printing Worksheet (12KB PDF) Lender 1 Lender 2 Name of Lender: ___ ___ Name of Contact: ___ ___ Date of Contact: ___ ___ Mortgage Amount: ___ ___ mortgage 1 mortgage 2 mortgage 1 mortgage 2 Basic Information on the Loans Type of Mortgage: fixed rate, adjustable rate, conventional, FHA, other? If adjustable, see below ___ ___ ___ ___ Minimum down payment required ___ ___ ___ ___ Loan term (length of loan) ___ ___ ___ ___ Contract interest rate ___ ___ ___ ___ Annual percentage rate (APR) ___ ___ ___ ___ Points (may be called loan discount points) ___ ___ ___ ___ Monthly Private Mortgage Insurance (PMI) premiums ___ ___ ___ ___ How long must you keep PMI? ___ ___ ___ ___ Estimated monthly escrow for taxes and hazard insurance ___ ___ ___ ___ Estimated monthly payment (Principal, Interest, Taxes, Insurance, PMI) ___ ___ ___ ___ Fees Different institutions may have different names for somefees and may charge different fees. We have listed some typical fees you may see on loan documents. Application fee or Loan processing fee ___ ___ ___ ___ Origination fee or Underwriting fee ___ ___ ___ ___ Lender fee or Funding fee ___ ___ ___ ___ Appraisal fee ___ ___ ___ ___ Attorney fees ___ ___ ___ ___ Document preparation and recording fees ___ ___ ___ ___ Broker fees (may be quoted as points, origination fees, or interest rate add-on) ___ ___ ___ ___ Credit report fee ___ ___ ___ ___ Other fees ___ ___ ___ ___ Other Costs at Closing/Settlement Title search/Title insurance For lender ___ ___ ___ ___ For you ___ ___ ___ ___ Estimated prepaid amounts for interest, taxes, hazard insurance, payments to escrow ___ ___ ___ ___ State and local taxes, stamp taxes, transfer taxes ___ ___ ___ ___ Flood determination ___ ___ ___ ___ Prepaid Private Mortgage Insurance (PMI) ___ ___ ___ ___ Surveys and home inspections ___ ___ ___ ___ Total Fees and Other Closing/Settlement Cost Estimates ___ ___ ___ ___ Lender 1 Lender 2 Name of Lender: mortgage 1 mortgage 2 mortgage 1 mortgage 2 Other Questions and Considerations about the Loan Are any of the fees or costs waivable? ___ ___ ___ ___ Prepayment penalties Is there a prepayment penalty? ___ ___ ___ ___ If so, how much is it? ___ ___ ___ ___ How long does the penalty period last? (for example, 3 years? 5 years?) ___ ___ ___ ___ Are extra principal payments allowed? ___ ___ ___ ___ Lock-ins Is the lock-in agreement in writing? ___ ___ ___ ___ Is there a fee to lock-in? ___ ___ ___ ___ When does the lock-in occur—at application, approval, or another time? ___ ___ ___ ___ How long will the lock-in last? ___ ___ ___ ___ If the rate drops before closing, can you lock-in at a lower rate? ___ ___ ___ ___ If the loan is an adjustable rate mortgage: What is the initial rate? ___ ___ ___ ___ What is the maximum the rate could be next year? ___ ___ ___ ___ What are the rate and payment caps each year and over the life of the loan? ___ ___ ___ ___ What is the frequency of rate change and of any changes to the monthly payment? ___ ___ ___ ___ What is the index that the lender will use? ___ ___ ___ ___ What margin will the lender add to the index? ___ ___ ___ ___ Credit life insurance Does the monthly amount quoted to you include a charge for credit life insurance? ___ ___ ___ ___ If so, does the lender require credit life insurance as a condition of the loan? ___ ___ ___ ___ How much does the credit life insurance cost? ___ ___ ___ ___ How much lower would your monthly payment be without the credit life insurance? ___ ___ ___ ___ If the lender does not require credit life insurance, and you still want to buy it, what rates can you get from other insurance providers? ___ ___ ___ ___ This brochure was prepared by the following agencies: Department of Housing and Urban Development Department of Justice Department of the Treasury Federal Deposit Insurance Corporation Federal Housing Finance Board Federal Reserve Board Federal Trade Commission National Credit Union Administration Office of Federal Housing Enterprise Oversight Office of the Comptroller of the Currency Office of Thrift Supervision These agencies (except the Department of the Treasury) enforce compliance with laws that prohibit discrimination in lending. If you feel that you have been discriminated against in the home financing process, you may want to contact one of the agencies listed above about your rights under these laws. For more information on home lending issues, visit ( http://www.consumer.gov ), write to the Federal Citizen Information Center, Pueblo, CO 81009 or visit the Center’s Web site at ( http://www.pueblo.gsa.gov ). The following brochures are available from the Center: A Consumer’s Guide to Mortgage Lock-Ins A Consumer’s Guide to Mortgage Refinancing Buying Your Home: Settlement Costs and Helpful Information Consumer Handbook on Adjustable Rate Mortgages Guide to Single Family Home Mortgage Insurance Home Buyer’s Vocabulary Home Mortgages: Understanding the Process and Your Rights to Fair Lending How to Buy a Home with a Low Down Payment How to Dispute Credit Report Errors The HUD Home Buying Guide What You Should Know About Home Equity Lines of Credit Home | Consumer information | Publications | Brochures | Accessibility | Contact Us Last update: January 22, 2004

Land Loans for Residential

Construction Lot Loans Construction Loans for Custom Residential Properties | 4 Contact Us | 4 About Us | 4 Disclosures | 4 Privacy | 4 Media Kit | 4 Site Map | Tips On Choosing a Contractor Stated Income Program Time Line NEW LOAN Prime Minus One Today's Rate 6.00% * *During Construction Land Loans for Residential Construction Our Lot loan program is one of our more popular products. T hese land loans are designed as purchase money loans for those borrowers who aren’t ready to begin construction at this time, and as such are not ready to obtain a construction loan, but will be ready in the near future. T he lot must be normal for the area and at least one utility must be available from the street. (Septic tanks, propane tanks, are acceptable if these features are normal for the neighborhood.) J ust like in construction loans we can fund this loan both as a Full or Alternate Doc and as a Reduced Doc (Stated income) loan. For Fully Documented Loans we offer 80% LTV/CLTV to a maximum loan amount of $500,000 for credit scores of 620, with 6 months PIT reserves and a maximum back-end debt ratio of 42%. 90% LTV/CLTV to a maximum loan amount of $300,000, for credit scores of 700, with 24 months PIT reserves and a maximum back-end ratio of 42%. 85% LTV/CLTV to a maximum loan amount of $300,000, for credit scores of 700, with 24 months PIT reserves and a maximum back-end debt ratio of 42%. For Reduced Documentation (stated Income, verified assets) loans we offer: 75% LTV/CLTV to a maximum loan amount of $300,000, for credit scores of 680, with 6 months PIT reserves. 70% LTV/CLTV to a maximum loan amount of $500,000 for credit scores of 680+/- with 6 months PIT reserves and maximum back-end debt ratio of 42%. 85% LTV/CLTV to a maximum loan amount of $300,000. for credit scores of 700+ with 24 months PIT reserves and a maximum back-end debt ratio of 42% We offer two repayment options; A 30/2 fixed rate laon. This is amortized over 30 years and all due and payable in two years. A 30/5 adjustable rate loan. This program is amortized over 30 years and all due and payable in five years. We offer two index plans for the 30/5. A 12 MAT product with a start rate that is fixed for the first 3 months and then adjusts monthly; and a 6 month LIBOR with a start rate that is fixed for the first 6 months and then adjusts every 6 months thereafter. We will lend on parcels up to 50 acres at the following LTVs; 0-20- The above guidelines apply. 20.01 – 30 –75% LTV maximum 30.01 – 40- 70% LTV maximum 40.01 – 50 – 65% LTV maximum We do not currently offer a refinance option on lot loans so pick the term that best fits your needs. In fact most lenders do not offer a refinance option and it goes without saying that if you don’t choose the loan carefully you will end up having to refinance using a very expensive loan or rush into a construction loan. Questions? Call us at 1-800-246-2468 , we Love talking construction loans. Or send an email , for a prompt reply. More Information ABOUT Home Equity Line of Credit You can borrow against the equity in your present property and use the proceeds to use for the down payment of your new homes construction loan. We offer home equity lines of credit for up to 100% of the value of your property, including both documented and stated income programs. House Plans B uilder ready house plans or architects. Search sources for professionally designed house plans from the smallest family house to the largest mansion designed by some of North Americas best architects. No Doc Construction Loans W e offer a whole range of no income documentation construction loans . Programs include stated income, limited doc, no doc and no income. Our consultants will help you pick the right one for you. Thinking of building a Modular Home and take advantage of the time saving features of this type of construction? Our construction loans will accommodate up front deposits required. Modular Homes. [ Home | Site Map | Construction | Remodeling | Lot Loans | Equity Based | Spec Loans | Application | Contact Us | Documentation ] [ Mortgage Calculator | Rates & Fees | Let 'em Know | Let Us Know | F.A.Q. | Resources | Prime Construction Loan | About Us ] [ Privacy Policy | Disclosures ] [ Contact Us | Home Plans | Media Kit | Home Equity Line | Construction Loans FAQ Home Page ] 1999-2005, Construction Loans Center at Mark 1 Mortgage. All Rights Reserved. Mark 1 Mortgage Is a California Corporation, Licensed By The Federal Housing Commissioner, and The California Department of Real Estate. For Details Please Go to the About Us Page