Why Are Closing Costs SUCH a Big Deal?

It’s important to understand the closing costs you’ll be responsible for when you sign the dotted line. Buying a home is stressful — period. The searching, the paperwork, the negotiations, and then your carefully accumulated savings, gone in a flash. While the down payment is the primary cost most pay attention to when buying a …

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HUD’s Good Neighbor Next Door Sales Program

In an effort to both strengthen distressed urban communities and reward local public servants, HUD launched the Good Neighbor Next Door Sales Program (GNND). This program offers pre-kindergarten through 12th grade teachers, law enforcement officers, firefighters, and emergency medical technicians the opportunity to purchase a single-family home at 50 percent of the list price, as …

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FHA mortgages are poised to get more expensive

The Federal Housing Administration (FHA) plans to impose significant restrictions on the amount of money that sellers can contribute at closing in the near future. The FHA also will be raising its mortgage insurance premiums during the coming weeks, increasing charges for new purchases across the board. Making sense of the story: One reason for …

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Price is not all that matters in real estate sales

Negotiation strategies differ depending on how well the home is priced and who’s on the other side. If you’re trying to buy a short-sale listing where the lender has to agree to accept less than the amount owed, the seller doesn’t have much say in the negotiations about price unless he can contribute money to …

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