A consumer’s guide to owning a home with less than three percent down. If you’re dreaming of buying a home, congratulations. You’re in good company! About two-thirds of the nation’s households own their own home. This brochure describes how families can get into their own homes with little cash up front. It explains mortgage insurance and...
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FAIR HOUSING ACT Sec. 800. Short Title This title may be cited as the “Fair Housing Act”. Sec. 801. Declaration of Policy It is the policy of the United States to provide, within constitutional limitations, for fair housing throughout the United States. ...
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* Why do you need title insurance? Title insurance plays a major role in making certain that your home ownership is free and clear of any rights or claims of prior owners. It is possible for other prior owners to hold a legitimate claim against your home. Problems with the title can limit your use...
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IRRRL Facts for Veterans IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.” Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from...
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General questions about VA loans that may arise BEFORE you get one Q: What is a VA Guaranteed Home Loan? A: VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The...
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Veterans Mortgage General Rules for Eligibility Military Service Requirements for VA Loan Eligibility: Note: Applications involving other than honorable discharges will usually require further development by VA. This is necessary to determine if the service was under other than dishonorable conditions. Wartime – Service During: * WWII: 9/16/1940 to 7/25/1947 ...
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SETTLEMENT / CLOSING Based On HUD’s Settlement Booklet Finally, you’ve gone through the whole process, and you’re ready to go to “settlement” or “closing.” We know you’ll be excited, but be sure to read everything you sign! It’s often a good idea to read the settlement papers in advance of your settlement date. It is...
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Knowing your mortgage qualification is the first step. You can get pre-qualified for a mortgage, and get a pretty good idea of what you can borrow. However, i f you get pre-approved for a mortgage, you will remove any uncertainty. A pre-approval is also important as you negotiate the purchase of your property. Buying a...
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HUD’s Homebuying Wishlist The Basics 1. What part of town (or country) do you want to live in? 2. What price range would you consider? No less than _________ but, no more than __________. 3. Are schools a factor and, if so, what do you need to take into consideration (e. g., want specific school system, want kids to be...
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