Q&A

June 24, 2016

HHA Program!

Nov. 13, 2015

Q&A Series #9

Q: How Do Capital Gains Work When You Sell Your Home?

A. If you sell your primary residence, you may be able to exclude up to $250,000 of gain—$500,000 for married couples—from your federal tax return. To claim the exclusion, the IRS says your home must have ...

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Nov. 9, 2015

Q&A Series #8

Q: How Can I Finance Work Needed on a Fixer-Upper?

A: According to the Millennial Housing Commission created by Congress, few lenders are willing to administer home improvement loans. Most prefer to make home equity loans or unsecured consumer loans because they are easier to manage. Home improvement loans usually ...

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Nov. 6, 2015

Q&A Series #7

Q: What is a Hybrid Loan?

Q: Also called a fixed-period ARM, these crossbreed loans combine features of fixed-rate and adjustable-rate mortgages.

They start out with a fixed interest rate for a number of years – usually 3, 5, 7 or 10 years – and then convert to an ARM ...

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Nov. 2, 2015

Q&A Series #6

Q: What Kind of Home Insurance Should I Get?

A: A standard policy will do in most instances. It protects against several natural disasters and catastrophic events. However, it will not guard against earthquakes, floods, war, and nuclear accidents. The policy can be expanded to include these disasters as well ...

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Oct. 30, 2015

Q&A Series #5

Q: If Faced With Foreclosure, What Are My Options?

A: Talk with your lender immediately. The lender may be able to arrange a repayment plan or the temporary reduction or suspension of your payment, particularly if your income has dropped substantially or expenses have shot up beyond your control ...

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Posted in Q&A
Oct. 26, 2015

Q&A Series #4

Q: Is Private Mortgage Insurance Necessary?

A: Lenders require private mortgage insurance (PMI) on most conventional loans with less than a 20 percent down payment. They believe there is a correlation between borrower equity and default. They have found that the less money borrowers put down, the more likely they ...

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Oct. 19, 2015

Q&A Series #2

Q: Do I Have to Disclose a Parent's Gift to the Lender?

A: Lenders prefer that you do.  But relax, you are not penalized in any way for receiving parental help.  An estimated one-third of all first-time buyers purchase homes with a loan or a money gift ...

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Oct. 16, 2015

NEW Question/Answer SERIES!!

Q: Why Do Most Homebuyers Prefer a Fixed-Rate Mortgage?

A: Long-term, fixed-rate mortgages are preferred by most homebuyers because they offer security and stability.  The interest rate does not fluctuate over the life of the loan, so the total amount of principal and interest always remains the same.  ...

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