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For people who have experienced a distressed sale of a home and gotten their finances and credit back in shape, there can still be an unanswered question of "How long do we have to wait to qualify for another mortgage."   The loan types for the new loan will differ in amounts of time based on the event.   The different lending authorities, VA, FHA, Fannie Mae (FNMA) and Freddie Mac (FHLMC), establish their own waiting periods.   A borrower may be eligible to qualify for one type of mortgage before another type, even though during this waiting period, that the person was current on all payments and maintained a history of good credit. The following chart indicates how long a person might have to wait. A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage.   This process should be started before looking at homes because of the time constraints ...

According to the 2018 Profile of Buyers and Sellers, 52% of buyers want help to find the right home to purchase.   Physically locating the home is certainly part of what buyers want from their agent but finding the right home at the right price and terms is also crucial. 87% of buyers purchased their home through a real estate agent or broker.   Slightly more than half of buyers were referred to their real estate professional by/or is a friend or relative or had used the agent previously to buy or sell a home. There are tech tools that can be used together with the expertise and experience of your real estate professional to make the home buying process efficient and effective. Listing Alert ... while this service is called by other names, the buyer identifies the specifics about the home they want, and it will notify them directly when a new listing comes on the market that matches their needs. Real estate smartphone apps ... imagine driving a neighborhood, seeing a...

Heating and air-conditioning are frequently referred to as the "comfort systems."   If one has gone out in the dead of winter or the heat of summer, lack of comfort becomes a primary concern.   Regular maintenance with a HVAC checklist is something that homeowners can do themselves to ensure that the units operate properly. Periodically Change your filter every 90 days; every 30 days if you have shedding pets.   Maintain at least two feet of clearance around outdoor air conditioning units and heat pumps. Don't allow leaves, grass clippings, lint or other things to block circulation of coils. Inspect insulation on refrigerant lines leading into house monthly and replace if missing or damaged. Annually, in spring Confirm that outdoor air conditioning units and heat pumps are on level pads. Pour bleach in the air conditioner's condensation drain to clear mold and algae which can cause a clog. Avoid closing more than 2...

Your income tax is probably filed for last year by now and you've been through your expenses for the year.   M oney spent on repairs to your home is not deductible but being aware of how much you spent last year may help you make a decision that could save you money this year. Sellers, often, provide a home warranty to buyers to give them peace of mind by limiting some of the out-of-pocket money spent on unexpected repairs for one year.   Home warranties can be renewed by the buyer by paying the annual fee and any homeowner can purchase one for their home whether they had one when they bought it or not. A home service contract typically covers mechanical systems and built-in appliances in the home.   Many times, these items are not covered by the homeowner's insurance policy.   They can also include other things such as pool and spa equipment, and free-standing appliances like refrigerators, washers and dryers. The process is simple.   It doesn't cover pre...

There are an increasing number of real estate companies, termed iBuyers, like Open Door, Offerpad, Zillow, Knock and others that market a service that has an appeal to homeowners.   The pitch for these quick cash offer companies will include some variation of "let us buy your home in days without the normal hassles of listing." This approach attempts to provide an alternative to selling a home in a normal manner at the expense of not realizing the full equity a homeowner is entitled. There is no fiduciary relationship requiring the broker to put a seller's best interest above their own interest.   An iBuyer does not represent a seller and does not owe client-level services like loyalty, obedience disclosure among other things required by most state license laws. The offer is based on an automated valuation model, many times, without a physical inspection of the home.   In some cases, a contract is written but there are provisions that allow iBuyers time to possibly ...

The FNMA HomeStyle conventional mortgage allows a buyer to purchase a home that needs renovations and include them in the financing.   This facilitates the purchase of the home and the renovations in one loan rather than getting a separate second mortgage or home equity line of credit. The combination of these loans should save closing costs as well as interest rates which would typically be higher on a home improvement loan. The borrower will need to have an itemized, written bid from a contractor covering the scope of the improvements.   Any type of renovation or repair is eligible if it is a permanent part of the property.   Improvements must be completed within 12 months from the date the mortgage loan is delivered. 15 and 30-year fixed rate and eligible adjustable rate loans are available. Typical FNMA down payments are available starting as low as 3% for a one-unit principal residence to 25% for three and four-unit principal residence and one-unit ...

Periodically, you need to rid yourself of things that are taking up you time and space to make room for more of what you like and want. There's a frequently quoted suggestion that if you haven't used something for two years, maybe it isn't essential in your life.   If you have books you'll never read again, give them to someone who will.   If you have a deviled egg plate that hasn't been used since the year your Aunt Phoebe gave it to you, it's out of there.   Periodically, go through every closet, drawer, cabinet, room and storage area to get rid of the things that are just taking up space in your home and your life. Every item receives the decision to keep or get rid of.   Consider these questions as you judge each item: When was the last time you used it? Do you believe you'll use it again? Is there a sentimental reason to keep it? You have four options for the things that you're not going to keep.   Give it to so...