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- Funding, Finance and Credit: Are there government programs for rehabbing a house?
Answer: Government programs for rehabbing a house apply to owner occupant purchaser rather than investors. The U.S. Department of Housing and Urban Development's Section 203 (K) ... - Contract and Legal Issues: Can I give my house back to the lender?
Answer: On One Hand: Proceed With CautionYes, you can give your house back to the lender in what is called a voluntary foreclosure, according to the ... - Contract and Legal Issues: How do I do a short sale without affecting my credit?
Answer: Avoid Late PaymentsKeep payments on your home current if at all possible. Late payments can cause your credit score to drop significantly. You will lessen ... - Creative Deal Structuring: What is a cash-out refinance?
Answer: A transaction in which the new loan amount exceeds the total of the principal balance of the first mortgage and any secondary mortgages or liens, ... - Funding, Finance and Credit: What is a Debt Ratio?
Answer: Also known as debt to income. The ratio of the total of minimum monthly debt payments to gross monthly income. If a person’s minimum monthly ... - Funding, Finance and Credit: What is a lifetime cap?
Answer: The highest amount that an adjustable mortgage can be raised over the initial interest rate. These caps usually fall within the range of 5.0% - ... - Funding, Finance and Credit: What is an adjustable rate mortgage(ARM)?
Answer: A mortgage loan whose rate may be changed at specific intervals over the life of the loan. Usually ARM's "reset" every 3 or 5 years, ... - Funding, Finance and Credit: What is an assumable mortgage?
Answer: An existing mortgage in which the new purchaser of a property is made liable for the payments and any other obligations of the note and ... - Funding, Finance and Credit: What is owner/seller financing?
Answer: Seller financing is when a seller helps to finance a real estate transaction by taking back a second note or even financing the entire purchase ... - Funding, Finance and Credit: What type of mortgage is best to get on investment property?
Answer: There are many differing opinions on the ideal length of a mortgage. Current wisdom is to stretch it out as long as possible, provided that ...
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