Do mortgage lenders look for enough cash to cover preapproval amount of the cost needed for the down payment and closing costs of the home in contract?

• This discussion was modified 6 months, 1 week ago by  Gustan Cho.

Does you company work to get subordinate agreements from IRS for buyers who have a tax lien in California?

Buying a home is one of the biggest financial decisions you’ll make, and it’s important to stay informed about recent changes in the real estate process that could impact your experience. Recently, the National Association of REALTORS® (NAR) reached a settlement introducing new guidelines to increase transparency for homebuyers. Here’s a breakdown of what you need to know and how it might affect you.

What’s Changed?

One of the key changes is that homebuyers will now be required to sign a written Buyer Representation Agreement before touring homes with an agent. This agreement outlines the services your agent will provide, how they’ll be compensated, and the duration of the representation. The idea behind this change is to ensure that you and your agent clearly understand your working relationship from the outset.

Understanding the Buyer Representation Agreement

The Buyer Representation Agreement is essentially a contract between you and your agent. It specifies the terms of your partnership, including:

• Agent Responsibilities: Clearly defines what your agent will do for you during the representation period.
• Transparency of Services: Ensures you understand your agent’s role and the services they’ll provide.
• Compensation Details: Specifies how and what your agent will be paid.
• Expert Guidance: This guarantees that you have a professional on your side to help you navigate the complex homebuying process.

These changes are designed to protect you by ensuring that everything is clearly laid out before you start the homebuying process.

What About Seller-Paid Fees?

One important point to note is that while the ruling restricts the advertisement of the buyer’s agent fee on the MLS, it doesn’t prevent the seller from covering your agent’s fee. In many cases, your REALTOR® can still negotiate with the seller to have them pay your agent’s fee as part of the transaction. This can be a significant financial benefit, as it could reduce the amount you need to bring to closing. Your agent will advocate on your behalf to ensure you’re getting the best possible deal, which might include negotiating for the seller to cover some or all of your agent’s fee.

Why Work with a REALTOR®? Even with these new requirements, working with a REALTOR® can provide significant benefits during your homebuying journey:

1. Expertise: REALTORS® are trained professionals who understand the complexities of the real estate market. They can help you navigate contracts, negotiations, and other important aspects of buying a home.

2. Local Knowledge: A REALTOR® with experience in your area can provide valuable insights into neighborhoods, property values, and market trends that might not be obvious at first glance.

3. Support and Guidance: The homebuying process can be overwhelming, especially for first-time buyers. A REALTOR® can guide you through each step, helping you make informed decisions along the way.

These recent changes are about ensuring you’re fully informed and protected throughout the homebuying process. The Buyer Representation Agreement is a tool to ensure transparency and clear communication between you and your agent, ultimately leading to a smoother and more confident homebuying experience.

If you have any questions about how these changes might impact you or if you want to discuss what to expect, feel free to reach out (949-414-9433) or visit my website (chadbushre.com/).

• This discussion was modified 6 months, 1 week ago by  Chad Bush.

100% financing for purchasers of commercial real estate in all 50 states is available.

The purchaser’s business will just need to occupy 51% of the square footage of the property.

Provide a zero down payment option for your clients:

~ To acquire an existing commercial real estate property

~ To refinance a property they already own (25-year amortization)

~ To construct a building from the ground up

Working capital can also be added to the loan for improvements, buildouts, etc.

100% financing is also available for clients looking to acquire a business.

Get in touch to add zero down payment financing to your lending arsenal.

Lee Kramer 301-495-8993

I just joined and wanted to introduce what I provide: Unsecured funding for startups and established businesses. If you have clients that are having difficulty getting conventional funding for working capital, franchise fees, or any business purpose, please get in touch and we will more than likely have a solution for them. No collateral or down payment, no credit requirement for established businesses, monthly payments with rates as low a 9.00%, funds up to $500,000. Please call 301-495-8993 or email to lee@nextbizloan.com. Thanks!

What is best way for apply USDA loan?

Can non-conventional (FHA, VA, USDA) loans be securitized?

WHAT DOES APPROVE ELIGIBLE PER DU FINDINGS MEANS?

What does FHA Score Card Mean? Is that HUD GUIDELINES?

What are the guidelines to get approved for a mortgage during and after Chapter 11 Bankruptcy? What are the waiting periods after a chapter 11 bankruptcy?

What If My Credit Scores Dropped During Mortgage Process?

What Are Non-Qualified Mortgages Versus Qualified Mortgages?

WHAT ARE HARD MONEY LOANS AND PRIVATE MONEY LOANS?

• This discussion was modified 6 months, 1 week ago by  Gustan Cho.

I know that you can only do a Streamline Refinance on either an FHA loan or VA loan with no appraisal or income documents. Credit scores are uses to price out the FHA or VA STREAMLINE REFINANCE. Are you eligible for an FHA Streamline Refinance or VA STREAMLINE REFINANCE if you have a non-forgiveable Down Payment Assistance (DPA) second. So, my question is if I can do an FHA Streamline Refinance or VA STREAMLINE REFINANCE and subordinate the DPA second mortgage because I am stuck with the second mortgage DPA for a ten year term before it becomes forgivable. Thank you.

HOW MUCH ARE CLOSING COSTS ON FHA and VA Streamline Refinance. How much are closing costs for FHA streamline refinance? What is the funding fee for a VA streamline refinance? Are closing costs higher on FHA streamline refinance versus VA streamline refinance? What is the process from application to closing on FHA and Streamline Refinance. Can the borrower roll all of the closing costs on the new streamline refinance FHA or VA loan.

• This discussion was modified 6 months, 2 weeks ago by  Sapna Sharma.

Where do I check my credit scores for free to see if i qualify for a house. How do i check my credit score to buy a house. What is the minimum credit score to buy a house.

What are things that could be holding up my home closing? What are the reasons that could delay a real estate closing.

WHAT ARE FORWARD REVERSE MORTGAGES? WHAT IS THE DIFFERENCE BETWEEN FORWARD MORTGAGE AND REVERSE MORTGAGE.

THERE ARE VARIOUS DIFFERENT FICO MODELS. WHAT FICO MODEL DO YOU LOOK AT FOR FHA.

WHAT IS THE MAXIMUM DEBT-TO-INCOME RATIO ON CONVENTIONAL LOANS? I AM HEARING CONFLICTING NUMBERS. IS IT 45% OR 50%?

IS IT TRUE VA LOANS DO NOT HAVE A CREDIT SCORE REQUIREMENT? WHAT ARE VA REQUIREMENTS ON CREDIT SCORES. THERE IS A LOT OF LENDER THAT HAVE DIFFERENT CREDIT SCORE REQUIREMENTS.

My wife and i are interested in qualifying for a USDA loan because there is no money down. I am self-employed so I am worried about my income. What is the maximum debt-to-income ratio on USDA loans.

What is the Truth in Lending in Mortgages. What was the truth in lending created for. What is the true purpose of the Truth in Lending Law? What is the background of TILA? What is the purpose of the Truth in Lending Act as implemented by regulation Z?

What is title when you buy or refinance a house? How does the title process work? What prevents title from being transfered.

To protect from title issues when purchasing property, buyers should purchase title insurance, hire a real estate agent, and conduct a home inspection. What prevents the title claims against title. What constitutes defect in title.

Here is one the funniest videos that will have you laughing crying. Hilarious and you will be watching 👀 it multiple times. WARNING ⚠️ ⚠️ ⚠️ YOU’RE GONNA TO LAUGH 😃 😀 😄

https://youtube.com/shorts/wQRK9Sb4uqQ?si=45IKwif7j7b7hCrv

• This discussion was modified 6 months, 2 weeks ago by  Gustan Cho.

What is a credit supplement. Why do mortgage lender need to do a credit supplement on a borrower. For what reasons? How does the credit supplement process work. Can you run several case scenarios where a mortgage processor or underwriter need to do a credit supplement and the importance of credit supplements. Do credit supplements delay the mortgage process and the closing?

What are judgments? What are deficiency judgments? What are examples of judgments? Can you please run a few case scenarios how a derogatory or delinquent account turns in a judgment? Can I get a mortgage loan with a judgment? How do I clear up a judgment? Can I vacate a judgment? What are considered judgments? What are the four types of judgments? What happens if a defendant does not pay a judgment? What happens after a judgment is entered against you. What does a judgment for the defendant mean? What is a default judgment? How long is the statute of limitation on judgments? How can you resolve a judgment and get on the road to rebuilding your credit.

How Can I Get Rid of a 30 Day Late Payment

What is considered payment shock by mortgage lenders. How do lenders calculate payment shock. What is considered low payment shock. How is low payment shock considered a compensating factor. Can you give a few case scenarios of payment shock.

like bank statement loans is differ from Qualified mortgage loan