Newsflash: USDA Fees Dropping Substantially Oct 1st

In case anyone’s buying USDA or thinking about it, one thing you may want to time into your purchase is that for commitments issued by USDA after 10/01/16, will have:Upfront MI – 2.75% to 1.00%Monthly MI – 0.50% to 0.35%It was announced this Thursday. I’ve seen a few USDA posts, so thought I’d throw this info out there in case anyone didn’t know. The change is coming on the heels of a lot of kickback from increasing their fees for FY 2016.In practical terms, it means if you go under contract in late August or September and submit for your conditional commitment from USDA at the end of the September for a 10/01 or later commitment, you’ll secure the lower rates. September will be a very, very slow month for USDA.

Read more at http://www.reddit.com/r/RealEstate/comments/4h68qo/usda_fees_dropping_substantially_oct_1st/

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Newsflash: Do I have to pay for that?

This is a question that is coming from a place of embarrassment. Namely, I’m embarrassed to ask my mortgage agent because I’m afraid of looking dumb. So I thought I would ask you slightly less judgmental folks.I’m currently in the process of buying a home. Contract is signed and we’re just moving through the financing process. I’m doing FHA. We were hoping to close by next Friday, but my mortgage agent called me yesterday to tell me the bank is requiring a second appraisal. This will push closing back a week, maybe two.My question: do I have to pay for the second appraisal?More info: the home we’re buying is owned by an investor and he flipped it. He bought it last July and has had it on the market several months. It’s in Ohio if that helps.Thanks in advance!

Read more at http://www.reddit.com/r/RealEstate/comments/4h685m/do_i_have_to_pay_for_that/

Newsflash: Title company claiming they overpaid us

We closed on our house today and deposited the check. The documents from the title company have closing costs as a single line item with no itemization. They called us about 6 hours later claiming that they overpaid us by $15k due to forgetting to tack on a closing cost credit we were giving the buyer and they want us to write them a check for the difference.How do we verify that they did indeed give us the wrong amount since nothing on our closing documents was fully itemized? Is it wrong to refuse to write them a check until the check they gave us clears? Any advice?Edit: we also didn’t receive a HUD-1 / closing disclosure before settlement. Is that normal as a seller?

Read more at http://www.reddit.com/r/RealEstate/comments/4h61g0/title_company_claiming_they_overpaid_us/

Newsflash: Flat fee commission or a broker offering me $1,000 credit at closing?

I live in Denver where we have flat fee commission realtors, where they only charge $2,500. But the company that I rent from offers brokerage services and has said they will credit me $1,000 at the time of closing. Which one would be the better deal?

Read more at http://www.reddit.com/r/RealEstate/comments/4h622s/flat_fee_commission_or_a_broker_offering_me_1000/

Newsflash: FTHB (OH); Foreclosure that was an ecstasy drug lab where the prev. owner died.

We are first time home buyers and found a really awesome house (the house is decent; the land is fantastic!!). The house doesn’t appear to need much work and seems solidly built. Last night we did a second walk-through. House was under contract last week but fell through. Right before the walk-through our realtor finally got info from the listing agent. Part of the reason the existing deal fell through was because they found out the prior owner was found dead in the detached garage along with one of the largest ecstasy labs in Ohio. Personally, I don’t think that is a deal-breaker for me, but is that something that would be for others? Is this something we should consider when making an offer (get house for lower because it is “tainted”)?

Read more at http://www.reddit.com/r/RealEstate/comments/4h5wsr/fthb_oh_foreclosure_that_was_an_ecstasy_drug_lab/

Newsflash: Reddit, please help my elderly mother in law.

My mother in law is selling her house. She has a lien on the house, but the lien has been paid to the creditor GE Capitol. However, the attorney that assisted with the payoff never reported that the lien has been paid which would release it from the title. Now, GE Capital was bought by Synchrony Bank and they don’t have a way of even verifying the debt was paid because the account numbers changed. She went back to the Attorney, but the attorney has since retired and sold his practice.At this point she would be willing to just pay it again if it would just release it because she is moving into a new home next week and can’t afford both payments. Throwing money at it doesn’t fix it, there is no way that we know of to get this lien off the title. What the heck can she do? She has considered contacting an attorney to help, but if this can be fixed with something more simple that would be best. Does anyone have any experience with this kind of stuff?She has spoke with the title company working on the sale and they can\t figure out how to fix it. They have tried.

Read more at http://www.reddit.com/r/RealEstate/comments/4h5poq/reddit_please_help_my_elderly_mother_in_law/

Newsflash: FTHB 4 days from close and a hailstorm hits the area likely causing roof damage. What do we do?

So the title pretty much says the situation. We are first time homebuyers and four days away from closing, and a hailstorm came through the area yesterday evening and ended up doing a lot of damage to vehicles in the area.Some areas were worse than others but I know people who work relatively nearby the house we are buying and they have damage to their vehicles. Should we hold off on closing or what would normally happen in a situation like this? Our home insurance policy company sent someone out about a month ago to take pictures of the roof before they would underwrite the insurance so will this affect them?The roof that is on the house now is eight years old and standard three tab shingles when the inspection was done it was noted that the roof was in pretty good shape for its age and they had estimated it to be a little bit newer than that based on its condition.Edit: forgot to add that we are in Arkansas and using an FHA loan in case that matters

Read more at http://www.reddit.com/r/RealEstate/comments/4h5j2s/fthb_4_days_from_close_and_a_hailstorm_hits_the/

Newsflash: Buying a house and breaking my lease time-lines

I’m in the process of buying a home, my offer has been accepted, the inspection has been completed. My closing date is mid-June, and now I’m just waiting for what’s next.Unfortunately I don’t really know what’s next.I’ve just been email-introduced to my Closer/Title person by my realtor. My mortgage officer has yet to lock us into a rate, she’s recommended we wait as over the next week it may go down, and she says we have to lock it in at least 2 weeks prior to closing.My main concern is that my landlord was happy I gave her 60 days notice and that works perfectly with my closing date. My concern is that, even though I’m confident we have this in the bag, what if something goes wrong and this falls through? What could go wrong in the best of circumstances? I don’t want to get out of my lease only to end up having to find another place to stay if things go awry. At the same time, I also don’t want to end up paying rent and a mortgage in the same month.

Read more at http://www.reddit.com/r/RealEstate/comments/4h4zqd/buying_a_house_and_breaking_my_lease_timelines/

Newsflash: New house for $295K or resell for less? (Colorado)

Ok, here’s the deal: My wife and I found a very nice development which allows you to custom build your new house. Cost would be roughly 295k. This is very early into our home search, so I’m skeptical and am not jumping into anything quite yet.Homes are going up where I live, so it’s not a bad investment. However, is it a good deal? I’m looking for a resell that’s around 250k, to save some money, but the concern is we are going to be living in this house for a very long time probably (15 years or more). No idea what repairs to expect in a resell.Some things that are attached with this new home – HOA fees of about 60 a month (covers yard/lawn care and other amenities). They guarantee our energy bills (and pay if we go over the guaranteed cost) and they provide any structural or foundation repairs for eight years after the house is built (are these guarantees bullcrap at all btw?). They do community events and have stuff for kids. Again, are any of these guarantees and “features” dumb or useless?We can afford the 20% down payment. The mortgage payment is less than 25% of our take home pay. We plan on staying there a while. But, should I wait and try to find a better deal? Would we save that much with a resell, or is the new house worth it? What would be a good deal resell wise? Thoughts?

Read more at http://www.reddit.com/r/RealEstate/comments/4h4o00/new_house_for_295k_or_resell_for_less_colorado/

Newsflash: USDA Rural Development loan: How long do I have to live in the house?

I purchased a home with a USDA Rural Development guaranteed loan (not subsidized) 2.5 years ago.I have to rent out my house as I got a new job in a different state. I don’t think I can sell it for more than the loan amount and I also hope to return and live here again in the future. I am not making a profit on the rental. In fact, I’m probably not even breaking even, but rent will cover the mortgage, tax and insurance for now.Am I violating the terms of the loan by no longer being owner-occupied? I thought I had to live here 2 years (Which I have), but I”m not sure.If I am violating the terms of the loan, what might happen?

Read more at http://www.reddit.com/r/RealEstate/comments/4h4kn0/usda_rural_development_loan_how_long_do_i_have_to/