Complicated Terms. Simple Definitions: City and State Recording Tax and Federal Recapture Tax
Definitions of recording tax and federal recapture tax.
Tag: closing costs
Rights of Homebuyers: Services That They Can Shop
Services homebuyers can shop for to save money on closing costs.
Closing Cost Assistance for First-Time Homebuyers
On April 14, Fannie Mae announced a new incentive program for first-time homebuyers called HomePath Ready Buyer program. If first-time buyers in Virginia Beach, Norfolk, and Chesapeake, take an online course about home ownership and become certified, they could save a lot on the purchase of their home. From the article on realtor.com: “For instance, on Read more about Closing Cost Assistance for First-Time Homebuyers[…]
Mortgage Terms and Definitions for First-Time Homebuyers
When we educate people on the housing market, it’s important to start from square one. Yes, the home buying process has many rules, laws and complexities, but people also need to understand the terms you and I take for granted. How do I know? In February, USA TODAY reported many millennials don’t enter the housing Read more about Mortgage Terms and Definitions for First-Time Homebuyers[…]
How Much Can a Seller Contribute to Closing Costs
First-time homebuyers in Virginia Beach, Norfolk, and Chesapeake, often ask me: What’s the maximum amount a seller can contribute to the closing costs? The answer depends on the loan program. The chart below shows the seller contributions for conventional loans based on the down payment. Note: The chart only applies for primary and second homes. More seller Read more about How Much Can a Seller Contribute to Closing Costs[…]