MecsHomes Tips
What sellers owe can determine what buyers offer
If you know how much a seller owes on his mortgage, you
can better formulate a reasonable, fair offer. And, while the seller isn't
obligated to say how much he owes, that information is public record (the
Registry of Deeds contains all the information on the outstanding loan).
Another consideration is that some sellers don't ask for a price on the minimum they can afford to accept, but, instead, on the maximum they believe they can attain.
There are options for buyers without downpayments
The nationwide homeownership rate jumped from 63.9 percent in 1991 to 67.5 percent last year, due to factors that include the following: low interest rates, economic expansion, innovative products, and new ways of evaluating nontraditional borrowers.
Federal Housing Administration
(FHA) and Department of Veterans Affairs (VA) loan programs as well as
100% loan-to-value (LTV) loans available through Fannie Mae, Freddie Mac,
and some private lenders are helping to expand the rate of homeownership.
Because most minority and low-income borrowers lack a sufficient down
payment, some believe that widespread no-down-payment programs are necessary
to overcome barriers to homeownership.
Mecshomes Tips is presented only as a reference to help you to be a better consumer. It should not be used as a replacement for doing your research.
