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FAQs

Still need help?  Take a look at our frequently asked questions.
Can I buy a new home and sell my current home at the same time?
  • Yes, but it could be a balancing act.  If you find a home to buy before you sell your current one, you may become overextended financially.  If you sell your current home before you buy a new one, you may need to find a temporary place to live.  One option is to include a "contingency of sale" in your contract.  This means you will only agree to buy the new home if your can sell your existing or current home.  Of course, you will need to get the seller to agree to that.

Why should I buy, instead of rent?
  • Aside from the feeling of having a home that's all yours, there are financial impacts that make home ownership worthwhile. You can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes, too. And interest will compose nearly all of your monthly payment , for over half the number of years you'll be paying your mortgage. This adds up to hefty savings at the end of each year. And you're also allowed to deduct the property taxes you pay as a homeowner. If you rent, you write your monthly check and it's gone forever. Another financial plus in owning a home is the possibility its value will go up through the years.

I've had bad credit, and I don't have much for a down-payment. Can I become a homebuyer?
  • You may be a good candidate for one of the federal mortgage programs that are available. A good place for you to start is by contacting one of the HUD-funded housing counseling agencies. They can help you sort through your options. In addition, contact your local government to see if there are any local homeownership programs that might work for you. 

Should I use a real estate agent? How do I find one?
  • Using a real estate agent is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate agent will be well-acquainted with all the important things you'll want to know about a neighborhood you may be considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you'll want to see. With immediate access to homes as soon as they're put on the market, the agent can save you hours of wasted driving-around time. When it's time to make an offer on a home, the agent can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don't have to pay the agent anything! The payment comes from the home seller - not from the buyer.

What is a title agent or title company?
  • Title agents and/or title companies are a necessary part of the home buying process.  They are responsible for examining the title to said property in order to check for any defects, such as a claim or judgment against the property.  Once the title company performs their search for defects and confirms ownership, they give the lender the clear to close. 

What is a closing?
  • A closing is the finalization of your real estate transaction or purchase.  During the closing, the buyer and seller sign all necessary documents, the money passes to the seller, and the buyer gets the property.

How long does the process take before my loan can close?
  • The typical time frame from contract executed to closing is 30 to 45 days.  During this time frame, there will be several processes taking place.  You can find the specifics steps and actions that take place by clicking here.

Should I get a home inspection?
  • It is a good idea to get a home inspection.  By getting a home inspection, you will be able to avoid potentially expensive repairs in the future.  A home inspector comes and checks the condition of the roof, foundation, furnace, air conditioning, appliances and other important systems within the home.  If there is a problem, you can negotiate with the seller to get the items repaired before closing.

Can I change my mind about buying the house after I've signed the contract?
  • You can back out of the deal, but you will may lose the money that you have used to secure the offer.  You may be able to get out of it without losing your money if there are contingencies in the contract.  Contingencies could include an unsatisfactory home inspection or appraisal.

What is a Single Family home?
  • A single-family detached home, also called a single-detached dwelling, single-family residence (SFR) or separate house is a free-standing residential building. It is defined in opposition to a multi-family residential dwelling.

What is a Condo?
  • A condominium, frequently shortened to condo, is the form of housing tenure and other real property where a specified part of a piece of real estate (usually of an apartment house) is individually owned.

What is 2 Family home?
  • A house divided either vertically and designed for two families living side by side but separated by a party wall or horizontally and designed for two families occupying separate apartments one above the other —called also duplex house.

What is 3 Family home?
  • A house divided either vertically and designed for three families living side by side but separated by a party wall or horizontally and designed for two families occupying separate apartments one above the other. 

What is a 4 Family home?
  • A house divided either vertically and designed for four families living side by side but separated by a party wall or horizontally and designed for two families occupying separate apartments one above the other.

What is a Coop?
  • Co-ops are not considered real property. When you buy into a co-op, you become a shareholder in a corporation that owns the property. As a shareholder, you are entitled to exclusive use of a housing unit in the property.​

​I need help – who can I contact?
  • No problem!  We are here to help!  1-855-265-3765.
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