article thumbnail

The risk of zero-down loans while the Fed talks recession

Housing Wire

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. People’s first reaction was to wonder if this was 2008 all over again. Remember, the system is designed to keep home prices inflated.

Loans 544
article thumbnail

But First, Paperwork: 18 Key Documents You’ll Need to Buy a House

HomeLight

They could request divorce decrees with evidence of spousal or child support that you owe, information on student loans or car loans, or bankruptcy paperwork. It’s better to do the homework upfront to find out what your closing costs are going to be. You won’t see this document yourself unless you request a copy.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Ultimate Mortgage Loan Documents Checklist For First-Time Homebuyers

HomeLight

They will also consider your current and previous debts that resulted in foreclosures or bankruptcies. Bankruptcy paperwork. If you’ve filed for Chapter 7 or 11 bankruptcy, you’ll need to observe a three- to four-year waiting period before being eligible to secure a mortgage. Closing costs. Closing Disclosure.

Loans 105
article thumbnail

What to know when buying a property in Florida

Realty Biz

Be sure to factor in additional insurance costs when working out how much you can afford each month for your mortgage. Unlike most other states, Florida protects your home from foreclosure, even if you file for bankruptcy. Due to Florida’s high closing cost, buying a house here is more expensive than buying elsewhere.

article thumbnail

How to Buy a House with No Money Down

C4D Crew

If you’re not a veteran, if you have seriously injured credit, if you have just declared bankruptcy or even if you have an overload of student loans, a no money down mortgage may be out of reach. Minnesota Specifics When you get a Minnesota Housing mortgage, you can also receive an optional down payment and closing cost loan up to $15,000.

article thumbnail

How Long Does It Take to Close On a House With Cash in 2022? Here’s Your Timeline

HomeLight

Michael Simpkins , a real estate agent in Florida who’s worked with 69% more single-family homes than the average agent in Apollo Beach , thinks that the advantage to paying cash over taking out a mortgage to buy a home is that you’ll save on closing costs. The sale can’t close until these liens have been cleared. Bankruptcy.

article thumbnail

Ready to Apply For a Loan? You’ll Need This List of Mortgage Documents

HomeLight

Bankruptcy discharge papers. If you’re buying a home, you may be able to use gift funds for some or all your down payment and closing costs. If there’s a bankruptcy or foreclosure in your credit report, you may have to submit: Bankruptcy discharge or dismissal papers. Foreclosure documents. Credit history.

Loans 98