True or False, All Repair Work Must Be Done Before the Close of Escrow?
True or False: All repair work has to be done before the close of escrow? False! Depending on the type of loan your client has qualified for, it is possible to do repair work after the close of escrow. For Conventional loans (Fannie Mae and Freddie Mac), and...
Do You Need a Clear Termite Report to Close Escrow?
Do you need a clear termite report to close escrow? NO. Termite reports and clearance are not a condition required by Fannie Mae or Freddie Mac. Some banks require it because it makes them more comfortable. Beware of anyone who says your seller or buyer HAS to...
Can You Use an All Gift Downpayment?
Myth Buster of the week: You need your own savings to buy a home. Not true! Both FHA and FNMA allow for an all gift down payment. FNMA allows 5% up to $417,000. FHA allows it all the way to the max $625,500 (even on duplexes, however not on 3 and 4 units). So if your...