Closing Day hiccups anyone ?

[TeamExit]

yea i had one... i got surprised when my payment was shown to me about $100 a month more than i was figuring on.. so we looked closer, and it was the taxes making the difference. wound up that throughout the whole process, nobody ever actually checked what the actual taxes without star were, and guess what? the amount we had been using from the listing, was WITH star. so now im stuck paying an extra $90-100 a month more till next year, and then it will still be more since i wont be taking the discount on top of what we had originally planned.

[zulu400]

Another thing that I wanted to ask is how willing are the banks to give loan to people who are not permanent residents of USA.
I have been here pretty long but I'm on a visa, do you think I'll have a problem getting loans approved by the bank ?

[TomMoser]

There are loans available for non-permant residents, but they have some special requirements. You need to discuss this with your mortgage broker.

[HomeFinder15]

Hi- there should be NO surprises the day of closing. You should know the day before how much to bring/ check amounts, etc..... they may tell you to bring your checkbook, but most of my clients end up walking away with a check of some kind (a few hundred dollars) only because my mortgage person always over-estimates the day before.

Mortgages are tougher to get and your good credit score is very helpful. I have clients who are 1st timers, have good credit (not always great credit), have some money, but not a ton of it, and are buying homes appraising just at purchase amounts. It can be close, that's for sure.

Appraisals are key as well. If the home isn't appraising well, the bank won't give a commitment. Without a commitment, deal is dead. After an appraisal is when I exhale. Then again after the closing. In between, I don't breathe!!!

[zulu400]

Thanks Homefinder and Tom....
That gives me some confidence. I have heard from a lot of people that the credit markets are frozen and no one is granting loans right now unless you can put a 20% down. Thanks for your help.

[Elke Mariotti]

Originally Posted by zulu400

Thanks Homefinder and Tom....
That gives me some confidence. I have heard from a lot of people that the credit markets are frozen and no one is granting loans right now unless you can put a 20% down. Thanks for your help.

There are FHA loans available where 3.5% down is sufficient (of course you still have to qualify with regard to income). FHA loans have better FICO score requirements - 580 is acceptable, 620+ gives you the best rate - and what could be really great down the road: FHA loans are assumable! With current low interest rates, that could be a huge advantage down the road if you decide to sell!
If you're a Vet (served 90 days during war time), you are eligible for a zero % down payment loan; they'll even waive the PMI costs and that helps tremendously!