Step 10: Getting Financing for Your
Buyers |
| Most buyer of your home will have to get a loan, too.
Having a basic understanding of financing will help you talk with your
buyer prospects. There are many different kind of loans available
for buyers today. It used to be quite simple: VA (Veteran's
Administration), FHA (Federal Housing Administration) and Conventional
loans with 10% down, 20% down or more. Conventional loans have
expanded greatly. In the 1980's 5% down loans appeared and then in
the 1990's 3% down loans came on the scene. Those were followed
quickly with 0% down Conventional loans...with less fees required than 0%
down VA loans. Buyer's with excellent credit can even get a loan for
their purchase price AND closing costs.
Buyers with very good credit...and even with less than perfect credit
can get the same "deal" if a seller will agree to pay the
buyer's closing costs. Yes, you saw that right. Buyers with
less than perfect credit can get a 0% down loan with the seller's paying
their closing costs. The buyer gets a first for 80% of the purchase
price and a second for the 20% "down payment". Sure that
sounds like something is wrong, but most of these are done with the same
lender giving both loans, so nothing is hidden from the lender.
When you are working with a buyer for your home, make sure they have at
least a Pre-Qualification letter, if not a full Pre-Approval letter from
their lender. Make sure the lender gives you the terms of the loan
so your contact will reflect the loan the buyer is getting.
Depending on where you live and the lender, it should take 4 to 6 weeks
to close on your home sale if a loan is involved.
|
|
© 2006 - 2010, L.S.G. Enterprises, Inc.
|
This page features real estate articles,
articles for For Sale By Owners, articles for FSBOs, articles for By
Owners in St Charles County Missouri, St Peters MO, Lake
St Louis MO, , O'Fallon MO, Wentzville MO, Harvester MO, St. Charles MO, St. Peters MO, St. Charles County MO, Lake St.
Louis MO, Saint Charles County Missouri, Saint Charles MO, Saint Peters
MO, and Lake Saint Louis MO. If you need to sell St Charles County
Missouri real estate, St Peters MO real
estate, Lake St Louis MO real estate,
Dewey OK real estate, O'Fallon MO real
estate, Wentzville MO real estate, Harvester MO real estate, St. Charles MO real estate, St. Peters MO real
estate, St. Charles County MO real estate, Lake St. Louis MO real estate,
Saint Charles County Missouri real estate, Saint Charles MO real estate,
Saint Peters MO real estate, or Lake Saint Louis MO real estate, then
Linda Grissette is the agent to call. If you have St Charles
County Missouri homes for sale, St Peters
MO homes for sale, Lake St Louis MO homes for sale, O'Fallon MO homes for sale, Wentzville MO homes for sale,
Harvester MO homes for sale, St.
Charles MO homes for sale, St. Peters MO homes for sale, St. Charles
County MO homes for sale, Lake St. Louis MO homes for sale, Saint Charles
County Missouri homes for sale, Saint Charles MO homes for sale, Saint
Peters MO homes for sale, or Lake Saint Louis MO homes for sale, then give
Linda Grissette a call.
Any
Coed Affiliates Pershing Rifles (CAPERS) Alumni out there? Now there is a website
just for you!
|
