Posts Tagged ‘home buyer’
These Are Your Rights As A Home Buyer
Many novices do not know the laws that protect their investment. In Alabama Huntsville house values are causing many to purchase their new homes now. And they all neded to know the laws before they apply.
The Consumer Credit Protection Act and the Fair Credit Billing Act grants you the borrower numerous rights.These are legislation passed by your U. S.Congress.
You have the right as a home buyer:
1 To shop for around for the best loan among different mortgage lenders and brokers.
2 To be informed of your loan’s total costs. This includes interest rates, points, and other fees assessed by a lender or broker.
3 To be informed of any fees that will not be refunded to you in the event that you cancel the loan agreement.
4 To know the reason for denial if your loan is turned down.
5 To receive a free copy of the credit report that was used in denial of your loan. The lender should give you information about obtaining this credit report.
6 To have income from child support, alimony, and pension considered in qualification for a loan.
7 To ask questions about anything you do not understand about loan charges and terms.
8 To know what you and the lender are paying the mortgage broker for a loan.
9 To be considered for a loan regardless of age (unless under the legal age to sign a contract), gender, marital status, race, color, religion, and national origin.
10 To receive an appraisal report for the home.
RESPA
Because of the Real Estate Settlement Procedures Acts, administered by the Department of Housing and Urban Development, prevents mortgage lenders and brokers from charging certain types of fees.
Lenders are required, by the RESPA to disclose certain information to you pertaining to your application for a mortgage.You must receive what is called a Good Faith Estimate from the lender or mortgage broker.The GFE (Good Faith Estimate) is an estimate of fees that you will be charged for your mortgage. The lender must also provide you with a Mortgage Servicing Disclosure Statement if the loan is to be serviced by or transferred to another lender.
Finally, the Special Information Booklet, containing information about real estate settlement services, must be given to you as a home buyer.You must receive all of these documents within three days after your application has been received. In the event that your application is denied within three days, the lender does not have to provide with the documents.
These laws have been put into place to protect you, as a consumer.Educating yourself to the rights you have as a home buyer brings you one step closer to obtaining a home loan.Present yourself to mortgage lenders and brokers as a home buyer that is aware of your legal rights.
Do I Qualify For the First Time Home Buyer Tax Credit If I Buy a Mobile Home?
The first time home buyer tax credit is made available after the present Obama administration took a big leap in reviving the declining market of housing realty. This credit is part of the stimulus package approved by the federal government to resuscitate the ailing US economy. Some of the home buyers can have the $7,500 credit available for them if they are qualified in the mentioned qualifications.
So if you’re looking for a mobile home for sale you can take advantage of the credit the federal government offers to would be home buyers like you. But you need to be aware that you know all the details of the credit prior to applying for it.
First time home buyer tax credit is available only if you buy a mobile home as your principal residence. This means that your mobile home will be the home where you plan to reside almost all of the time. This credit is additionally available to the principal purchase of a condominium, town home houseboat or a separated home if it is your principal residence. Accordingly, your mobile home must be in the US. Remember to note that it is ineligible if you purchase your mobile home from your father and/or mother or siblings.
Although mobile homes fall under the category of qualified homes for availing tax credit, there are other requirements you should take into consideration to avoid waste of your time and effort in applying the credit. Here are the following qualifications necessary for your application:
1. The tax credit is available only 1st time home buyers. The rules provide that anyone will be a first-time buyer if he or she has not owned a principal residence for three after buying a house. If you owned a vacation house that is not your principal residence, you can apply for the credit. Married couples must fit to the definition. But the rules on married couples are vague because the rules did not provide if the situation occurs where only one is qualified and the other is not.
2. An Individual must have a $75000 modified gross income, or MAGI, entered in your Federal Tax Return if you list yourself as married head of a household or unmarried. If you are filing a joint tax return in conjunction with your spouse, your MAGI should $150,000.
3. If you have more than $75,000 MAGI and if you’re single or married head of household, you may get a partial credit subject as long as it is below $95,000. The same applies for the second category, where your joint tax return indicates a MAGI of more than $150,000 but less than $170,000. MAGI beyond the marked limits will be not qualified for a tax credit.
4. You cannot apply for a first time home buyer credit if you bought your home before April 9 2008. 2009 home buyers are likely to have the tax credit.
To further your knowledge about the first time home buyer credit that is currently being offered by the federal government, you should visit the nearest authorities in your state. You could also learn information related to this in the net. You can benefit much from this opportunity, but you must seek advice and make plans to avoid credit problems in the future.
First Time Home Buyer Tax Credit if You Buy a Mobile Home