- 7 Step Process To Get A FHA 203K Loan Through – With ExampleLets us start off with an example on an ideal property and go through the steps involved for a FHA 203K Loan to go through. Look at the following images for a Florida home that requires repairs before you move in. This home is a perfect example of a “Handy man special” This is going […]
- 5 Important Points for First Time HomeBuyersBefore I even talk about the most important points to consider for first time home buyers, I want you to understand “Is it that time of your life when you can plan your first home“. Trust me this is going to the costliest asset that you have ever purchased and you have to babysit it […]
- Downpayment Toward Equity Act of 2021 – Is it for First Time HomeBuyers?Before I even start on the topic, I would like to clear one point. Some websites are mis-representing the fact that this Down payment act of 2021 is for first time homebuyers. That is not correct! The draft by House Financial Services Committee, clearly states that this down payment assistance program is for first-generation home […]
- For FHA, does the buyer need to do a separate septic inspection by a septic company? Or will just a regular inspection suffice?This question is whether we would need a separate septic inspection apart from regular appraisal for FHA, came up quite a few times lately so I thought I will include it on the blog for future reference. It all depends on the appraisal. The appraiser must comment on the septic and note whether it meets […]
- Should I get a home inspection?A question we get a lot here at the Heights is whether it is necessary to get a home inspection done on a home that is being purchased. This is an interesting question that has two answers. The first answer is that the home inspection is not a lending requirement. Home inspections are completed for […]
- Documenting Self-Employed IncomeIn our last couple of posts, we have been talking about the rules for documenting different types of income. In the first post, we learned that we are always going to have to provide proof of the following: That you have a history of receiving the income That you are currently receiving the income That […]
- Understanding HVCC And How It Affects You – Part TwoIn our last post, we talked about a common real estate scam wherein Realtors, Loan Officers and Appraisers would collude together to convince a home buyer that the house they were purchasing was worth more than it actually is. In today’s post, we’re going to talk about the changes that were made in 2009 to […]
- How to go about income proof if your income comes from Retirement and or Social Security?In yesterday’s post, we talked about the three items that you will always need to document in regard to your income. To recap, we always need to show the underwriter the following: Proof that you have a history of receiving this income Proof that you are currently receiving this income Proof of the likelihood that […]
- What documentation are you going to need to prove your income if you are paid by W2?On most mortgage transactions there will be uniform requirements for what kind of documents you will need to provide to the underwriter. Here at the Heights, we are of the belief that the more you are prepared for what is going to be required, the easier and smoother the mortgage process will be for you. […]
- What Is Home Valuation Code of Conduct (HVCC) – How it affects you – Part OneBuying a new home or refinancing your current home has a lot of steps and a lot of different processes that occur. But, the one that everyone seems to be the most aware of is the appraisal process. In order to get a loan, we need to get an appraisal done by a professional. Should […]
- Understanding What A Down Payment Actually IsIn our ongoing series of commonly heard questions here at the Heights, today we’re going to talk about a small distinction that is commonly misunderstood. On your loan, there are a lot of different things that come together as costs and fees, and a lot of times the differences between them are hard to distinguish. […]
- What to Expect from Your FHA AppraisalOne off the questions that we get a lot here at the Heights is what exactly is the appraisal looking for? On the surface, this seems like a pretty simple question. The FHA appraisal is an assessment of what the value of the home is! But, it doesn’t take very long at all to see […]
- USDA and Total Household IncomeRural Development offers one of the most competitive loan products available to American mortgage consumers on the market, but it does come with some unique guidelines that other loan programs don’t have to come up against. A common question that we hear here at the Heights is why do they need this information about people […]
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1475 W 114th St.
Cleveland, Ohio 44102
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