Cheers to a successful home sale!! Congratulations to both the buyers and sellers on this exciting new chapter in your lives. May your new journey be filled with happiness and cherished memories!
Cheers to Phyllis Tate on sealing the deal! 🏡🎉
The down payment is one of the most important things to consider when you plan to purchase a home, or hope to do so.
The down payment you pay is a portion of the property’s purchase price. In most cases, your down payment for a primary home can be anywhere from 3% to 20%. The down payment amount required will depend on your mortgage type and property type.
You may be able buy a property that is more expensive or receive a lower rate of interest if you pay a higher down payment.
First-time homebuyers often receive gifts to help with their down payment from family, but there are some restrictions.
When you receive a gift of money for your down payment, a mortgage lender will take into consideration a few factors.
They will first look at the value of the gift. Lenders will also look at the source of the gift and your relationship with the person who gave it to you. If you don’t have a close relationship with the person who gave you the money, a lender may not allow you to use it as a down payment.
A lender will require a gift letter if you are using money that was given to you. You should state in the gift letter that you do not have to pay back any loans. You may be asked to show proof that the money was transferred into your account by a lender.
The lender might also ask the person who gifted you to send you a copy their bank statement or check.
Conventional loans do not have any guarantee or insurance from the government. Gift money can be used for down payments and closing costs as long as the source is acceptable.
Gifts from family members are acceptable. Families under these definitions include parents, siblings, and grandparents. Included are also in-laws, domestic partners and grandparents.
FHA loans are available to borrowers with low-to moderate-incomes. The gift money you receive from a donor who is eligible must be used to apply for the loan. Even though conventional loans have stricter guidelines, there are usually more family restrictions.
While the FHA’s family relationship requirements are stricter, you can still accept gifts from your employer or charitable organizations. You can also use funds that come from a public entity or government agency that assists first-time or low-to-moderate-income home buyers.
If you are a veteran or service member, you can get a VA loan with no down payment. Gifts for VA loans are restricted if they come from an “interested party”.
A party interested in the transaction is a seller or an agent.
Gifts are less important, since you do not have to pay a down payment on these loans.
In most cases, there are no restrictions on the amount that someone can contribute to your down payment. You may be required to make a down payment using your own funds in some cases. If you are buying a property as an investment, this is often the case.
Your lender can give you a standard letter of gift that the recipient fills out.
Original Blog: https://realtytimes.com/archives/item/1044162-can-you-use-gifted-money-as-a-down-payment?rtmpage=
The majority of loan programs require some form of down payment. Some programs require as little as 3% of the purchase price, while others do not. The VA home loan program, and the USDA rural area program are two of the most popular programs.
VA loans are only available to veterans and a few other borrowers. The USDA program is designed to help populate rural communities by providing financing in areas that conventional programs will not touch.
There are also closing fees associated with obtaining a home loan. At the settlement table, there are certain costs that must be paid. These include an appraisal and credit report. Other charges, also known as recurring charges, are repeated over and over. Interest and homeowners insurance are examples of charges. Where does one get these funds from? Where do you get your funds?
These accounts will be checked by your lender, to ensure that you have the money you claim to have. Lenders will also want to know that these funds are ‘seasoned’, meaning they cannot just appear. A seemingly random deposit is not eligible for use.
Many retirement accounts let you borrow money from them. Ask your employer if you can borrow from your 401(k). If you are eligible, the lender may have set repayment terms which will be deducted from your paycheck at each payment period. There are no universal 401(k), loan terms. Instead, lenders set their own. The lender sets the terms.
You may be the lucky recipient of a financial donation from a qualified source or a member of your family. There are non-profit organizations that provide home buying assistance. Donors will need to provide proof that they are making a financial contribution. These funds are typically wired to settlement agent at the closing date. A signed letter from a donor may be required.
You may also be able sell an appraisal asset in order to raise funds for your down payment or closing costs. Appraisable assets are those whose value can be documented by third parties. You might be able to sell an automobile loan because third parties can provide a current market valuation for the property. It is important to document the sale and the value. The proceeds from the sale must be matched with a deposit into an account that you own.
You can tap into any of these sources. Talk to your loan officer if you have any questions and work out all the details before.
Original Blog: https://realtytimes.com/mortgage-advices/item/1047550-4-sources-for-down-payment-and-closing-cost-cash?rtmpage=null
All land owners are exposed to the risk of damage from natural disasters. A post-flooding plan is important for all land owners, especially if you live in a coastal area.
Your plan of action after a flood depends on the extent of flooding and the damage done. Your land type will also be a factor, as certain properties such as agricultural or timberland are more likely to suffer serious, long-term flooding complications.
Here’s what you can do in either case to help your land recover from the damage caused by flooding.
Step One: Assess the Damage
Do a thorough walkthrough of your property as soon as it is safe to do so. This will help you determine the extent of damage. Did the flood drown crops? Are there any large structures, such as trees, that have fallen? Take pictures and get a good overview of the damage.
Step two: Contact the appropriate parties
You can get help from a variety of professional parties. State and federal agencies can provide assistance in the event of a natural disaster, as well as cleaning agencies that are able to help with things such as salvage and debris removal. You should also call your flood insurance provider to begin the claim process.
Step Three: Get Rid of Standing Water
The longer water remains on your land, you are more likely to experience long-term problems like soil contamination and erosion. Sump pumps below ground can be installed in some areas to aid in water removal. However, they may not be suitable for all areas. If you are unsure, call a water removal specialist to help remove standing water and, if necessary, provide drainage options for affected areas.
Step Four: Test Soil
The post-flood cleanup doesn’t stop when your land is dried up. Flooding can have a big impact on soil. You’ll need test the soil and possibly rehabilitate it to get things back to the way they were. It’s best to test your soil after it has dried completely, as this will give you a clearer idea of what you are working with. You should pay attention to moisture levels, decreased Nitrogen, and below-ground debris. These are all things that you need to resolve if you want to see successful regrowth.
Step Five: Leveling the Land
Your post-flood plan should include a final step of leveling any areas affected by soil eroding or deposits. You should be strategic in your leveling efforts. This will not only fix the problem areas, but also prevent them from happening again in the future. Digging new channels or sloping some areas of your property could make a huge difference in the way water flows through your property.
It takes time to recover from a flood, especially if there is a lot of work involved in rebuilding and replanting. Accept help, be patient, and take steps to flood-proof your land in the future. This will ease stress and allow you to get back on track sooner.
You probably haven’t thought much about the boundaries of your land since you bought it, unless you are in a dispute over a fence or an overgrown garden. There are no lines on the ground that show where your property ends and begins your neighbor’s.
The importance of parcel boundaries is not limited to neighborly disputes. They are also important in thousands of business, legal and government decisions made every day. Here are five things you might not know about parcel boundaries.
A parcel is land that has a parcel boundary. The parcel boundary is a perimeter that determines how the parcel will look.
A parcel can be defined either as a point or a shape. A boundary can be translated onto a map as a polygon. No matter how many angles or curves there are, the shape allows for a complete definition. A parcel can be defined by a point located on a map using latitude andlongitude. Sometimes only one point is defined per parcel. This point can have different levels of precision. It could be the rooftop or centroid (the point in the middle of a parcel), or even a zip code. It is important to keep in mind that no matter how precise the latitude/longitude point, it does not tell the entire boundary story.
There are many reasons why parcel boundaries matter. Here are just a few of them:
Different industries require parcel boundaries for different reasons.
In land records management parcel maps are used to show the exact location of each parcel boundary. These maps, also known as assessor maps, allow anyone to see the boundaries of their property. These maps are used by county assessors to determine the size of land, which impacts value and tax amounts. They use shape to track the ownership of each piece.
Utility companies like gas and electricity may need to identify properties which could be affected by a power outage, or find the best place to lay new cables, wires, or pipe.
Lenders might want to know which properties in their portfolio have been affected by a disaster. Title companies may also need to calculate the distance from a potential danger, such as a gas station, industrial area, or a landfill.
Parcels used to be drawn on large-format paper maps. Assessors would write on each parcel a unique identifier (sometimes called an Assessor Parcel Number, or APN), which was used to track the parcels for tax purposes. Most counties now have a Geospatial Information System (GIS) department that uses mapping software instead of paper to create and maintain parcel borders. Digital maps not only make it easier to manage changes but also make them available online.
First American Data & Analytics holds nearly 2.5 million Assessor map in more than 1,100 counties. These maps cover 70% the U.S. populace, but we have 148 million parcel boundaries in almost every county. As with all First American Data & Analytics data from public records, we link these parcel boundaries to taxable areas defined by the Assessor. Some parcels are not taxed. Federal land, state park, tribal land protected forests, bodies water, streets, railways, and government building are some of the types that don’t get taxed.
Parcel boundaries can be updated through sales. This is important for tracking changes in parcel boundaries. It is important to keep track of these changes by having the most recent parcel boundaries. First American Data & Analytics updates parcel boundaries every quarter and is working to implement solutions that will allow this to happen more often. The fact that the county department responsible for recording documents does not maintain the boundaries is one of the challenges in managing a database. It is therefore possible that changes in parcels and owners due to sales are not in sync the actual parcel boundaries found on the county GIS website. First American Data & Analytics corrects the issue by using Public Record Data. This ensures that the correct owner is associated with a shape and points of a parcel.
First American Data & Analytics simplifies your job by focusing on accuracy and completeness when collecting and curating parcel information. Since decades, we have collected Assessor maps and Public Record Data and have focused on parcel boundaries and specifically linked them to the right properties because we know their importance to our customers. First American Data & Analytics, with its parcel boundaries and public records data linked together, offers a one stop shop for all the best tabular and spatial property data.
Original Blog: https://dna.firstam.com/insights-blog/5-things-to-understand-about-parcel-boundaries
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