$100 Downpayment Buyers using an FHA insured loan to purchase a HUD Home now qualify for a $100 downpayment and free termite report. FHA borrowers are provided with a copy of HUD’s FHA appraisal. If the appraisal is within 120 days of the contract date, the FHA lender must rely on that appraisal as an official estimate of value. This can save the borrower about $400 in closing costs. Buyers using HUD’s attorney to close the transaction may save additional fees.
FHA. FHA receives no taxpayer funds. FHA is fully funded by the Mortgage Insurance Premiums paid by borrowers. FHA is a government agency under the jurisdiction of the US Deprtment of Housing & Urban Developmment. Wall Street and lender practices at AIG, Bear Stearns, FNMA, FHLMC, Wachovia, Countrywide and elsewhere, caused the current wave of foreclosures, bank failures, and bailouts for institutions “too big to fail.” FHA remained solvent, and FHA lending practices, remained generous but sound.
Exterior Insulation & Finish System (EIFS) In this market, if it looks like stucco, and the house is less than 10 years old, it is probably EIFS. Buyers should be alert to the possibility of water damage inside the wall cavity. Look for leaks around window openings. EIFS is sometimes referred to as synthetic stucco. It has the durability of stucco, plus thermal insulation value. Expanded polystyrene insulation board is attached to a substrate of plywood, masonry, or gypsum sheathing. Synthetic woven mesh is embedded in a cementitious base coat, troweled onto the insulation. The top or finish coat is an acrylic stucco, available in a variety of textures and colors.
Angie’s List. Triad Homes Realty is now registered with Angie’s List, and needs your ratings. Angie’s List has reviews in more than 500 categories, including plumbers, roofers, landscapers and dentists. Angie’s List can save you time, and help you find reviews on the best local companies. A subscription fee is required.
Foreclosure Terms. Pre‐Foreclosure. Notice of Default filed. Not yet to the foreclosure stage. Property is probably not listed in the MLS system, but could be.
Bank Owned. Property has been through the Auction stage, did not sell, and the bank has claimed title.
Assignment of Substitute Trustee. Indicates that a lien holder, e.g., lender, has begun the foreclosure process. The Substitute Trustee is most often an individual or law firm that specializes in handling foreclosures. This recorded document may also be described as a “Notice of Default.”
Trustee’s Deed. A deed from the Trustee to either the mortgage lien holder or to the highest bidder at auction.
Fannie Mae is the Federal National Mortgage Association. Its stock soared after it was privatized and listed on the NY stock exchange. Now it has about a trillion dollars in either bad or questionable loans and needs yours and the governments help. Buy a FNMA foreclosure — today FNMA offers 30 yr fixed for investors with a downpayment of as little as 10%. For FNMA listings and financing details go to http://www.homepath.com/.
Roads and Highway Construction. Want to know if there are any road projects planned near your neighborhood? Greensboro has an online Road Project Mapping Tool for access to information on major City- and state-planned roadway projects. http://www.greensboro-nc.gov/index.aspx?page=2404
Water Bill INFO Online. The City of Greensboro is making it easier for customers to access information about their water bill with an online service called WebConnect. WebConnect, which can be accessed at www.greensboro-nc.gov/onlineservices, is a secure way for customers to pay their water bill, make changes to their billing information, and review bill details such as water usage online. Customers can also use the service to sign-up for e-billing to receive water bills via e-mail.
When customers log on to WebConnect, they will be able to choose what level of access they want─ premium, standard or landlord. Premium access requires customers to create an online account with a user name and password, and provides all billing information. Standard access doesn’t require customers to create an account and only provides bill balance and payment options. And, landlord access, which also doesn’t require customers to create an account, allows landlords to view bill balances on all their properties and make payments. It’s free to use all options, but a convenience fee of $1.95 will be charged when making online payments. For more about this new service, call 336-373-CITY (2489).information