Questions

  • Q: What is the difference in owner’s title insurance and lender’s title insurance?

    A: Lender’s Title Insurance insures the lender. Owner’s title insurance insures the owner of the property for any future claims against the title for the property.

  • Q: Do I need a home inspection?

    A: YES, absolutely! A Home Inspection is a good way to determine the repairs that need to be made to any property and a good baseline for any property.

  • Q: If I need help with my down pmt…can my parents or a family member gift me the money needed for the down pmt, closing costs, & pre-paid items?

    A: On FHA, VA, RD (the government loans)…..YES!
    On Conventional…yes but the first 5% must come from and directly be sourced from the actual buyer(s).

    Credit: Russ Ogden, Nola Lending Group LLC

  • Q: Due to the economy many potential home buyers may have some credit issues…What if filed Chapter 13 bankruptcy? How long do I have to wait before I can get qualified for a home loan?

    1. Conventional loan…48 months after discharge.
    2. FHA loan…12 months after discharge.
    3. VA loan…12 months after discharge.
    4. RD loan…36 months after discharge.

    Credit: Russ Ogden, Nola Lending Group LLC

  • Q: Can you show me house listed by another realtor?

    A: The answer is Yes. the brokers inside our MLS all cooperate with each other and I always suggest you have your own representation. It is similar to an attorney trying to represent both the defendant and the plaintiff.