On May 1, 2009, there will be new appraisal guidelines that will require the borrower to pay for the appraisal up front.
Either way, new Las Vegas FHA First-Time Home Buyers with a dedicated budget for down payment and closing costs need to know how to prepare for the additional expenses such as appraisals and home inspections.
On a purchase – the buyer generally has to pay for the appraisal upfront and then sometimes the seller gives the buyer a credit for the appraisal at closing.
With the new HVCC guidelines which will be enforced on May 1, 2009, borrowers will have to pay for the appraisal ahead of time through a third-party vendor. Basically, the new rules prevent anyone who has a connection with a commission from having a connection with the appraiser.
Our appraisers request a check directly from the borrower, which we can collect at the initial application.
For a refinance transaction, we’ll collect a check from the borrower and hold until the transaction is complete.
Between the HOA documents, inspections, moving, appraisals, earnest money deposit…. things really add up quickly. It is a good idea to get a budget together prior to looking for a new home.
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Top 5 Las Vegas Mortgage Links / Articles / Questions
- Las Vegas First-Time Home Buyer Frequently Asked Questions
- Las Vegas Mortgage – How Much Can I Borrow?
- What Are The Current Mortgage Interest Rates?
- Applying For A Las Vegas Mortgage – Required Documentation?
- How Does The Mortgage Approval and Funding Process Work?
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Raintree Mortgage (Las Vegas)
9488 West Flamingo Rd. Suite 102
Las Vegas, NV 89147 | NV LIC 2511
702-432-5626 | Email
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