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Real Estate Q&A
questions & answers
Is it harder for people who work on commission to qualify for a home loan? If so, what will the lender expect?
One of the key numbers in qualifying for a home is the amount of income you earn. For people who receive a straight salary, it’s pretty easy for the lender to determine that number from a current pay stub. If you work on commission, because your income can fluctuate, the amount you earn isn’t as easy to determine.

The lender will most likely average the past several years’ commissions to arrive at a predictable amount of income. If your commissions have been steadily increasing, the lender could agree to put weight on your current income from commissions. You will need to provide the lender with information on why this income is likely to continue, including documenting a stable client base, and providing commission agreements and 1099s.
What legalities are involved in using home plans?
If you are preparing to purchase plans to build a new home, you need to know how you can legally use those plans. Home plans are copyrighted. Just like books, movies and songs, federal copyright laws protect the intellectual property of architects and home designers.
Who pays the typical fees attached to the home buying process?
Typically the Buyer pays for:
Appraisal
Credit Report
Discount Points
Escrow Payments
Homeowner’s Association Fees
Insurance Impounds
Interest Adjustment
Mortgage Insurance Impounds
One-time MIP (FHA only)
Origination Fees
Prepaid Insurance
Recording Fees
Tax Impounds
Title Policy
VA Funding Fee (VA only)


Typically the Seller pays for:
Discount Points
Escrow Fee
Home Warranty Program
Interest Adjustment
Title Policy
Pest Inspection
Real Estate Commission
Tax Service
What are some tips or general rules to prepare for first-time home buying?
Save, prepare and research. Bidding wars for homes are becoming more common as demand for houses continues to grow. According to a report in Ladies’ Home Journal, gone are the days of offering 20 percent under the asking price. In today’s market, it pays to go in with your highest offer — which requires some careful financial planning
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