So if you have no credit, zero credit, zero credit, there's still a loan you can get for a home. Okay? But we have to see three trade lines, psych, um, your insurance, maybe Verizon or your cell phone bill. And he's any cell phone bill or insurance. We just had to show that you're paying three accounts and you've done it for a year, really with no late payments.
How does that quantify to a number? Um, well you don't, you're not going to have a credit score. Right. Um, but it was showing us that you can make payments on time and you have to have a down payment. You have to three and a half percent down for that program. Um, and then once you get your mortgage, then you'll start establishing your credit.

So it's just you, you are paying bills on time on a regular basis, six months or a year. For a year. For a year. We have them for a year. Cool. Yeah. And then you can qualify without a credit score. Without a credit score. The rate will be a little bit higher interest rate, but not much. And it's worth it. It's totally worth it.
Yes, absolutely. To buy a house out of pocket expenses, I don't have to expenses. So really you can buy a homeless zero down. Right? There are programs out there, so, but there's also at the beginning. You had to put down earnest money. Right? So earnest money, I typically see about a thousand dollars for that.

Yep. And so that's something that comes out of your pocket, but if the seller agrees to pay your closing costs, then you'll get that back at the end. The seller pays closing costs? Oh, now a lot. Or what do you mean now versus just it goes, it's pretty cyclical.

It depends if it's a buyer's market or seller's market. Right now, they're paying almost every single transaction we see as sellers paying closing costs. Really? And so how many years ago was it that buyers were paying all the closing costs? Oh, the w was it this summer? Last summer? I remember we had all these multiple offers on each property.
That's when we did. Yeah, it was a past couple, two years when my wife was buying her house three years ago. There were a lot of multiple offers. It was terrible. So people would make like eight or 10 offers before their offer got accepted. So at that point, sellers won't, weren't paying closing, and in a normal market, sellers do pay closing.
Interesting. Yeah. They might increase the sales price to cover it. The balance between what the sellers bring it in and get it from their house and what they have to pay out of pocket. Yeah. Like, say if the sales price is two 20 and closing costs are 7,000 they, you can say all. We're going to offer you two 27 for your house, but we want you to pay seven of our clothes.

How does that benefit be just that out of pocket expenses versus being paid at the end, right? So then, well, then the seller, they don't really have to pay those closing costs. It just comes off their bottom line. Right? But then the buyer doesn't have to come in with that $7. What are some other things that would come out of that, that major check that the seller gets cause you can, besides, um, the seller paying closing costs at the end of the transaction, what else could they be paying for seller closing costs?

So I always tell people, just a good rule of thumb. It's $2,000 for seller closing plus this is going to pit depend on the sales price and yeah, and what 10 year-round. But like, uh, being able to pay for the inspection or pay for repairs, the out of pocket. Oh, for the seller? Yeah. I mean, I guess this is kind of off of that a pocket thing, but I'm really curious about what gets paid for from the seller, from the seller.

So the seller, they're gonna have to pay up their loans than they owe on the house. You don't have to pay any real estate commissions and they're going to have to pay their seller costs, which are about 2000 and then they're gonna have to pay by years close to cost if they agree to do that and out of those, and if there are any repairs to pay for, those can come out of it.

I haven't seen anything too crazy though, because it's pretty straight forward. Sales contacts. The sales contract is straight forward. It's always just interesting to see real estate negotiations.
Oh. Sometimes they are all like back child support or paid out of. Interesting. Yeah. Might as well or liens they don't know about. Interesting. Yeah. No, that's a title. Title customer. You have to look at your title report once it comes out.

REAL ESTATE
Freddy Ruiz Jr
Salem Oregon Broker
Keller Williams Capital City
503-881-5031
freddy@salemoregonbroker.com
[ Ссылка ]
201225876

MORTGAGE
Katy Canales - Landmark Professional Mortgage Company
teamcanales@landmarkprofessional.net
Mortgage lender
+1 503-385-4040 • Main
1578 Commercial St SE, Salem, OR 97302, USA
www.bestloanprogram.com
NMLS ID 270783

свернуть