Frequently Asked Questions:
What do your services cost me, the homebuyer?
Our services to you are absolutely free. We are paid by the seller/homebuilder out of an advertising fund.
What is the normal time between contract signing and closing?
The normal in-between time is around 15 to 30 days.
What kind of homes do you sell?
We specialize in both new construction homes and pre-existing homes.
What is the lowest down payment necessary when buying rental property?
At Nu Home Source we have many investment property loans available with 100% financing. Even if you are unable to verify your income you may qualify for 100% financing. Credit score requirements will vary, so please contact a Nu Home Source representative for more details.
What are my options if I had, or currently am in, Chapter 13 Bankruptcy?
With Nu Home Source if you are purchasing a home and have completed or been in a Chapter 13 for over one year and have made all payments on-time, you may qualify for 97% financing with single digit rates on FHA loans or 100% financing on VA loans.
What are my options if I have a Chapter 7 Bankruptcy?
If you've been in a Chapter 7 Bankruptcy, you may qualify for 100% financing as soon as one day after the Bankruptcy has been discharged, with two of three credit scores as low as 560. Two years after discharge of a Chapter 7 Bankruptcy you may qualify for 97% financing on FHA loans and 100% financing on VA loans. All of the preceding scenarios assume good post-Bankruptcy credit history.
What if I have a Foreclosure?
With Nu Home Source, as early as one year after a Foreclosure you may qualify for 100% financing with two of three credit scores as low as 560. Three years after a Foreclosure you may qualify for 97% financing on FHA loans and 100% financing on VA loans at single digit interest rates.
What if I have Judgments or Tax Liens?
Depending on the specifics of your situation, you may qualify for 100% financing with open judgments on your credit with two of three credit scores as low as 560. For complicated issues such as these we recommend a personal consultation with one of our loan officers; please contact us to speak with one our loan officers.
How do I qualify for a low down payment if I have bad credit?
At Nu Home Source, with two of three credit sores as low as 560 you may qualify for 100% financing on a conventional mortgage. If your scores are lower than 560, you may qualify for 97% financing on FHA loans or 100% financing on VA loans. Other restrictions apply.
What are closing costs?
Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Unless these charges are rolled into the loan, they must be paid when the home is closed.
What is a foreclosure?
A foreclosure is a legal procedure whereby a lender gains title or sells a mortgagor’s after he or she does not pay it in order to satisfy all or part of the unpaid debt (legal definition). Layman's terms: Essentially, due to lack of payments, the property is repossessed by the lender. The property is then re-sold as foreclosed.
If you have read through the information on this site and still have questions, please don't hesitate to contact us with any questions you may have.