Home Buyer Q & A

  • I am a real estate agent. I hear a lot about the FHA 203(k). I really do not know nor do I understand what it is. Can you help me? Absolutely! I would be happy to meet with you and review the program streamline and full. We can also provide training and support to your entire office. We are happy to provide you with a working knowledge the programs, so you may discuss these options with buyers and sellers. Just give me a call!
  • I have a client who is looking to purchase a home. He wants to put 5% down and finance the home with a conventional mortgage. The 5% is a gift from a family member. Can you help him? When you purchase a property with a conventional mortgage, the borrower must have 5% of his/her own funds in the purchase. So, a conventional mortgage is not possible with this scenario. An FHA loan with a gift is a ok. Other questions to ask would be...Does the buyer have a 401(K) where the down payment could be borrowed? Where is the property? Does it qualify for USDA Guaranteed Rural Housing? If the down payment is gift funds, FHA is the program that would allow this.
  • We are currently stationed in a foreign country. We are interested in purchasing a home. I have orders to return to the area in June, my wife will be back in May. What are our options? If you are wanting to purchase a home and move in when your wife returns in June, you do have the ability. VA allows a spouse to take occupancy of the property before the veteran returns to the states.
  • I have gone through a difficult divorce. I just found out that my ex-wife had a credit card in joint name and had not been making the payments. How can I correct my credit? If the credit card was not referenced in your formal separation agreement and is in joint name, you are both responsible for the debt equally. Call the creditor and let them know what is going on and bring it current as quickly as possible. You will want them to close the account so the card cannot be used. The damage is done to your credit, so we are now in repair mode.

- Jennifer Keenan, Senior Mortgage Consultant, NMLS# 101837,  Tidewater Home Funding 757-366-8690