North Shore's Oldest Real Estate Office - Syosset Woodbury Muttontown Brookville

A type of insurance that covers repairs to specified parts of a house for a specific period of time. It is provided by the builder or property seller as a condition of the sale.

HomeStyle Construction-to-Permanent Mortgage

This mortgage gives you the financial power to build your own home -- you can borrow money to build a home from the ground up or to finish building a home that's currently under construction. This loan provides financing from the construction through the purchase phases of your new home.

Advantages:

-- You enjoy peace of mind by locking in fixed interest rates on both the construction and permanent mortgage financing phases of your home purchase in one convenient loan.
-- You can borrow a minimum of 95 percent of the construction cost or the as-completed value of the property (which means your down payment can be as low as 5 percent).
-- You can use this mortgage to purchase land upon which you build your home.
-- You save money because there is one set of closing costs, compared to those associated with separate loans for construction and occupancy.
-- You pay interest only on the funds disbursed during construction.
-- This mortgage can be used for construction that's already under way.

Details:

-- A minimum down payment of 5 percent for a one-unit home and 10 percent for two-unit homes.
-- Construction phases of six, nine, or 12 months, with extensions available up to six months, are allowed.
-- This loan is available for one- and two-unit owner-occupied homes, one-unit second homes, and one-unit investor homes.
-- You can choose a 15- or 30-year fixed-rate mortgage. You can also include the construction phase in these terms, or not, depending on your preference.
-- You can also finance with fixed-period ARMs.

HomeStyle Mortgage Loan

A mortgage that enables eligible borrowers to obtain financing to remodel, repair, and upgrade their existing homes or homes that they are purchasing. See also HomeStyle Standard Mortgage, HomeStyle Remodeler, HomeStyle Community Mortgage and HomeStyle Consumer Energy Loan

Housing Expense Ratio

The percentage of gross monthly income that goes toward paying housing expenses.

HUD-1 Statement

A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet."

The HUD-1 Settlement Statement itemizes the amounts to be paid by the buyer and the seller at closing. The (blank) form is published by the U.S. Department of Housing and Urban Development (HUD).

Items on the statement include:

-- real estate commissions,
-- loan fees,
-- points, and
-- escrow amounts.

The form is filled out by your closing agent and must be signed by the buyer and the seller. The buyer should be allowed to review the HUD-1 Settlement Statement on the business day before the closing meeting to know the closing costs in advance.

The HUD-1 Settlement Statement is also known as the "closing statement" or "settlement sheet."

HUD Median Income

Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

Lex Realty - Long Island's Oldest Real Estate Office

Serving Syosset, Woodbury, Jericho, Bethpage, Plainview, Muttontown, Laurel Hollow, the Brookvilles, Oyster Bay, Oyster Bay Cove and all of the New York Area Real Estate Communities