James Balletta, Owner/Broker
(516) 921-5025
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C.R.B., G.R.I., C.R.S., President, Licensed Real Estate Broker |
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REAL ESTATE GLOSSARY
H continued
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Homeowner's Warranty (HOW)
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. |
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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.
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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
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Housing Expense Ratio
The percentage
of gross monthly income that goes toward paying housing
expenses. |
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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."
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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). |
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Lex Realty - Long Island's Oldest Real Estate OfficeServing 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
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