Lawrence johnson, realtors
Lawrence johnson, realtors
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    • Home
    • My Services
    • Sold Properties
    • Communities & Resources
    • Market Report
    • Buyer and Seller Tips
    • FAQ
    • Contact Us
    • Reviews
  • Home
  • My Services
  • Sold Properties
  • Communities & Resources
  • Market Report
  • Buyer and Seller Tips
  • FAQ
  • Contact Us
  • Reviews

frequently asked questions

What is an FHA Loan?

What is a Conventional Loan?

What is an FHA Loan?

 The Federal Housing Administration (FHA) provides mortgage insurance on loans made by FHA-approved lenders. These loans can be for single-family and 4 unit multi-family homes. The down payment for FHA loans is 3.5%.   

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What is a VA Loan?

What is a Conventional Loan?

What is an FHA Loan?

VA-backed Veterans home loans can help Veterans, service members, and their survivors to buy, build, improve, or refinance a home. The VA  guarantee (or stand behind) a portion of the loan you get from a private lender. Some benefits of  VA loans are: No down payment, Better interest rates, No private mortgage insurance, Fewer closing expenses.  

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What is a Conventional Loan?

What is a Conventional Loan?

What is Down Payment Assistance (DPA)?

 A conventional loan is a mortgage that is not guaranteed or insured by any government agency, such as the FHA or VA. It typically has fixed terms and rates. However, conventional loans also allow down payments as low as 3%. Your lender or Fannie Mae are good sources for more information 

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What is Down Payment Assistance (DPA)?

What is Down Payment Assistance (DPA)?

What is Down Payment Assistance (DPA)?

 Down payment assistance programs provide a set amount of money to qualified homebuyers, which can be used to cover their down payment and/or closing expenses. The most widely used programs in the Memphis area are the Tennessee Housing Development Agency (THDA) and the City of Memphis DPA program. Additionally, some local lenders offer in-house DPA programs. For more information, right-click on the links below. 

 https://thda.org/ 

 https://memphistn.gov/government/housing_and_community_development/dpa 


Why do I need a Home Inspection

What is Down Payment Assistance (DPA)?

Why do I need a Home Inspection

 A home inspection is an essential part of the buyer’s due diligence during the purchasing process. It is recommended that the buyer hire a professional home inspector to examine the house’s interior and exterior, including the heating and air conditioning system, interior plumbing and electrical systems, roof, attic, floors, windows and doors, foundation, basement, and structural components to identify any issues. Once completed, the inspector will provide a written report and pictures of the findings. If repairs are needed, your realtor will initiate negotiations with the other party based on your recommendations. Depending on the complexity of the concerns, additional professionals may need to be hired 

What is the Appraisal for?

What is Down Payment Assistance (DPA)?

Why do I need a Home Inspection

 

Before approving a loan, the lender will send an appraiser to determine if the current value of the property supports the accepted asking price. The appraiser will conduct an on-site visit, taking pictures and measurements of the interior and exterior. They will note any amenities and updates/upgrades done to the property. Additionally, they will compare similar properties in the area to support their evaluation. The appraiser will consider current market conditions, recent listings, and sales. In some cases, the listing agent may need to provide additional information to the appraiser. The appraiser will then submit their report to the lender with their recommendations and any necessary repairs.


4222 Mill Branch Rd.

Memphis, TN. 38116

 Office 901.345.1600  Cell 901.229.6224


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