FHA buyers- turn that ugly fixer into a fabulous oasis!

Home improvement made easier with FHA 203(k) loans.

Interested in purchasing a fixer upper but scared about not having enough funds to do the remodeling? Qualified FHA buyers can take advantage of a fixer-upper home and make repairs with an FHA 203(k) rehabilitation mortgage from Bank of America.

With one loan that combines the cost of buying the home with the cost of making repairs, the 203(k) could be ideal for qualified buyers interested in purchasing a home that needs repairs or updating. The 203(k) advantages include1:

• Qualify with as little as 3.5% down
• Cash needed for repairs is built into the loan amount
• Loan amount is based on the as-improved value

For homes needing limited repairs, qualified buyers may opt to use the FHA Streamline 203(k), featuring all of the advantages of the 203(k), except:

• Qualify with as little as 3% down
• $35,000 of loan proceeds can be applied toward
   repair or rehabilitation
• No minimum loan amount

Contact Natasha Titova with Bank of America for more details
Office: 949.456.8178
Mobile: 949.690.7888
Fax: 866.517.0825

Who Pays What Escrow Fee and Title Fee?

In California Who Pays What is determined by local custom. Traditionally Northern California pays fees one way while Southern California has a somewhat different fee traditon. Of course, all the fees are negotiable and can be changed by the purchase contract. Below is a list of who pays which fees in Soputhern California.

The SELLER can generally be expected to pay for:

• Real estate commission
• Owners title insurance policy
• 1/2 of the sub-escrow fee
• 1/2 of escrow fee
• Document preparation fee for deed
• Documentary transfer tax
• Transfer or conveyance tax
• Loan fees required by buyer's lender (FHA/VA)
• Payoff all loans against property
• Seller's lender being paid off
  • Interest accrued
  • Statement fees
  • Reconveyance fees
  • Prepayment penalties
• Termite inspection (according to contract)
• Termite work (according to contract usually section 1)
• Home warranty (according to contract)
• Any judgements, tax liens, etc., against the seller
• Tax proration (for any taxes unpaid at the closing)
• Any unpaid homeowner's dues
• Recording charges to clear all documents of record against seller
• Any bonds or assessments (according to contract)
• Any and all delinquent taxes
• Notary fees

The BUYER can generally be expected to pay for:

• Lenders title insurance policy
• 1/2 of the sub-escrow fee
• 1/2 of escrow fee
• Document preparation (if applicable)
• Notary fees
• Recording charges for all documents in buyer's name
• Tax proration (for any taxes unpaid at the closing)
• Homeowner's transfer fee
• All new loan charges (except FHA/VA loans)
• Interest on new loan from date of funding to 30 days prior to first payment date Assumption or change of records fee on existing loan
• Assumption of existing loan
• Inspection fees (roofing, property, geological, etc.)
• Termite work (according to contract usually section 2 )
• Home warranty (according to contract)
• Fire insurance premium for first year