Related FAQs
Yes, we do offer mortgages for the purchase of foreclosed and/or bank-owned properties. However, any required repairs must be completed in a timely manner, and the home must receive a C4 rating or better following its appraisal. We hear you asking: "What is a C4 rating?" In short, a C4 rating is a standardized assessment of a property's condition, born out of a larger initiative to improve the consistency of home appraisals in the United States. "Condition ratings," as they are known, start at C1 and go right through to C6—which designates a property "in need of substantial repairs and rehabilitation." To receive a C4 rating, a home must meet the following conditions: "The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.". Read more
Yes, we do offer mortgages for the purchase of foreclosed and/or bank-owned properties. However, any required repairs must be completed in a timely manner, and the home must receive a C4 rating or better following its appraisal. We hear you asking: "What is a C4 rating?" In short, a C4 rating is a standardized assessment of a property's condition, born out of a larger initiative to improve the consistency of home appraisals in the United States. "Condition ratings," as they are known, start at C1 and go right through to C6—which designates a property "in need of substantial repairs and rehabilitation." To receive a C4 rating, a home must meet the following conditions: "The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.". Read more
Discover the importance of a pre-approval mortgage letter in the home-buying process. Learn its benefits and understand how Better.com simplifies the process. Read more
Discover the importance of a pre-approval mortgage letter in the home-buying process. Learn its benefits and understand how Better.com simplifies the process. Read more
Prepaid costs are payments made at closing for upcoming line items of your new home loan. They're called "prepaid" costs because you're paying for them before they are technically due. The most common kinds of prepaid costs are homeowners insurance, property taxes, and mortgage interest. These are paid into an escrow account to ensure that you have money to pay your bills when they become due. Read more
Prepaid costs are payments made at closing for upcoming line items of your new home loan. They're called "prepaid" costs because you're paying for them before they are technically due. The most common kinds of prepaid costs are homeowners insurance, property taxes, and mortgage interest. These are paid into an escrow account to ensure that you have money to pay your bills when they become due. Read more