2612 Valley Creek Trail McKinney, TX 75070

~~~~~OPEN HOUSE~~~~~

August 21st & 22nd 1pm-4pm 2612 Valley Creek Trail McKinney, TX 75070 $275,000.00 Unique find in the heart of McKinney. Tastefully remodeled golf course home site with mature trees and landscaping. Pretty views from master, family room and breakfast areas. Cozy fireplace, open, light and bright. Inviting entrance with flexible floor plan. fourth bedroom is perfect for a nursery or an office. Beautiful stone patio in the backyard leads you to a relaxing oasis overlooking the creek and golf course. Saundra Linscheid #0575281 Keller Williams 6951 Virginia Parkway McKinney, TX 75071 903-624-9583

Common Closing Costs for Buyers

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for: • Down payment • Loan origination • Points, or loan discount fees, which you pay to receive a lower interest rate • Home inspection • Appraisal • Credit report • Private mortgage insurance premium • Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage • Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you. • Deed recording • Title insurance policy premiums • Land survey • Notary fees • Prorations for your share of costs, such as utility bills and property taxes A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

6 Creative Ways to Afford a Home

6 Creative Ways to Afford a Home 1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov. 2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage. 3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate. 4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history. 5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner. 6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.