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For qualified service members who are ordered on a period of official extended duty, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.
“ Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
“ Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
The following documents will be required to verify information you provide to your lender
Pay stub (most recent month’s with year to date information)
Asset/bank statements (most recent 2 months)
Federal Tax Returns (Last 3 years)
W-2’s (Last 3 years)
Complete information of where you have worked and lived for the last 2 years
□ Completed Application via online: www.gmmllc.com/spichardo or by phone. □ Driver’s License, DMV ID Card (with Photo), Military or Government Issued ID (with Photo and Signature), Permanent Resident Alien (Green Card) front and back of card, Government Passports (must bear a Photo and Signature), Visa □ Most current consecutive pay stubs, covering a 30-day period □ W-2’s for 2008, 2007, 2006 & 2009 when available □ Signed complete federal tax returns for 2008, 2007, 2006 and 2009 when available □ Most current consecutive statements for; checking, savings, mutual funds, stocks, bonds, 401K, and IRA covering a 60-day period Please provide ALL PAGES for each statement . □ Check payable to “GMMC” in the amount of $120.00 for the VHDA reservation fee □ Check payable to “GMMC” or Credit card payment in the amount of $350.00 for Appraisal □ Name, address and phone number of landlord/mortgage company for past 2 years □ Name, and phone number for HR department or supervisor for past 2 years □ Gift funds letter and documentation of funds from donor and recipient □ Divorce decree, separation agreement, and property settlement agreement, if applicable □ Statements for creditors to be paid off □ Ratified sales contract, if available □ Homeownership Educational Certificate vhda.learn.com (on-line course) □ Copy of Earnest Money Deposit Check (front and back) □ Name, phone # of subject condo property management company □ Name, phone # and fax # of home owners insurance agent □ Explanation email or letter for inquiries on credit report ITEMS REQUIRED FOR ALL BORROWERS:
Take these components to your Lender Target Down Payment Target Monthly Payment Income Documents
The term "tenancy" means to hold title. There are a variety of ways to hold title in the state of Virginia. Below is a list of the most frequent tenancies used in Virginia
Sole Owner - one who holds possession to land with no one else.
Tenants in Common - two or more people who hold land together, with equally divided interest between them, or a designated percentage interest between them (for example, 60% to 40%). Upon the death of an owner, shares pass to the owner's heirs.
Joint Tenants with the Full Common Law Right of Survivorship - two or more people holding land together with one interest between them all. In the case of the death of one owner, the surviving owner(s) will own the land. The decedent's interest in the property passes to the surviving owners as a matter of law and does not pass to their heirs.
Tenants by Entirety with the Full Common Law Right of Survivorship - husband and wife holding land together. In case of the death of either husband or wife, the surviving tenant will own the land. The decedent's share passes to the survivor as a matter of law and does not pass to their heirs. Additionally, a creditor of one spouse may not attach a lien to the property to secure a judgment, but a creditor of both spouses may attach a lien to the property to secure a judgment.
A fire destroys only the house and improvements. The ground is left. A defective title may take away not the only the house but also the land on which it stands. Title insurance protects you (as specified in the policy) against such loss.
A deed or mortgage in the chain of title may be a forgery.
A deed or a mortgage may have been signed by a person under age.
A deed or a mortgage may have been made by an insane person or one otherwise incompetent.
A deed or a mortgage may have been made under a power of attorney after its termination and would, therefore, be void.
A deed or a mortgage may have been made by a person other than the owner, but with the same name as the owner.
The testator of a will might have had a child born after the execution of the will, a fact that would entitle the child to claim his or her share of the property.
A deed or mortgage may have been procured by fraud or duress.
There may be a defect in the recording of a document upon which your title is dependent.
Claims constantly arise due to marital status and validity of divorces. Only title insurance protects against claims made by non-existent or divorced "wives" or "husbands."
Many lawyers, in giving an opinion on a title, protect their clients as well as themselves, by procuring title insurance.
Over the last 24 years, claims have risen dramatically.
We Hope You Never Have A Title Claim
Americans have the future in mind when they buy a house, and they purchase homeowners insurance to help protect that future. But with homeownership comes the need to protect the property against the past, as well as the future.
Title insurance protects a policyholder against challenges to rightful ownership of real property, challenges that arise from circumstances of past ownerships. Each successive owner brings the possibility of title challenges to the property.
It is an insurance policy that protects the insured against loss should the condition of title to the land be other than as insured. Unlike other types of insurance that offer protection against future possible occurrences, title insurance offers protection against past occurrences which could result in a claim at a future date. Coverage continues in effect for so long as you have an interest in the covered property. If you should die, the coverage automatically continues for the benefit of your heirs. If you sell your property, giving warranties of title to your buyer, your coverage continues. Likewise, if a buyer gives you a mortgage to finance a purchase of covered property from you, your coverage continues to protect your security interest in the property. Title insurance provides the insured with "peace of mind" in knowing that you are receiving good and marketable title to the real estate you are purchasing.
When you buy a home--or any property for that matter--you expect to enjoy certain benefits from ownership...to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan. Title insurance is designed to cover these rights. Without an owner's title insurance policy, you may not be fully protected against errors in the public records, hidden defects not disclosed by the public records, or mistakes made during the examination of the title of your new property. As a result, you may be held fully accountable for any liens, judgments or claims brought against your new property. However, your owner's title policy insures that if such an occasion arises, you will be defended, free of charge against all covered claims and paid up to the amount of the policy to settle valid claims.
The cost varies, depending mainly on the value of your property. The important thing to remember is that you only pay once, then the coverage continues in effect for so long as you have an interest in covered property. If you should die, the coverage automatically continues for the benefit of your heirs. If you sell your property, giving warranties of title to your buyer, your coverage continues. Likewise, if a buyer gives you a mortgage to finance a purchase of covered property from you, your coverage continues to protect your security interest in the property.
4. If my lender obtains title insurance, why do I need it?
The lender's policy covers only the amount of its loan, which is usually not the full property value. In the event of an adverse claim, the lender would ordinarily not be concerned unless its loan became non-performing and the claim threatened the lender's ability to foreclose and recover its principal and interest. And in the event of a claim, there is no provision for payment of legal expenses for an uninsured party. When a loan policy is being issued, the small additional expense of an owner's policy is a bargain.
5. If I am required to purchase lender's insurance, why do I need owner's coverage as well?
In almost every instance, a lender will require you to purchase lender's title insurance protecting it up to the value of its loan on the property. This coverage only protects the lender, not you, and the coverage diminishes as the loan is paid off. As you build more equity in the property, you expose yourself to a higher risk of loss occasioned by a title defect. In this situation the protected lender will suffer no loss while you as the owner of record bear the substantial risk of the damage. Owners' title insurance will protect you against any covered loss from failure of title up to the full amount of the policy
7. What protection does title insurance provide against defects and hidden risks?
Title insurance will pay for defending against any lawsuit attacking your title as insured, and will either clear up title problems or pay the insured's losses. For a one-time premium, an owner's title insurance policy remains in effect as long as you, or your heirs, retain an interest in the property.
8. If my title has been examined for defects, why do I need Insurance?
There are many defects which even the most meticulous search of the land records will not uncover: For instance, it is impossible for an examiner to know whether the marital rights of all previous owners have been relinquished; whether all deeds, mortgages and judgments affecting the property have been properly indexed in the land records; whether all signatures are valid; or whether an unknown heir of a previous owner had a valid claim against the property. Without owner's title insurance you may have no avenue of recovery for these types of problems
Yes. There are three different types of Title Insurance. A Lender's Policy, Standard Owner's Policy and the Owner's Enhanced Policy. Lender's Coverage is required by all corporate lenders as a condition of the purchaser's loan. This covers only the lender for the amount of the loan they are making to a borrower. The Lender's Policy that the lender is provided with is the standard ALTA 1992 Loan Policy. It provides coverage to the Lender against such title encumbrances as fraud in connection with the execution of document, incorrect representation of the marital status of grantors, wills not properly probated, and many other circumstances that might jeopardize the Lender's security in the property.
The Standard ALTA 1992 Owner’s Policy protects you as the owner of real property against fraudulently executed documents, incorrect representations and improperly probated wills as well as any unsatisfied claims that may not appear in the County land records.
The Owner’s Enhanced Policy covers you, the owner against all that is included in a standard ALTA 1992 policy but with additional and enhanced coverage. For an estimate of costs for title insurance please see our cost calculator. Subject to limitations, some of the benefits of an Enhanced Policy include:
Mechanic’s lien coverage is provided for work done prior to the date of your policy.
Zoning coverage is now provided, insuring that your land is properly zoned for a single-family residence.
Subdivision coverage is now provided in the event your land is a portion of an improperly created subdivision.
Coverage is provided if you as the owner are forced to remove an existing structure, other than a boundary wall or fence, due to a previous owner’s failure to obtain the necessary building permit.
Coverage is provided if an adjacent builder builds onto the homeowner’s property without permission.
Coverage is provided for forgeries affecting your ownership after the date that your title insurance policy is issued.
For a one-time premium paid at the time of your settlement, you can receive a title insurance policy to protect against title defects or claims made against title. Your policy will protect you even after you sell the property or pay off any loan. The cost of title insurance will be reflected at settlement as part of your total closing costs.
In addition to your Owner's title insurance policy, your lender will almost always require you to purchase a title insurance policy to insure their interest in the property up to the face amount of their loan. The Lender's policy is only applicable to the specific transaction, and it provides coverage for the mortgage lien and it protects against errors made in the title search connected with that transaction, as well as any pre-existing clouds on title. Therefore, each new lender will want a lender's policy that is specific to their transaction, whether for a purchase or a refinance.