Q: Can you obtain a CDA [Community Development Administration], VA or other government-backed mortgage loan for a house through a private mortgage broker or lender?
Yolanda Lomax, Baltimore
A: Any private mortgage broker or lender would be ready, willing and able to help you obtain a CDA, VA or other government-subsidized mortgage loan for the purchase or refinance of a house.
It is not necessary to apply directly to the government agency involved. Talk to your local savings institution or look in the yellow pages for the phone number of a mortgage broker. Remember, ask lots of questions.
Q: I recently settled on a house. After settlement, when I arrived at the house, I noticed that the back storm door was gone and the house was full of trash and debris. Do I have any recourse?
Ruby Barrack, Baltimore
A: I always recommend that a buyer of a house walk through it before settlement. You should try to schedule the final walk-through either the morning before or the day before settlement.
This way, any unanticipated problems such as your missing back door or trash and debris left in the house can be discussed and resolved at the settlement table -- usually by a credit to the buyer from the seller for the reasonable value of the missing item or cost of cleanup.
In your case, however, I suggest writing the seller a letter that explains the problem and suggest an appropriate remedy -- that is, a refund amount. If the seller balks, you can sue in small claims court. Remember, you'll have to be ready to itemize and prove your damages in court.
Q: Should I make a larger or smaller down payment on my new home purchase? If possible, I don't want to make mortgage payments for 30 years.
Dolores McGallen, Annapolis
A: Generally speaking, large down payments on homes are not the most productive use of investment dollars. Instead, make a smaller down payment and take out a shorter-term mortgage, such as a 15-year fixed-rate loan. You could save the additional cash for emergencies or, better yet, invest it somewhere else for long-term growth or retirement needs.