The amount of information requests regarding the current $8000 tax credit has been plentiful over the last few months. Today, a potential borrower brought to my attention a scenario that should certainly interest a certain sector of the population. The soon to be first-time buyer asked:
Many potential first time home buyers find themselves in similar situations as we enter July 2009. They want to take advantage of the $8000 tax credit for first-time home buyers, purchase while the prices are declining, and know they can afford the payment of the new home. Only one thing stands in their way; cash. While their current rent payment may be just slightly lower than what their housing payment would be, the funds needed for down payment and closing costs are just not available to many people right now. So, how can you purchase a home if you have limited cash available?
In an effort to open the White House to the American people, President Obama recently held his first online town hall discussion. Amongst the pressing issues addressed by the newly elected Commander in Chief, was continuing the American Dream of home ownership. In direct response to Americans’ fear of home loss, Obama discussed his plan [...]
A heads-up to realtors and buyers: the Feds want to help you buy and fix up existing homes. FHA 203K rehab loans are for you, not for someone else.
What’s in it for them? They want foreclosure properties and long-listed homes to get into the hands of caring owners.
How do they help you?
They guarantee mortgages that [...]
With mortgage rates taking a tumble over the last few days, loan officers with customers who have an FHA insured mortgage have been calling frantically to get them locked in at a lower rate.
What is an FHA streamline?
FHA Streamline refinance is a program designed to give borrowers who already have an FHA insured mortgage the [...]
As conventional loan applications drop over 50% from the year to date it’s also clear that borrowers are RUNNING towards FHA mortgages as they seek to refinance out of costly adjustable-rate mortgages or take out purchase loans with low down payments. The Mortgage Bankers Association says applications for government-insured loans were up 133.9 percent in [...]
The Benefits of FHA Insured Mortgage Programs We’ve all heard the popular saying “in a perfect world”, well in a perfect mortgage world a mortgage banker would be able to lend a borrower the money they need for a home and would be able to take care of the customer even if their credit [...]
Once upon a time a bank wouldn’t loan money to a borrower unless the borrower didn’t need it, and while I don’t know what happened to those times, they certainly don’t exist anymore. I must say, “it’s been an interesting journey” to observe my fellow mortgage professionals putting their careers and the well being of [...]
The Senate signaled overwhelming support for a foreclosure rescue bill despite a presidential veto threat and concerns that it could benefit the very lenders responsible for the expanding national crisis.Republican opponents of the bill sought to return the bill to the Banking Committee to clarify whether Countrywide Financial Services, or any other lender, was gaining [...]
Rates on home mortgages continued their climb this week, with the 30-year fixed-rate mortgage hitting its highest level since September, Freddie Mac said.
Inflation again was the culprit that caused fixed-rate mortgages to rise, said Frank Nothaft, Freddie Mac vice president and chief economist.
“Fixed-rate mortgage rates continued to climb this week to the highest point in [...]
