Archive for July, 2009
U.S. Home Prices Show Slight Gain
U.S. home prices posted a monthly increase for the first time in almost three years, according to the S&P/Case-Shiller Home Price Indices. Home prices inched up 0.5% for the three month period ending in May, compared with the three months ending in April. The index tracks home prices in 20 metropolitan areas.
Although home prices are still down 17% [...]
The 2/1 Buydown: In Plain English
FHA loans are all the rage in today’s mortgage marketplace – and with as popular as they are, I am surprised that I don’t see more people taking advantage of the FHA 2/1 buydown mortgage.
Heck, the first home I ever bought, I personally used a 2/1 buydown with an FHA 30 year fixed mortgage – [...]
Does This Have To Be Repaired According To FHA?
Let’s face it: when buying a bank owned property, many times there are repairs that are going to be needed to the property.
Sometimes, a significant number of repairs.
If you are planning on financing a home that is currently owned by a bank and in need of repairs, one important thing to be aware of is [...]
MIP Refunds: Does HUD Owe You Money?
There are quite a few people who are currently owed money from HUD because they had an FHA loan at one time and according to the rules of the way their Up Front Mortgage Insurance Premium account worked, they are owed a refund.
The good news is that for these people, HUD has made it easy [...]
Neighborhood Stabilization Program: Free Money?
One of the hottest, most-talked-about mortgage programs here in Arizona is a program called the Neighborhood Stabilization Program.
The reason that this program is so popular here in Arizona is because there are many, many, many properties that are currently bank-owned and people are starting to buy these properties – either as an investment or as [...]
Speed Up The Mortgage Process: Have Your Documents Ready
Are you under a tight time line to get a mortgage done?
In many markets across the US, there are actually bidding wars going on right now for houses and when competition is fierce, it is more important than ever to make sure that you have the best offer – or at least one that stands [...]
Is Your Realtor The Best Place To Find A Lender? Maybe. Maybe Not.
Many Real Estate companies have “in-house” mortgage companies where the Realtors working out of the home office will often “refer” business to the “in-house” lender.
This isn’t a bad or good thing – in fact, depending on any number of factors, it could be very bad or very good.
One thing that is new however, is that [...]
Reverse Mortgage Programs & Details
The reverse mortgage program was established to give mature Americans who are over the age of 62, the ability to use some or a majority of the equity in their homes all while receiving cash payments for the duration of the loan or until the borrower moves from their home. The initial program did not [...]
Review Your Specialty Reports
Did you know that there’s a database out there that collects information about ever personal check you’ve ever written? Whether it bounced or was cashed without incident, ChexSystems knows about it. If it overdrew your account, ChexSystems knows about it. If you ever filed an insurance claim on your home or apartment, ChoicePoint’s CLUE system [...]
USDA Program Offers Loans to Buy Rural Homes
Dreaming of a home in the country but don’t have a large income to qualify for a mortgage loan? Homeownership could still be withing reach thanks to an under-the-radar government program. A lot of potential homebuyers don’t realize that they might qualify for 100% financing of a home through the U.S. Department of Agriculture (USDA) [...]