Greg 's Blog

The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packag...

1. Any one to four unit properties which have been completed (with a certificate of occupancy) for at least one year are acceptable according to the provisions of local zoning requirements. 2. Homes that have been demolished or razed as a part of the rehabilitation process can be rehabbed as long...

There is a minimum requirement of $5,000 in eligible (necessary) improvements on the subject property. Improvements to a detached garage, a new detached garage, or the addition of an attached unit (if allowed by local zoning ordinances) can also be included in this first $5,000. The mortgage must...

The 203(k) loan is a fully disbursed loan which allows a borrower to purchase or refinance a property and finance the cost of rehabilitation with one loan. Because it is fully disbursed at closing, the 203(k) loan can be insured by HUD as soon as the loan closes. The mortgage amount for these loa...

Due to FHA's concern that some homebuyers in these transactions may attempt to provide misleading information regarding the rental income of the property being vacated to qualify for the new mortgage, FHA is instituting underwriting guidance designed to assure that the homebuyer can make payments...

Dow Jones industrials went up 400 points today following a report that the federal government may create an entity to absorb banks' bad debt. It's reported that Treasury Secretary Henry Paulson is considering the formation of a vehicle like the Resolution Trust Corp. that was set up during the sa...

1st it's Countrwide being sold to Bank of American Then it's the Feds taking over Fannie Mae & Freddie Mac Then it's Chase preparing to buy Washington Mutual Then Lehman Brothers files Chapter 11 Then Bank of America closes in on Merrill Lynch What's Next? Many of the remaining financial institut...

The credit reporting bureaus have forms you can use when disputing negative marks on your credit. Using their forms can makes things easier on them. You want them to have to work as hard as possible. They only have 30 days to resolve your claims or remove the items from your record.  You don't ha...

Payment History Tips Pay your bills on time.Delinquent payments and collections can have a major negative impact on your score. If you have missed payments, get current and stay current.The longer you pay your bills on time, the better your score. Be aware that paying off a collection account wil...

JP Morgan Chase is in "advanced talks" to purchase struggling thrift Washington Mutual, according to a report published today in the American Banker. Washington Mutual has seen its share price fall more than 75 percent this year, making it a strong takeover candidate for a bank like Chase. In ear...