mortgage help: Lender Rules Do Not Mean Law or Building Codes!
- 12/06/10 11:44 PM
Buyers and Sellers are faced with financing when making a real estate transaction finalized. Many times the requirements of the lender have nothing to do with the building codes or contract law that governs the purchasing of real estate. I recently had a sauna that was a large unit permanently wired (hard wired, meaning permanently installed as part of the home with a dedicated electrical circuit) so it would be considered part of the home just like a light, furnace or hot water heater. The lender asked that the purchase agreement be changed, using an addendum, to reflect the sauna as a separate … (4 comments)
mortgage help: Upside Down?
- 03/13/10 06:23 AM
I don't mean are you standing on your head...I mean your mortgage. That is the term that lenders use to describe a homeowner that has a larger mortgage owed than the value of the home itself. You may qualify for a mortgage modification even if you are up to 25% underwater. Simply stated your home might be worth $100,000 and you owe $125,000.00 and qualify for a mortgage modification to help you keep your home. Check this link to see if you qualify for a mortgage modification. http://makinghomeaffordable.gov/evaluator.html Want to know more options to save your home and/or credit...live in the … (2 comments)
Americans owe more on their mortgages than their homes are worth. In many cases this means they are simply stuck! They can't sell and they can't move. So how do you solve an upside down mortgage? You and millions of others are asking the same thing. First not all home values have gone down. We have areas within our local market that have seen increases in sell prices and others where the prices have stayed level. Many times the … (2 comments)
mortgage help: Credit Tightens as more homes foreclose, First Time buyers have an option in Michigan
- 04/13/07 10:25 AM
First Time Buyers still have options even with the tightening of credit for home mortgages. One of the less often used methods of financing is MSHDA a single family mortgage loan program. There are some restrictions as to income and purchase price limits apply to this mortgage program. Last year (2006) the income limits and purchase price guidelines increased. Think of a 97% loan instead of a 80% loan where you have to come up 3% of the purchase prince instead of 20% of the purchase price plus closing costs. To qualify your household income can not be more than $72,250.00 and the maximum mortgage amount they will write with … (0 comments)
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Buyers and Sellers are faced with financing when making a real estate transaction finalized.
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