____________________ The FHA doesn't loan money, but rather it provides lenders with financial protection by insuring loans against default. The FHA is like an mortgage insurance policy for benefit of lenders. This enables lenders to make loans with smaller down payment and lower FICO score qualification requirements than conventional loans. Basic FHA Borrower requirements are: Primary residence only (not investment property) Condo, planned unit development or SFR 620 FICO score … (2 comments)
mortgage financing: Super Jumbo Loans Seem To At Least Be Possible These Days
- 07/09/09 06:41 PM
The New York Times reported at "Securing a Jumbo: No Small Task" that it's tough to get a super jumbo loan these days. On the other hand .. our mortgage guru, Tim Sibley at First Capital Mortgage, Newport Beach, says that major institutions and market players seem to be purchasing super jumbo loans, which means that the money is there for the lending. So it's different now for people here in California who need home loans of $729,750 or higher (the super jumbo rate as set by Fannie and Freddie Mac). A month or so ago, money for these loans wasn't there. Today borrowers can at … (8 comments)
mortgage financing: Lake Forest, CA ~ Fannie Mae REO Homes Offer Special Financing For Buyers
- 04/23/09 06:42 PM
Fannie Mae is smarter now ... offering special financing on its REO BANK OWNED HOMES at Lake Forest, California. 22713 MALAGA WAY 3 - 2 bedroom, 2 bath - $199,900 24255 LARKWOOD LN - 2 bedroom, 1 bath - $312,000 25583 MONT POINTE - 2 bedroom, 2 bath - $213,500 23216 ORANGE AVE - 1 bedroom, 1 bath - $104,000 289 CHAUMONT CIR - 2 bedroom, 2 bath - $245,900 These are bank owned REO homes after foreclosure, which sold for much higher prices between 2004 to 2007. Look for the Fannie Mae special financing opportunities on its REO homes at HomePath.com. Fannie Mae guidelines on … (0 comments)
mortgage financing: Good News About Home Loans and Mortgages
- 04/22/09 03:28 AM
What's the good news with home loans and mortgages? Lenders and mortgage brokers report ... April 21, 2009 ... Mortgage brokers have the lowest rates of modern times for conforming loans up to $417,000, with fixed rates for 30 year to 10 year loans in the mid 4% range with one point, or in the high 4% range without points. See my prior article about getting close to 4% home loan rates ~ Will We See California Home Mortgage Rates As Low As 4 Per Cent? ~ on December 18, 2008). Mortgage Brokers now have Jumbo loans available (varies from state to state), which are mostly in the 5, … (0 comments)
mortgage financing: Foreclosure Alert For Renters ~ by RealtyTrac.com ~ Help For Tenants
- 04/01/09 08:23 AM
RealtyTrac (www.realtytrac.com) announced today its launch of a new service called RealtyTrac Renter Alerts (www.renters.realtytrac.com). RT says that this fee based service ... will provide tenants and renters ... with advance notice when the property they are renting enters into default ... or is about to be foreclosed by a lender.See the article ~ "Foreclosure Alert for Renters" ~ at OCRegister.com. Let's encourage our friends and clients who are renters of homes to be aware of this RealtyTrac.com service ... and some possibility that a renter can lose his home, place of rental living, and perhaps security deposit .. in a foreclosure situation.
If you want information about Orange County, … (2 comments)
... the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appraiser's estimate of value. ... The subject property must also have been owned by the borrower as his or her principal residence for at least 12 months preceding the date of the loan application in order to obtain the maximum of 85 percent of the appraiser's estimate of value in the new mortgage. Check out the US government letter on this … (1 comments)
mortgage financing: President's Housing Plan 2009 Provides Limited Government Help For Existing Home Loans
- 03/10/09 07:45 AM
The Obama administration on March 4, 2009, introduced its housing plan ... saying they intend to try and help up to 9 million struggling homeowners avoid foreclosure. That's a dreamy goal. I'd like to see that match with reality but don't have high expectations. The US Obama Housing Plan 2009 can HELP WITH refinanced mortgages or MODIFIED LOANS ONLY IF ... First ~ You are borrowers who owe only up to 5 percent more than home's current value. Second ~ Borrowers must provide their most recent income tax return, two pay stubs, and an "affidavit of financial hardship" to qualify, citing reasons behind their financial woes, such as job … (6 comments)
We know of private profit oriented mortgage loan modification servicers (including some lawyers) charging as much as $5,000 up front ... to contact your home lender and ask for a loan modificiation. A large majority of the folks paying these up front fees do not get loan modifications. And when there isn't a modification, some or all of the retainer money paid to the … (4 comments)
FANNIE MAE is now offering special financing on its REO BANK OWNED HOMES at Mission Viejo, California.
149 CALIFORNIA CT - $265,000 MISSION VIEJO, CA 92692 26426 VIA ROBLE - $208,000 MISSION VIEJO, CA 92691 23336 LA MAR #D - $139,900 MISSION VIEJO, CA 92691 CHECK OUT HERE the Fannie Mae special financing opportunities on its REO homes at HomePath.com. Fannie Mae guidelines on these REO homes ~ 97% loan with three percent down for owner occupied financing with no mortgage insurance. Fannie also offers special financing for investors who want to buy its REO homes. FHA guidelines ~ Down payment of 3.5 … (1 comments)
29 ALICANTE AISLE - $265,000 33 COSTA BRAVA - $329,999 Check out the Fannie Mae special financing opportunities on its REO homes at HomePath.com. Fannie Mae guidelines on these REO homes ~ 97% loan with three percent down for owner occupied financing with no mortgage insurance. Check it out that Fannie also offers special financing for investors who want to buy its REO homes. FHA guidelines ~ Down payment of 3.5 percent. Also require some of loan amount to be … (2 comments)
mortgage financing: Will Obama and the US Government Take Fannie Mae and Freddie Mac Private and Sell the Parts?
- 01/18/09 09:26 AM
I'd like to see US government get out of the ownership and management control of Fannie Mae and Freddie Mac. Some say that we should take these agencies private, cut them up and sell the parts off. [See the January 9, 2009, commentary published in the Orange County Register by Deroy Murdock, syndicated columnist]. What would be the objective of breaking up and selling off these agencies? And will dissecting these large government agencies and selling the parts accomplish the goal? It looks like selling off of parts of Fannie and Freddie would generate revenue to erase some of the debt in the next US government budget. … (2 comments)
mortgage financing: Hard Money Lending ... or California Trust Deed Investing ... As Investor Opportunity
- 01/13/09 04:33 AM
HARD MONEY LENDING can be a good way to go for real estate investors. Investors in California residential real estate have taken a beating since July 2006. Some investors these days would rather buy and own NOTES and DEEDS OF TRUST (mortgages) ... than the actual real property. If you have liquid funds or equity in real estate and want to get a better return on investment (ROI), Hard Money Lending ... or Trust Deed Investing in California could be for you. In California the term "MORTGAGE" is used interchangeably with "PROMISSORY NOTE SECURED BY DEED OF TRUST". (We don't actually have mortgages here) Investors want safe trust deed investment … (2 comments)
mortgage financing: Fannie and Freddie Should Further Extend Time Suspensions on Foreclosures
- 01/10/09 01:51 AM
It will help troubled homeowners and our USA economy in general if Fannie Mae and Freddie Mac extend even further their time and suspension of foreclosures. What good does it do to kick people out of their homes and move forward with increasing foreclosures when the real estate market is in the process of absorbing the distressed properties we now have? If a home loan borrower is in trouble .. either from evaporated equity or from resetting interest rates on ARM loans ... Fannie and Freddie should suspend foreclosure one month at a time ... as long as somebody … (14 comments)
mortgage financing: Are FHA Loans Expected To Provide Significant Help For Homebuyers in 2009?
- 12/29/08 04:17 AM
Some business folks and real estate professionals believe that FHA loans will be primary and good help for homebuyers during 2009. But there have been changes, and the new down payment requirement for FHA loans will be 3.5 percent (not 3 percent) as of January 1, 2009. Prior to January 1, 2009, the borrower needed 3 percent down payment from their own money. A question was what part of that 3 percent went for down payment and what part of thatwent for closing costs. Not all states and localities handled this the same. As of January 1, 2009, the 3.5 percent FHA loan down payment requirement (from borrower's own money) is to be in every … (5 comments)
mortgage financing: TRIAL LAWYERS & MORTGAGE CRISIS LAWSUITS AND LITIGATION
- 09/16/08 08:15 AM
SOME TRIAL LAWYERS HAVE BEEN GEARING UP TO ATTACK A SOFT SPOT IN THE BUSINESS WORLD ... THE SUBPRIME MORTGAGE CRISIS ... MORTGAGE BANKERS, LENDERS AND MORTGAGE BROKERS. Bloomberg News reported that the number of new mortgage crisis lawsuits is growing. More than 600 lawsuits related to the subprime mortgage situation were filed in U.S. federal courts since January 2007, including 310 in the first six months of 2008. That's a lot more than litigation related to the U.S. savings and loan collapse of the 1990s.
The current crisis in mortgage has swelled the LITIGATION INDUSTRY with expected benefits for TRIAL LAWYERS.
Subprime-related lawsuits now outnumber the 559 filed during … (18 comments)
mortgage financing: Signs of Continued Irresponsible Home Lending in Southern California
- 07/29/08 09:29 AM
Here in Southern California we continue have some current signs of irresponsible home lending practices. The Orange County Register, reported on July 27, 2008, in a Marketplace article that one year ago, July 27, 2007, the house at 920 W. Camile St. in Santa Ana was bank-owned and deserted and that "the subprime lending bonanza had blighted a city block". In October of 2007, this same house sold at auction for $304,500 (a bit more than half what the prior a buyer using 100 percent subprime financing paid in 2006). This same house at 920 W. Camile was renovated and repainted and … (1 comments)
mortgage financing: US Congress and Senate Should Pass Permanent Federal Housing Administration Reform Legislation
- 05/27/08 10:53 AM
Our U.S. Congress and Senate Should Pass Permanent Federal Housing Administration Reform Legislation.The time is now for the US Congress and Senate to pass permanent Federal Housing Administration reform legislation if we are to give American homebuyers and homeowners the peace of mind they need.While new loan limits were recently enacted as part of the Economic Stimulus package, they will expire at the end of 2008 even though they have brought relief to more than 325,000 families so far this year.Reducing these limits, or letting them expire by doing nothing, could cause further turmoil in our fragile housing market.Realistic loan limits in … (0 comments)
mortgage financing: How To Manage Your HELOC Loan With Rising Rates?
- 05/21/08 05:58 PM
Most HELOC loans (home equity line of credit) are indexed to the bank prime loan rate. When the prime rate changes, the rate on your HELOC will change also.When prime increases 100 basis points (one full percent) the home equity line of credit borrower pays more in interest costs.If you make monthly payments according to a fixed schedule, the rise in rates also means less of each payment goes towards reducing principal. So it will take longer to pay off the loan balance. How to manage your HELOC loan?One possibility is 0% Balance Transfer Offers. If you have good credit and … (1 comments)
mortgage financing: At The Center of Our Housing Crisis Is That Many People Have No Equity Or Are Upside Down on Loans
- 04/26/08 05:50 AM
At the center of our housing crisis is that many people here in California and the United States have no remaining home equity or that they are upside down on their loans. Too many people purchased homes during the past five years with no or little down payment, based upon no document loans, and with lending practices so relaxed that mortgage agents and brokers participated with at least some knowledge that loans should not be approved and funded. Whose fault is that? Is it possible that mortgage brokers and lenders are at least partly responsible? However, even if it is determined that … (2 comments)
mortgage financing: Is Cancellation of Debt Always Income Taxable?
- 04/19/08 05:36 PM
Is Cancellation of Debt Always Income Taxable? What does IRS say? Not always. There are exceptions. Some situations when cancellation of debt income is not taxable involve:A. Bankruptcy: Debts discharged through bankruptcy are not considered taxable income. B. Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets. Insolvency is complex to determine and the assistance of a tax professional is recommended for consideration. C. Certain farm debts: If you incurred the debt … (0 comments)
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