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100 financing: USDA Loans - The Rural Housing Loan - The Basics - 04/18/09 06:33 PM
USDA loans in many areas are becoming more popular, yet many loan officers still don't know much about them, hence why they still aren't talked about much. Just as FHA loansweren't used as much as they should have from 2000 - 2006, because subprime and some conventional loans were easier for the loan officer to give to the consumer, even though it might not have been the best loan for them. I am sure in some cases, FHA loans are given before the USDA loan because of the lack of education on the loan officers part.... just my .02.
Some … (79 comments)
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100 financing: FHA Gift of Equity Loans - 07/19/07 02:33 PM
FHA allows for sellers to gift to the buyer part of the equity of the house that they are selling. This is called a gift of equity, but can only work between those that are relatives. This gift can be used for both the down payment and the closing costs. All other FHA guidelines apply to this type of purchase. ie. Credit qualifying and income.
Keeping in mind again that this can only be done amongst relatives.
How is this achieved? There are 2 ways for this to happen. And keep in mind that both the seller and buyer have to be a … (16 comments)
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100 financing: First Time Homebuyer Tips -- Understanding the Total Process -- Part 4 of 4 - 06/15/07 10:16 AM
So, after reading the tips on first time homebuyers from Part 1 through Part 3, you think it sounds pretty complicated. So much to focus on and so many things to remember. Not really. Remember, having trusted professionals surrounding you is half the battle. We'll take care of the rest, as long as you listen to us and follow our advice.
I have talked about needing the help of a loan officer. What you also need is the help of a trusted Real Estate agent. Again, asking for a referral from friends and family is a great place to start. You … (11 comments)
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100 financing: Fact or Fiction? -- HUD/FHA programs dropping or expanding ....... - 05/17/07 10:15 PM
SAY IT ISN'T SO... please, don't.... Well, you better have a back up plan for your clients.
I have heard and read a few perceptions of what is going on in regards to a few HUD - FHA programs from some AR members and others just passing in the streets. What is being mentioned?
HUD is looking to stop down-payment assistance programs. These would be such programs as Nehemiah, AmeriDream, and a few others.HUD is looking to lift the 3% funds requirement from home buyers. Which would mean that they would allow 100% financing.Now, I have a problem with a few of … (15 comments)
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100 financing: RUMOR ALERT..... 100% loans fading/non-existent.... but are they? - 03/13/07 10:22 PM
So, 100% loans are just about out of the picture now? I read this particular blog here on Active Rain today, No More 100% Loans. For lack of better words, this fueled my fire for writing this post. And reading the comments, some are now mislead, because of what they read. Thanking the writer for her information.
I have always believed in educating the public, (As PROFESSIONALS, we need to RAISE the bar & educate consumers..) may it be the consumer looking to purchase a home or to refinance their current mortgage. But we also need to make those in the … (27 comments)
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100 financing: Russian Roulette.... Are you killing yourself with certain loan programs? - 02/27/07 11:58 PM
Russian roulette ..... okay, so we aren't using guns here in this example. But who is actually pulling the trigger per se? You or the lender?
Lisa Hammerstein had written to me last week asking if I could explain why so many clients are pursuing 100% financing. I thought, gee, this could be a tough one. There are so many reasons and much of it will be based on opinion followed by some facts. Besides, a little boring for many of you, since this won't be a funny story.
Reasons why we are seeing more 100% financing now than ever … (15 comments)
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100 financing: The Myths about ZERO point mortgages instead of paying points upfront…… - 11/06/06 11:21 PM
I have been doing this for a little over 14 years now. When I first got into this industry, sure, I was green….brand new. Sure, I had classes in High School and College in regards to financing, economics, managing your money, your typical math classes, and even some accounting classes. But what got me were the lawyers and the accountants that told their clients not to do mortgages with points associated to them. Or the typical family member and your next-door neighbor that got this great deal with zero points and that this was the way to go. Even the talk … (45 comments)
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Jeff Belonger-The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans
Cherry Hill,
NJ
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Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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