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no money down: FHA loans to 5% down? No seller concessions allowed? Rumors? - The government at its BEST again !!!! - 10/02/09 02:21 PM
FHA loans to 5% down? A 5% down payment for FHA loans?
I totally understand the issues at hand, that many agencies are now having more loans foreclose, that more loans are being lost on the books, and that lawmakers are re-looking at FHA's 3.5% downpayment to possibly raise it to 5%.
Here is the article in question written by Rich Edson of Fox Business. Proposal would boost FHA Down-Payment Requirement.
I have a few concerns, not only what some politician wants to do, but the reasoning behind it. If you read the article,
Here … (53 comments)
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no money down: Join Jeff Belonger - Live Radio Show -- 03-05-2009 @ Noon EST - All ABout Mortgages & Real Estate - 03/04/09 06:39 PM
All About Mortgages & Real Estate - Please join me live, Jeff Belonger, on my radio show tomorrow.
Topics of Discussion :
Thoughts & Opinions about the 2009 Stimulus Package & the latest episode about AIG. A brief overlay in regards to the changes in credit scores for FHA loans and what is still available. Guest Speaker - Scott Syphax - Updates on the seller-funded down payment assistance programs. Ideas of what you can do to help and thoughts & opinions on the current market and the housing crisis.
… (19 comments)
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no money down: Round 2 - Seller-Financed Downpayment Assistance Programs - Nehemiah & AmeriDream alive? - 01/16/09 11:48 PM
Before you get started, please click on : All out of Love - by : Air Supply - This is how so many others and myself have felt without the seller-financed downpayment assistance programs (DPA's). Such programs sponsored by Nehemiah and AmeriDream....
As many of us know, there are tens of thousands of homes available and vacant due to the foreclosure crisis. As of October 1, 2008, the seller-financed downpayment programs were eliminated with no real answer if they would ever return. I have been in touch with a few people over at Nehemiah from time to time. Well, … (24 comments)
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no money down: Rural Housing Loans - No money down - USDA loans - 11/18/08 11:22 PM
Rural housing loans are not FHA loans. They do follow some of the same requirements of the FHA loans, but can be a little stricter than FHA also.
Rural housing loans aka USDA loans, can be used for both purchases and refinancing. And don't be fooled by the name rural housing loans, that it just has to be rural. It's just a term, hence why these loans might have been used as much in the past. You would be surprised in some areas that these loans are allowed in.
So, what are some of the major benefits to … (15 comments)
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no money down: Down Payment Assistance Programs might be Alive & kicking?? - 09/10/08 12:37 AM
Well, maybe your voice has been heard. Maybe it was the shot heard around the world. As news broke earlier today, in which there has been speculation that bill HR 3221, the "Housing and Economic Recovery Act of 2008, would be overturned, bill HR 6694 made strides today.
There are good signs stating that the down payment assistance programs, such as Nehemiah, AmeriDream, Genesis, and so many others, will be voted back in. It's not a done deal as of yet, but with the strong support from Congressman Barney Frank, who is the chairman of the House Financial Services Committee, has some promises on … (32 comments)
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no money down: Creative FHA loans — No Money out of pocket - 05/04/08 08:59 AM
FHA loans are becoming a vital part of todays financing when it comes to buying a new home or refinancing. You will still hear from some lenders or realtors that FHA financing is not the way to go. Here are some reasons why and the rumors mentioned :
They are old school and dont know about the new appraisal changes that have taken place in the last 5 years. Truth : FHA appraisals are now done the same way as conventional appraisals. The lender is not FHA approved or understands how FHA mortgages work. Some loan officers advertise FHA loans as 100% … (9 comments)
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no money down: FHA & First Time Homebuyers -- Buying Steps & Tips that you need to know!!! - 11/23/07 10:15 PM
FHA mortgages aren't as hard and intimidating as so many have mentioned in the past. Buying your first home, a second home, or even your third home can be intense.
If you are a renter, your first step is to see which is better, to rent or own? Just remember, FHA mortgages are not just for first time homebuyers. Please read : FHA mortgages, how many can you have?
Below you will find a compilation of sequences that you should read prior to applying for a mortgage.
Before you start shopping for a mortgage, you should … (14 comments)
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no money down: Mortgage Shopping -- The Educated or Uneducated Borrower -- Part 2 of 2 - 08/22/07 11:55 PM
Mortgages --- May it be a FHA, conventional, VA, or a subprime loan, you don't have to have a college education in mortgages or real estate. Yes, it can be confusing at times, especially for first time homebuyers. And what can even make it more confusing is if you are shopping for a mortgage or a home and you have two different answers or opinions when shopping from 2 different people. What do you do then? Just remember..... the cheapest or best rate doesn't always mean that it's the best deal.
So how do we make sure that this doesn't happen to … (20 comments)
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no money down: The FHA Mortgage Group -- New Group - 08/17/07 08:46 AM
I just created a new group : The FHA Mortgage Group With todays ever changing market, FHA will be a viable part of how consumers will purchase or refinance their home. Sure, there are 100's of other financing options still out there today. FHA will not be the end to all other financing problems. But it will catch on as it should have been a strong front runner in previous years.
Group description : Where everything and anything about FHA is discussed. New programs, old programs, and bringing awareness to not only the consumer and realtor, but to all loan officers. … (24 comments)
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no money down: 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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no money down: What? You have no money down for your mortgage? - 05/28/07 10:22 AM
How do we judge those that put no money down? Do the sellers want to see more down? Do realtors get nervous when a buyer puts no money down? Tom Burris states, does that buyer get judged more than they should just based on their down payment?
So, when is the best time to put no money down on your purchase of a new home? Does this make you a bad borrower if you have no money down?
In all reality, there are so many ways to finance your new home. The first thing your loan officer should be doing is asking … (30 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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Social Media - Infinity Home Mortgage Company, Inc
Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033
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