FHA 5% down payment?!? - 12/10/09 10:17 AM
I read an article today stating that the HUD big wig, Sean Donovan, is asking Congress to change FHA minimum down payment from 3.5% up to 5% of the purchase price.  Are you serious!!!!????  The economy is moving, people are finding the 3.5% down payment needed.  To raise the down payment to 5% would clearly put yet another speed bump into our already hard hit industry and economy.  Aren't we better off now that buyers at least have to have some skin in the game with a 3.5% down payment, then before when we had seller funded down payment assistance, etc...?  … (5 comments)

Things to Avoid When Buying a Home - 12/08/09 11:23 AM
I found this article on one of my associates active rain pages and this is great information for those looking to buy a home.  So many times people are financially illiterate and don't understand how the finance world works.  I always tell my borrowers these tips and provide them with an education of the process so as to prevent any hurdles down the road.  Please pass this on!
Via Joyce & Terry Thomas Anthem Merrill Ranch AZ Real Estate (US Preferred Realty):
Things to Avoid When Buying a Home
So you have found a home and signed a contract.  Now it's time to … (1 comments)

The new Short Sale Guidelines... - 12/08/09 10:51 AM
In an effort to help with the short sale process the government has stepped in to try to make clear cut guidelines for short sales, here is the info I have read:
"Government Announces Short Sales Guidelines The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly. To qualify under these new guidelines:
The property must be the home owner's principal residence. The home owner must be delinquent on the mortgage or close to defaulting. The loan must have been made before Jan. 1, 2009, and be for less than $729,750. The borrowers' total … (0 comments)