first time home buyer: First Time Home Buyer Overview and Quick Tips - 09/09/08 07:01 PM
 

 
There are some great benefits in being a First Time Home buyer but what exactly defines a First Time Home Buyer and what are the benefits you may ask?
A First Time Home Buyer is considered an applicant who has not have held an ownership interest in a principal residence within the past three years.
 
Benefits of being a First Time Home Buyer:
On FHA Loans the MIP Cap of 2.25% can be lowered to 2.0% if the client is a First Time Home Buyer Eligible to qualify for State Specific Finance Companies like VHDA for Virginia … (7 comments)

first time home buyer: VHDA 103% Financing FHA Plus Loan - 09/09/08 05:58 PM

 
VHDA is Virginia's State Finance Company which more can be found here in my previous blog.
With the Down Payment Assistance programs being eliminated here shortly, there are very few true 100% loan programs out there.
There is hope though, VHDA has a loan program called FHA PLUS which is VHDA financed and FHA insured designed to help First Time Home-buyers gain home-ownership.
Contact your local mortgage professional who is licensed for VHDA loans. (I am in the Virginia Beach Area and fully licensed)
Here is a quick overview of the loan
This is a piggyback Combo loan with … (9 comments)

first time home buyer: Its not FHA - Its VHDA: The FHA Alternative in Virginia. - 08/14/08 03:50 PM

 
What is VHDA?
VHDA stands for Virginia Housing Development Authority.  Its Virginia's Mortgage Finance Agency. Most every state has their own Finance Agency.
 
Mission?
VHDA was created in 1972 by the General Assembly of Virginia to help overcome barriers to affordable housing.
VHDA is not for everyone.  The eligibility requirements does have a few restrictions not limited to the following:
Household income of 65k and below for Virginia Beach County (Does vary for each county contact your mortgage expert) Underserved Minorities Disabilty and Ederly  
VHDA vs FHA ?
The main difference is VHDA is more local driven … (7 comments)

first time home buyer: The Waiting Game Simplified - 08/12/08 04:02 PM

We all hear the lines "Now is the time to buy" "Lock in rates now" "Hurry up, Take Advantage now"
These liners all have the same point in which to bring in a sense of urgency but we do we know the whole picture why its a bad idea to wait?
I am going to break it down very simplified and to the point to show you what your options really are.
 
Waiting for the rates to drop:
Sure rates can drop but rates can also rise.  Its best to lock in your rate now to secure your payment. … (13 comments)

first time home buyer: FHA Quick Savings Tip Regarding Increased MIP Change - 07/31/08 04:19 PM

Risk Based Mortgage Insurance Premiums
July 14 2008 FHA implemented a new system for the Mortgage Insurance Premiums.
FHA Premiums has been normally 1.5% and have now increased up to 2.25% based on credit worthiness.
 
 
Money Saving Tip
There is a way to avoid paying the max tier of 2.25%.
Participating in a Pre-Purchase Counseling by a HUD approved counseling agency can cap your max tier at 2.0% for First Time Home Buyers.
You can find a list of approved counselors on HUD's main website Hud Approved Counseling
 
 
Key-Points to Counseling
Counseling must be completed before … (2 comments)

first time home buyer: Positive Spin on Down Payment Assistance Programs Gloom - 07/29/08 12:56 PM
 

 
Hud has been playing the Grim Reaper on the Down Payment Assistance Programs lately.
As most are aware the Down Payment Assistance Programs has helped many homeowners in the past acquiring down payment assistance for government loans that required a minimum of 3% down.
Recently HUD has made it clear that the Ban will take place on October 1st 2008 eliminating DAP's.
 
Another change taking place is the increase from the minimum 3% down payment required to ---> 3.5% now. The increase also will start on October 1st 2008.
 
The Ticking Time Bomb
Now nothing is … (16 comments)

first time home buyer: Tax Incentive For First Time Home Buyers - 07/28/08 03:17 PM

 
Great News  - Great News - Great News
A new incentive passed by the Housing and Economic Recovery Act of 2008 allows First Time Home Buyers to receive a $7,500 Tax Credit from the purchase of their new home.
From June 1st 2008 - June 1st 2009 will be in effect. ( Can be retroactive back to April 2008 ) Income restrictions is $75k income for Singles and $150k income for married couples. This is a Tax Credit and not a Tax deduction which means mostly will add to your refund money instead of just another write off.  For … (6 comments)

first time home buyer: FHA Non-Occupying Co-borrowers Great For Your Children In/After College - 06/04/08 04:13 PM

 
FHA Mortgage Allows Non-Occupying Co-Borrowers
A Co-Borrower on many Conventional Loans must state that the Co-Borrower occupy the property therefore eliminating parents trying to co-sign on a deal because they want to reside in their current residence.
FHA Mortgages allows a Non-Occupying Co-Borrower to help in homeownership from a family member to help strengthen the loan. (Non-OCC's can be on Refinances but limited to 75-85% LTV rate/term & cashout)
 
The Co-Borrower must be a close family member or demonstrate a long-standing family relationship with the primary Borrower. If no such relationship can be verified, the LTV cannot exceed … (9 comments)