loan programs: Its not FHA - Its VHDA: The FHA Alternative in Virginia. - 08/14/08 10:50 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 … (8 comments)
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loan programs: The Waiting Game Simplified - 08/12/08 11:02 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 … (13 comments)
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loan programs: FHA Quick Savings Tip Regarding Increased MIP Change - 07/31/08 11:19 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 … (2 comments)
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loan programs: Positive Spin on Down Payment Assistance Programs Gloom - 07/29/08 07:56 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 … (16 comments)
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loan programs: Tax Incentive For First Time Home Buyers - 07/28/08 10:17 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 … (6 comments)
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loan programs: FHA 203k Streamline vs 203k Full Renovation - 06/13/08 10:57 PM
Renovation Lending
The main concept behind these loans a.k.a Rehab, Renovation, 203k and Home Improvement loans is quite simple, clients who wants to finance the costs of home improvements through the mortgage for a purchase or refinance.
Financing the costs of the home improvements through the mortgage can be cheaper than … (14 comments)
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loan programs: Support our Troops with a VA Mortgage. - 04/15/08 01:14 AM
Is there a strong military presence in your area?
I grew up as a Navy brat in Virginia. My father is a retired Command Master Chief in the Navy, the highest rank you can get being enlisted. So I respect the Military, The area I live in has a strong military … (14 comments)
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loan programs: FHA is still a Super Star! - 04/01/08 08:52 PM
Many lenders out there are tightening their grip on strict guidelines and restrictions, its hard to find the right "Niche" for borrowers nowadays.
As many have perceived with FHA as a strict loan and strict appraisal standards, FHA has made a lot of improvements over the last few years.
FHA is still going … (9 comments)
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loan programs: FHA Secure Loan Program Clarification - 03/28/08 12:43 PM
Many people are asking about this type of program since alot of lenders they talked to don't offer it or have no clue on the program.
What is the program?
The new FHA Secure loan program is a new refinance option that is being offered through the FHA to home owners that have … (11 comments)
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loan programs: Spend Less Time Playing Tour Guide - 03/24/08 09:25 PM
My office has been getting a lot of success from using our preferredprogram. Sellers, Buyers and Real Estate agents love it. We all seen seller concession limits and borrowers getting frustrated because of lack of down payment, this is why I love this program because this exceeds the normal … (8 comments)
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loan programs: Loan Minimum too low for most lenders/brokers - 03/16/08 04:15 PM
I hear this story time and time again about borrowers being refused a loan because they are trying to finance a loan less than $50,000. There are 2 reasons why this happens
Lenders have guidelines where financing a loan must meet minimum loan requirement due to risk and cost.Mortgage Brokers work strictly … (7 comments)
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loan programs: FannieMae Homesaver Advance Progam to help out delinquent borrowers - 03/09/08 02:21 PM
Another great loan program just announced in March 2008 by Fannie Mae to help our borrowers who are delinquent on their current mortgage.
Outline of the product
The Homesaver Advance program provides funds to pay past due balances of principal, interest, taxes, insurance (PITI), and up to six … (2 comments)
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loan programs: Conforming or Non-Conforming loans?? - 03/08/08 11:00 PM
The Myth:
So theres a myth going around that borrowers who qualify for prime loans only end up with subprime loans if lenders deceptively steer them into such loans.
The Truth:
Many borrowers who might qualify for prime loans knowingly select subprime loans for reasons that include:
A loan to put little or … (1 comments)
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