Why is paying off my second mortgage considered "cash out"? - 07/28/10 11:09 AM
 

If you have a second mortgage on your home you need to be aware of the rules of when a refinance is considered "cash out".  When an application is considered a cash out refinance, the maximum Loan to Value will be limited to 80% for Conventional financing and 85% for FHA financing.
 
The presence of a second mortgage can often cause an obstacle to a successful refinance if not handled properly.  In some cases, a second mortgage will prevent an applicant from having enough equity to qualify under the stricter cash out guidelines.
 

 
 
80/10, … (2 comments)

Philadelphia 203k Mortgage - 07/22/10 04:25 PM
An FHA 203K mortgage is the HUD's primary program for the rehabilitation and repair of single family properties.  HUD provides this 203K program as an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.
FHA 203K Mortgages  - How Are They Different from other Mortgages?
Most mortgages only provide permanent financing. This means that the lender will not close and fund the loan unless the condition and value of the property provides adequate loan security. When rehabilitation is involved, this means that a lender will require the improvements to be finished before any mortgage can be made.
When a homebuyer is looking to purchase a homes … (0 comments)

Lawrence County VA Mortgages Available - 07/19/10 12:45 PM
Thinking about using your VA eligibility?  Obtaining a VA Mortgage in Lawrence County is a great way to finance your next home or refinance your current home.  VA loans are mortgages that are guaranteed by the United States Department of Veteran's Affairs.   VA loans allow an eligible service member to get 100 percent financing on a home without having to pay for private mortgage insurance.  On most other types ofmortgage financing, if a purchaser borrows more than 80 percent of the value of a home, the lender requires him or her to purchase mortgage insurance.
An eligible veteran can obtain 100 percent financing … (0 comments)

Mercer County VA Mortgages Available - 07/19/10 12:42 PM
Thinking about using your VA eligibility?  Obtaining a VA Mortgage in Mercer County is a great way to finance your next home or refinance your current home.  VA loans are mortgages that are guaranteed by the United States Department of Veteran's Affairs.   VA loans allow an eligible service member to get 100 percent financing on a home without having to pay for private mortgage insurance.  On most other types ofmortgage financing, if a purchaser borrows more than 80 percent of the value of a home, the lender requires him or her to purchase mortgage insurance.
An eligible veteran can obtain 100 percent financing … (0 comments)

Don't Jeopardize that Mortgage Approval! - 07/13/10 11:47 AM
At the beginning of June, Fannie Mae instituted a policy of having lenders re-pull credit before a loan closes.  This is something that needs to be considered by home buyers with caution.  As with any new home purchase, it is often tempting to start making purchases for this new house once a home buyer feels secure that the transaction will close.  Taking on new debts before the transaction officially closes can jeopardize an approval. 
Keeping that in mind, here are 8 things you should absolutely not do between the date of application and the date of funding. 
Eight items for the "Don't Do List" during the mortgage … (1 comments)

How Inflation Affects Your Mortgage Rate - 07/09/10 11:32 AM
When shopping for a mortgage in PA you may often see different rates available on different days.  This is because mortgage rates move in response to many daily economic factors.  One of these key factors is inflation. 
When inflation is unexpectedly high, rates tend to rise very quickly.  When inflation is unexpectedly low, rates tend to fall.  By definition, inflation is the rise in the price level of goods over a period of time.  When price levels rise, more units of currency are required to purchase the same level of goods.  When inflation is high, what can be bought for $1 … (0 comments)

Your Active Rain Profile - Simple Changes, Great Reward! - 07/02/10 03:06 PM
Great information in this blog.  I am re-blogging it so this information is in my own blogroll for easy access.  I plan on implementing these tips myself.
Via Kathy Nielsen Atlanta Georgia Home Stager (Georgia Interior Solutions, LLC):
Your Active Rain Profile - Simple Changes, Great Reward!
 
The following post was created and posted by Karen George back in the beginning of '07. I had only been following Karen for a couple of months when she had made this post.  I knew so little about SEO back then. However, I felt confident that the advice she was sharing not only made sense but... … (2 comments)

100% USDA Mortgage in Pike County, Pennsylvania - 07/02/10 10:56 AM
Looking to buy a home in Pike County, Pennsylvania?
 
What areas of Pike County are eligible for USDA Financing?
The USDA has zoned ALL of Pike County as eligible for their USDA Rural Development Mortgage Program.
 
USDA Eligible Areas in Pike County include...
Baoba Birchwood Lakes Blooming Grove Bohemia Bushkill Conashaugh Conashaugh Lakes Delaware Dingmans Ferry Edgemere Egypt Mills Fawn Lake Forest Forest Lake Park Forest Park Frenchtown Friendly Acres Germantown Glen Eyre Gold Key Lake Greeley Greentown Hemlock Farms Hemlock Grove Indian Point Kimble La Anna Lackawaxen Lackawaxen Township Lake in the Clouds Lake Wallenpaupack Estate … (0 comments)

Extension of Homebuyer Tax Credit until September 30th Passes - 07/01/10 10:53 AM
In a follow up to yesterday's blog....  the extension of the Homebuyer tax credit has been passed by the Senate!  This extension allows homebuyers until September 30th to close their sale.  This also gives some welcome relief to homebuyers who were not able to make yesterday's June 30th deadline due to closing delays.  The extension only applies to those who were under contract to purchase on or before April 30th. 
 
This extension will benefit those who were buying short sale properties most of all.  Short sales occur when a property is being sold for less that the mortgage balance owed.  … (2 comments)