Good Neighbor Next Door Program - 09/28/10 06:30 AM
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for five days.
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FHA Mortgages in Pennsylvania - 09/21/10 06:32 AM
Is it easy to get approved for an FHA mortgage in Pennsylvania?  Well, yes and no.  It is often easier to get approved for an FHA mortgage than a conventional mortgage but many of the guidelines for FHA financing have tightened up in recent years too.  FHA is still the way to go if you don't fit into the strict guidelines of conventional financing. 
There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional loan.  The three main benefits of an FHA loan are as follows....
Easier to Qualify - Because FHA insures … (1 comments)

Pittsburgh Refinance - 09/20/10 03:57 PM
Today's historically low interest rates should be investigated by every homeowner with a mortgage balance.  Feel free to call me to crunch the numbers and see if you can benefit from a reduction in payment, a reduction in term or both!   We never know where rates will be in the future.  In the 15 years I have been in this business, this is the lowest they have been by far. 
Many of my previous 30 year fixed customers have been able to secure new 15 year fixed rates in the 3s with out raising their payment.
This has enabled them to … (0 comments)

Handle that Mortgage Approval with Care - 09/15/10 10:54 AM
With tighter underwriting guidelines, mortgage approvals are not as easy to come by as in years past.  Once a mortgage approval is obtained it should be handled with "kid gloves".
Keeping that in mind, here are 8 things you should absolutely not do between the date of application and the date of funding.  I've been doing this long enough that I can say with certainty: Ignore these rules at your own peril.
Eight "Don'ts" during the mortgage process
Don't buy a new car or trade-up to a bigger lease Don't quit your job to change industries or start a new company Don't … (2 comments)

Say Goodbye to Junk Mail! - 09/11/10 08:35 PM
Do you want to eliminate the junk mail that crams your mailbox each day? 
Many consumers don't realize it but a large portion of the junk mail that is received on a daily basis can be stopped.  The unwanted credit card offers, insurance offers, mortgage offers and general junk mail that you receive is the result of the credit bureaus selling your information to whomever is willing to pay for it. 
There is a quick and easy way to eliminate this unwanted junk mail.  I direct my customers to visit www.optoutprescreen.com.  Junk mail is optional but unless you request not to receive it, … (7 comments)

100% Financing Available with a Centre County VA Mortgage - 09/10/10 04:01 PM
Thinking about using your VA eligibility?  Obtaining a VA Mortgage in Centre 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 on … (0 comments)

Achieving the Dream of a Free and Clear Home - 09/10/10 02:37 PM
The main benefit that is often touted during a refinance boom is that those who qualify can often lower their mortgage payment by several hundred dollars per month.  The new payments advertised with these lower monthly payments are typically for 30 year mortgages.  No doubt, there are substantial savings to be had with these lower payments, resulting in greater cash flow and more monthly money in the customer's pocket.  This pure payment reduction does however come with a price.  By going with a new 30 year fixed mortgage, the customer is hitting the reset button on their repayment schedule and adding several years … (1 comments)

FHA changes will affect many who have 2nd Mortgages - 09/07/10 10:36 AM
HUD has announced some changes that will affect many homeowners who have current 2nd mortgages. Previously FHA loans allowed for unlimited Combined Loan-to-Value (CLTV).  This allowed homeowners to refinance their first mortgage and resubordinate their current second mortgage, as long as their first mortgage was at 97.75% Loan to Value (LTV) or below.    Now FHA loans will require that the CLTV also be at or below 97.75%. 
Example : You owe 100K on your first mortgage and 25K on your second mortgage.  The house appraises at 120K.  Under the previous rules, you would refinance the first and subordinate the current second.  Under the … (3 comments)

Pennsylvania Refinance - 09/04/10 12:21 PM
Today's historically low interest rates should be investigated by every homeowner with a mortgage balance.  Feel free to call me to crunch the numbers and see if you can benefit from a reduction in payment, a reduction in term or both!   We never know where rates will be in the future.  In the 15 years I have been in this business, this is the lowest they have been by far. 
Many of my previous 30 year fixed customers have been able to secure new 15 year fixed rates in the 3s with out raising their payment.
This has enabled them to … (0 comments)

Changes to FHA Mortgage Insurance - 09/04/10 12:12 PM
As per mortgagee letter 10-28, effective with all case numbers assigned on Oct 4, 2010 or later, FHA has announced new Upfront Mortgage Insurance Premiums (UFMIP) and monthly premiums. The UFMIP will be changed to 1% across the board on all purchase, rate and term, cashout and streamline loans. The monthly MI on loan terms greater than 15 years will be .90 for LTV's over 95% and .85 for LTVs equal or less than 95%. For 15 year terms or less, the monthly MI will become .25 for all LTVs over 90% and 0 monthly for all LTVs under or equal … (0 comments)