| |
mortgages: Help for Homeowners Struggling with Their Mortgage Payments - 07/05/11 09:38 AM
Help for Homeowners Struggling with Their Mortgage PaymentsFree Seminar on HUD’s Emergency Homeowner’s Loan Program
HUD is offering a limited-time loan program for unemployed and underemployed homeowners who are struggling with their mortgage payments. HUD launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states – including Massachusetts.
A new federal home loan program – the Emergency Homeowner’s Loan Program – is available to homeowners who had at least a 15 % loss in income as a result of unemployment or underemployment.
The Emergency Homeowner’s Loan Program offers up to $50,000 in interest … (0 comments)
|
mortgages: Frequently Asked Question: How is the Loan-to-Value (LTV) determined for refinancing? - 01/18/10 04:54 PM
Frequently Asked Question: How is the Loan-to-Value (LTV) determined for refinancing?
Q: If I took out a $95 loan on a property that was purchased (and appraised) for $100 (let's say I did an FHA loan). Loan-to-Value (LTV) of 95%. Two years later, if the value of the property goes up to $200 (appraised for), would I qualify to refinance with a conventional loan even though the "original LTV" is still greater 80%? How do the lenders determine the LTV at the time of refinancing?
A: Loan-to-values (LTVs) are determined by the loan amount divided by the appraised value of the … (1 comments)
|
mortgages: Frequently Asked Question: I Was Turned Down for a Mortgage Last Year. Was it in Violation of the Fair Credit Reporting Act (FCRA)? - 01/09/10 06:06 AM
Frequently Asked Question: I Was Turned Down for a Mortgage Last Year. Was it in Violation of the Fair Credit Reporting Act (FCRA)?
Q: I was turn down for a loan last year because I was told I already had 4 mortgage loans. I had 3 houses with a 1st mortgage and a house with a second. I was told that Fannie Mae and Freddie Mac set rules and regulations that you can't have more than 4 loans or mortgages. Do these rules and regulations overrule the Fair Credit Reporting Act (FCRA) or all the other Acts passed by Congress?
A: The … (2 comments)
|
mortgages: New Fannie Mae Loan-Level Price Adjustment Fees Make Getting a Mortgage More Expensive - 01/19/09 08:30 AM
There's no doubt about that this is a period of historically low mortgage interest rates. When Freddie Mac published its weekly mortgage rate survey last Thursday, we saw that the "average" 30-Year fixed mortgage rate is now at 4.96% - the lowest since the survey started in 1971.
However, the cost of getting these low rates is increasing. While mortgage rates are falling, the number of points required to lock in those rates is rising.
When homeowners started defaulting on their mortgages beginning in late 2007, Fannie Mae (FNMA) created a loss-offsetting fee-generating scheme called "loan-level pricing adjustments" (LLPAs). The concept … (2 comments)
|
mortgages: New FHA Requirements for Cash-Out Refinances Go Into Effect January 1st - 12/31/08 08:41 AM
Beginning January 1st, FHA will require a second appraisal for those who are refinancing and taking cash out to more than 85% of the value of the home. This is regardless of the loan amount or the property location.
The property must be the borrower's primary residence for at least 12 months before the loan application, and must be either a 1 or 2-unit building. In addition, the borrower must have made each of the previous 12 mortgage payments on time.
If there is a second mortgage or home equity line of credit that will remain in place, it must be … (1 comments)
|
mortgages: Conforming, Conforming Jumbo, and FHA Loan Limits for Massachusetts for 2009 - 12/22/08 07:01 AM
For the 4th straight year, the conforming mortgage loan limit will remain at $417,000.
What is a conforming loan? A conforming mortgage is one that conforms to Fannie Mae or Freddie Mac mortgage underwriting requirements. Banks and lenders can sell these mortgages to Fannie Mae or Freddie Mac which make up the bulk of the mortgage backed securities.
FHA mortgage limits are based on up to 125 percent of the area's median housing prices, a variety of housing types, and the state and county in which the property is located.
The conforming, conforming jumbo and FHA loan limits for single family … (0 comments)
|
mortgages: Don't be Fooled by Misleading Closing Costs! - 12/22/08 06:27 AM
One of the worst questions a customer can ask when determining which mortgage company to use is "what are your closing costs?" Too often, when customers are estimating what their closing fees are going to be, they ask the above question. While the Good Faith Estimate (GFE) is designed to prepare them for the expenses involved with purchasing real estate or refinancing a mortgage, some lenders have found a way to work this to their advantage.
Closing costs are broken into four broad categories; lender fees, title and attorney fees, government recording fees, and pre-paids and escrows (interest, taxes, insurance, etc.). … (0 comments)
|
mortgages: Why Are Lenders Now Charging a Point For the Good Rates? - 12/15/08 06:25 AM
If case you haven't noticed, lenders are charging a point for the great rates on all their loans, or are getting a much higher rate for a 0 point loan. The reason is the rumor that is currently floating around indicating that the Fed is planning to have mortgage drop to 4.5%. No one can whether this is really a rumor or if it is really true. So the lenders are hedging their bets.
Take today's 30 Year fixed conventional rate. If you have good credit and are putting 20% down, you can get 5.25% with 1 point or 6.25% with zero points. Lenders fear is that … (0 comments)
|
mortgages: 4.5% Mortgage Rates Coming Soon? - 12/04/08 09:12 AM
There are indications that Treasury Dept is considering a plan that, if true, would use Freddie Mac and Fannie Mae to "force banks" to make mortgages available at 4.5% for home buyers. The low interest rate would be available only to those who are purchasing a home, and not for refinancing.
To encourage banks to issue new mortgage loans at lower rates, the Feds are offering to Mortgage Backed Securities (MBSs) at a price equivalent to the 4.5% rate. The details of the Fed's MBS purchase plan are not known at this time. However, one possibility is for the Treasury to raise money by issuing … (1 comments)
|
mortgages: Will FHA Allow 100% Financing? - 08/04/08 09:02 AM
In reading through Section 2112 of H.R. 3221 (The Housing and Economic Recovery Act of 2008), it appears that the existing down payment percentage limitations will be eliminated, and financing of up to 100% of the appraised value of the property will be permitted. I wonder - does this mean FHA now has the authority to permit 100% LTV loans? Or will it be 100% CLTV?
Before you jump in with the "yeah, but, the borrower must contribute 3.5% of his or her own funds to buy the property," read on....
In Section 2113, it states that a mortgagor (borrower) is to make a cash investment (or … (1 comments)
|
mortgages: Funds Available for Handyman Specials and Fixer-Uppers! - 08/02/08 11:49 AM
It just needs a little TLC, right? If your buyers are willing to put some elbow grease into it, buying and a fixer-upper or foreclosure can be a profitable endeavor. But there's a level of risk involved, not to mention a substantial commitment of time and effort on their part, and long periods of time when they may be living in chaos and sawdust. If they're still up for the challenge, it can be a rewarding experience.
However, the purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until … (5 comments)
|
mortgages: Down Payment Assistance by Sellers For FHA Loans Coming to an End - 07/26/08 12:14 PM
The Senate today (Saturday, 7/26) passed the Housing Bill that was submitted by the House on Wednesday. The vote was 72 for and 13 against, and President Bush is expected to quickly sign the legislation. Among the key provisions of the bill, the program that has allowed sellers to provide down payment assistance to buyers through a Down Payment Assistance (DPA) program such as Nehemiah and AmeriDream will be eliminated as of October 1, 2008. In addition, the bill increases the down payment requirement for borrowers getting FHA loans from 3.0% to 3.5%
Other provisions of the bill include:
Allowing approximately 400,000 homeowners … (2 comments)
|
mortgages: Foreclosure Prevention Workshop Coming to Foxboro, MA - 07/18/08 08:23 PM
HOPE NOW Alliance and NeighborWorks America are organizing a Foreclosure Prevention Workshop at Gillette Stadium in Foxboro, MA on Tuesday, August 12th, from 1pm to 8pm. The event is being hosted by the Federal Reserve Bank of Boston and the New England Patriots Charitable Foundation.
Homeowners who are at risk of losing their homes are being given a chance to meet with their lenders face-to-face at the Patriot's Stadium and try and work out a solution to avoid foreclosure. To be able to try and work out a solution to foreclosure, be sure to bring evidence of income, expenses, and debts … (1 comments)
|
mortgages: What is CAIVRS and Should I be Concerned? - 07/11/08 02:30 PM
CAIVRS (pronounced "cavers") is an acronym that stands for Credit Alert Interactive Voice Response System. CAIVRS was developed by the Dept. of Housing and Urban Development (HUD) in 1987. It is a Federal government database that contains the names of people who have defaulted on their Federal debts or obligations, have had claims paid on direct or guaranteed Federal loans, have a Federal lien, judgment or a Federal loan that is currently in default or foreclosure, or has had a claim paid by a reporting agency.
CAIVRS has delinquent borrower records from:
the Department of Housing and Urban Development (HUD); the Department of … (2 comments)
|
mortgages: When Does a Higher Rate Mortgage Mean Lower Monthly Payments? - 07/06/08 04:36 PM
You found a house, and you made an offer. The offer is accepted, and you're excited! You agree on a purchase price of $300,000, and you're able to put 3% down. That means you need a mortgage for $291,000. Now you're ready to apply for a mortgage.
Have many of you will look for the mortgage with the lowest rate and lowest fees? (I bet YOUR hand went up!) Have you ever thought that maybe - just maybe - you can get a higher rate mortgage and pay LESS per month?
Really? How can I do THAT, Mr. Smarty Pants?
Let … (0 comments)
|
mortgages: HUD Re-Issues Proposed Rules to Prohibit Seller-Funded Downpayment Assistance - 06/26/08 02:26 PM
HUD recently proposed again regulations that would prohibit seller-funded downpayment assistance.
Generally, under current FHA regulations and guidelines, in order for a mortgage to be eligible for FHA insurance, a borrower is required to put down at least 3% of his own money in the transaction. However, that 3% downpayment could also be gifted from relatives, from his or her employer, or from a non-profit organization.
On June 16, 2008, the HUD re-published its proposed rule concerning seller-funded downpayment assistance gifts in connection with FHA mortgages. The re-published regulation, if enacted, would prohibit a borrower from receiving certain seller-funded downpayment assistance in … (2 comments)
|
mortgages: First Time Home Buyer Programs May be Available in Your State - 06/14/08 05:11 AM
Would you like a free gift of money to be used for the down payment and/or closing costs on the purchase of your first home? If so, I have great news for you! In most states, free money is available for first time home buyers who need help with the down payment and/or closing costs. And, in many states, the grant amounts are in the multiple thousands of dollars. This money typically comes in the form of state, county, and/or local government grants. This is free money that shouldn't be passed up!
Many states also offer below market interest rates to … (0 comments)
|
mortgages: New Website Launched to Help Homeowners Avoid Foreclosure - 06/06/08 05:16 PM
A recent Freddie Mac survey indicate that more than half of borrowers failed to make contact with their lenders before foreclosure occurred. As a result, the PMI Mortgage Insurance Co. (PMI Group) developed a foreclosure prevention website to educate at-risk homeowners about alternatives to foreclosure.
Through the website, PMI Group is urging homeowners to consider all of their options before walking away from their homes. The website site features a Q&A section concerning the potential negative impact of a foreclosure. In addition, there are two videos that highlight workout programs and a how-to for selling a home to avoid foreclosure.
To … (0 comments)
|
mortgages: Hey Lender, What is APR and Why is My Interest Rate Higher? - 06/06/08 08:27 AM
APR, or Annual Percentage Rate, is a term that is defined in section 106 of the federal Truth in Lending Act (15 USC 1606). (For those of you in southern California, USC does not mean University of Southern California. It means United States Code.) APR expresses on an annualized basis the charges imposed on the borrower to obtain a loan (defined in the Act as "finance charges"), including interest, discount and other costs.
Huh?
Forget that. Let's look at it another way.
The government, in its attempt to make things equal, doesn't. They make things even more difficult and more confusing. … (1 comments)
|
mortgages: Shopping for a Mortgage Should be a Lot Like Shopping for Car Insurance - 06/04/08 12:14 PM
When you call your car insurance company, what do you ask for? What's the lowest premium you can give me? Or do you say something along the lines of "I need some car insurance" - and then let the insurance agent ask you a lot of questions to determine how much (or little) premium you'll pay for the coverage you want and need?
The same principle should apply when shopping for a mortgage. However, how often does your conversation go something like this:
"Hello. I need a mortgage. What's your best rate?" "Best rate? Best rate for what?" "Just give me … (0 comments)
|
|
|
|
|
|
Lew Corcoran
Easton,
MA
More about me…
Best Choice Real Estate Services
Address: Easton, MA, 02375
Office Phone: (800) 984-3341
Cell Phone: (508) 846-2552
Email Me
As always, your referrals are greatly appreciated. When you recommend someone you know to me for advice, you can be assured that they will receive Honest, Courteous and Professional service which is what you would expect from me. Lew Corcoran 
 Listings
Links
Archives
|
;)
;)
;)
