Mobile Alabama Homes & Real Estate for Sale

8000 Tax Credit Extended

Mon, 09 Nov 2009 19:25:43 -0600

www.federalhousingtaxcredit.com excellent web site about the tax credit

$8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or less.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

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When should I lock my Interest Rate

Wed, 21 Oct 2009 07:10:02 -0500

Locking your rate means committing to a specific loan program and structure at a specific interest rate for a specific period of time. As long as you close your loan before the expiration of that lock, we are committed to honoring the terms of that loan regardless of market activity. Rates can generally be locked anytime after the loan application has been made but no later than five business days before the scheduled closing date of your loan. Rates can be locked for varying periods of time.

Typical lock periods are 15, 30, 60, 90, 120, 150, and 180 days. As a general rule, the longer period of time you are locking in the loan for, the more expensive the loan will be either in terms of higher fees and/or a higher interest rate. Extended locks, typically used for new construction, often have some type of up front lock fee attached to them.

Rates are subject to change at anytime without notice and do tend to move up and down from day to day based on market activity so the big question everyone asks is "When is the best time to lock?"

The best time for you to lock depends on a couple of different variables including when you are scheduled to close on your loan, the affect a changing interest rate could have on your approval, and your tolerance for risk.

It is important to lock your loan for a period of time long enough to safely cover your closing date. In fact, we encourage you to lock for a period of time longer than your closing date in the event it is delayed for any reason. This is especially true with new construction. We typically recommend a lock that exceeds your expected closing date by 7-10 days.

We recommend that you think about and discuss with your loan officer what your lock strategy is going to be. Because an increase in rates will result in an increase in payment, you have to decide if the risk of waiting for a lower rate and having the rates go up is worth the reward of a lower payment if rates go down or ask your lender do they offer a float down on your lock. Most experts will tell you it is virtually impossible to time the market.

Because a shorter lock generally means a lower costs in a typical market where rates are not moving up or down significantly, a minor increase in rates will likely be offset by a shorter lock period. If rates stay the same or go down the shorter lock will also work in your favor, so the only risk in waiting to lock in for a shorter period of time is in an environment where rates go up dramatically. That is the environment where a bail out strategy makes sense.

Lenders are happy to share with you some historical data on rate movement and the rates and costs on various lock options so you can make a locking decision with confidence. Once your loan is locked the lender will send you a lock confirmation for your signature. That lock confirmation, signed by both parties, is their commitment to you to honor the lock and terms of the loan you locked and for the period of that lock.

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Lawmakers are trying to extend and expand an $8,000 federal tax credit for first-time homebuyers

Sat, 17 Oct 2009 06:09:53 -0500

The latest Senate proposal would drop the requirement that the credit be available only to first-time buyers, broadening the reach of the program but also adding to its cost, estimated by congressional analysts at $16.7 billion.

The backers of that idea, Sens. Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., chairman of the Senate's banking committee, have suggested that their measure be attached to another pending bill aimed at throwing a lifeline to people hit by the recession, an extension of federal assistance to the millions in danger of exhausting unemployment insurance benefits.

The stimulus-package credit allows first-time homebuyers to reduce their federal income taxes by 10 percent of the price of a home, up to a maximum of $8,000 is set to expire Dec. 1.

The Isakson-Dodd proposal would extend the credit to June 30, 2010. It would also remove the first-time homebuyer requirement and raise the eligibility income limit to $150,000, or $300,000 for a couple. That's double the current phase-out limits.

Brookings Institution economist Ted Gayer wrote in a recent report that the tax credit is "very poorly targeted." He calculated that of the 2 million or more people who would make use of the credit if it were extended for a year and expanded to cover all buyers, only about 383,000 would be additional sales motivated by the credit. He estimated that the real cost of the credit would thus be more than $40,000, rather than $8,000, per buyer.

"Homebuyers for the past two years have been sitting on the fence and we needed something to move them into the market," said Lucien Salvant, managing director for public affairs at the National Association of Realtors. With more foreclosures coming next year, "to knock the props out of the housing market at this point would not be a wise move."

The NAR, together with the NAHB and the Mortgage Bankers Association, have been running ads in the Washington area urging Congress to extend the homebuyer tax credit.

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Understanding Closing Costs

Sat, 17 Oct 2009 05:52:25 -0500

Closing Costs are the fees incurred when you close on your transaction. A
good way to look at them is as the cost of borrowing money. Generally they are fees paid to different people for something they provided that was a requirement for the loan's approval or set up.

Here is a list of common closing costs and a brief description of what they represent:

Loan Origination Fee
The loan origination fee is the fee the lender charges to originate the loan, generally 1% of the loan amount. In some markets it is customary to not charge a loan origination fee. That generally means that the rate the lender is charging has been adjusted so they can generate the same income on the loan. Just as additional income can be paid to reduce the rate on the loan (see discount points below), a slightly higher rate will yield a premium the lender can use to cover the origination fee without charging the borrower out of pocket for it.

Discount Points
Mortgage loans when they are pooled into mortgage backed securities require specific yields or rates of return. If you want a rate lower than the prevailing rate you can obtain it by paying additional money up front to have the lender discount the note rate. Discount points, expressed as a percentage of the loan amount, are delivered with the loan to the investor as prepaid interest to offset the lower note rate on the loan and give them the same yield on the loan. Discount points are not a requirement and you are encouraged to talk to your loan officer about whether or not it makes sense to pay them to lower the rate on a loan.

Appraisal
The appraisal is an independent opinion of the value of the property by a licensed professional and is used to help determine the property's suitability as collateral for the loan.

Credit Report
A credit report is a detailed history of how all borrowers have handled their credit obligations including type, amount, payment, and payment history from all three major credit repositories. The credit report is used to make a lending decision.

Administrative Fee
This fee represents miscellaneous charges (like overnight delivery) the lender might incur while processing your loan.

Final Inspection
In new construction, the property is often appraised before construction has been completed. A final inspection is done by an independent third party to ensure that the property has in fact been completed to the plans and specifications for construction.

Attorney Fee
The attorney fee is the cost charged for the review of your closing documents by a licensed attorney.

Title Insurance
Title insurance is an insurance policy that protects the title of ownership on the property once you've bought it. In other words, it guarantees that subject only to your mortgage, there are no other claims against the property.

Settlement Fee
A settlement fee is the charge a title company or a settlement attorney would charge for presiding over a closing; making sure all the documents are signed correctly, all closing conditions of the loan are met, and the loan is appropriately recorded.

Recording Fees
Recording fees are the charge by the government recording entity for recording the change in ownership and the encumbrance of a mortgage on the property you purchase to make it of record.

Survey
The survey determines the physical boundaries of your property as well as identifies any encumbrances or easements that may create title issues.

Flood Certification
The flood certification is the certification by an independent third party that your property has been checked against the current federal flood zone maps and whether or not it is located in a flood zone.

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What is an APR?

Sat, 19 Sep 2009 06:08:15 -0500

The annual percentage rate (APR) is an interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account points and other credit costs. The APR allows homebuyers to compare different types of mortgages based on the annual cost for each loan. The APR is designed to measure the "true cost of a loan." It creates a level playing field for lenders. It prevents lenders from advertising a low rate and hiding fees.

The APR does not affect your monthly payments. Your monthly payments are strictly a function of the interest rate and the length of the loan.

Because different lenders calculate APRs differently, a loan with a lower APR is not necessarily a better rate. The best way to compare loans is to ask lenders to provide you with a good-faith estimate of their costs on the same type of program (e.g. 30-year fixed) at the same interest rate. You can then delete the fees that are independent of the loan such as homeowners insurance, title fees, escrow fees, attorney fees, etc. Now add up all the loan fees. The lender that has lower loan fees has a cheaper loan than the lender with higher loan fees.

The following fees are generally included in the APR:

Points - both discount points and origination points
Pre-paid interest. The interest paid from the date the loan closes to the end of the month.
Loan-processing fee
Underwriting fee
Document-preparation fee
Private mortgage-insurance

The following fees are sometimes included in the APR:

Loan-application fee
Credit life insurance (insurance that pays off the mortgage in the event of a borrowers death)

The following fees are normally not included in the APR:

Title or abstract fee
Escrow fee
Attorney fee
Notary fee
Document preparation (charged by the closing agent)
Home-inspection fees
Recording fee
Transfer taxes
Credit report
Appraisal fee

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Are you a LION chaser ?

Fri, 18 Sep 2009 21:13:05 -0500

A by Mark Batterson

This is a GREAT read.

"Our best days often start out as our worst days. And our greatest opportunities are often disguised as our biggest problems. You can land in a pit with a lion on a snowy day, and it will seem like the end of the road.

You will look back longingly on risks not taken, opportunities not seized, and dreams not pursued. Stop running away from what scares you most and start chasing the opportunities that cross your path.

In a Pit with a Lion on a Snowy Day is inspired by one of the most obscure yet courageous acts recorded in Scripture, a blessed and audacious act that left no regrets:

"Benaiah chased a lion down into a pit. Then, despite the snow and slippery ground, he caught the lion and killed it". How many of us would follow a 500 pound lion into pit- if you ever find yourself in a pit with a LION, I'm guessing your having a bad day. And it's likely that would be your last day.

But what if the life you really want, is hiding right now in your biggest problem, your worst failure... your greatest fear ?

Benaiah's encounter with the lion explore's seven skills:

* Overcoming adversity
* Unlearning fears
* Embracing uncertainty
* Calculating risks
* Seizing opportunities
* Defying odds
* Looking foolish

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Denied a Mortgage Loan

Fri, 18 Sep 2009 20:30:36 -0500

It's never fun to be turned down for a loan, but before you think you won't be able to get credit anywhere, there are some steps you can take.

Lenders are required by a federal law, The Equal Credit Opportunity Act, to tell you in writing when you've been turned down for credit. Two important pieces of information must be included in the letter you receive when you are denied credit:

The specific reasons why you were denied credit (or information on how to obtain those reasons); and
If a credit report was used in making that decision, the name and address of the credit reporting agency that supplied it.

If you don't understand the reasons given for turning down your application, ask for more information. Sometimes it can be hard to determine exactly why your application was not approved, because these decisions involve a lot of different factors. Don't be shy about asking, though, since the information you receive may help you improve your credit so you can qualify in the future.

You may be denied credit for various reasons, If your loan application was rejected because of insufficient income to afford the house you want or you have insufficient funds for closing costs and a down payment, you could consider loan programs for low- to moderate-income borrowers with lower down payment requirements, such as an FHA loan or VA loan.

If you requested the loan amount which is larger than the appraised property value, the loan will be denied. In this situation:

You can try re-negotiate with the seller for the purchase price to lower the loan amount
Make an additional down payment to cover the difference between the appraised value and purchase price
If you think the appraiser undervalued the property suggest that the lender re-examine the appraisal

If your loan is turned down because of a poor credit report, you are entitled to a free copy of that report. You must request it within 60 days, so don't wait to order it. Read your report carefully to make sure it is accurate and complete.

Once you have a copy of your credit report, you should check for errors and fix any errors by disputing them with the credit report agency. If you believe that mistakes on your report led to the rejection of your application, you can ask the credit bureau to send a corrected copy to the lender. Follow up with the lender to find out if your application can be reevaluated.

Finally, you can try again. All lenders have different approval standards. Just because you didn?t get a loan from one financial institution doesn't mean you can't get one somewhere else. Try again with another company. Just don't apply for more than four or five loans in a six-month period.

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Changing Jobs ?

Sat, 12 Sep 2009 16:02:35 -0500

Sometimes the message is not clear... like the ad above. Is this ad for pro drinking or anti drinking.

Changing jobs while thinking about buying house you can get a lot of mixed messages.

For most people, changing employers will not really affect your ability to qualify for a mortgage loan, especially if you are going to be earning more money. However, for some homebuyers, the effects of changing jobs can be a problem when attempting to qualify for a mortgage.

Salaried Employees
Switching employers should not create a problem if you are a salaried employee who does not earn additional income from commissions, bonuses, or over-time. The switch has less impact if you remain in the same line of work. You will hopefully be earning a higher salary, which will help you better qualify for a mortgage.

Hourly Employees
If your income is based on hourly wages and you work a straight 40 hours a week without over-time, changing jobs should not create any problems.

Commissioned Employees
Because of the way that mortgage lenders calculate your income, you should not change jobs before buying a home if a substantial portion of your income is derived from commissions.

Mortgage lenders average your commissions over the last two years. Changing employers creates an uncertainty about your future earnings from commissions; there is no track record from which to produce an average. Even if you are selling the same type of product with essentially the same commission structure, the underwriter cannot be certain that past earnings will accurately reflect future earnings.

In this situation, changing jobs would negatively impact your ability to buy a home.

Bonuses
If a substantial portion of your income on the new job will come from bonuses, you may want to consider delaying an employment change. Mortgage lenders rarely will consider future bonuses as income unless you have been on the same job for two years and have a track record of receiving those bonuses. In calculating your income, mortgage lenders will average your bonuses over the last two years.

Changing employers means that you do not have the two-year track record necessary to count bonuses as income.

Part-Time Employees
You should not change jobs if you earn an hourly income but rarely work forty hours a week. Because there would be no way to tell how many hours you will work each week on the new job, there would be no way to accurately calculate your income. If you remain on the old job, the lender must average your earnings from part-time income over the last two years. You must have a 2-year work history of part-time income to count as income for a mortgage.

Over-Time
Your overtime income cannot be determined if you change jobs since all employers award overtime hours differently. If you stay on your present job, your lender will give you credit for overtime income. The mortgage lender will determine your total overtime earnings over the last two years to calculate a monthly average.

Self-Employment
Delay any change to self-employment before buying a new home. Buy the home first.

Lenders like to see a two-year track record of self-employment income when approving a loan. Plus, self-employed individuals tend to include a lot of expenses on the Schedule C of their tax returns, especially in the early years of self-employment. While this minimizes your tax obligation to the IRS, it also minimizes your income to qualify for a home loan.

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Credit scoring places you in one of three general categories.

Sat, 22 Aug 2009 07:21:19 -0500

If you have a score of 680 or above, you may be considered an A+ borrower. Your loan will involve basic underwriting, probably through a computerized automated underwriting system and could be completed within minutes. If you are in this category, you have a good chance of obtaining a low interest rate and closing your loan quickly.

If you have a score below 680 but above 620, an underwriter will probably take a closer look at your file to determine potential risks. If you are in this category, you may find the process and underwriting time no different than in the past. Supplemental credit documentation and letters of explanation may be required before an underwriting decision is made. You may still be able to obtain "A" pricing, but loan closing may take longer than if you had a higher score.

If you have a score below 620, you may not be eligible for the best loan rates and terms offered. Mortgage professionals may divert you to alternate funding sources other than Fannie Mae or Freddie Mac. You may find loan terms and conditions less attractive than "A" loans, and it may take some time before a suitable funding source is located.

If you do have negative information on your credit report, such as late payments, bankruptcy, or too many inquiries, your best strategy may be to pay your bills and wait. Time is often your best ally in improving credit.

The length of time to rebuild your score depends on the reason behind your low score. Most decreases in scores are due to the addition of a new element to your credit report such as a delinquency or an inquiry. These new elements will continue to affect your score until they reach a certain age. Delinquencies remain on your credit report for seven years. Most public record items remain on your credit report for seven years, although some bankruptcies may remain for 10 years and unpaid tax liens remain for 15 years. Inquiries remain on your report for two years.

While many lenders use these scores to help them make lending decisions, each lender has its own strategy, including the level of risk it will accept for a certain loan product. There is no single "cutoff score" used by all lenders and there are many other factors used to determine your eligibility and interest rate.

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Below are a few reminders before you close on your loan.

Sat, 22 Aug 2009 07:16:33 -0500

Keep copies of all earnest money checks and proof that the checks have cleared your bank. Provide this documentation to your lender so that you get proper credit on your closing documents.

Notify your mortgage company of the final sales price at least five days prior to your closing. If your sales price changes from the original contract, the lender will need copies of all addendums and change orders for the upgrades. The final closing documents cannot be prepared until both builder and buyer agree to the final sales price.

A final inspection is required on all new construction before the loan is closed. The appraiser must inspect the property to ensure that it was completed to the original plans and specifications. The mortgage company schedules this inspection. The home must be COMPLETE and READY TO MOVE-IN before the appraiser can perform the final inspection. The charge for the final inspection is $100 which will be included in your closing costs. If the home is not complete when the appraiser goes out, he will have to inspect it again which will be an additional $100 charge. Please consult with your lender as to the best date for the final inspection.

Your home must be completed before closing. This includes landscaping, pool, fence, etc. If you would like to arrange to escrow for these improvements and close before they are complete, notify us at the time of locking in your rate. Only a few investors will allow for escrow holdbacks.

Bring a cashier's check made out to the title company for your closing costs.

Tell your lender if your salary or other compensation has changed from what has been noted on your loan application.

Inform your lender if your address changes from what appears on your original loan application. They must complete rental and mortgage verification for all of your residences within the last two years.

Obtain homeowner's insurance with minimum coverage equal to the amount of your total loan or the replacement value of the house. Call your lender with your agent's name and phone number at least 10 days before closing.

Keep documentation (or a "paper trail") on any large deposits into your account. A "paper trail" should include copies of all paperwork necessary to prove a financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.

Notify your lender if you move funds from one account to another and provide a "paper trail" on any transactions.

Do not acquire any additional debt or make any large purchases on existing credit without first consulting your lender. For example: purchasing a car or buying appliances for your new home will change your debt to income ratios.

Do not change jobs without consulting your lender. A change in compensation may affect your ability to qualify. Buyers must have a two-year history of bonuses and/or commissions to be counted as income. Lenders may verify employment on the day of closing as a quality control check.

Do not co-sign with anyone to obtain a line of credit or make a purchase. The payment will show up on your credit report as an additional debt.

Do not negotiate your contract with an allowance and expect to get money back at closing. An allowance can be used only to pay closing costs or reduce the sales price.

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8,000 tax credit - First home buyers tax credit

Mon, 23 Feb 2009 09:37:12 -0600

Tax Credit for Homebuyers
First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction - a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.

Tax Credit Versus Tax Deduction

It's important to remember that the $8,000 tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a homebuyer were to owe $8,000 in income taxes and would qualify for the $8,000 tax credit, they would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a homebuyer is liable for $4,000 in income tax, he can offset that $4,000 with half of the tax credit... and still receive a check for the remaining $4,000!

Phaseout Examples

According to the plan, the tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.

To break down what this phaseout means to homebuyers who are over those amounts, the National Association of Homebuilders (NAHB) offers the following examples:

Example 1: Assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Example 2: Assume that an individual homebuyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Remember, these are general examples. You should always consult your tax advisor for information relating to your specific circumstances.

Homes that Qualify

The tax credit is applicable to any home that will be used as a principle residence. Based on that guideline, qualifying homes include single-family detached homes, as well as attached homes such as townhouses and condominiums. In addition, manufactured or homes and houseboats used for principle residence also qualify.

Higher Loan Amounts

More good news - there is an extension on the additional tier of conforming loan amounts which had been first established in 2008. This tier of home loans are those greater than $417,000, and with a maximum that depends on the area, but is not greater than $729,750. These loans will again be eligible for rates that are slightly higher than conforming loan rates, but less expensive than the standard "jumbo" loan rates.

Additional Housing-Related Provisions

Tax Incentives to Spur Energy Savings and Green Jobs - This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings - This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing-This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs.Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance-This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

More Help for Homeowners in the Future
Another thing to keep an eye on in the coming weeks is President Obama's plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That's because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

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Mobile Alabama Real Estate - Does it one more time- Top 10

Tue, 25 Nov 2008 20:04:58 -0600

Top 10 Most Promising Housing Markets
Housing Predictor, which provides housing forecasts in 250 markets, has identified 10 markets where the regional economies are healthy and have strong potential for increasing prosperity.

These housing markets have bucked the national trend in 2008 and avoided the subprime crisis, the consultancy says.

Whatever the future holds for the housing market as a whole, Housing Predictor forecasts that these cities will continue to see steady, dependable growth.

Top cities and the percentage sales prices have increased so far in 2008.

Biloxi, Miss., 4.9 percent
Salem, Ore., 4.7 percent
Bismarck, N.D., 4.6 percent
Spokane, Wash., 4.4 percent
Yakima, Wash., 4.1 percent
Austin, Texas, 4.0 percent
Grand Junction, Colo., 4.0 percent
Fargo, N.D., 4.0 percent
Mobile, Ala., 3.9 percent
Albuquerque, N.M., 3.5 percent

http://mobile.alabama.mls.searchrealestatehomesforsale.com/ Click on the link and see over 5000 homes in the Mobile Alabama area.

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First-time Home Buyer 7500 Tax Credit in a Nutshell ?

Wed, 29 Oct 2008 09:28:28 -0500

First-time home buyers -the government enacted a benefit to help you make your first home purchase? The incentive gives first time home buyers a federal income tax credit up to $7,500. Part of the "Housing and Economic Recovery Act of 2008″, creates a temporary, federal tax credit to provide incentive for first-time home buyers to purchase a home.

Rob Dietz, economist for the National Association of Home Builders (NAHB) points out, the effects of the credit may extend far beyond the first-time home buyer; as first-time home buyers purchase homes, many home sellers will be able to move up and invest their sales profits into new homes as well.

Since the money must eventually be paid back, the tax credit essentially acts as a no-interest loan that reduces your tax liability for the year it is claimed. For instance, home buyers who close on a new home purchase in 2008 (after April 9) can claim the credit on their 2008 tax return. If their tax liability for the year is $5,000, applying the $7,500 tax credit would cover their tax bill and provide a $2,500 refund. Any taxpayers already due a refund would still receive the full amount, plus the $7,500 tax credit for buying a home.

First-time home buyers who claim the tax credit are expected to begin repayment starting in the second tax year after they close on their home and continue the pro-rata payback on their federal taxes for a 15-year period. For home buyers who claim the full $7,500 credit, the payments would amount to $500 a year.

If the buyer sells the home before the 15-year period, the remaining credit would be due from whatever profit was made on the sale. In cases where profits from the sale were less than what was owed for the credit repayment, the remainder would be forgiven.

Consider this illustration given by the NAHB: at 7% interest, a $7,500 loan would cost the borrower about $4,200 in interest over a 15-year period. To finance the $7,500 through your 30-year mortgage at a 7% interest rate, a homeowner would pay $8,100 in interest over the life of the loan. If you have already closed on a new home since April 9, 2008, the tax credit is retroactive back to that date, so you may be eligible to take the tax credit this year.

Here are some quick facts to determine if you qualify for the first-time home-buyers tax credit:

First Time Home Buyers - to be eligible, an individual must not have owned a primary home for the past three years, but may have owned a home prior to that.

Taypayers - U.S. citizens and resident aliens who file income taxes qualify for the tax credit. Non-resident aliens are not eligible.

Income Range - to qualify for a full tax credit of $7,500 (or 10% of the cost of the home), someone filing their taxes as single or head of household can earn no more than $75,000. Couples who file a joint return must earn $150,000 or less.

Individuals whose incomes fall between $75,001 and $94,999, or married couples who file jointly with incomes from $150,001 and $169,999, are still eligible for partial credit.

Taypayers earning more than $95,000 (single) or $170,000 (joint) are not eligible for this credit.

What do you have to do to claim the tax credit? If you meet the criteria, you have to do is request the credit on either your 2008 or 2009 federal tax return that will be amended for that purpose.

Home buyers who close in 2008 can take the credit on their 2008 return. First-time home buyers who purchase a new home in 2009 before the July 1 cut-off can choose to file an amended 2008 return or request the credit on their 2009 tax return. Please not this is not tax advise. consult your on tax person for all the details of the bill and how it relates to you.

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Renovation Mortgages

Wed, 22 Oct 2008 19:05:27 -0500

No one likes to hear about people losing their homes, but industry analysts predict that real estate markets across the country will see home foreclosures through 2008 and into 2009. When banks foreclose, the properties will go back on the market, and buyers ready to purchase new homes will be able to find some good deals out there.

Mortgage and Renovation Costs Bundled into One Loan Package

So what happens if you find a home in the perfect location that meets your family's basic needs but requires major improvements or repairs? The answer for that fixer-upper may lie in a renovation mortgage - a lender program that allows home buyers to finance the mortgage and fix-up or construction costs together in the same loan.

How do renovation mortgages work? There are several options available for renovation financing.

In a program available through the Federal Housing Administration, when new home buyers finds a house in need of renovation, they contact a lender that handles 203(k) mortgages. The buyer contracts with a HUD-approved contractor who evaluates the property and determines which improvement projects are most critical. The lender hires an appraiser to determine the value of the home after improvements, and the loan amount is then based on this post-renovation value. For example, if the purchase price of a home is $200,000, and the renovations recommended by the contractor will cost $40,000, the renovation mortgage can be written for the full amount of $240,000. The $40,000 allocated for home improvements is paid out in installments as the work is completed.

Renovation mortgages offer many benefits for borrowers:

They open up more affordable housing options for buyers.
They offer buyers the opportunity to add value to the property right away through the improvements they make.
Closing on one loan instead of two means buyers save time and money - there is no need to pay repeat costs for such expenses as double appraisals, title searches and other costs incurred at closing.
The money for renovations is available up-front so buyers can begin projects right away.
Interest rates on these renovation loan programs are also comparable to those for conventional mortgages.

Renovation mortgage's can help you take advantage of the real estate opportunities in your area.

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Fixer-uppers

Mon, 20 Oct 2008 09:12:00 -0500

The phrase "Buyer Beware" is appropriate when considering the purchase of a fixer-upper.You need to know exactly what you're getting into before buying.

It's commonly believed that fixer-upper properties represent easy money that is ripe for the taking - that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit.

With proper planning and foresight, good profits can be made by buying "distressed" properties at less than market value, making appropriate improvements and repairs, and then reselling. And for many first time buyers who intend to live in the house while working on it, buying a fixer-upper can be a good option.

It's less risky buying a fixer-upper when you can live in the house while fixing it. If this is your option look into 203k loans or Baby K' s that offers borrowers the resources to rehabilitate a home that may be in need of repair, either the home that they currently live in, or that special fixer-upper opportunity, without the extra cost or details as found in the regular 203k.

One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home. .

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Buying a foreclosed home in Mobile Alabama

Wed, 15 Oct 2008 04:01:24 -0500

Patience is a virtue, and a necessity, when buying a foreclosed home.

Use this comprehensive Web site to help you navigate through the Gulf Coast Alabama real estate landscape http://mobile.alabama.mls.searchrealestatehomesforsale.com see top of page for link to the area's lender foreclosures

But lenders selling properties often are just asset managers, not really owners. A deed may bear the lender's name, but because banks and other lenders sell loans into the secondary mortgage market, the real owner of both the loan and property is often hidden.

The lender "doesn't have to tell you who you're actually dealing with," They keep it a complete mystery to keep control. And if the loan carried private mortgage insurance, its guarantor may also need to sign off.

"Realtors are used to 24 to 48 hours to finalize an offer, and with the banks it can take 24 to 48 days," "A lot of buyers give up."

Foreclosures are mounting. Some 2.04% of loans -- the highest ever -- are in the process, according to the Mortgage Bankers Association.

Patience, Paperwork, Price

"Banks are not giving away properties," A serious buyer must "submit a reasonable offer.

Getting a loan can be tough. Foreclosed homes may have issues such as poor maintenance, missing appliances, and liens. A house may have so much damage that a lender may require a 150% reserve in the escrow for certain repair costs.

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House's for sale in Mobile Alabama

Wed, 15 Oct 2008 03:59:39 -0500

http://mobile.alabama.mls.searchrealestatehomesforsale.com

If you are looking to buy or sale a house in Mobile Alabama ,please use our EZ home search above.

Whether or not you can live comfortably with the amount of your suggested monthly mortgage payment is a decision best made by you, the buyer.

Housing Expense Ratio
A general rule is that your monthly mortgage payment should be less than or equal to 25% of your gross monthly income. Depending on the type of mortgage you choose, this percentage may change. However, there are mortgage products available that focus specifically on the debt-to-income ratio, and more information on these types of mortgage products can be provided by your lender.

Debt-to-Income
Factors such as your income, debt and credit history directly affect your buying power. Your debt includes things such as your credit card bills and car loans, and other expenses such as housing expenses, alimony and child support. Combined, these debt items should not be more than about 30-40% of your gross income.

Some hints to help you determine a mortgage amount that makes it possible for you reasonably to meet your long-term goals and needs:

• CRUNCH THE NUMBERS: Compose a budget including your estimated mortgage payment including taxes and insurance.

• MURPHY'S LAW: Utility costs should be included in your housing budget with an additional amount set for costs of future home maintenance and repairs.

LOOK AT THE BIG PICTURE: Be sure to take other financial goals into consideration such as paying for college tuition or saving funds for retirement.

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Mobile AL, real estate for sale

Wed, 15 Oct 2008 03:58:15 -0500

http://mobile.alabama.mls.searchrealestatehomesforsale.com

Use our EZ and free real estate search link above to buy or sell your next home.

Hunting for a house can be an overwhelming experience. It is easy to forget one house after seeing so many. Don't become frustrated when you don't immediately find your dream home. On the other hand, the thrill of the hunt can distract you from essential wants and needs.

PICTURE IT: Take photos of the house to keep on file.
USE TIME WISELY: Don't make "spur-of-the-moment" decisions. Consider the decision carefully. Take your time in selecting your home.
GET IT IN WRITING: Take notes about what you see, like and don't like in the house.
COMPARE AND CONTRAST: Review your notes, and compare houses against your wants, needs and budget.
TWO HEADS ARE BETTER THAN ONE: Bring your spouse, a family member or friend. It's useful to get another person's feedback.
GET TO THE BOTTOM LINE: Determine the utility, maintenance costs, taxes, insurance, etc. How much have these costs increased in the past few years?

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Do you need a better Mortgage in Mobile Alabama

Tue, 14 Oct 2008 17:21:11 -0500

A home is one of the largest financial commitments that a person will make during their life, and many people view their home financing as meaning just another monthly payment. Not Benchmark or Gena !

Gena understands that it's not just a house, it's your home.

Gena is truly passionate about her profession, and a result that nearly 100% of her business is by referral from satisfied clients, trusted financial advisors and the most experienced realtors in Alabama. Her Team with many years and a wide range of experience in the mortgage industry, stand's ready to assist every step of the way.

She said her clients only think about home financing a few times during their lives ~ I think about it every single day. It's their home and their future. It's my profession and my passion. I am ready to work for their best interest.

Call Gena for your Mortgage needs and you will see why I GIVE A RECOMMENDATION WITHOUT RESERVATION

251-304-0091

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Homes for sale in Mobile Alabama

Tue, 14 Oct 2008 15:23:35 -0500

If you are looking to buy a home in Mobile AL, please use our EZ MLS search home finder. See over 5000 homes in our area

http://mobile.alabama.mls.searchrealestatehomesforsale.com

To help better serve you, analyze what you want and what you need in a home's features and amenities.
Features:

Age: Do you prefer historic properties, or newer ones?
Style: Do you have a special preference for ranches, bungalows, or another style of construction?
Bedrooms: How many?
Bathrooms: How many? Are they updated?
Living and Dining Areas: A traditional, formal layout, or a more open, contemporary plan?
Stories: How many?
Square feet: How much space?
Ceilings: How high?
Kitchen: How big? Recently updated? Open to other living areas?
Storage: Big closets, a shed, an extra-large garage?
Parking: A garage or carport? Room for how many cars?
Extras: Attic or basement?

If you are wanting to sell a home in our area, please call me and let me show you how I can sell your home with my proven marketing plan

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Plan for Stopping Foreclosure or Loan Modification

Thu, 09 Oct 2008 16:19:33 -0500

When you get behind on mortgage payments, foreclosure can come quickly. Your mortgage Company will call you from the first month you are late. They will not automatically put you in a program to help avoiding foreclosure or help you bring your mortgage current. Lenders are not in business to foreclose, but they will do everything possible to get the money.

As mentioned above, Mortgage Companies do not want foreclosures, so they are usually open to work out plans. These plans are negotiable and it is to your advantage to develop a plan that works best for you before you contact the lender.

You must make contact with your lender. Most people are afraid to contact the lender. Being in foreclosure or on the verge of being in foreclosure can be embarrassing or intimidating to the typical homeowner. However, knowledge and communication is critical. Conquer this fear ,while making the lender comfortable knowing they have a homeowner who wants to keep their house.

The next step is to write a letter explaining why you fell behind on your payments. It could be as simple as an interest rate adjusting and increasing your payment. It could be a medical issue or loss of income. Remember, bad things happen to good people, and explain your situation in the most professional manner possible. The lenders refer to this as a "hardship" letter. This letter will help set the groundwork for working out a solution.

You must document your financial situation. Painting a clear picture of your ability to repay your "new" loan is essential. There are no simple formulas for determining how much you can afford. Every homeowner is different.

Most lenders have numerous options for us to choose from. They include loan modification, deferment, forbearance, and a repayment plan. Ask about the Hope Loan through FHA, A Loan Modification will change your existing mortgage note and give you a fresh new start in managing your home. Your account will be brought up to date immediately. You will no longer have the lender calling asking you to pay fees and charges that you simply can not afford.

Federal legislation allows homeowners who negotiate loan modifications with lenders to escape income-tax liability for the amount forgiven. This will not only help to give you a lower monthly payment which you can afford, but will also help you pay off your home sooner than before.

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HOPE for Homeowners created by Congress

Thu, 09 Oct 2008 14:41:00 -0500

The HOPE for Homeowners program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans.

The program is effective from October 1, 2008 to September 30, 2011.

How the Program Works

There are four ways that a distressed homeowner could pursue participation in the HOPE for Homeowners program. Homeowners may contact their existing lender and/or a new lender to discuss how to qualify and their eligibility for this program.

Originating lenders who are looking for ways to refinance potential customers out from under their high-cost loans and/or who are willing to work with servicers to assist distressed homeowners.

Counselors who are working with troubled homeowners and their lenders to reach a mutually agreeable solution for avoiding foreclosure.

It is envisioned that the primary way homeowners will initially participate in this program is through the
servicing lender on their existing mortgage. Servicers that do not have an underwriting component to their mortgage operations will partner with an FHA-approved lender that does.

Step 1: Cost-Benefit Analysis

Lender considerations:

Given their fiduciary responsibilities and financial obligations, lenders will assess their portfolio and
perform a cost-benefit analysis to determine the feasibility of offering this program to struggling
homeowners.

Affordability versus value: lenders will take a loss on the difference between the existing obligations and
the new loan, which is set at 90 percent of current appraised value. The lender may choose to provide
homeowners with an affordable monthly mortgage payment through a loan modification rather than
accepting the losses associated with declining property values.

Borrower eligibility: Lenders that determine the program is a feasible and effective option for
mitigating losses will assess the homeowner's eligibility for the program:The existing mortgage was originated on or before January 1, 2008;
Existing mortgage payment(s) as of March 1, 2008 exceeds 31 percent of the borrowers gross monthly
income;The homeowner did not intentionally default, does not have an ownership interest in other residential real estate and has not been convicted of fraud in the last 10 years under Federal and state law; andThe homeowner did not provide materially false information (e.g., lied about income) to obtain the mortgage that is being refinanced into the Hope mortgage.

Consumer considerations:

The lender will disclose to the homeowner the benefits of the program: Home retention,
New affordable mortgage based on current appraised value, 10 percent equity The lender will also disclose to the homeowner the costs of the program:

3 percent upfront mortgage insurance premium and a 1.5 percent annual premium,Equity and appreciation sharing with the Federal government, and Prohibition against new junior liens against the
property unless they are directly related to property maintenance.

Step 2: Negotiations Between Borrowers and Lien
Holders

If the lender refinancing the loan does not hold the senior mortgage lien, it will need to secure an
agreement from the existing lien holder to waive all prepayment penalties and default fees on the existing loan and accept the loan proceeds from the loan as payment in full. The loan amount (including the 3 percent UFMIP) for the new Hope loan cannot exceed 90 percent of the current appraised value of the property.

The lender will engage existing subordinate mortgage lien holders to extinguish all subordinate liens on the subject property. To entice subordinate lien holders to participate in the negotiation process and release their liens, FHA has the authority to share its future appreciation entitlement with them.

Step 3: Originating an Hope Mortgage

The lender will qualify the homeowner for the new mortgage using the guidelines established under
the terms of the program's unique statutory requirements, ensuring the homeowner has the
capacity to make the new payment on the Hope mortgage in a timely manner.

During underwriting of the loan, the lender will calculate the future appreciation interest amount for
each subordinate lien holder in accordance with instructions provided by FHA.

At settlement, subordinate lien holders will receive a certificate that evidences their interest as an obligation backed by HUD, with payment conditional on the value of HUD's appreciation share.

Following funding of the loan the lender will record - in addition to the typical security instrument and note
for the first mortgage - a shared equity note and mortgage (SEM) and a shared appreciation note and
mortgage (SAM). These mortgages will be serviced by FHA.

The lender will also submit the new mortgage for insurance to FHA, certifying that it has been
originated, underwritten and closed in accordance with the Hope program guidelines.

Step 4: Fulfilling Hope Mortgage Obligations

Upon sale of the property, the homeowner will use their sale proceeds to pay off the Hope mortgage as
well as the shared equity and shared appreciation mortgages.

FHA will provide instructions to the settlement agents regarding subordinate lien holders who are entitled to a portion of any appreciation. The lien holder that previously held the highest priority will receive
payment up to the full dollar amount of its interest, not to exceed the amount of available appreciation,
and so on, until all prior lien holders are satisfied or the amount of available appreciation is exhausted. All remaining appreciation is remitted to FHA.

In instances where the homeowner failed to make the first payment on their new Hope mortgage, the H4H statute prevents FHA from paying claim benefits to anyone holding the mortgage.

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FHA “HOPE for Homeowners Act of 2008"

Mon, 06 Oct 2008 20:40:52 -0500

The "HOPE for Homeowners Act of 2008" creates a new, temporary, voluntary program within FHA to back FHA-insured mortgages to distressed borrowers. The new mortgages offered by FHA-approved lenders will refinance distressed loans at a significant discount for owner-occupants at risk of losing their homes to foreclosure. In exchange, homeowners will share future appreciation with FHA.

The program is built on five principles:

1. Long-term affordability. The program is built on the idea, expressed by Federal Reserve Chairman Bernanke, that creating new equity for troubled homeowners is likely to be a more effective way to avoid foreclosures. New loans will be based on a family's ability to repay the loan, ensuring affordability and sustainable homeownership.

2. No investor or lender bailout. Investors and/or lenders will have to take significant losses in order to benefit from the proceeds of the loans refinanced with government insurance. However, these losses would be less than the losses associated with foreclosure.

3. No windfall for borrowers. Borrowers will share their new equity and future appreciation equally with FHA. Borrowers will pay for the FHA insurance.

4. Voluntary participation. This will be a voluntary program. No lenders, servicers, or investors will be compelled to participate.

5. Restore confidence, liquidity, and transparency. Credit markets are fearful and frozen in part because banks and other financial institutions do not know what their subprime mortgages and related securities are worth. The uncertainty is forcing lenders to hoard capital and stop the lending necessary for economic growth. This program will help restore confidence and get markets flowing again.

Program Oversight

Eligible Borrowers. Only owner-occupants who are unable to afford their mortgage payments are eligible for the program. No investors or investor properties will qualify. Homeowners must certify, under penalty of law, that they have not intentionally defaulted on their loan to qualify for the program and must have a mortgage debt to income ratio greater than 31 percent as of March 1, 2008. Lenders must document and verify borrowers' income with the IRS.

New Loan Amount. The size of the new FHA-insured loan will be lesser of the amount the borrower can afford to repay, as determined by the current affordability requirements of FHA; or, 90% of the current value of the home. Loans must be 30-year, fixed rate loans.

Equity & Appreciation Sharing. In order to avoid a windfall to the borrower created by the new 90% loan-to-value FHA-insured mortgage, the borrower must share the newly-created equity and future appreciation equally with FHA. This obligation will continue until the borrower sells the home or refinances the FHA-insured mortgage. Moreover, the homeowner's access to the newly created equity will be phased-in over
5 years.

Eligible Mortgages. In order to protect against adverse selection, the program prohibits the Secretary from paying an insurance claim whenever the representations and warranties required to be made by lenders are violated, or in cases in which a borrower has an early payment default and misses the first payment. The Act provides the Board the authority to establish other protections against adverse selection, such as requiring "seasoning" for certain higher risk loans before they can be insured under the program. Appraisers of property insured by FHA must be certified by the state where the property is located, or by a nationally recognized professional appraisal organization, and have "demonstrated verifiable education" in FHA appraisal requirements.

Existing Subordinate Liens. Before participating in this program, all subordinate liens must be extinguished. This will have to be done through negotiation with the first lien holder.

Qualified Safe Harbor. The legislation provides servicers with an incentive to participate in the program by offering a safe harbor against legal liability.Program Size. The program is authorized to insure up to $300 billion in mortgages and is expected to serve approximately 400,000 homeowners.

Program Sunset. The program will begin October 1, 2008 and sunset on September 30, 2011. CBO say the program will net nearly $250 million for taxpayers. The program is paid for by using part of the Affordable Housing Trust Fund; the GSE bill provides a further $2 billion cushion for the government by establishing a reserve fund at Treasury over ten years. If the program costs less than projected, the unused funds are returned to the Affordable Housing Trust Fund. If the program more than pays for itself (as was the case during the Roosevelt Administration), any excess savings are dedicated to reducing the national debt.

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Bankruptcy judges to change the principle owed

Fri, 03 Oct 2008 14:13:03 -0500

Senator Biden made a statement during the debate that I was it such disbelief, I had to stay up for the replay to make sure he really said what he said.

He said I and Senator Obama support giving the power to federal bankruptcy judges to change the interest rate on a note and also to change the principle owed on a note if it would help the borrower.

ARE YOU KIDDING ME

That means that a judge could if he or she wanted to lower the interest rate and principal, they could at will. This is the idea that was put into the bail out bill and but was later removed from the bill. They have tried to write this into some legislation this year and each time with little help or support.

I believe this would be the end of mortgages as we know them. Mortgage Back Securities would be worthless, if investors thought that some judge can change their rate of return with the swipe of a pen. Who in their right mind would invest in other peoples homes, which until last week was what made this country great.

How would you feel if the manager of your retirement funds was to buy a stock for your 401k valued at million dollars - the very next day because some judge in Atlanta reduced the principal balance on a Fannie or Freddie loan by $100,000 - because it would benefit the person in BK? in one day with stroke of a pen your 401k dropped100k.....but what heck you should feel good about yourself you just help someone gain 100k equity in their home,

Remember the seller was paid the 100k so he got his money. The lender provided the 100k on good faith that the buyer would back the loan over time. When it is reduced who gets stuck with the 100k bill so that borrower can have a house with a 100k less than was agreed to when the bought the house.....YOU DO !!!!!!! So you take it from the people who made good decisions when they bought their home. This person then could sale the home and pocket the 100k...... what a country ...... by a house you can't afford and have judge re-do the contract and make nice profit by filing chapter 7.....what a country.

If you are going to reduce mortgages for some.... why not do it for all of us.....Would you not like to have some debt removed from your mortgage without having to pay it back ? ( This will destroy almost every American homeowners, home values ..... )

This would end the secondary market to the point no lender in the land would want to take a huge risk without risk base pricing to all borrowers including you, which means very high interest rates for mortgages. I believe this would be the death of our industry and would send the housing market even lower.

The very idea you could stop making your mortgage payments and file for bankruptcy and hope you get a judge who will lower your rate, terms and balanced owed..............................we all suffer.

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Alabama's real-estate markets are doing better than most of the country

Wed, 01 Oct 2008 10:39:52 -0500

Marlon G. Cook, a regional manager in the Federal Deposit Insurance Corp. in Atlanta, told those at Tuesday's Coastal Economy Outlook conference that Alabama's financial and real-estate markets are doing better than most of the country.

Cook predicted mortgage credit would "remain under tremendous pressure until the end of the year and into 2009." But, he added, Alabama is doing "relatively well" compared to its neighbors in Florida and Georgia, and when compared to the nation.

"We find good news with ThyssenKrupp, which will bring in about 3,000 jobs," he said. The German steelmaker is building a $3.7 billion steel plant in north Mobile County that is set to open in 2010.

Consumer spending is better in Alabama than in the rest of the Southeast, according to Cook.

Mortgage credit conditions are not as tight in Alabama as in many other states, he said. For example, there were 56,000 subprime mortgages as of June 30, with 1,800 of them the two- and three-year hybrid loans that caused much of the mortgage and foreclosure problem. "These numbers are so low, and that's good for the state,"

He said only 11 percent of the subprime loans in state were issued in Mobile the 2nd largest city.

What I have noticed, there is still a lot of lenders wanting to lend money in our State,

Take a look at rates this morning, with good credit as low as ........

5.625 for 30 year Conventional loans, 5.75 for FHA 30 year loans

All they ( the lenders ) are asking is that the buyers have verifiable income, prove responsible debt management, have reasonable debt to their income and have a small down payment.

I am excited about Mobile's opportunity to grow and quality of life for Mobilians.

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