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Blog entries tagged with "loan programs":
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New Housing Dynamic - Pt 2
A month ago we advised you that Fannie Mae and Freddie Mac were eliminating their "declining market programs." Well, no sooner than some Banks and other Lenders were announcing programs with 95% Loan to Value's (5% down payment), along come the Mortgage Insurance companies announcing that they will NOT underwrite loans … (1 comments)
I have been working with some fantastic home loan programs over the years. Up until recently I worked almost exclusively with a home loan program called ACORN Housing loan. The loan program has changed quite considerably from when I first offered it. It no longer offers 100% financing without Mortgage Insurance, … (5 comments)
Renovation Lending
Mortgage rates are slowly marching upward. Conforming 30-year fixed rates averaged 6.25 percent this week, an increase of 6 basis points from the previous week. Rates are going up today because of good economic and financial news - "good" being a relative term. Initial jobless claims were less than expected and … (0 comments)
Why FHA?
An article from the Wall Street Journal Online, reports that under a proposal introduced the the Federal Deposit Insurance Corp. to help stem foreclosures, struggling U.S. homeowners could receive federal loans to pay down as much as 20% of their principal. The program would depend on the willingness of mortgage servicers and investors to agree … (0 comments)
I was asked recently about reverse mortgages by one of my clients. It is something that many homeowners aren't aware of that retired homeowners can take advantage of. Here's how they work:
I hear from many different Realtors that they have buyers sitting on the fence, obviously waiting for pricing on homes to hit rock bottom. Here is some basic information on why buyers need to ACT NOW! 
There are lots of options out there in your quest for buy a home with little or now down payment. For those living in rural areas such as Ulster County, the USDA provides two such programs - The Guaranteed Rural Home Loan Program and the Direct Rural Housing Loan Program. 
Here is a simple chart that explains some home mortgage loans programs and the advantages and disadvantages they may have.In addition to standard loan programs you may benefit by obtaining one of our many special programs:
Well now that I have a blog, I guess I better start using it.
It was not too long ago there was an over abundance of home loans to choose from and all you had to do was pick your property. If your credit wasn't too bad, chances were that you would be able to close your home purchase or your refinance loan transaction. 
This is a topic I have been getting more and more inquiries on lately from customers and realtors alike. This product has been around for some time, but as things in the market continue to rapidly change it is nice to know there are some positive things happening for homeowners, or those … (1 comments)
Updates- Important!.
The other day I received a call from a gentleman looking to refinance out of his 2-year adjustable rate home mortgage (2/28 ARM) that is now variable. These home loans are typically reserved for subprime borrowers due to a poor credit rating. Although this is not an ideal loan, he wasn’t … (0 comments)
Last week I was unable to publish my weekly update on the mortgage industry. For those of you that enjoy the updates, I do apologize! With the holidays here, please understand that the next couple weeks will be hectic and I will try to publish as much as I can.
I don't know about you all, but I love working with first time homebuyers. In Georgia, the Department of Community Affairs has a program called the Georgia Dream Program. Based on income and family size, a potential homeowner could receive $5000.00 in closing costs and down payment assistance. If the buyer … (3 comments)
Former Loan Officer Spills The Beans! I proudly present to you this free report that uncovers the most common mistakes consumers make when getting a mortgage. The information was compiled over my seven years as a mortgage loan officer and seeing what misteps people made. I hope this will assist you … (0 comments)
Ah ha - I had a sneaky suspicion that the ban on downpayment gifts would be lifted...and it only took a month to pass down the ruling! A judge has granted an injunction against the US Housing and Urban Development's ban of Downpayment Assistance programs. The blanket ruling states that the … (1 comments)
A friend of mine today told me about the "mortgage accelerator program" where a homeowner has a large line of credit to pay their bills as opposed to carrying a traditional mortgage. He asked me what I thought of this concept and my first thought was it sounded fishy. I commented … (5 comments)
Today, I will cover why it's important to strategize your self credit repair disputes in order to have a successful outcome. Not many borrowers are aware that deleting negative items on your credit report can hurt your score. One of the main factors in a credit score is the 'credit history'. … (0 comments)
This post is for the customer who may be looking for a house in a month. Are you going to wait until you are ready to move to find an agent ? How about a Loan Officer ? Let me ask you this, if you were starting a job and needed … (2 comments)
… (0 comments)
In Part I, of What to Look for in a Real Estate Loan, we discussed the components of the loan that do not require lenders' quotes. The following components of the loan, including interest rate, points, and closing costs can get pretty involved and you will probably need to discuss the … (3 comments)
I'm normally a very positive guy. So this post isn't meant to look at things in a negative light or paint with a broad brush. But... Can't help but notice a not very subtle shift in the focus of this forum when the topic involves loans and the loan industry. Approx … (5 comments)
This has been a volitile weak in the mortgage business and for wall street bankers. This week we have witnessed a Paradym Shift that will affect the way we buy and sell houses for quite some time. New rules regarding credit and loan to values are occuring as I write this blog. Stricter … (1 comments)
Loan Programs Advantages
Disadvantages
Wondering whether you should buy that property that need so much work? I have the answer. Yes, and it is so easy to maximize your investment with the loan program I just learned about.
As a First Time Homebuyer (FTHB) authority, I have taught and consulted thousands of mortgage professionals across the country about FTHB's. That said, I can sniff out good and bad advice regarding the FTHB process faster than you can blink your eye. To my immense pleasure, I found a series of … (4 comments)
The right or wrong decision when signing your home mortgage can mean thousands of dollars difference in interest paid. There are very important considerations to evaluate before you commit to a 15 or 30 year note. For many of us, our mortgage payment is the most important financial decision we'll ever … (2 comments)
Fixed Rate Mortgages The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. 
It's a scary market right now...foreclosures are still on the rise...those who were considering buying are teetering on the edge. Well...I'd like to provide you with some information on a few first time home buyer programs that cost little to nothing out of pocket...and are still 100% financing.
How much you can afford? Depending on your situation, a budget can affect everything from your new neighborhood, to the typ of home, and even the type of financing.
One of my pre-approved clients called yesterday to say that her Realtor wanted to know if I can approve her for a loan with 5% down-payment. It seems that there are increasingly more listing on the MLS with comments that 100% financing offers will not be considered. She has found 2 homes she liked but they … (32 comments)
Of course they are, but buyer beware. I have people calling me all the time asking me why the can't have a $200,000 dollar mortgage only paying $650 a month. The truth is they can, but for some people those kind of loans just aren't good. The part no one ever mentions when … (0 comments)
There isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors: 
Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where … (0 comments)
Has anyone actually used this program designed for first time homebuyers sponsored by the City of Chicago? I met a lender who has done a ton and he says they are for real. The city will give 4% of the loan back to first time buyers towards closing costs or points.
When it comes to a home loan, there are simply too many options out there for your client(s) to choose from.
I have been in the mortgage industry now for 7 years and in those 7 years the most request loan program has always been the 30 year fixed mortgage.
How long do you thing the Option Arm has been around? By the way, in case you don't know, the reason it is called an option arm is because you get 3 or 4 options on the payment coupon. 1. start rate, 2. interest only at fully indexed amount, 3. principle … (2 comments)
Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial … (0 comments)