Will a Short Sale negatively affect my credit? - 09/24/08 12:59 PM
A short sale almost certainly will negatively impact credit scores because you are settling the mortgage debt for less than you agreed to pay originally. I say almost certainly because in rare cases a lender may report the debt as paid in full and forgive the remaining portion of the debt.
 While it is possible that the lender would forgive any remaining balance, the words "short sale" will not appear on your credit report. Rather, the account status accurately should be reported as "settled," which means paid but not in the full amount that you originally agreed to repay, just as … (0 comments)

FHA 203 (b) Loans and Mortgage Insurance - 09/24/08 03:10 AM
203(b) Mortgage Insurance
What is the purpose of this program?
To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
The borrower must meet standard FHA credit qualifications. The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium. Eligible properties are one-to-four unit … (0 comments)

Handyman Specials and Financing - 09/24/08 03:07 AM
Funds for Handyman-Specials and Fixer-Uppers
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 the repairs are complete, and the repairs can't be done until the house has been purchased.
HUD's 203(k) program can help you with this quagmire and allow you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through approved mortgage lenders nationwide. It is available to persons wanting to occupy the home.
The downpayment … (0 comments)

Home Buyer Resources - 09/24/08 03:03 AM
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Tax Credit Provisions - 09/24/08 03:00 AM
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The Loan Process - 09/24/08 02:57 AM
  An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a loan. You'll see that we've made your part in … (0 comments)

Loan Application Checklist - 09/24/08 02:56 AM
Loan Application Checklist
 
 
 
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Fixed vs Adjustable - 09/24/08 02:53 AM
What are the advantages of fixed rate versus adjustable rate loans?
With a fixed-rate loan, your monthly payment of principal and interest never change for the life of your loan. Your property taxes may go up (we almost said down, too!), and so might your homeowner's insurance premium part of your monthly payment, but generally with a fixed-rate loan your payment will be very stable.
Fixed-rate loans are available in all sorts of shapes and sizes: 30-year, 20-year, 15-year, even 10-year. Some fixed-rate mortgages are called "biweekly" mortgages and shorten the life of your loan. You pay every two weeks, a … (0 comments)

First Time Home Buyer Tax Credit - 09/24/08 02:49 AM
Frequently Asked Questions
About the First-Time Home Buyer Tax Credit
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
 
  Who is eligible to claim the $7,500 tax credit?First time home buyers purchasing any kind of home-new or resale-are eligible for the tax … (0 comments)

 

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