dc mortgages: Homeownership Opportunity Program and its Qualification and Benefits.
- 03/23/11 10:37 AM
The Homeownership Opportunity Program (HOP) provides short term financing for the acquisition and rehabilitation of vacant properties that are not in mortgageable condition, or properties that are in imminent danger of foreclosure and/or in a Foreclosure Impacted Area. The Homeownership Opportunities Program is open to households with annual incomes of 80 percent or less of their area's median income. The income level is adjusted for the size of your household and the borrowers must be a first time home buyer. The funds provided to a homebuyer are subject to repayment in the event that the assisted homebuyer does not continue to … (0 comments)
dc mortgages: The Homeownership Opportunity Program Loan and the Process
- 03/23/11 10:34 AM
The Homeownership Opportunity Program (HOP) loan is the perfect blend of Federal Government money granted to those in the State Government who know how it needs to be used and driven by the private marketplace so the money goes where it is needed. The money is intended to assist borrowers to buy their own home. The Homeownership Opportunity Program Loan is priced weekly above first mortgage rates and it must be taken out in 120 days to avoid penalty. A ½ percent fee will be charged to extend the loan from 120 to 180 days but there will be no extension beyond … (0 comments)
dc mortgages: The Homeownership Opportunities Program and the recipient’s requirements
- 03/23/11 10:28 AM
The Homeownership Opportunities Program (HOP) provides down payment or closing cost assistance for home purchases (existing or new construction) to low- or moderate-income first-time homebuyers, defined as 80% of the HUD AMI. HOP matches other funds to increase a homebuyer's total source of funds to purchase a home. In order to maximize funding throughout the year, there are two categories of HOP namely HOPExpress and HOPReserve. Under the HOPExpress component, funds are available on a first-come, first-served basis. While under the HOPReserve component, member financial institutions of the FHLBI must submit an application for a specified amount of funding. If awarded, … (0 comments)
dc mortgages: Fannie Mae HomePath Financing
- 03/23/11 10:24 AM
There are many homes lost to foreclosure since the mortgage and real estate crisis in 2008. Many of these foreclosed homes or mortgages were bought by Fannie Mae. As a result, there are a lot of Fannie Mae foreclosed homes that are up for sale creating really great home buying opportunities for those who are qualified. To help sell the foreclosed homes, Fannie Mae has set up a special mortgage financing program called HomePath Financing by Fannie Mae. This program is designed for borrowers who are looking to buy a home to live in or to purchase as an investment property. … (0 comments)
dc mortgages: Fannie Mae HomePath Mortgage Loan
- 03/23/11 10:21 AM
Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a duty to provide liquidity, stability and affordability to the U.S. housing markets now a day. It runs in the U.S. as a secondary mortgage market and not making home loans directly to consumers. It works with mortgage bankers, brokers and other primary mortgage market partners to help ensure that all of them have funds to lend to home buyers at affordable rates. Fannie Mae has the home path program for borrowers. The HomePath program was intended for the sale of foreclosed homes owned by Fannie Mae. A HomePath mortgage … (0 comments)
dc mortgages: Benefit of USDA Loans and The home that qualifies for the Program
- 03/23/11 08:21 AM
The home loan that is being provided by USDA has significant level of benefits when compared to other banks. One of the most important benefits is the absence of maximum limit. The low interest rates option being offered by this loan will surely enable borrowers to save large amount of money in the process of building home. The flexible loan repayment option will make it possible to repay loan amount with great ease and convenience. The fixed interest rates being offered by lenders will enable borrowers to have strong control over repayment and avoid fluctuations in this process. Any bank or … (0 comments)
dc mortgages: USDA Home Loan
- 03/23/11 08:10 AM
A USDA Guaranteed Loan is Government insured 100% purchase loan. These Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines. Under the Guaranteed Loan program (Section 502), the Housing and Community Facilities Programs guarantees loans made by private sector lenders. The individual works with the private lender and makes his or her payments to that lender. Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. Under the terms … (0 comments)
dc mortgages: The Emphasis of the Final Rules on Loan Originators Compensation and Steering
- 03/23/11 08:06 AM
The final rules, which apply to closed-end loans secured by a consumer's dwelling, will prohibit payments to the loan originator that are based on the loan's interest rate or other terms. But compensation that is based on a fixed percentage of the loan amount is permitted. The final rules prohibit a mortgage broker or loan officer from receiving payments directly from a consumer while also receiving compensation from the creditor or another person. It also prohibit a mortgage broker or loan officer from "steering" a consumer to a lender offering less favorable terms in order to increase the broker's or loan … (0 comments)
dc mortgages: Fannie Mae HomePath Program
- 03/23/11 07:57 AM
The Federal National Mortgage Association, commonly known as Fannie Mae was established in 1938 by the US Congress as a Government Sponsored Enterprise or GSE. It is responsible for maintaining a secondary market in home mortgages. By ensuring that mortgages meeting specific criteria can be readily traded among lending institutions and investment bank. It also increases the ability of lenders to provide long term mortgages. Fannie Mae has plenty of programs available for those who wish to have their own home. One of them is called the Fannie Mae's Home Path program. This program is available to purchase qualified foreclosed homes … (0 comments)
dc mortgages: Regulation Z Amended by the Board
- 03/18/11 08:02 AM
The Board issued the final rules amending the Regulation Z, which Implements the truth Lending Act and Home Ownership and Equity Protection Act. TILA or The Truth in Lending Act is aimed at promoting the informed use of consumer credit by requiring disclosures or revelations about its terms and costs. Generally, this regulation relates to each individual or business that offers credit when the credit is offered to consumers. The credit is subject to a finance charge or is payable by a written agreement in more than four installments and the credit is primarily for personal, family or household purposes. The … (0 comments)
dc mortgages: The new compensation plan for loan officers
- 03/18/11 07:59 AM
The Federal Reserve Board announced the final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. This new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders. The new and final rules will take effect on April 1, 2011. It is a common practice now a day that lenders pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender which is commonly referred to as yield … (5 comments)
dc mortgages: Tips in improving your credit score fast
- 03/17/11 06:01 AM
Credit scores are like report cards for grown-ups. It's a three digit score you get on a scale that ranges from 300 to 850. It indicates your creditworthiness to potential lenders, banks, landlords and insurance companies. Thus, the higher cost you have the better. You can get your credit report for free once a year from each of the three major reporting agencies namely Equifax, Experian, and TransUnion through annualcreditreport.com. You can increase your credit score in as little as a month or two by following these tips: •1. Always pay your bills on time. Always remember that delinquencies have the … (2 comments)
dc mortgages: How to Improve your Credit Score Fast
- 03/17/11 05:56 AM
A credit score is a measure of credit risk calculated from a credit report using a standardized formula. The standardized formula is called the FICO which stands for Fair Isaac and Company, the actual company who pioneered the mathematical calculation during the late 1950's. The Fico score is based on several factors. These includes late payments, missing payments, number of open accounts, length of one's overall credit history, actual amount of available credit used and negative occurrences such as charge-offs and bankruptcy. In many cases, it can take years to recover from financial crisis and a bad credit score. This unfortunate … (0 comments)
dc mortgages: 203k Rehabilitation Mortgage Insurance
- 03/09/11 09:26 AM
The Section 203(k) program is a home rehabilitation and repair program, designed to revitalize neighborhoods and spur homeownership. It is a program that permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this program, the homebuyers do not have to find separate financing for construction, plus construction begins immediately after loan closing. It offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. It helps save borrower's time and money … (3 comments)
dc mortgages: 203 K Rehabilitation Mortgage Loan and its Application Process
- 03/09/11 09:21 AM
Section 203(k) program managed by the FHA provides funds to prospective and current homeowners to make repairs and/or do renovations work. In Section 203(k), the borrower can get just one mortgage loan, at a long-term fixed or adjustable rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. Section 203(k) can be used by people who are looking to purchase a new home, or by existing homeowners wanting to … (0 comments)
dc mortgages: VA Loans and its Advantages
- 03/09/11 09:07 AM
The Department of Veterans Affairs has no specific amount imposed as a maximum loan for VA mortgages. But, the VA guaranty amount varies with the size of the loan and the location of the property. The borrowers do not need to make a down payment because lenders are able to obtain guaranty from VA. The Veterans Association will guarantee 25 percent of the principal loan amount, up to the maximum guaranty and the maximum guaranty varies depending on the location of the property. VA loans offer advantages over non-VA loans. It can help you save your money and you have the … (0 comments)
dc mortgages: Govt update on the Mortgage Market
- 02/11/11 06:57 AM
The Obama administration has given congress 3 options to choose from, to decrease government involvement in the mortgage market. The 3 options are; * No Government role, except for already existing agencies, ex. FHA. * A government guarantee of private mortgages triggered only when the markets are in trouble. * Government insurance for a targeted range of mortgage investments that already are guaranteed by private insurers. The govt guarantee would go into affect, only if those private companies could not pay. Any of these 3 options would lead to higher rates. The proposal is for the government to withdraw it support … (0 comments)
The Homeownership Opportunity Program (HOP) provides short term financing for the acquisition and rehabilitation of vacant properties that are not in mortgageable condition, or properties that are in imminent danger of foreclosure and/or in a Foreclosure Impacted Area.
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