Fannie Mae is offering an incentive to borrowers who applied for Fannie’s Owned HomePath Property loan after April 11 and will close the deal on or before June 30, 2011. The offer excludes investors. Qualifying borrowers who plan to use the property as their primary residence may receive up to 3.5% in closing cost assistance using the Fannie Mae HomePath Loan on all properties listed on Fannie’s HomePath.com website, which provides detailed information about the surrounding community and nearby schools in addition to photographs and other physical data about the property. In addition to mortgage … (3 comments)
home buyers: I think it is a great time to buy a home!
- 05/15/11 11:44 AM
I think it is a great time to buy a home! As you can see by the graph below, homes are more affordable then they have been in years, maybe more then ten years in some areas! Home buyers have more to choose from and they can afford more. That is why I think it is a great time to buy a home!
And, as you can see by the graph below interest rates are still at historically low levels. Allowing home buyers to purchase … (3 comments)
home buyers: FHA Home Loans Eugene Springfield Lane County Oregon
- 02/16/11 06:03 AM
FHA Home Loans Eugene Springfield Lane County Oregon FHA Commissioner David Stevens announced yesterday a new premium structure for FHA home loans. The FHA will increase its annual mortgage insurance premium (MIP) by .25 on all 30 and 15 year FHA home loans. The new fee will impact new FHA home loans starting on April 18, 2011. How will this impact home buyers? On the purchase of a $225,000.00 home this higher premium will add about $45.00 to the monthly payment or about $540.00 per year. This higher payment could make a buyer who could be approved before, unable to … (5 comments)
The streamline FHA 203(k) program is a great tool that has been much maligned because people without the proper experience or training have offered it. In today's housing market, with foreclosures, short-sales and low selling prices, this program can make all the difference in a successful purchase transaction. Here is some general information:
OVERVIEW
The Streamline FHA 203(k) program provides a single-close loan that enables a qualified borrower to purchase a home that may need repairs, to refinance an existing home for the purpose of remodeling, or to move … (3 comments)
home buyers: Higher Fees Coming From Fannie and Freddie! What Will This Mean to You and Your Clients?
- 02/10/11 11:16 AM
Does your client have less than 25% down to put on a home? Does your client need a loan-term longer than fifteen years?Is your client's credit score less than exceptional?If you answered yes to these questions, your clients could soon be paying more to get a mortgage.Fannie Mae and Freddie Mac are raising risk based fees that are charged to lenders for the first time since 2009, and these increases will affect most loans sent to Freddie Mac (beginning March 1) and Fannie Mae (beginning April 1).Here's an example: Say you are purchasing a $250,000 home, putting 20% down, and your … (1 comments)
home buyers: Private Mortgage Insurance (PMI) Tax Deductibility Extended Through 2011
- 01/28/11 07:20 AM
PMI Tax Deductibility Extended Through 2011 There's great news for homeowners! Congress recently extended legislation making private mortgage insurance (PMI) premiums tax deductible through 2011! So why is this so important? PMI can help people buy a home sooner, by enabling them to put less than 20% of the purchase price down when buying a home. This increase in purchasing power can sometimes be the difference between affording the home of your dreams...or not. In the past, PMI was not tax deductible, so it was moe of an expense and not as much of a benefit.What's more, this deduction is not … (0 comments)
Here is some more information on the FHA 203(k) loan program:
The streamlined FHA 203(k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required; eligible improvements are limited and can not include any major rehabilitation or remodeling, new construction such as a room addition, repairs to structural damage or site amenity improvements
Examples of eligible improvements are:
• Repair/replacement of roofs, gutters and downspouts; plumbing and electrical systems; and flooring • Repair/replacement/upgrade of existing heating, ventilation and air conditioning systems • Minor … (0 comments)
home buyers: Credit Scoring Part V: How Does a Low Credit Score Affect ME
- 01/17/11 06:05 AM
Let me give you a short list of how much low credit scores can cost when it comes to a home loan: 1. You may never own a home, again, or you will have to wait, maybe for years This is a very real possibility whether your low credit scores are because of the recent economic downturn or because you have always had low scores. Lenders have continued to tighten up on lending guidelines and they probably will tighten up even more. 2. You will pay higher interest rates or fees Fannie Mae and Freddie Mac implemented a "Loan Level Price … (3 comments)
home buyers: Credit Scoring Part IV: Getting Ready to Buy a Home
- 01/14/11 04:46 AM
If someone is interested in buying a home, it is of the up most importance that they make every effort to increase their credit scores before they start the process, or at least very early in the process. This is even more important if they already know that there are some issues that they will have to deal with (late payments, collections, judgments, no credit etc.). I like to have my clients come in at the very beginning of the process so we can review their credit report and put together a game plan to get them into a home. … (0 comments)
home buyers: Credit Scoring Part lll: Dealing with Challenges
- 01/13/11 11:44 AM
There are many reasons why someone has low credit scores. Many times, it is because a person lacks discipline or structure in their life. Because of this, they do not pay their bills on time or curb their spending. Other people have challenges come into their life whether it is a loss of a job, medical problems, divorce or just situations that totally catch them by surprise. ( I had a client who was told her by insurance company that they would pay for her surgery and after she had the surgery they refused to pay, leaving her more than $30,000.00 in debt!!) … (0 comments)
home buyers: Credit Scoring Part II: The Five Factors of Credit Scores
- 01/11/11 09:36 AM
There are five factors that make up the credit score. They are listed below in order of importance and impact to a persons credit score: Payment History: 35% impact.Paying bills on time and in full has a positive impact. Late payments ("late" means 30 days or more), judgments, collections and charge-offs have a negative impact. Negative items that have occurred in the past two years have a greater impact than older items. Outstanding Credit Balances: 30% impact.This is the ratio between the outstanding balance and the credit limit or account limit. To receive the highest credit scores, balances should be kept below … (2 comments)
home buyers: Credit Scores- Good Credit Translates into Lower Rates for you and your clients!
- 01/10/11 06:59 AM
Credit scoring has a huge impact on a person's ability to purchase a home. Your credit score will mean the diference between a great interest rate and the home you have been looking for, or whether you will qualify at all. That is why it is so important that people know and understand credit scoring and what it takes to to get the best credit scores possible. Most people do not know what their credit scores are and that is why it is so important for a prospective home buyer to meet with a loan officer and go over their credit report. … (0 comments)
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