united home mortgage center david chambless uhmc: ALT A FORCLOSURE WAVE WILL BE WORSE THAN SUBPRIME BROUGHT TO YOU BY DAVID CHAMBLESS & UNITED HOME MORTGAGE CENTER
- 08/08/08 01:12 AM
Just when it seemed that the onslaught of subprime loans was about ready to peak, there is a second wave that will dwarf the first by a large margin. The second wave will consist of Alternative-A loans, mortgages made to people with good credit, but without proof of income. Why is the second wave so far behind the first? The answer is very simple, Alt-A loans have a 5 to 7 year grace period before before payments to principal is required. Subprime borrowers, however, had to begin paying money to principal after only 2 or 3 years. This is why there … (0 comments)
united home mortgage center david chambless uhmc: United Home Mortgage Center Explains FHA
- 08/06/08 02:36 AM
FHA stands for the Federal Housing Administration. It was created in order to facilitate home ownership for Americans previously shut out of the system. There were many reasons stopping a large number of people from owning a home. The first relates to credit. Most private lenders have minimum credit score requirements. If you have poor credit that serves to eliminate you for consideration for most private lenders. However, with an FHA backed loan your low credit score isn't an issue. An FHA loan only has two stipulations in terms of credit. The borrower could not have filed for bankruptcy within the … (13 comments)
MARKET RECAP The more things change, the more they remain the same, or so the cliché goes. For Fannie Mae, not much is changing, but things are remaining the same. Fannie Mae continues to rack up losses and continues to slash its dividend. On the former, it posted a $2.3 billion loss in the second quarter after reporting a $2.5 billion lost in the first quarter. On the latter, the dividend was cut 86% this quarter after being cut 30% last quarter. Fannie is in capital-raising mode, and many of us are providing the capital. One way Fannie is raising capital … (0 comments)
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