foreclosure: Don’t Forget You are also Marrying Their Credit Report - 10/16/14 11:48 PM
 
Getting married to the one you love is a great experience.  And living together you learn all the great things about them such as: their snoring, not putting down the lid, having to repeat yourself a million times and this beautiful list goes on……  I am kidding with that this comment.  But when it comes to wanting to get a mortgage in the future, your new spouse’s credit situation can help or hurt you.  I am not saying do not marry someone over their credit, but I did want to go over some major points where their credit report can … (28 comments)

foreclosure: FHA Loans are not Bad Loans, Here are 10 Reasons to Love FHA loans. - 08/22/13 03:48 AM
 
Recently FHA mortgages changed the guidelines on when the mortgage insurance(MI) goes away.  Now if you put down the normal FHA down payment of 3.5% the monthly mortgage insurance never goes away.  Vs in the past it did.  This has caused FHA loans to get a bad rap.  Yes this is not good news, but this does not mean FHA loans are bad loans all around.  There are many examples where if there was not a FHA loan option, many home buyers could not buy a home.  Here are 10 reasons to still love the FHA loan:
 
 
1.       … (2 comments)

foreclosure: $100 Down Payment Program on Hud Foreclosures is not what you think. - 10/19/12 12:39 AM
The $100 down payment program when buying a HUD foreclosed home, is not what you think.  A while back HUD changed their rules when purchasing one of their foreclosures.  Now the loan amount can not be higher than HUD’s appraisal value.  Which HUD's appraisal value is determined by a FHA appraisal that HUD has ordered.  Here is how this will affect you buying a HUD foreclosure:
1.  To qualify for the $100 down payment program the home must be bought for the list price or more, the list price is often the appraisal value. But on FHA loans the Upfront Mortgage Insurance fee … (0 comments)

foreclosure: $100 Down Payment Program for HUD Foreclosures changed, please read - 04/05/12 05:16 AM
HUD has recently changed their rules when purchasing one of their foreclosures.  Now the loan amount can not be higher than HUD’s appraisal value.  Which HUD's appraisal value is determined by a FHA appraisal that HUD has ordered.  Here is how this will affect you buying a HUD foreclosure:
1.  To qualify for the $100 down payment program the home must be bought for the list price or more,  the list price is often the appraisal value. But on FHA loans the Upfront Mortgage Insurance fee of 1.75% is roll into the loan, increasing the loan amount by 1.75%.  Meaning the buyer would … (4 comments)

foreclosure: Congratulations, You May Now Check The Bride's Credit. - 03/20/12 07:25 AM
Getting married is an amazing time for a couple.  But in regards to getting married it can affect your ability to get a mortgage.  I am about to go over how your spouse’s credit can affect your FHA mortgage.   Here are the top 4 ways it will affect you getting a mortgage:
1.      Credit Score- When applying for a FHA mortgage your lender will pull both of your credit scores.  And if it does not meet the min credit score needed than that person can not be on the loan.  This will affect your ability to buy a home since we can also … (4 comments)

foreclosure: I'll Take HUD Homes For $100, Alex - 03/15/12 11:53 PM
This is an extremely well written article explaining HUD homes.  Do not forget HUD homes also qualify for a $100 down payment.  Please call or email me with any questions.  www.DaveYourMortgageGuy.com. 
What is a HUD Home?  I can hear your thoughts already: 'DUH ... It's a home owned by HUD!'  True enough, but are you confident you know enough about them to make it a daily double?
Yes, HUD Homes are owned by HUD, but who is HUD anyway? And what characteristics make a home eligible to be a HUD Home?

First Things First
HUD is an acronym for the … (0 comments)

foreclosure: Does the $8000 Homebuyer Tax Credit Need To Be Repaid If I Sell My House in Texas? - 02/06/12 04:21 AM
I actually get this question alot and wanted to pass along the great explanation that Keith has written.  This is important information if you took advantage of the $8000 home buyer credit.  www.DaveYourMortgageGuy.com
The $8000 tax credit that expired last June placed a lot of new homebuyers in their very first house.  Most of these first time buyers probably planned on owning these homes for years and years to come. 
We all know that sometimes life gets in the way of even the best laid plans.  Unexpected life events such as a job transfer, divorce, or financial difficulty can cause a homeowner to sell their … (0 comments)

foreclosure: MAJOR ANNOUCEMENT: Conventional loans now need 7yrs from a Finished Foreclosure to get Approved - 01/11/12 07:37 AM
In a recent move, Fannie Mae and Freddie Mac changed their guidelines in regards to foreclosure history.  Now on all conventional loans no matter the loan to value or down payment amount, the borrower must be 7 years removed from a foreclosure.  This changed from the 4yrs that were needed based on a 20% down payment and longer time periods needed for lower down payments.  This does not affect FHA loans, luckily.  As they only require 3yrs removed from a foreclosure. 
Keep in mind this can affect clients who had a short sale transaction in their past.  As many short … (0 comments)

foreclosure: Buy a HUD Foreclosed Home with a Down Payment of $100, anywhere in Texas!! - 10/28/11 05:51 AM
After a short hiatus, the $100 down payment when buying a HUD Foreclosure program is back.   This is a great program if you are looking to buy a HUD foreclosure as your primary home.  Here are the general rules that you must know to qualify:
1.     This program is only when buying a HUD Foreclosure.
2.     You must buy the home for the List price or more to qualify for the $100 down payment
3.     You will still have closing costs to pay, but you can negotiate with HUD to pay all or some of them
4.     This is only when … (3 comments)

foreclosure: How can I get a Home Financed with No Oven? Here is how - 10/18/11 07:54 AM
Many times when purchasing a foreclosure, the home will be missing some items.  Some things are required for a mortgage lender to lend on the property.  Or give you a mortgage.  One of these items is the oven.  A home must have an oven to get financed.  But what do you do if the home doesn’t have one and the seller won’t install one?  Your answer is the Escrow Holdback, and here is how to structure the escrow holdback  in regards to the oven:
 
1.      Seller- When negotiating the contract you can ask the seller to do an escrow holdback.  … (4 comments)

foreclosure: Fannie Mae trying to sell even more homes with $1200 incentive to Realtors!! - 06/14/11 01:51 PM
Fannie Mae has once again come up with a GREAT idea to move more of their inventory of foreclosed homes.  They are now offering a $1200 incentive to realtors to sell their homes.  Some rumors are circulating, saying that this is because more Fannie Mae foreclosures will hit the market soon.  And this incentive will make room for the coming foreclosures.  Fannie Mae has come up with other great ideas to help sell their foreclosures, they off First Look program which allows only buyers that will live in the home to make an offer in the first 15 days the home is … (2 comments)

foreclosure: What is the Homepath Morgage Program? Fannie Mae Foreclosures - 01/27/11 09:17 AM
The HomePath Mortgage Program is a GREAT program if you are looking to purchase a  Fannie Mae foreclosure.  The HomePath program is only for Fannie Mae foreclosures.  The benefits are:
No mortgage insurance- this allows you to buy more home and/or have a lower mortgage payment No Appraisal- this saves the buyer the cost of an appraisal.  More importantly it allows your buyer to buy a home that may need some minor work/repairs.  Fannie Mae wants to sell these homes and by not requiring an appraisal it allows the home to get financed without having to fix any issues Down Payment is as little … (8 comments)

foreclosure: Freddie Mac First Look Initiative Gives Homebuyers the first chance on Foreclosures - 11/05/10 07:26 AM
Freddie Mac recently announced the "First Look Initiative" program.  This program is in conjunction with their HomeSteps program.  The advantage to this program is that Freddie Mac allows homebuyers to negotiate to buy a Freddie Mac foreclosure without competition from investors.  For the first 15 days of a listing Freddie Mac will only accept offers from buyers who plan on occupying the home.  For More information check out: First Look Initiative. 
 
Don't forget the other advantages to buying a Freddie Mac Foreclosure.  Under the HomeSteps program you can receive a free 2 year home warranty and 30% discount off appliances.  … (2 comments)

foreclosure: Are you trying to Avoid Foreclosure? www.KnowYourOptions.com - 08/04/10 01:28 PM
 
Fannie Mae has recently come out with a great website if you are facing foreclosure.  www.KnowYourOptions.com.  This website is very helpful if you do not know where to start.  Some of the helpful options on the website are:
 
Options to Stay in Your Home Options if you want to leave your home How to avoid Scams Find out if Fannie Mae owns your mortgage and how they can help  
 
Even if your Mortgage is not owned by Fannie Mae, this website still has very helpful information.   While everyone's situation is different, this website is very helpful on … (0 comments)

foreclosure: Over 1 Million homes to be foreclosed on this year - 07/15/10 02:01 PM
In Yahoo.com's recent article it addresses the issue of foreclosures this year:
Economic woes may force more than 1 million American households to lose their homes this year, AP reports.
Nearly 528,000 homes were foreclosed in the first six months of 2010. As lenders work through a huge backlog of borrowers behind on their mortgages, even more home repossessions could occur before the end of the year.
According to RealtyTrac, Inc., a foreclosure listing service, the number of households facing foreclosure in the first half of the year climbed 8 percent when compared to the same time frame last year. In … (2 comments)

foreclosure: Fannie Mae is getting tougher with Buyers who have past Foreclosures and want a new Mortgage. A MUST READ - 04/15/10 03:44 AM
Fannie Mae has recently changed their guidelines for someone with a past foreclosure, short sale or pre-foreclosure.  In short, if your buyer(s) had a foreclosure, sold the home before foreclosure and the process had started or a short sale this affects them. Here are the changes:
 
If your buyer had a foreclosure 2-4 years ago they are limited to a 80% ltv(20% down payment If they had a foreclosure 4-7 years ago they are limited to 90% (10% down payment) If the foreclosure was over 7 years ago then they qualify for the max financing  
Please keep in mind … (0 comments)

foreclosure: Short Sale Transactions to get easier April 5th - 03/23/10 05:44 AM
HAMP(also known as HAFA) stands for Home Affordable Modification Program.  HAMP has addressed new rules for short sale transactions that are owned by banks(not Fannie Mae and Freddie Mac).  Keep in mind HAMP has been a failure for helping home owners modify their current mortgage, so far.  Lets hope this program makes short sale transactions easier.  Here are the new rules(guidelines):
Uses borrower financial and hardship information already collected in connection with consideration of a loan modification. Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).  This should make life much easier! … (5 comments)

foreclosure: FHA 90 day rule(anti flipping) has changed. And its good news. A must Read - 03/03/10 10:32 AM
The 90 day rule for FHA loans is this: the seller must have owned the home for at least 90 days before selling it to a buyer who is using FHA financing.  A while back they removed bank foreclosures from this rule.  Now they have allowed individual sellers to sell their home before 90 days.  This is GREAT news.  But there is some things to know and consider:
 
FHA rule is they allow the seller to technically double what they bought the property for.  But over 100% will require a 2nd appraisal I can tell you for a fact, most … (2 comments)

foreclosure: How to Find a Foreclosure in Fort Bend County, Harris County, Brazoria County, Sugar Land or anywhere in Texas - 02/12/10 02:26 AM
With as many foreclosures that are for sale and with more to come(unfortunately), how do you find them.  I wanted to pass along these great websites to find them:
 
HUD(govt) foreclosures: www.SouthwestAlliance.com.  Ask me how you can buy one of these homes for a down payment of $100. Fannie Mae Foreclosures- www.HomePath.com.  There are also great mortgage programs for them.  No appraisal, No mortgage insurance and a great loan for investors.  Right now Fannie Mae will pay for your appliances.  Ask me about this program also Freddie Mac Foreclosures- www.HomeSteps.com.  Foreclosures in General- www.Har.com.  This website has almost every home that is … (0 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending) Rainmaker large

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

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www.DaveYourMortgageGuy.com - Legend Lending

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