John Barker's (jbarker) Blog

FHA Mortgages to Become More Popular FHA Mortgages are sometimes referred to as the "Original Sub-Prime Mortgage." Before there was a sub-prime mortgage market, those with low down payments, shaky credit histories, etc. had to go with the FHA mortgage to purchase a home. In the 1980's and 1990's,...

President Bush Signs a 3 Year Extension to the Income Tax Deduction for Mortgage Insurance On December 20, 2007 President Bush signed into law legislation that will allow homeowners with mortgage insurance (those with less than 20% down payment) to deduct the cost of their mortgage insurance from...

How much will my credit score cost me on my next mortgage? Due to the mortgage market mess we have been experiencing, Fannie Mae and Freddie Mac are drastically changing the way they do business. Many people think these changes will help protect the corporations and the future of the mortgage mar...

Sellers Concessions Help Sell Houses in Slow Market With the real estate market so slow these days, many Realtors are suggesting that the sellers offer incentives to the buyers who purchase their home. This can be a great way to separate your home from the many other homes on the market. These co...

How much will my credit score cost me on my next mortgage? Due to the mortgage market mess we have been experiencing, Fannie Mae and Freddie Mac are drastically changing the way they do business. Many people think these changes will help protect the corporations and the future of the mortgage mar...

Tuesday, November 27, 2007Mortgage rates are low. Take advantage of them while you can! Mortgage rates have dipped to the lowest point in the past 2 years. Fueled by the fear of an upcoming recession (a result of the soft housing market, mortgage meltdown, etc.) mortgage rates have continued to f...

Thursday, November 15, 2007HUD's Ban on FHA Down Payment Assistance Programs on Hold I recently wrote, FHA Bans "Gift" Down Payment Assistance Programs, about HUD's new rule that would eliminate the use of third-party down payment assistance programs to help people purchase a home.On October 31, ...

Tuesday, October 30, 2007Financial Relief for Military Servicemembers What is the Servicemembers' Civil Relief Act of 2003?The Servicemembers' Civil Relief Act of 2003 (SCRA), which replaced and updated the Soldier's and Sailors' Civil Relief Act of 1940, is a federal law that gives members of al...

FHA Offers Relief to Homeowners with FHA Secure President Bush recently announced that HUD's FHA will be able to help an estimated 250,000 homeowners avoid foreclosure by enhancing some of its refinancing guidelines effective immediately.The FHA secure initiative is a temporary program designed t...

What do I do if my mortgage lender shuts down? If you are already making payments on a mortgage, you will continue to make the payments as you have in the past. You may receive a notice that the mortgage has been transferred to another lender but the terms of your mortgage will remain in effect u...