I had written a blog post a few weeks ago, Conventional Pricing Adjustments coming in April, in which I talked about how FHA had raised it's monthly mortgage insurance premiums back in October and how Fannie Mae will be adding onto their pricing adjustments in April of 2011. A realtor had stated this - "We saw the writing on the wall a while ago that this was bound to happen. If any time for a buyer to get off the fence and purchase would be now." I have been reading these kinds of statements for the last 12 to 18 months. When … (5 comments)
This will be specifically about FHA loans, but when it comes to mortgages in general, you really need to speak to a qualified loan officer. This is not to throw realtors or anyone else under the bus, but you should be very careful in where you get your answers. Even if that realtor or someone other than a loan officer says, “well, this is what I heard from my loan officer.” Still, speak to that loan officer directly. Things can still get twisted or confused when passing along information. And yes, there can be an argument that some … (3 comments)
The Home Buyers Tax Credit has come up in the news and in discussions again. It seems to be an addiction and such talk could further hurt our economy. You might ask, how is this? Just thinking about this, could keep potential home buyers on the fence longer. If a buyer could imagine our awesome government handing out more money, our money, the tax payers money, why not wait 3 to 6 months, right? Everyone loves free money, I know I do. But at whose expense? As we know, elections are around the corner. Are some politicians just … (48 comments)
In a perfect world, every seller and or realtor would love to have a very good buyer that is pre-qualified properly when placing an offer on their property. But what about the property itself? Let's dig into this a little deeper. When I pre-qualify a borrower, I ask at least 10 to 12 important questions which usually covers all of the basics. How should a realtor treat a seller when selling their home? Do they just ask them a few basic questions and maybe pull up the tax records? Isn't there a phrase used by some that buyers … (36 comments)
The question above was something I just read on Trulia's questions and answers section. I was very shocked at some of the answers that were given from realtors. Let me start by saying that this is merely my opinion. No, I am not always right and don't claim to be, but some questions should not be answered by a realtor and or a loan officer. Sorry, that is a fact and I will stick by … (81 comments)
First time homebuyers have been blessed with low mortgage interest rates and the first time homebuyer tax credit. We have heard so many times in the last 12 months that now is a great time to buy. But is this true? So when is it a great time to buy as a first time home buyer or even a regular borrower? Let me keep it simple. The best time to buy a home is when you are ready … (19 comments)
Buying a new home or refinancing your mortgage - How many of you are excited about buying a new home, yet are worried at the same time that it won't fall apart at the end because of horror stories that you have heard in the past. I am not here to scare you, this doesn't happen often, that real estate transactions fall apart last minute. But it does happen more often than many think. Overall, it just comes done to the loan officer or realtor giving you the basic education that comes with real estate and mortgages. For … (16 comments)
Mortgage programs can sometimes be the death of us. In recent years, this has already happened. This can be confusing, because so many people have opinions. Opinions from loan officers, realtors, your family, friends, neighbors, and or co-workers. What can we learn from this First Time Homebuyer Tips series? I think it goes back to the basics of mortgages, which was part 1. Am I telling you to listen to me and only me? No, not that. You need to know that loan … (9 comments)
Shopping for a mortgage can be such a confusing process, even for those that have bought a home or refinanced previously. And in this first time homebuyers series, the biggest thing that I can't stress is the ability to pick that loan officer who will have your best interest at stake. I don't want this to be a debatable subject. There can be arguments based on : Make sure you get the loan officer through a referral (you can find people on the … (15 comments)
Before I start.... A very important FYI - Stop listening to the news & media !!! There is still plenty of mortgage money available. You don't need perfect credit and 20% down. You can have less than perfect credit and 3% out of pocket. FHA loans can help you with this.
What is important when shopping for a home and shopping for a mortgage? Preparation is usually the key for most things in life. Being successfulat it doesn't always happen overnight. And buying … (15 comments)
Reality.... Buying your first home can be intense, but still can be FUN with the right people. There are many professionals out there that are willing and able to help you with this process. But the more that you understand this process, the easier and more comforting this experience will be remembered with pleasant memories. You first need to align yourself with a good loan officer and real estate agent so as not to get led down the wrong path. I … (40 comments)
Anyone in the news media, please read this. No matter if you are TV., radio, newspaper, please listen up and forget about what sells !!!!! My problem? News that is misleading or not the truth. News from sources that aren't that reliable. Stop picking Joe Wannabe who sounds like a professional in the mortgage industry or the real estate industry. Stop interviewing people that really have no clue or who are one-sided.
What ever happened to common sense? Or is your job all about just selling news that sells. Okay, don't answer that question, we know the … (86 comments)
Home purchasing, existing or new homes, now is the time to buy. If you are a seller needing to sell, why wait, take that offer now, before home values go down in some areas. If you are buyer, you don't always need money to buy, that's if you have a great mortgage professional working for you. If anything, as long as you are in the market and sure of yourself, don't just look for the best deal. Home values have been coming down for a year now. Don't think by waiting another month, that you will get a better … (11 comments)
first time home buyers: Creative FHA financing -- No money out of pocket from the buyer!!! -- Part 1
- 04/12/07 12:19 PM
Did someone say no money needed? Yes, no money from the buyer. There are several non-profit programs out there that allow for some type of assistance to the buyer. Nehemiah is one of the largest non-profit organizations that allows the seller to give money for the down payment and closing costs. This program is approved by FHA which is part of HUD. Nehemiah can basically get a consumer into their dream home with no money out of pocket. FHA states that you must have 3% of your own money into the deal. And FHA typically asks for 2.25% as your … (71 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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