Recently a program has become available that allows home buyers to purchase a home with a Conventional Mortgage with the entire down payment coming in the form of a Gift. This program enables borrowers to buy a home with no or little money out of pocket.
What is considered a Gift when it comes to mortgages? A gift for a mortgage transaction is when the home buyers received their down payment funds from an approved source with no requirement of ever paying these funds back. In most cases, these Gift … (2 comments)
pennsylvania mortgage: Pennsylvania HARP Refinance : Unlimited Loan to Value is Available
- 10/02/12 09:14 PM
Since the HARP 2.0 program rolled out in October of 2011, a lot of lenders have either reduced their Maximum Loan to Value (LTV) or done away with the program altogether after taking on an initial wave of applications. For many lenders, their participation in the program was voluntary and they were only going to allocate a certain percentage of their portfolio to loans they considered to be higher risk due to equity. The good news for Pennsylvania HARP is that Unlimited Loan to Value is still available for the Fannie Mae portion of this program.
So there are … (1 comments)
pennsylvania mortgage: How Do Deferred Student Loans Affect Your Mortgage Application?
- 11/11/11 06:05 AM
Student loans have been in the news quite a bit recently. As tuition costs rise, college graduates face larger student loan balances than ever before. As a result, student loans often make up a sizable chunk of a college graduate's total debt picture as they enter the workforce and begin to look for housing. Mortgage lenders calculate a Debt to Income (DTI) ratio on every new mortgage application. Here we will look at how the status of student loan payments can affect this DTI on a mortgage application. First and foremost, because the payments of student loans are reported to the credit … (4 comments)
pennsylvania mortgage: 100% Home Mortgage Financing in Wayne County, PA
- 05/21/11 01:02 AM
Using a 100% USDA mortgage is a great way to finance the purchase of your next home in Wayne County, Pennsylvania. These are great loans for those who qualify and the USDA loan remains as one of the true no down payment programs out there. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table. Interest rates for USDA mortgages are comparable to the low fixed rates of Conventional and FHA/VA financing. Wayne County has no geographic restrictions for Single Family Homes under the USDA program.
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pennsylvania mortgage: 90% Home Purchase with No Mortgage Insurance
- 05/21/11 12:15 AM
90% Home Purchase with No Mortgage Insurance is now available for buying your next home in Pennsylvania. Mortgage insurance is a requirement on Conventional purchases with less than a 20% down payment and all mortgages regardless of down payment under FHA. Mortgage insurance protects the lender in the event that the borrow defaults on the loan. Basically, you as the borrower make the lender's insurance payment as part of your agreement with that lender to lend you a high percentage of the purchase price. Mortgage programs that bypass this mortgage insurance requirement often end up with the lowest total monthly payment in relation to down … (0 comments)
pennsylvania mortgage: Refinance Program that Allows 125% Financing
- 03/26/11 01:31 AM
The DU Refi Plus Program allows homeowners to refinance and lower their monthly payment even if they currently owe more than the home is worth. This program is intended to help homeowners that have been on time with their mortgage payments but have been unable to refinance due to low appraisals and downturns in their local property values. The Du Refi Plus is a Fannie Mae program that is available for those whose mortgage is currently owned by Fannie Mae. You may think to yourself... but I make my payments to XYZ lender. I am not sure if my mortgage is owned by Fannie … (0 comments)
HUD offers some special incentives to Firefighters when it comes to buying a home and obtaining a mortgage. These incentives are offered through the Good Neighbor Next Door Sales Program. HUD offers a 50% discount from the list price of the home for eligible properties. In return you must commit to live in the property for 36 months as your sole residence. How the Program Works Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for only five days so … (5 comments)
HUD offers some special incentives to Police Officers when it comes to buying a home and obtaining a mortgage. These incentives are offered through the Good Neighbor Next Door Sales Program. HUD offers a 50% discount from the list price of the home for eligible properties. In return you must commit to live in the property for 36 months as your sole residence. How the Program Works Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for only five days … (4 comments)
pennsylvania mortgage: Buy a Home in Blair County with No Down Payment
- 02/20/11 09:05 AM
Using a 100% USDA mortgage is a great way to finance the purchase of your next home in Blair County. These are great loans for those who qualify and the USDA loan remains as one of the true no down payment programs out there. If the home appraisal allows, the closing costs can also be wrapped into the mortgage resulting in no money needed at the closing table. Interest rates for USDA mortgages are comparable to the low fixed rates of Conventional and FHA/VA financing. With the exception of the I-99 corridor around Altoona and Hollidaysburg, Blair County has no geographic restrictions … (0 comments)
pennsylvania mortgage: Teachers can buy certain HUD homes for a 50% discount
- 02/17/11 07:37 AM
HUD offers some special incentives to Teachers when it comes to buying a home and obtaining a mortgage. These incentives are offered through the Good Neighbor Next Door Sales Program. HUD offers a 50% discount from the list price of the home for eligible properties. In return you must commit to live in the property for 36 months as your sole residence. How the Program Works Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for only five days so make sure … (0 comments)
pennsylvania mortgage: Pennsylvania USDA Mortgages Offer 100% Financing
- 01/21/11 03:35 AM
Using a 100% USDA mortgage is a great way to finance the purchase of your next home. These are great loans for those who qualify and the USDA loan remains as one of the true no down payment programs out there.
Benefits of a USDA Rural Dev loan include: True 100% no money down financing. The ability to finance in your closing costs (if the appraised value supports the loan amt) The seller may contribute up to 6% of the purchase price towards your closing costs Low interest rates More flexible qualifying guidelines with minimum 620 credit score
Conventional Mortgage : The Entire Down Payment Can Be Gifted
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