loan: Down Payment Assistance Programs
- 04/19/07 09:58 AM
Over the past couple years, homebuyers have been able to take advantage of Down Payment Assistance Programs, such as AmeriDream, Neighborhood Gold and many others. How do they work? For example: a homebuyer is purchasing a home in Tampa for $200,000. As a first time buyer, they didn't already have established credit scores, so their lender was able to qualify them for an FHA Government Loan. However, this loan requires a 3% down payment, which our Tampa buyers don't have to put down on their new home. With the down payment assistance program, the seller could "gift"the 3% down payment plus an administration … (21 comments)
loan: Tampa Mortgage | FHA, VA, Government Loans
- 03/21/07 01:39 PM
FHA, VA mortgage in Tampa, or even in South Tampa...is this an option? Yes! In fact, it is a solution. As a direct lender, we are fortunate to have the capabilities to write government loans. Now, I have to sidebar and give you a bit of background about me to paint a picture here. I started as a mortgage consultant in Kalamazoo, Michigan. In Kalamazoo, we have a number of banks and mortgage lenders, quite a few less mortgage brokers. What this means is that we wrote quite a few government loans for borrowers. They have many advantages, but I will … (10 comments)
loan: What is happening with the subprime mortgage market?
- 03/18/07 11:42 PM
Whether I am deal with customers here in Tampa, Florida or in Michigan, I am being asked this question on a regular basis..."What is going on with the subprime mortgage market?" First, what is a subprime mortgage? For anyone who hasn't been in business for the past couple years, it was a great tool for getting "credit challenged" borrowers into a mortgage. Mortgage brokers were able to approve loans to borrowers with credit scores down to 560, 1 day out of bankruptcy or foreclosure and not proof they could pay a mortgage! Was it right? The majority of the time, no. That is … (3 comments)
Over the past couple years, homebuyers have been able to take advantage of Down Payment Assistance Programs, such as AmeriDream, Neighborhood Gold and many others. 
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