south florida real estate: Freddie Mac Offers One Year Tolerance for Unemployment
- 01/15/12 10:48 PM
Freddie Mac has announced that they will now provide one year of forbearance for unemployed borrowers to pay their mortgage payments. Prior, lenders were only allowed to grant out-of-luck borrowers three months. Part of this new deal allows lenders, like Guaranteed Rate, the ability to approve unemployed borrowers’ loans with Freddie Mac for six months without prior approval from the government. From there, Freddie Mac can choose to extend the forbearance for another six months if they feel it is necessary. These new options have been put in place in direction of the Federal Housing Finance Agency in hopes of helping (0 comments)
south florida real estate: Five Realtor Secrets Home Buyers Should Know
- 01/05/12 10:28 PM
When preparing to purchase a home, whether you’re a first time home buyer or looking for an investment home, it pays to do your homework before house hunting. But where do you start? Do as the experts do! Here are some insider tips Real Estate Agents follow to know where to find great homes for their clients. Study The Local PricingEvery agent knows to study current house price trends in their areas, and you should too. See what the average home price is in the town you’re looking at, then compare them to the average price in neighboring towns. This will (45 comments)
south florida real estate: What is a FHA Mortgage?
- 01/04/12 09:56 PM
A FHA mortgage is a home loan that requires a small down payment. The Federal Housing Administration (FHA) runs several programs that make it easier for home buyers to qualify for a mortgage loan. The FHA does this by promising the lender to pay for the mortgage if the borrower should default. A FHA loan can require a down payment as low as 3.5%. It also makes it easier for you to use gifts towards your down payment or your closing costs. There are a few other perks towards a FHA mortgage, including leniency during hard financial times or funding for (3 comments)