fha: $8000 Tax Credit for First Time Homebuyers
- 06/18/09 02:50 AM
There's been a lot of talk about the $8000 Tax Credit for First Time Homebuyers. This is a terrific incentive and actually isn't only for First Time Homebuyers. You just can't have owned a home in the last 3 years. The credit can be claimed on 2008 or 2009 tax returns. Homebuyers who get a loan backed by the Federal Housing Administration can use the money to cover closing costs and other fees.There are some creative tax planning strategies that the buyer can employ as well.
The tax credit, for home purchases made through end of November, comes … (0 comments)
fha: FHA is not only for low credit score borrowers
- 06/02/09 05:28 AM
I'm currently doing a mortgage for a first time homebuyer who's buying her first home. She has extremely high credit scores (all 3 scores are over 800) and very little debt. She has a good paying, steady job (as much as a job can be steady in today's economic environment!) and has plenty of cash reserves. I'm still putting her in an FHA loan because 20% down would deplete her savings and the interest rate is still very competitive with conforming. She only has to put down 3.5%! Save the rest of what would have been used for the downpayment to … (0 comments)
fha: FHA Non-Occupying Co-Borrower
- 09/09/08 03:35 AM
I'm working on a deal currently where my customer needs to refinance in order to keep his home and remove his ex-wife from the existing mortgage and title. My customer has excellent credit but doesn't make enough money for his debt-ratio to qualify for a loan in today's tight mortgage market. His Dad has offered to help him out so that his son can keep his home and his grandchildren can continue to live in the home that they are accustomed. Luckily, FHA has a program that allows a non-occupying co-borrower. FHA only offers programs for primary residences (no investment properties … (0 comments)
fha: You Can Still Qualify for a Mortgage!
- 08/06/08 07:41 AM
It's been sometime since I last "blogged". I've gone through some serious personal issues with my Dad. I am going to do my best to provide new posts at least on a weekly basis going forward.Since my last post, the mortgage and credit markets have continued to tighten, the economy has worsened (in my opinion), gas prices have sky-rocketed, mortgage rates have risen, and banks have frozen existing lines of credit due to the declining real estate values. It's been quite a year!There is good news, though! PEOPLE CAN STILL QUALIFY FOR A MORTGAGE!That's right! Customers with decent credit can still … (0 comments)
fha: Sub-Prime Mortgage Alternative
- 07/25/07 01:38 PM
As most of us know, the sub-prime mortgage market is in a shambles. Many sub-prime customers who are looking to refinance out of high interest rate 2/28 adjustable mortgages can't even qualify for another sub-prime loan today. And, I've found in many cases their credit hasn't improved dramatically even though they've paid their mortgage on time. There's also equity issues to contend with. I had a wholesaler come to my office today for lunch who works for a bank that aggressively manually underwrites VA and FHA loans. If a loan makes sense, they'll underwrite it. They told our office stories of approving customers … (9 comments)
My blogs will contain mortgage-related information, based on my experience, that will hopefully be helpful to anyone looking to purchase a new home or refinance their existing mortgage.
There's been a lot of talk about the $8000 Tax Credit for First Time Homebuyers. This is a terrific incentive and actually isn't only for First Time Homebuyers. You just can't have owned a home in the last 3 years. 
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