From discussing the buying opportunities for first time homebuyers in 2010 to introducing a down payment assistance program, I've been doing a lot of blogging lately. However, it hasn't been on Active Rain. In fact it's been so long since I was on here, I had to go through a few passwords before I figured out how to get back in.
So, how the heck have you guys been?
First of all, I want to wish everyone a Happy Thanksgiving. We have a lot to be thankful for and we should certainly take time and cherish it with our families and friends.
I'd like to hightlight some of the mortgage related posts I've written here as I figure out ways to re-engage with the Active Rain crowd. Here are the three that stand out the most:
Now that subprime loans are a faint memory of the past, we often look to the FHA loans to fill in the void. Not that we miss those ugly sub primes all that much. But alas, FHA does provide a hearty loan for those who may have had a shaky credit past. So, here are a few fun facts and figures on the famous FHA loan.
1) You do not have to have perfect credit to qualify for an FHA loan! Yes, this is great news. In fact, even with a bankruptcy or a mortgage late, it is easier for you to qualify for an FHA loan than a conventional loan.
2) FHA loans have a low 3.5% down payment. This money can come from a family member, an employer or even from a charitable organization as a gift. Most other loan programs do not allow this unless you have a much larger down payment or 5% of your own money invested.
3) FHA rates are competitive! Believe it or not, because the Federal government insures these loans, they offer comparable rates. Your rate won’t be sky high if you opt for FHA instead of a conventional mortgage. The government makes sure of this!
Read the full post on AzMortgageGuru.Com
Zero Down Payment Mortgage Available
In an era of the credit crunch a common belief among borrowers is that they can no longer get zero down payment loans. While the free wheeling days of yesterday is certainly past us, there is still one loan program available that has a zero down feature. This zero down mortgage is available with a USDA Guarantee Rural Housing Mortgage.
This loan is not available to everyone and there are restrictions, but there are plenty of borrowers out there for whom this can be a great fit. The USDA Guarantee Rural Housing program is available to homebuyers purchasing a home in a rural area. The area must be defined as rural by USDA Rural Development and eligible properties cannot produce income (so no investment properties allowed). To determine if a property is within an approved area the USDA website has tools to help you identify them. So, if you have a property in mind, go ahead and enter it in and see if the property is located in an eligible area.
Read the full post on AzMortgageGuru.com
First-Time Homebuyers: Opportunities in 2010
For those of you who are looking to purchase your first home in 2010…with a little extra work, you could find yourself with $15,000 in down payment assistance. Newtown Community Development Corporation (CDC) is a nonprofit corporation begun in the 90s to address concerns about housing, neighborhood preservation and sustainable development. The vision of CDC is to increase affordable housing and support homebuyers through innovative programs.
Today I want to hone in on the down payment assistance CDC has to offer. It is called an Individual Development Account. Essentially, eligible homebuyers can receive $15,000 toward the purchase of a home, matching up to $3 for each $1 saved by the participants.
Now…the key with this program, as with any assistance program, is to read the fine print.To know if you should even consider applying, you must know the specific requirements of the program.
So, with that said…here are the guidelines:
Read the full post on AzMortgageGuru.com
I hope you enjoyed reading these. As I said earlier, I want to start making some time to get back on here more often! This is just a start. :-)
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