First Time Home Buyers with bad credit should know their FICO score early on in the home buying process. This is one of the most important steps when investing in a home. Understanding your FICO score and obtaining a pre-approval letter from a reputable lender will greatly enhance your chances of obtaining loan approval or commitment....Your lender will determine your buying power and maximum loan amount! A mortgage lender will first start with a preliminary credit check. This process could be added to an automated underwriting system to determine any loan conditions prior to determining your buying power. Your estimated loan amount will then be computed based on your credit worthiness. First Time Home Buyers with bad credit - As a first time home buyer should talk to a mortgage lender or search online for your FICO credit score early in the process. A free credit score can be obtained from www.annualcreditreort.com. This site will provide your credit score and a report for a fee. … [Read more...]
April – 2014 Housing Trends eNewsletter
The April - 2014 Housing Trends eNewsletter ....Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more. Please click here to view the APR-2014 Newsletter Housing Trends eNewsletter. If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report. … [Read more...]
Shopping for a Mortgage
If you are shopping for a mortgage be aware of scrupulous loan officers. Shopping for a mortgage can be a very tricky and stressful situation without the right information and guidance from a professional Realtor to assist you in your search or offer a referral contact. When shopping for a mortgage always inquire about any hidden costs or fees that may be associated with the mortgage and charged to you at closing. According to an article by Mr. Kenneth R. Harney posted under the “The Nations Housing” article in the Washington Post on August 3, 2013, there is another issue you must protect yourself against. It’s called upselling, where the mortgage lender steers you into higher cost loan programs with terms that increase the lender’s profits and cost you more at closing. Although mortgage lenders used upselling during the housing boom years, they have been dormant until recently. Mortgage lenders usually charge discount points, loan origination, or other hidden fees to process your … [Read more...]
Cash Short Buyers
Mortgages News for cash short buyers..... Cash short buyers can look to the United States Department of Agriculture (USDA) - Rural Housing. The USDA – Rural Housing for 100% financing to purchase a home. This is a terrific program for cash short buyers to consider when buying a home....it is truly 100% financing. The #1 item to keep in mind is that the property does not have to be in a rural area at all in order to be eligible – the property does not have to be “way out in the country” somewhere. For instance, in Prince George’s County, most or all of the Marlton community is eligible…..also, parts of Brandywine and pockets of Accokeek. To see if a particular home is eligible for this program, click on the link below, and simply type in the full address of the property and, in a matter of seconds, it will tell you if the house is eligible or not. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Sellers - if you have a home that is located in an area that might be … [Read more...]
Mortgage News
Mortgage News you can use to help you purchase a home ! BB& T announced changes to Community Homeownership Incentive Program (CHIP) – The latest mortgage news updates this program that now requires a 3% down payment. Private mortgage insurance is waived. First-time home buyers and previous homeowners are eligible; however, income cannot exceed 80% of county median income. Wells Fargo Programs - Community Development Mortgage Program (CDMP) is 2% down payment (including gifts and funds from approved sources). No mortgage insurance required. Income must be below 80% of area median and borrower does not have to be a first-time buyer. Seller contributions up to 3%. Neighborhood Community Development Mortgage Program (NCDMP) require a 5% down payment (includes gifts and funds from approved sources). No mortgage insurance required. Borrower does not have to be a first-time buyer, but must purchase in a low-to-moderate income census tract. Reserves required … [Read more...]
Streamlined Loan Modification
Freddie Mac has announced a Streamlined Loan Modification that should provide an efficient way for borrowers to avoid foreclosure and remain in their home. The Freddie Mac Streamlined Modification program is a temporary initiative that provides severely delinquent, eligible borrowers an opportunity to avoid further stages of delinquency quickly and without documentation. The Streamlined Loan Modification enables Freddie Mac Servicers to modify a borrower’s mortgage by adjusting interest rates, extending payment terms to 40 years, and providing principal forbearance for certain underwater borrowers. Some of the key features of the Streamlined Loan Modification include the same terms as the Freddie Mac Standard Modification program. Freddie Mac introduced an alternative to foreclosure that targets severely delinquent borrowers and eliminates the requirement for borrowers to submit a Borrower Response Package. The Streamlined Loan Modification offers a trial period plan in … [Read more...]