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It comes as good news that most families facing the financial dilemmas of today are eligible for the HAFA program. The rule is, if a homeowner is eligible for HAMP, but they still cannot afford the payments, then they can do an assisted short sale through HAFA. The easiest way to do this is to have your real estate agent request a HAFA short sale on your behalf. As always, it is best that you have some education behind you before you get too far, so I have included the details for you.
Posted: 2010-08-02
Category: Real Estate
Many changes were promised this year for FHA, and they did become effective on April 5, 2010. The changes with FHA were not necessarily a negative, but in order to keep the benefits available to potential home buyers and current homeowners it had to be done. Disorder and displacement is what brought us to the place we are in today, so it was meant to be used as a tool not a stumbling block.
Posted: 2010-07-26
Category: Real Estate
Short sales are not something that are reported, and that is because they are arranged differently by the bank. The short sale is actually “debt forgiveness”, in the lender’s eyes, therefore the short sale will not show on credit. So, the term “short sale”, will not be on your credit report. However, keep in mind that you’re not completely out of the woods. Your mortgage will certainly show any late pays that you have, and it should appear that your mortgage is paid as agreed, or is settled.
Posted: 2010-07-26
Category: Real Estate
Government backed mortgages are now a little harder to get than they used to be, and this decision was made back in January of this year. Why? Probably because the popularity of FHA mortgages began to climb when the economy started to turn for the worst. FHA, or the Federal Housing Administration, insures mortgages for the lender to secure them if the borrower defaults.
Posted: 2010-07-24
Category: Real Estate
The FHA down payment guidelines, allows home buyers to put as little as 3.5% down, and up to 3% in seller concessions. Prior to the changes the seller was able to contribute up to 6% in seller concessions, so for those who were planning to buy and hadn’t started the process yet, had to back off until they could come up with more money.
Posted: 2010-07-24
Category: Real Estate
The largest payment that you have out of all of your monthly obligations is going to be your mortgage payment. It’s important that you are able to manage it and that it’s doing for you what you need it to. FHA focuses on ways to make your home loans more beneficial and do your loan in a way that makes sense for both of you. This is why there is a lot of talk on FHA’s EEM Program.
Posted: 2010-07-24
Category: Real Estate
If you are looking to buy a home, then you should choose an FHA loan now. Getting an FHA loan now is more popular than it used to be, but much of this view has to do with the how the market is doing. With the up and down trends in the housing market, it has been hard for people to decide what option they should choose when buying a home or refinancing their current mortgage.
Posted: 2010-07-21
Category: Real Estate
Short sales are in fact beneficial for all the parties involved, but it just depends on how those parties are looking at it. It is beneficial for the homeowner who needs to get their short sale listed. The homeowner has an opportunity to get out of this without having a foreclosure on their credit. The buyer is getting a home for a reduction in the price, and the bank is able to move a property without it going into foreclosure.
Posted: 2010-07-21
Category: Personal Finance
An FHA home loan for a refinance or a purchase is the way to go for any borrower. For many years it was misunderstood that FHA was for people that were bad credit, or for those had middle of the road credit but that just isn’t the case. An FHA home loan takes some time and patience, and I am here to help, but the end results will be well worth it.
Posted: 2010-07-21
Category: Real Estate
The key to any new loan is to evaluate your budget realistically. One tool that you can use to do this, is the FHA loan calculator. There is no doubt that many times the first thing we want to know is just how much we qualify for, but that is the only thing we ask. Do we know how much we can truly afford? Do we look at how much we can really pay out on a monthly basis?
Posted: 2010-07-20
Category: Real Estate
The idea that FHA loans are for those with bad credit is simply not true. FHA loan requirements state that credit must be good, and no recent derogatory credit. It’s important to know what the FHA loan requirements are before you being the process and apply for an FHA loan. Banks want to know that you have the ability to repay your loan, so if your credit isn’t what they are looking for, they will move to looking at any assets you have.
Posted: 2010-07-20
Category: Real Estate
You can refinance into an FHA loan whether you have one now or not. You can refinance to get cash out, use a streamline to pay off bills, or even just refinance to lower your monthly payments. Once those who have a conventional loan learn more about the details of FHA, they begin to see the difference in terms of the benefits that FHA has to offer.
Posted: 2010-07-16
Category: Real Estate
In an age when people are looking for convenient, the FHA streamline refinance comes to mind. The streamline refinance with FHA is the easiest and quickest way to do a loan, all with the ease and convenience of no appraisal being done. That’s right; NO appraisal is necessary when doing a streamline with FHA.
Posted: 2010-07-15
Category: Real Estate
There are so many reasons to choose an FHA purchase loan, before looking at other options. One of the main reasons is when you are a first time homebuyer, you may not have a lot of money to put down on the house. With FHA you can put down as little as 3.5% down, and the seller can also contribute up to 3% as well. With the rates as low as 5.75%, you can definitely keep your payments low and more manageable.
Posted: 2010-07-15
Category: Real Estate
There are many areas that have their own report with large numbers to look at when it comes to short sales. Some areas are so saturated, that the neighborhood looms with despair as the neighbors talk to each other about losing their home.
Posted: 2010-07-08
Category: Real Estate
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