One of the latest updates in the Mortgage world is the HomeReady loan program. This program was created by Federal National Mortgage Association (Fannie Mae). Home ready loans were created to be an affordable means to a mortgage for creditworthy borrowers who may have a diverse range of financial situations. This is done through the flexibility of fund source for the borrower. Unlike most … [Read more...]
Down Payment Assistance Programs In Arizona
Many people who are thinking of buying a home here in Arizona are interested in more information about down payment assistance programs. Here is a brief summary of just a few of the programs available in Arizona for down payment assistance. Each program is slightly different and designed to help different people in different situations, but each program shares the common goal of helping people get … [Read more...]
Thinking About Hiring a Professional Painter?
For people in Arizona, spring means a chance to get those home improvement jobs done before the heat gets turned up and its too hot to go outside. One of the most popular jobs that many homeowners do is paint their house - because it not only looks good but also helps protect your home from the blazing sun. One of the questions that many people ask themselves when considering having their … [Read more...]
What Hurdles Exist for Borrowers Buying a Condo?
Buying a condo is often trickier than buying a home. Condos are considered riskier than single family homes, resulting in tighter restrictions and higher interest rates. Along with the standard restrictions that any borrower must go through including the need for good credit, a low debt-to-income ratio and loan-to-value ratio is the need for the condo association to qualify under the FHA, Fannie … [Read more...]
Justice for Mortgage-Relief Scams
Found on Money Tips here: “Operation Mis-Modification” may sound like a bad TV sitcom or a strange new form of pageant, but it is actually a joint effort from the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC) and officials from fifteen states, designed to crack down on mortgage-relief scammers. During the mortgage crisis, desperate homeowners sought help … [Read more...]
HARP 2.0 Answers From Freddie Mac Executive
If you live in Arizona and are interested in the HARP refinance program, chances are that you have heard both good and bad things. True, many people have already taken advantage of the HARP 2.0 refinance program but many more people who potentially could qualify haven't. Why? Who knows exactly, but there is more than just one myth floating around about the HARP program - and recently one of … [Read more...]
Subprime Mortgage Loans Making a Comeback in 2013
Thought we were done with subprime mortgages forever? We aren't. Lenders are starting to offer subprime mortgage loans and even the press is starting to notice. The LA Times ran a story about a couple who had a foreclosure got a subprime loan from a lender above a 10% interest rate and was happy about it. Just think - how many other people who have recently been through a foreclosure or … [Read more...]
Obama Refinance Program and HARP For Loans Owned by Fannie Mae and Freddie Mac
If you haven't heard the terms Obama Refinance or HARP Refinance or anything similar to it, you soon might. Fannie Mae is ramping up to help all homeowners hear about the HARP refinance program that was first announced by President Obama a couple of years ago because there are still millions of homeowners who can take advantage of the program and save on their mortgage. Is the HARP refinance … [Read more...]
Can You Assume a VA Mortgage Loan?
Interest rates can't stay low forever - they go up and down. When interest rates are down, people get mortgages that are locked in for the term of the loan at a very low rate. What happens when rates go up and people want to sell their house? The buyer may ask about whether or not their loan is assumable. Two of the most popular loan programs over the last few years are the FHA loan and VA loan … [Read more...]
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