Archive for September, 2010
Fear Can Lead to Poor Financial Choices
Life is full of emotions, but fear can hurt the most. It is strong enough to change a whole community and way of life. And when it comes to money, it’s no different. Fear controls the pocketbook, and too often it gets in the way of financial success. There are three ways fear can grip [...]
Analysis: One-Third of Americans Highly Unlikely to Qualify for a Mortgage Today
RISMEDIA, September 28, 2010–Nearly one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low, making homeownership out of reach for many. This is according to an analysis of more than 25,000 loan quotes and purchase requests on Zillow Mortgage Marketplace during the first half of September. Borrowers with [...]
Make Money From Your Home
Consider a Property Conversion Rental income is a great source of cash, and can boost your borrowing power and your income. Many property owners find that once they start making rental income, they buy additional properties to boost their income; it’s that effective. When you’re looking at a single family home, you can still find [...]
8 Tips to Getting Your Loan Modification Application Reviewed
Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a complex web, often causing them to give up before their application is ever reviewed by their mortgage company. Certified housing counselors for CredAbility, a national nonprofit credit counseling and education agency, speak daily [...]
Fannie Mae Announces New Incentives for HomePath Properties
Fannie Mae announced a seller assistance incentive on Fannie Mae-owned properties listed on the company’s REO website, www.HomePath.com, and expands the initiative to offer an incentive to real estate agents and brokers. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price that can be used toward closing [...]
Make a Plan for Homeownership
Stick to the Plan Many potential homeowners know that they want to buy a home someday, but have no real idea how that will happen. They put off their home-buying dreams for a vague future when they earn more, have a better credit rating or feel they’re in the right financial position to buy. Unfortunately, [...]
What is an FHA Loan?
What is an FHA loan? It’s a bit of a misnomer, since Federal Housing Administration (FHA) loans are not loans at all. What they do is insure loans so that lenders can offer mortgage assistance to people who: Have fair or poor credit Have a low down payment (must have at least 3.5%) Have undergone [...]
Mortgage Applications Decline for 3rd Week
Mortgage applications in the U.S. declined last week for a third consecutive time, hurt by a drop in purchasing and refinancing. The Mortgage Bankers Association’s index fell 1.4 percent in the week ended Sept. 17 to the lowest level in six weeks, the Washington-based group said today. Purchases decreased 3.3 percent and refinancing lost 0.9 percent. An unemployment rate [...]
Prompt Decision for Qualification of Short Sale Act of 2010 to Set 45 Day Limit on Decisions
Real estate brokers who have long complained about the time it takes to complete a short sale now have two U.S. congressmen in their corner who are sponsoring a bill that would require lenders to respond to consumer short sale requests within 45 days. Real estate brokers — and homeowners – have long complained about [...]
Palm Springs Median Home Price up 60.5%
LOS ANGELES – California home sales edged up 1.8 percent from July, but were down 14.9 percent from August 2009, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. The statewide median home price also increased 1.2 percent from July and was up 8.6 percent from a year ago. “Buyers who are holding out should consider [...]
Fannie Mae First Look Program Attracts Thousands of REO Buyers
Fannie Mae announced that its First Look Program has moved more than 29,000 homes out of its owned real estate portfolio in the last year, selling the properties acquired by the government sponsored enterprise (GSE) through foreclosure to owner occupants. First Look is designed to promote owner occupancy and community involvement in housing. Individuals and [...]
Number of Properties Entering REO Status Highest Since 2005
Lenders foreclosed on 95,364 residential properties in August, the highest monthly total since RealtyTrac began tracking foreclosures in April 2005. The figure is up from the previous peak in May of 93,777 bank repossessions, and up 25% from a year ago. “We’ve seen nine straight months of increases in REOs,” said Daren Blomquist, RealtyTrac spokesman, [...]
How Refinancing Pays for Itself & Saves You Money
Many are complaining about the fact that their home has lost value in the last three years. They purchased the home in the early 2000s and saw nice increases for a few years. Then the housing bubble burst and the market started going south, and it kept going down, and down, and down. It has [...]
Lowe’s, REbuildUSA Launch Program to Support FHA Streamlined 203(k) Loan
Lowe’s, REbuildUSA Launch Program to Support FHA Streamlined 203(k) Loan Program simplifies the loan-fulfillment process, creates opportunities for homeowners, home buyers, real estate and approved mortgage professionals RISMEDIA, September 17, 2010—In today’s housing market, many homes for sale are in need of repairs and renovations. The FHA Streamlined 203(k) program helps add money into a [...]
California Notice of Default Continue to Increase
CA. default notices up 4th month in a row Notices of default filings in California, the first step in the foreclosure process, climbed for the 4th month in a row in August, up by 16.6 percent from July and 16 percent from August, 2009, ForeclosureRadar reports. The number of homes in the state that went [...]
What is an FHA Streamline Refinance
FHA Streamline Refinance – A Simple Definition: The FHA streamline refinance is a refinance program designed for people who currently have an FHA loan to be able to take advantage of lowering their interest rate when rates drop with less documentation than a “normal” refinance requires. The term streamline refers to the reduced documentation requirements [...]
Improve Your Credit Score Before Searching for a Home
Many prospective homeowners find out the hard way the importance of a good credit score when they apply for a home mortgage, especially after the subprime loan crisis. If you are considering buying a home in the near future, it is a good idea to give your credit score a check-up and then take positive [...]
FHA Asks Lenders to Forgive 10% of ‘Underwater’ Mortgages
The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth. The Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to [...]
