Hey there everyone! You may not realize that you might be able to refinance your mortgage through the Mortgage lender that you are working with; but this is something that you might want to investigate. There are many people out there that will be able to refinance their mortgage when the amount of interest that you are being charged is actually higher than the current interest rates out there. You will need to ask the Mortgage lender that you are working with in order to find this out. Those that have a higher interest rate on that mortgage loan because you had credit that is less than perfect or [...] Continue Reading…

Millions of homeowners are eligible to take advantage of President Obamas “Making Home Affordable” stimulus plan. Along with Wells Fargo and a few selected mortgage lenders and banks this program offers homeowners in bad financial situations new mortgage refinancing options. The goal is to stop the high number of foreclosures, and provide relief financially for homeowners. Wells Fargo, like the other lenders or banks approved to offer this stimulus plan to homeowners, will receive a cash incentive from the Government every time they help a homeowner and follow Obamas stimulus plan guidelines. With this money, mortgage lenders or banks can, and will, approve more homeowners in worse [...] Continue Reading…

FHA Loans can be used for a variety of circumstances in today’s market. FHA loan limits in certain, higher cost areas of the country are actually higher than those for conventional loans (in some cases, much higher). They have become the most popular loan type in America today and for good reason. FHA Mortgage Loans allow for a much higher Loan-to-Value (LTV) when compared to conventional loans and FHA loans carry very low interest rates over a broad range of credit profiles.FHA loan limits vary greatly over different areas of the country. In most counties, the FHA maximum loan amount is $271,050. This limit is impacted by the average [...] Continue Reading…

Imagine this, you and your spouse find the perfect house for your little family. Its a few minutes from your work place, near a good school, and located in a good community. Unfortunately, ethough you can pay for the monthly mortgage payments, you just dont have enough cash on hand to pay for the requisite 20% down payment. What should you do?Do you scrounge around until you can raise enough to cover the down payment cost? Do you let it go? Or do you try to find a way to get the house without having to shell out a large sum of cash as down payment? If you really [...] Continue Reading…

If you want to buy a new home, but have little money in the bank, there are ways to get approved for a home with no money down. New homebuyers have a multitude of mortgage options available to them. These options make buying a home with little out-of-pocket expense more attainable.Understanding Traditional Mortgage LoansPrior to the flood of new mortgage loans, buying a home required waiting until you had the ideal circumstances. This usually meant saving enough money for a down payment (about 20% of the home price), building a high credit rating, and having adequate funds left over to pay closing fees.Unfortunately, the prefect circumstances rarely present itself. [...] Continue Reading…

In 2008, the United States underwent a huge economic meltdown and President Bush signed a major housing bill into law. As a part of this housing bill, a temporary tax credit was provided as an incentive for first time home buyers. The $7500 tax credit was available on the purchase of a principal residence. In 2009, The American Recovery and Reinvestment Act of 2009 expanded the first time homebuyer credit and increased it to $8000. The stabilization of the housing market in 2008 due to the tax credit and the tremendous success of the cash for Clunkers program have shown that stimulus payments that directly go to the consumers [...] Continue Reading…

The conforming loan limit is $417,000. That is the maximum loan amount that Fannie Mae and Freddie Mac are allowed to buy from lenders across the United States. These purchases provide liquidity and lower rates for these “conforming” loans.The 2006 median sales price in Fairfax County, Virginia, is reported to be $525,100. If prospective purchasers are interested in a higher priced home could they use a conforming loan without having a large down payment? Does a mortgage insurance premium need to be paid? It is not tax deductible by those earning more than $100,000 per year. Would you as a buyer have to [...] Continue Reading…

Mortgage refinancing with bad credit is easy thanks to President Obamas stimulus plan for homeowners. Never before has the Government stepped in and offered so many homeowners mortgage relief. Homeowners with bad credit, an upside down mortgage or other financial hardships can easily get a mortgage refinancing that will lower their monthly payments, help them avoid foreclosure, and save money. Here are some things to know about President Obamas stimulus plan for homeowners refinancing a mortgage. Bad credit, upside down mortgages, or financial hardships have often kept a homeowner from being able to get a beneficial mortgage refinancing. However, things have changed and President Obamas stimulus plan now [...] Continue Reading…

At one point in 2007, there were over 10 California reverse mortgages that were available for “jumbo-sized” loan amounts. Due mainly to the decline in real estate values and the resultant banking industry problems, now the number has dropped to three programs.A jumbo reverse mortgage in California is typically used when the loan amount exceeds $200,000 to $280,000. When the amount of money needed by the senior applying for the loan is above those amounts, a jumbo loan is required because the FHA program (non-jumbo) has low loan limits. For most densely populated counties in California, FHA only recognizes the first $362,790 of home value, and ignores the rest, [...] Continue Reading…

General FHA home Loan Underwriting Guidelines Disclaimer:  These guidelines are to be considered standard or general.  FHA will, from time to time, change their guidelines such as loan limits or debt-to-income ratio requirements.  In times when guidelines change frequently, we are not able to update the guidelines immediately, therefore, we cannot guarantee that the guidelines outlined here will be in effect at the time of your loan application but is provided to give you the basic idea of the requirements of the FHA mortgage. Neither the lack of traditional credit history nor the lifestyle of the FHA Mortgage applicant may be used as a basis for rejection Collections: Based [...] Continue Reading…