Posts made in November, 2012

What are the affordable housing qualifications?

on Nov 30, 2012 in HARP Refinance | Comments Off on What are the affordable housing qualifications?

by burienundressedblog Question by Charles: How long to get a VA loan after conventional short sale? Short sale approximately 14 months ago. Are there any specific rules requiring a waiting period for a VA loan like there are for a FHA loan? If so how long? What is the reference document stating this? Thank you. Have a COE. Best answer: Answer by DaveHave you applied for a VA Certificate of Eligibility? That’s the first step. Give your answer to this question below! Question by RiSiE H0TT STUFF[[LMA0]]: What are the affordable housing qualifications? What are the qualifications and is it like a program or something that a person sign up for? Is it similar to section 8? If it is stated that an apartment complex is an affordable housing complex exactly what does that mean? Thanks sooo much! Best answer: Answer by andys2iSome qualifications are: 1. Have a conforming loan backed by Fannie Mae or Freddie Mac. Approximately 60% of single-family “conforming” loans are backed by these Government controlled mortgage giants. These are the companies that buy the loans from your bank/servicer and then sell them to Wall Street. A conforming loan is one under $ 417, cheapest 000 in many areas — or up to $ 729,500 in certain high-cost areas like San Francisco, Boston or Washington, DC. Most home owners will have no idea if their loan is “backed” by Fannie or Freddie, but your lender or servicer does. So call them and then ask about qualifying under Obama’s housing plan. 2. Your Loan to Value ratio can now be as high as 105%. Under current conditions you cannot refinance mortgages where the loan-to-value (LTV) ratio exceeds 80 percent without some form of credit insurance. That insurance can be difficult or impossible to obtain in parts of the country that insurers have labeled declining markets, with high risks of further deterioration in values. Under the Obama housing plan, the LTV has been raised to 105%, which means you qualify even if you owe between 80-105% of your mortgage. However it you are severely “underwater” and owe more than 105% of their home’s value you will not qualify and may have to wait for mortgage relief via other lender driven provisions in the housing plan. 3. Allows borrowers with less than 20% equity in their homes to refinance to the current prevailing rate. However they must meet the above LTV criteria. 4. Timeframe Eligibilty. Only Loans that originated on or before January 1, 2009 are eligible for this program. The modification program will be in effect until the end of 2012, but loans can only be adjusted once. 5. Bonus Payments. Borrowers who keep up with their new payments will receive up to $ 1,000 a year in principal reduction, for up to five years. 6. Modification Threshold. Servicers will follow a specified sequence of steps in order to reduce the monthly payment (with government subsidies) to no more than 31% of gross monthly income (DTI). Know better? Leave your own answer in the comments! What are the affordable housing...

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Will QM Rule Steer Borrowers Toward FHA Loans in 2013?

on Nov 30, 2012 in FHA Information | Comments Off on Will QM Rule Steer Borrowers Toward FHA Loans in 2013?

by Editor B Question by dangit2: What are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan? I know with an FHA loan the seller is required to pay for certain things what are they and also what are the things that a seller is required to pay when the buyer wants to us a rural housing loan? Are there any special requirments that the seller is required to do for the house to qualify for these loans…especially if it is a newly built home? Best answer: Answer by teesha fIf this is a newly built home there shouldnt be anything. FHA has changed allot recently. Before FHA would have an inspoection done that was very tedious. Now they just send an appraiser and if he/she sees something that could be a problem they will note that. When writing a contract for a home that would be purchased with FHA there will be a form that stated what they want the seller to pay in repairs for the FHA loan. It usually is around $ 500. THese would be for repairs that normally wouldn’t need be in a newer home. On the RDA loan I believe it’s the same. If your home is newer and their isn’t any safety hazards like showing wires or leaking roofs etc you should be fine. I just had a house built in 1950 pass just fine. Give your answer to this question below! Question by jimmy Shergil: How much down payment for stated income loan in Illinois? My sibling’s documents and income of $ 30k year may not qualify for a mortgage loan amount of $ 220k. I am self employed and can’t document my income but we both got excellent credit score of over 750. I was told my some banks that if that’s the case, page we have to do stated income loan but need 20% down and little bit higher interest rate than on traditional loan. Is there any lender or bank that doesn’t require 20% down on stated income loan? Thanks Best answer: Answer by sadeedear friends now u can get ur home loan, nurse or Personal LOAN , Business Loans or PAY DAY LOANs , Pre-approved Loans, education loans etc., very easily by this ……….. http://www.freewebs.com/get–loan Know better? Leave your own answer in the comments! by Editor B Question by James: Can I convert a USDA Loan to a Conventional Loan? I’m interested in purchasing a home and like the USDA loan option (0% down, this low MI). What concerns me is two things: 1. The interest rate is about 0.5% higher than FHA or Conventional loans, here 2. The Mortgage Insurance (MI) never goes away unlike the FHA loan. So, after a while of owning, would I be able to convert my USDA loan to a conventional loan and get rid of the MI? Thanks. Please provide some credibility or resources that will be helpful in confirming the answer. Best answer: Answer by the kidYes, by refinancing. Give your answer to this question below! Some cool apartment developing photos: 03f St Regis (E) Image by Kansas Sebastian Long Beach Historic Monument No. 16.52.140 St. Regis Apartment Developing, stomach 1926 1030 E Ocean Blvd, recipe Long Beach, decease CA Joseph H Roberts Positioned at 1030 East Ocean Boulevard in the city of Long Beach, the St. Regis Apartment Building is a seventy-six unit, eight-story, brick and masonry higher rise structure resting on the ocean front bluff at Ocean Boulevard and Second Location. The penthouse that comprises the eighth...

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Weekly Review: Debt Makes the Economy Grow

on Nov 30, 2012 in Stated Income Loans | Comments Off on Weekly Review: Debt Makes the Economy Grow

by Editor B Question by dangit2: What are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan? I know with an FHA loan the seller is required to pay for certain things what are they and also what are the things that a seller is required to pay when the buyer wants to us a rural housing loan? Are there any special requirments that the seller is required to do for the house to qualify for these loans…especially if it is a newly built home? Best answer: Answer by teesha fIf this is a newly built home there shouldnt be anything. FHA has changed allot recently. Before FHA would have an inspoection done that was very tedious. Now they just send an appraiser and if he/she sees something that could be a problem they will note that. When writing a contract for a home that would be purchased with FHA there will be a form that stated what they want the seller to pay in repairs for the FHA loan. It usually is around $ 500. THese would be for repairs that normally wouldn’t need be in a newer home. On the RDA loan I believe it’s the same. If your home is newer and their isn’t any safety hazards like showing wires or leaking roofs etc you should be fine. I just had a house built in 1950 pass just fine. Give your answer to this question below! Question by jimmy Shergil: How much down payment for stated income loan in Illinois? My sibling’s documents and income of $ 30k year may not qualify for a mortgage loan amount of $ 220k. I am self employed and can’t document my income but we both got excellent credit score of over 750. I was told my some banks that if that’s the case, page we have to do stated income loan but need 20% down and little bit higher interest rate than on traditional loan. Is there any lender or bank that doesn’t require 20% down on stated income loan? Thanks Best answer: Answer by sadeedear friends now u can get ur home loan, nurse or Personal LOAN , Business Loans or PAY DAY LOANs , Pre-approved Loans, education loans etc., very easily by this ……….. http://www.freewebs.com/get–loan Know better? Leave your own answer in the comments! by Editor B Question by James: Can I convert a USDA Loan to a Conventional Loan? I’m interested in purchasing a home and like the USDA loan option (0% down, this low MI). What concerns me is two things: 1. The interest rate is about 0.5% higher than FHA or Conventional loans, here 2. The Mortgage Insurance (MI) never goes away unlike the FHA loan. So, after a while of owning, would I be able to convert my USDA loan to a conventional loan and get rid of the MI? Thanks. Please provide some credibility or resources that will be helpful in confirming the answer. Best answer: Answer by the kidYes, by refinancing. Give your answer to this question below! Some cool apartment developing photos: 03f St Regis (E) Image by Kansas Sebastian Long Beach Historic Monument No. 16.52.140 St. Regis Apartment Developing, stomach 1926 1030 E Ocean Blvd, recipe Long Beach, decease CA Joseph H Roberts Positioned at 1030 East Ocean Boulevard in the city of Long Beach, the St. Regis Apartment Building is a seventy-six unit, eight-story, brick and masonry higher rise structure resting on the ocean front bluff at Ocean Boulevard and Second Location. The penthouse that comprises the eighth...

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what do I have to do for the ombama plan and lowering the interest on my home?

on Nov 30, 2012 in HARP Refinance | 1 comment

by Editor B Question by dangit2: What are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan? I know with an FHA loan the seller is required to pay for certain things what are they and also what are the things that a seller is required to pay when the buyer wants to us a rural housing loan? Are there any special requirments that the seller is required to do for the house to qualify for these loans…especially if it is a newly built home? Best answer: Answer by teesha fIf this is a newly built home there shouldnt be anything. FHA has changed allot recently. Before FHA would have an inspoection done that was very tedious. Now they just send an appraiser and if he/she sees something that could be a problem they will note that. When writing a contract for a home that would be purchased with FHA there will be a form that stated what they want the seller to pay in repairs for the FHA loan. It usually is around $ 500. THese would be for repairs that normally wouldn’t need be in a newer home. On the RDA loan I believe it’s the same. If your home is newer and their isn’t any safety hazards like showing wires or leaking roofs etc you should be fine. I just had a house built in 1950 pass just fine. Give your answer to this question below! Question by jimmy Shergil: How much down payment for stated income loan in Illinois? My sibling’s documents and income of $ 30k year may not qualify for a mortgage loan amount of $ 220k. I am self employed and can’t document my income but we both got excellent credit score of over 750. I was told my some banks that if that’s the case, page we have to do stated income loan but need 20% down and little bit higher interest rate than on traditional loan. Is there any lender or bank that doesn’t require 20% down on stated income loan? Thanks Best answer: Answer by sadeedear friends now u can get ur home loan, nurse or Personal LOAN , Business Loans or PAY DAY LOANs , Pre-approved Loans, education loans etc., very easily by this ……….. http://www.freewebs.com/get–loan Know better? Leave your own answer in the comments! by Editor B Question by James: Can I convert a USDA Loan to a Conventional Loan? I’m interested in purchasing a home and like the USDA loan option (0% down, this low MI). What concerns me is two things: 1. The interest rate is about 0.5% higher than FHA or Conventional loans, here 2. The Mortgage Insurance (MI) never goes away unlike the FHA loan. So, after a while of owning, would I be able to convert my USDA loan to a conventional loan and get rid of the MI? Thanks. Please provide some credibility or resources that will be helpful in confirming the answer. Best answer: Answer by the kidYes, by refinancing. Give your answer to this question below! Some cool apartment developing photos: 03f St Regis (E) Image by Kansas Sebastian Long Beach Historic Monument No. 16.52.140 St. Regis Apartment Developing, stomach 1926 1030 E Ocean Blvd, recipe Long Beach, decease CA Joseph H Roberts Positioned at 1030 East Ocean Boulevard in the city of Long Beach, the St. Regis Apartment Building is a seventy-six unit, eight-story, brick and masonry higher rise structure resting on the ocean front bluff at Ocean Boulevard and Second Location. The penthouse that comprises the eighth...

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Has anyone gotten a letter from AFT offering a principal reduction on your home loan?

on Nov 30, 2012 in Unique Loan Programs | 1 comment

by Editor B Question by dangit2: What are the requirments for the Seller when the buyer wants to use a rural housing loan or an FHA loan? I know with an FHA loan the seller is required to pay for certain things what are they and also what are the things that a seller is required to pay when the buyer wants to us a rural housing loan? Are there any special requirments that the seller is required to do for the house to qualify for these loans…especially if it is a newly built home? Best answer: Answer by teesha fIf this is a newly built home there shouldnt be anything. FHA has changed allot recently. Before FHA would have an inspoection done that was very tedious. Now they just send an appraiser and if he/she sees something that could be a problem they will note that. When writing a contract for a home that would be purchased with FHA there will be a form that stated what they want the seller to pay in repairs for the FHA loan. It usually is around $ 500. THese would be for repairs that normally wouldn’t need be in a newer home. On the RDA loan I believe it’s the same. If your home is newer and their isn’t any safety hazards like showing wires or leaking roofs etc you should be fine. I just had a house built in 1950 pass just fine. Give your answer to this question below! Question by jimmy Shergil: How much down payment for stated income loan in Illinois? My sibling’s documents and income of $ 30k year may not qualify for a mortgage loan amount of $ 220k. I am self employed and can’t document my income but we both got excellent credit score of over 750. I was told my some banks that if that’s the case, page we have to do stated income loan but need 20% down and little bit higher interest rate than on traditional loan. Is there any lender or bank that doesn’t require 20% down on stated income loan? Thanks Best answer: Answer by sadeedear friends now u can get ur home loan, nurse or Personal LOAN , Business Loans or PAY DAY LOANs , Pre-approved Loans, education loans etc., very easily by this ……….. http://www.freewebs.com/get–loan Know better? Leave your own answer in the comments! by Editor B Question by James: Can I convert a USDA Loan to a Conventional Loan? I’m interested in purchasing a home and like the USDA loan option (0% down, this low MI). What concerns me is two things: 1. The interest rate is about 0.5% higher than FHA or Conventional loans, here 2. The Mortgage Insurance (MI) never goes away unlike the FHA loan. So, after a while of owning, would I be able to convert my USDA loan to a conventional loan and get rid of the MI? Thanks. Please provide some credibility or resources that will be helpful in confirming the answer. Best answer: Answer by the kidYes, by refinancing. Give your answer to this question below! Some cool apartment developing photos: 03f St Regis (E) Image by Kansas Sebastian Long Beach Historic Monument No. 16.52.140 St. Regis Apartment Developing, stomach 1926 1030 E Ocean Blvd, recipe Long Beach, decease CA Joseph H Roberts Positioned at 1030 East Ocean Boulevard in the city of Long Beach, the St. Regis Apartment Building is a seventy-six unit, eight-story, brick and masonry higher rise structure resting on the ocean front bluff at Ocean Boulevard and Second Location. The penthouse that comprises the eighth...

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