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Diane Tuman from Zillow.com recently blogged the recent slow down in Loan Modifications. Much of this information came from a recent article posted in The New Yorker in an article called “Not Home Yet”. One very interestin statistic used was 30% of all homeoners requesting a loan modification eventually bring their payments back to current. Another [...] In the coming weeks, I’ll find more details on what criteria HUD (Departmeng of Housing and Urban Development) is looking for. The announcement came at the end of last month. Here is a link to HUD’s announcment. HUD regulates and writes the rules and regulations for FHA loans. Yesterday I posted part 1 of a 3 part series that helps explain adjustable rate loans to consumers on Zillow’s Mortgages Unzipped blog. Here’s an excerpt: Here are some basic questions you should ask yourself before looking for an ARM: I received some information today that I found very disheartening. The HARP (Home Affordable Refinance Program) is a program designed to help homeowners either modify the terms of their loan or refinance with new programs designed to help homeowners who have good credit and payment but lack the equity needed for a traditional refinance. It’s Time for Everybody to Learn FHA loans Again Government insured loans are becoming the standard for first time home buyers again. FHA and VA loans now represent 35.9% of mortgage applications. Many lenders and originators had to familiarize themselves with FHA all over again. Most lenders who are still in the business are pretty familiar with [...] Here is an excerpt from my first Zillow blog entry: Are you condo owner or prospective condo buyer? Then you need to pay attention to some recent changes HUD (Department of Urban Housing and Development) is making that affects condominiums. In the past, you only needed to satisfy one of the following two criteria’s to finance a condo [...] Since the turn of the real estate market, we’ve learn new real estate jargon and terms we never heard prior to 2008. “Short sale”, “REO” (Real Estate Owned), “Bank Owned”, Forebearance and Loan Modifications are terms that many home owners or buyers have to familiarize themselves with. Loan Modifications are becoming one of the hottest topics. [...] In my own personal business, FHA and VA loans have represented over 50% of my own purchase applications. What’s interesting is that more of my VA buyers are existing homeowners who are looking to buy a new home. The VA guidelines for converting your existing home into a rental is much easier to qualify for than [...] Well, technically HUD has allowed us to use the Federal Tax credit as a down payment, but we are still waiting for the missing puzzle piece. HUD (The Department of Housing and Urban Development) is the Federal agency that regulates FHA loans. HUD issued a letter on May 29th allowing buyers to get a grant or [...] |
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