It’s scary applying for a home loan. The commitment to buy a home is stressful enough. Adding the fear of being turned down for a home loan can be too much for a consumer. I find that most consumers who are concerned with their credit feel that a credit blemish from years ago will keep [...]
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The most difficult hurdles to overcome when helping HARP loan clients are typically placed by the homeowner’s existing lenders. Thankfully, the second mortgage companies have become much more lenient and willing to play ball. Companies are typically going to be okay with subordinating their loan if the homeowner is working on a HARP refinance on [...] In January, the Department of Housing and Urban Development (HUD) announced the first major changes to FHA financing for the year changing the maximum seller concessions from 6% to 3% early summer 2010. The changes to seller concessions will have a large impact. Concessions include what the seller is contributing to the buyer in the transaction. [...] The answer to this question varies depending on the loan program a buyer is looking at, but most buyers who have past credit problems rely on FHA loans as their fastest track back to homeownership. This is due to FHA’s lenient credit guidelines compared to conventional loan programs. HUD (The Department of Housing and Urban [...] Earlier this month Fannie Mae announced the release fo their “Deed for Lease program. If an owner cannot afford to pay their Fannie Mae backed mortgage, they can deed the property to Fannie Mae and rent it back at market rate. The homeowner can obtain a lease up to 12 months and either sign a [...] |
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