Tag Archives: FHA

Buying A Flipped Home? Mortgage Stipulations To Be Aware Of

House hunting? If your appetite for a turnkey renovated home is a flipped house, you may end up jumping through more hoops to close escrow. What Is A Flipped Home? A flipped property is a situation where the house is acquired usually by a real estate investment company (also could be an individual) and is re-offered […]

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Wells Fargo Peddling Down Payment Assistance Crack

Wells Fargo is now peddling down payment assistance crack to potential FHA home buyers in Oakland, Fremont, Hayward, Concord, Antioch, Bay Point, Brentwood, Pittsburg and Richmond – areas that have been hardest-hit by foreclosures. Similar to the glory days of down payment assistance programs, borrowers could buy homes with zero money out-of-pocket. Back in 2008, the FHA […]

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How Much Income Needed To Buy A House

Home Loans are made against your ability to repay. While the the mortgage loan is secured against the house, it is really made against your income. That’s what mortgage lenders are look for, income to offset liabilities. Yes, a house payment is liability for a borrower. Oftentimes, there is a disparity between how much house […]

The Top 10 Reasons Why You Cannot Buy A House

It’s a fact buying a house today has never been more affordable. Low house prices coupled with record low mortgage interest rates have made purchasing a primary residence, second home or investment property very appealing for many. Unfortunately, many purchase transactions fall out of escrow, some buyers are unable to qualify for mortgage loan financing […]

Government Loans: To FHA or USDA

Any home buyer putting less than 20% down today has probably been offered or researched the possibility of using a government loan to buy a home. Government loans offer flexible financing alternatives to the standard 20% down conventional loan. Although government loans do contain monthly mortgage insurance, these options allow for a more complete story […]

FHA Streamline Refinances: HUD Reduces Monthly Mortgage Insurance!

“FHA ANNOUNCES PRICE CUTS TO ENCOURAGE STREAMLINE REFINANCING Millions of FHA borrowers could save average of $3,000 a year WASHINGTON – Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA’s Streamline Refinance Program that could benefit millions of borrowers whose mortgages are currently insured by FHA.   Beginning June 11, 2012, […]

Derogatory Credit: How Long Before You Can Buy A House Again?

This information updates from time to time. The latest info comes from a lender friend of mine. If you’ve gone through a short sale, foreclosure, bankruptcy, or deed-in-lieu of foreclosure, here is how long you’ll have to wait before you can buy a home again. I bet not too many folks out there are aware […]