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Friday, November 21, 2008
Find a refinance loan that fits your needs and goals. Get the refinancing answers you need, and learn about the best refinance loans for your situation. Homeowners would no longer be required to have 3 equity or the cash equivalent to get an FHAinsured loan. These were houses you could buy from a catalog.In a fixed rate mortgage, your interest rate stays the same during the whole loan period, normally 30 years. Time reflects local markets trading time. Is a 30year fixed mortgage best for you. Dont most lenders require verification of income and full appraisals. They once did and are increasingly demanding them . Apply for your mortgage online or talk to a Quicken Loans home loan expert today. We take longterm mortgages for granted today, but it wasnt always that way. The maximum is less in cheaper areas. How much is the mortgage insurance on an FHA loan.The agency also requires verification of your income and assets and a full home appraisal to make a loan. See how fast and easy your mortgage refinance can . That gives borrowers a better chance of keeping their homes should they fall on hard times. As in the GIloan program, the applicant for the loan must make arrangements with a lending institution. Loans usually require a larger down payment. After World War II, the FHA helped finance homes for returning veterans and families of soldiers. Refinancing was not available, and many borrowers, now unemployed, were unable to make mortgage payments. With the protection you get with FHA its a very good deal.For your safety, please check with the sites privacy policy before entering your information. Treasury Secretary Henry Paulson worked with the mortgage industry to create a privatesector alliance called Hope Now. Its intent was to regulate the rate of interest and the terms of mortgages that it insured. Let your home pay you with a Reverse Mortgage. FHA refinance makes it possible to lower your interest rate and your monthly payments. You can get just one mortgage loan which includes the mortgage and the cost of repairs combined. Our form will take less than 2 minutes. Therefore, GMAC Mortgages privacy policy will not apply.While many Members support reforming FHA in order to make it more competitive to the forprofit industry. Explore our web site for exclusive home loan options, easytouse mortgage.Recent Photos
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Friday, November 21, 2008
Are You A First Time Home Buyer? Do Not Make This Mistake. by Dale Stouffer
A few years ago I was working with a first time home buyer couple who were in the process of purchasing a home using FHA. The couple was referred to me by a very prominent real estate agent in the area. The couple sailed through the loan application process and their loan was going very smoothly. I had informed them to not make any major changes in their credit as this would affect their credit report, credit scores, and their debt to income ratios. If any of these things change you could not qualify for your home I told them.
Near the end of the loan underwriting process during the time when the underwriter was approving the loan, the underwriter wanted to see the proof of the downpayment that the borrowers were going to use. The couple was planning on using around $5,000 worth of savings bonds. We had submitted copies of the bonds before they were cashed as we were told to do by the underwriter. As part of proof of the funds being available for the loan settlement, we had to prove that the bonds were cashed and deposited and that they were still in the bank. Well, we could prove that the bonds were put in the bank, but the couple had then used the money from the bonds to purchase furniture for their new home. As a result, they had no money in the bank for their downpayment. The underwriter found this out about right before we were supposed to go to settlement.
When I called the borrowers about their missing money, they told me what they did and that they were planning on using one of their credit cards that they had no balance on to cover the cash that they had to use for the loan. I informed them that the underwriter would not want to know this. Fortunately for this couple, FHA allows a gift to come from a family member to cover a downpayment and closing costs. With this knowledge, I told the borrowers that if they could get a gift from a family member to cover their downpayment we could satisfy the underwriter's condition. There was a particular way that the money had to come from the family member, which the borrowers followed my instructions closely and we were able to close the loan a day later than we had originally wanted.
There were ramifications to everyone because of what happened in this transaction. With the settlement moving one day, the listing agent had to be notified and lost some confidence in our buyer's ability to get their loan, the seller had to wait an extra day to sell this home, which in turn slowed down the purchase of their new home that they were buying, the buyer's agent got really mad at me. Even though it never came across my mind that I needed to tell them to not cash in their savings bonds and use that money for something else. When I first called the borrowers when we couldn't verify the money was in the bank and I told them the problems that their actions created, they said to me that it was stupid of them to do what they did in retrospect. However, I did the right thing and called everyone and took responsibility for failing to tell the borrower that they needed to wait until the home was purchased before they bought any furniture. Unfortunately for me the real estate agent got very mad because she thought she looked bad because she had referred the customer to me and we (the lender) caused the loan to close one day late. I never got another deal from that real estate agent.
The lesson here for a first time home buyer, or for anyone buying a home, once you tell your loan officer your financial situation and they get you approved based on that original financial information, do not do anything major unless you check with your loan officer.
Source:
Dale Stouffer has been a mortgage broker since 1996. Dale owns GetPreQualified.com, a consumer financial services education portal dedicated to first time home buyers, real estate financing, mortgage home loans, credit repair.
