FHA New Up Front Mortgage Insurance Premiums Are Raised |
| 8/28/2008 7:24:49 PM |
As a result of the passing of HR-3221 into law in late July, yesterday FHA announced that they were changing the way they charge for Up Front Mortgage Insurance Premiums.
This is the 2nd time this year that FHA has changed the way they calculate UFMIP and it is effective for all FHA loans starting October 1, 2008.
The new Up Front Mortgage Premiums For FHA Loans Are:
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Take Out a Second Mortgage Loan to Improve Energy Efficiency |
| 8/26/2008 1:06:39 PM |
 With the upheaval in the financial markets brought on by the mortgage crisis, fewer and fewer people are looking at a second mortgage loan, simply because credit standards have tightened pretty severely since the heyday of the lending binge a few years ago. A second mortgage loan, however, can be a really useful instrument for getting money to upgrade your home, remodel... Read More |
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Loan Modification Harder To Get Done Now Than 5 Months Ago |
| 8/23/2008 6:35:16 AM |
According to the Arizona Republic, it is getting harder to get a loan modification done.
Some highlights from the article:
"In January, loan analyst Moe Bedard noticed a promising development in the mortgage-servicing industry: More lenders started restructuring distressed borrowers' loans to avert foreclosure.
But in the months that followed, the trend reversed itself.
&qu... Read More |
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Need to Improve Your Home? Get a Second Mortgage Loan |
| 8/19/2008 8:14:47 AM |
| Home improvements are expensive. But they are a great way to improve your property’s value and beautify your home. As a homeowner I know what it feels like to want to improve your space. I have plans to completely renovate a bathroom, install new countertops, re-finish kitchen cabinets, and knock down a wall to open up our living space. In addition, I would love to install... Read More |
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The Housing and Economic Recovery Act of 2008 — What It Means For Veterans |
| 8/17/2008 5:01:55 AM |
The Housing and Economic Recovery Act of 2008 has a few changes in it that are intended to help Veterans. For reservists and members of the National Guard who are called to active duty, there are some protections having to do with foreclosures and interest rates. If a service member had a mortgage before entering active duty, a lender can't start foreclosure until nine... Read More |
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One Third of New Owners Owe More Than House Is Worth |
| 8/12/2008 9:00:40 AM |
According to Bloomberg, many people who have bought their house in the last 5 years now owe more than their home is worth.
Many people as in about 33% of new homeowners!
According to Stan Humphries, Zillow's vice president of data and analytics: "For homeowners who need to sell, this is a gravelyserious situation,'' Humphries said in an interview. "It canalso be... Read More |
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FHA Loan Volume Jumps By 48 Percent in Q2 |
| 8/12/2008 8:05:31 AM |
| The Federal Housing Administration guaranteed 351,140 home loans during the second quarter, and the agency now accounts for 30 percent to 50 percent of loan production for some mortgage companies. "For borrowers at the lower end of the credit spectrum, FHA is the best option available," says Steve O'Connor, a senior vice president at the Mortgage Bankers... Read More |
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How to Have a Successful Second Mortgage Loan? |
| 8/12/2008 5:25:10 AM |
If you own a home, a second mortgage loan can be your ticket out of debt. Thousands of homeowners apply for second mortgages or home equity loans. It’s likely the easiest loan you’ll ever receive and the fund from the loan can be used for multiple purposes.
Commonly, homeowners use the cash from a second mortgage loan to consolidate debts. Since second mortgage rates are... Read More |
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It Is Harder To Get Approved For A Mortgage Loan |
| 8/12/2008 3:28:21 AM |
The Federal Reserve Board released their "July 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices" and it is clear that more and more banks are tightening their lending standards. A few highlights from the study: Large majorities of domestic respondents reported having tightened their lending standards on prime, nontraditional, and subprime... Read More |
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The Housing and Economic Recovery Act of 2008 — How The First Time Homebuyer Tax Credit Works |
| 8/12/2008 2:50:22 AM |
There are many parts to the new housing bill, but one of them will directly benefit first-time homebuyers -- a tax credit of up to $7,500.
Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.
A tax credit is much more valuable than a... Read More |
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There's more to the mortgage relief bill than just mortgage relief |
| 8/10/2008 6:49:01 PM |
I found a great overview of the new mortgage relief bill written by Greg Swann -- the guy who is the designated broker for BloodhoundRealty, the brains behind the Bloodhoud blog and generally recognized as a real-estate expert here in the Valley and a web 2.0 real estate expert nationwide.
This article also appeared in the West Valley sections of the Arizona Republic on... Read More |
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Can't Qualify For an FHA Secure Mortgage Loan? Here Are Some Signs That Loan Modification May Be Right For You. |
| 8/8/2008 6:44:34 PM |
I have been talking to at least one person a day this week who would like to refinance their house through the FHA Secure Mortgage program, but can't for one reason or another. These people are s-t-u-c-k in their current loan and usually they think all is lost and that they are going to face foreclosure...
Until I tell them about "Loan Modification".
I don't... Read More |
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FHA Has Helped 300,000 Families in 2008, FHA Secure on Pace to Help 500,000 by Year’s End |
| 8/6/2008 11:10:27 AM |
According to the latest press release from HUD --
HUD SECRETARY: FHA HAS HELPED 300,000 FAMILIES FIND RELIEF WITH GOVERNMENT-BACKED MORTGAGES FHA Secure on pace to help half-million homeowners by year’s end
WASHINGTON - U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that 300,000 families have refinanced their mortgages with HUD's... Read More |
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Improve the value of your home by Getting a Second Mortgage Loan—here’s how! |
| 8/5/2008 2:54:22 AM |
 If you think that the title of this blog is rubbish, please, read on. There are some easy ways that you can use the money from a second mortgage loan to greatly increase the value of your home. The recipe is simple for this one my friends. First get your home appraised and gets some quotes on a home remodel. Then take out a second mortgage loan on your home for a little... Read More
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Having Trouble Making Your Mortgage Payment? Ask Your Lender To Do These 6 Things. |
| 8/3/2008 7:55:54 PM |
Are you having trouble making your mortgage payment? Pick up the phone and call your lender. You are not alone and many people are in your same situation.
Because so many people in today's world are having trouble making their mortgage payments on time, lenders are hiring people in their "loss mitigation" departments so there is a better chance than ever before... Read More |
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