There isn’t a 40-year FHA mortgagge program! There’s a huge difference between a new 40-year FHA Mortgage option and an extended loan modification program. The FHA increased the term for loan modifications to 40 years… that’s way different than offering a new 40-year FHA Mortgage program.
Are you thinking about selling your home? Now may be the time to move-up or down-size depending on your real estate goals. Either way, if you’re thinking about selling your home… you need to know about the “Rate Lockout Effect.” Leading real estate economists are predicting that homeowners who bought homes, or refinanced their mortgages,
This FireBoss Realty Listing Only Lasted 10 Days On The Market!!! That’s right 0% Down Payment… You may have heard that the days of 100% financing are over and that is mostly true… BUT… There are still USDA Guaranteed Housing loans for eligible families looking to buy eligible property. Are looking for 0% Down Payment
One of the few blessings to come out of the Great Depression was the FHA-insured loan. Although, contrary to what many think, it wasn’t created to help low-income buyers get into homeownership. Just as during our recent recession, in the Great Depression foreclosure rates skyrocketed, leaving lenders in the lurch. The FHA-insured loan was created
It is sometimes called the Qualified Mortgage (QM) Rule, other times it is called the Ability-to-Repay (ATR) Rule, either way there are new rules for mortgage pre-approvals as of January 10, 2014. Getting pre-approved for a mortgage is an essential first step in the home buying process because real estate agents and the sellers the
I recently had a conversation with a client who has lived in a home for 12 years with a FHA loan and they wanted to rent it out when they bought another home. They had heard that they would have to refinance to a conventional loan or pay off the FHA loan before they could use
The Texas Foreclosure Process is very short and simple. Homeowners in default on their mortgage can, by law, lose their home in as few as 41 days. And because Texas is a non-right of redemption state, there is no opportunity to reclaim your property once the foreclosure has taken place. For these reasons it is
How to Track Your Spending and Use the Envelope System You Gotta Be Knowin’ Where the Money is Goin’! That’s the first step to making your money behave. Have you ever gotten to the end of the month and wondered where all of the money went? Have you ever broken a $100 bill and
The mission of USDA Rural Development’s Single Family Housing Guaranteed Loan Program is to assist low to moderate income rural home buyers achieve their dream of home ownership! USDA Rural Development uses approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. These federally guaranteed
Getting a mortgage for a home can seem like a complicated and mysterious process. Just like any good investment, you should never buy anything that you don’t understand. Knowing how the mortgage lending system works will relieve much of the stress and anxiety associated with making what is most likely the largest purchase of your
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