FHA Hope for Homeowners Program |
| 10/5/2008 8:19:33 PM |
The FHA Hope for Homeowners loan program officially began on October1, 2008. The objective of the Hope for Homeowners program is to helphomeowners who are in a negative-equity (they more than the house isnow worth) situation and may be in a toxic adjustable rate mortgage,get a fixed rate FHA mortgage loan they can afford.
The key elements of the FHA Hope For Homeowners... Read More |
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Save money on your mortgage -- make bi weekly payments as seen on Oprah! |
| 9/7/2008 3:56:33 AM |
Paying your mortgage payment bi-weekly can save you tens of thousandsof dollars in interest on your mortgage and cut years off of the lifeof your loan.
See what Oprah says about bi-weekly payments.
Shorten Your Loan Term
Loans that ordinarily take 30years to amortize will pay off in approximately 22 years when paidbi-weekly using an 7% interest rate as the example rate. If... Read More |
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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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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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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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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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BankUnited Announces Mortgage Assistance Program -- Option ARM To Conventional or FHA Refinance |
| 8/9/2008 3:36:43 PM |
Yesterday, BankUnited announced that they were launching a Mortgage Assistance Program to help people who are currently in an option arm and need to get into a conventional or FHA mortgage.
According to Ramiro Ortiz, BankUnited's president and COO:
"This is one of the most sweeping, broad-based programs of its kind. It will literally provide people with a map (MAP) to... 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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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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HUD Secretary Comments on Pending Housing Legislation |
| 7/28/2008 5:19:47 PM |
HUD Secretary Steve Preston issued the following statement on the new housing package that is supposed to be signed by President Bush this week:
"This legislation is a mixed bag. The proposed legislation takes important steps to provide stability and confidence in the financial markets and in the institutions that support American's ability to gain access to affordable... Read More |
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Are You Due An MIP Refund from HUD? How To Find Out -- FAST and FREE! |
| 7/26/2008 3:50:43 PM |
There is now a simple way to find out! Simply go here and you can search by your Last Name and find out if you are owed an MIP refund, how much it is and how to start the process to collect it. Of course, if you have any questions about this, you can always contact me!
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Is a loan modification right for you? |
| 7/13/2008 11:25:22 AM |
Last week, on ArizonaMortgageTeam.com, I talked about Loan Modifications and a company called LoanSafe that I have gotten to know and work with a little.
This week, the New York Times decided to feature LoanSafe and it's CEO Moe Bedard in a feature story about Loan Modifications -- what they are, who is doing them, etc.
The long and short of the story about loan modifications is... Read More |
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Maricopa County #1 In Nation For New Home Loans in Q1 2008 |
| 7/3/2008 4:48:09 PM |
According to Mortgage Banking Magazine, in Q1, 2008 Maricopa County led the nation for the number of purchase mortgage loans in the first quarter with 12,937 loans funded in that period. Maricopa County was also ranked #3 in the number of refinance mortgage loans funded during the same period with 30,924.
See the full story on the Arizona Mortgage Team site.
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HUD to Mail 675,000 Letters Urging Homeowners To Look at FHA Secure Mortgage Program/FHA Mortgage Refinance |
| 6/21/2008 7:47:09 AM |
Back in February, I reported that HUD was going to mail over 800,000 letters to homeowners urging them to see if an FHA refinance mortgage program would be right for them. Back in February, they mailed out 280,000 and said that they would be mailing through the fall.
Phase 2 of the campaign has now begun and they are going to mail out another 675,000 letters urging people to... Read More |
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