1st Time Buyer – Mortgage Loans Types Of Home Loans

1st Time Buyer – Low Down Payment How To Buy A Home With A Low Down Payment

Checklist for 203k FHA LOAN

203K Check list 
Michael Grace is an expert when it comes to 203k loans. He has put together a check list of what to look for when looking at propreties that need work and you are looking at an FHA loan because you don't have alot of money to fix or put down. 203K FHA loans are the best in this type of a situation. It helps you acquire a great property with potential at a good price.

If you're looking for such properties call me or email me and I can send you a list of properties in the areas you may be interested.

FHA Imposes Floor for 3.5 Percent Down

FHA Imposes Floor for 3.5 Percent Down

The Federal Housing Administration (FHA) announced major underwriting changes to strengthen its reserves while maintaining the agency's critical position in the mortgage market at a time when its federally backed loans comprise about 40 percent of the market. Among the changes: an increase in the up-front mortgage insurance premium by 50 bps to 2.25 percent; a FICO credit score floor of 580 for borrowers to qualify for the agency's 3.5 percent minimum down payment (other borrowers must put down a 10 percent minimum); and a reduction in seller concessions from 6 percent to 3 percent of the mortgage amount. For further details, access NAR's brief on the FHA changes.

Hope for Homeowners Program

FHA Mortgage Rescue Program

Part of the Housing and Economic Recovery Act of 2008, passed in July 2008, includes provisions to help struggling homeowners replace their mortgages with 30-year fixed-rate loans backed by the Federal Housing Authority (FHA). Available from October 1, 2008 through September 30, 2011, the Hope for Homeowners program is designed to help homeowners who can no longer afford their monthly mortgage payments and have mortgages that exceed the market value of their homes.

Find Out More
More information about the Hope for Homeowners program is available online at www.HUD.gov (type “Hope for Homeowners” in the search window) or by calling (800) 225-5342. Both resources also offer information about the FHASecure program — a program designed to help qualified homeowners who may be facing foreclosure due to an interest rate increase on their mortgage.

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