Here are some interesting items from the new housing bill that you may not have heard yet.... When reviewing an article on www.BankRate.com, I noticed an article on More Regulations on Reverse Mortgages. A reverse mortgage is an advance against home equity. It's for homeowners age 62 or older, and the reverse mortgage doesn't have to be repaid until the borrowers die or move out. Because reverse mortgages are elderly borrowers, there is concern that dishonest lenders and brokers...Continue Reading!
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Mortgage Help Category
Have you been thinking about buying a home in the near future? You might want to do that sooner rather than later. A friend of mine in the mortgage business told me today that there will soon be a change in the cash investment required for FHA loans. Currently, a minimum 3 percent cash investment is required for FHA loans. Soon, (more…)Continue Reading!
Among the many items in the Housing and Economic Recovery Act of 2008 that are designed to help real estate and the overall economic market is a temporary $7,500 tax credit for first-time homebuyers. Here is a fact sheet prepared by Gregory S. Brown, Assistant Staff Vice President for Government Affairs of (more…)Continue Reading!
I received a note yesterday from a friend of mine named Tony Varisco. He is an associate of Laraby Financial Group, Inc., a mortgage lender with offices in Bryan, Texas. His note had an attachment from one of his investors regarding new guidelines from Fannie Mae on the conversion of principal residences or investment properties. I called him to ask some questions, and here is what he said. It seems that Fannie Mae, the private, shareholder-owned, NYSE-listed financial...Continue Reading!
Many buyers are being approved for FHA loans. It leaves a lot of you asking, "What is this?" Many others are not applying because they say "I already have/had a FHA loan" or "I am not a first time home buyer." What does this new era of FHA loans mean? It means the days of the "dreaded" FHA loans are over! FHA loans are loans that are backed by the government. The Federal Housing Administration...Continue Reading!
If you have lived in Bryan-College Station for very long, you know that we have a booming market, not only in Real Estate, but as a whole. Recently, we have seen a decline in many industries, and though stronger than most every City in America, we too are starting to feel the decline. With interest rates back at the "all time lows" and all of these new tax advantages, how could we have any economy (more…)Continue Reading!