Archive for the 'Mortgage Help' Category
New Fannie Mae Guidelines for Second and Investment Homes
July 14th, 2008 categories: Buying Real Estate, Market Trends, Mortgage Help, Real Estate News
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 services company that serves the American home mortgage industry, has recommended new guidelines for lenders. These guidelines deal with buyers who are seeking to purchase a new primary residence while converting their old one into a second home or an investment property. While this is only from one investor and not an official publication from Fannie Mae, he said that most other investors will fall in line or close to it on these new guidelines because they come from Fannie Mae. These guidelines are meant to ensure a borrower’s financial stability and help prevent future mortgage default and foreclosure. While these new guidelines are not yet in effect, they could go into effect at any time. At issue...| Discussion: 10 Comments »
Why FHA Loans?
July 14th, 2008 categories: Buying Real Estate, Market Trends, Mortgage Help
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 (FHA) has taken notice and now they are easier to get, have higher loan limits and are faster to process. If you have already had an FHA loan, THAT IS OK! You can have however many FHA loans you want, but only one at a time. You cannot use FHA loans for investment properties, they are meant for owner occupied properties. They are NOT for first time buyers only. You can be on your 5th home and still have an FHA loan. (more...)| Discussion: 1 Comment »
Ok, so it’s a “Buyer’s Market”- Now What?
May 9th, 2008 categories: Buying Real Estate, Mortgage Help, Selling Real Estate
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...)| Discussion: 3 Comments »
Traversing the Swamp Lands of Loan Qualification
April 4th, 2008 categories: Buying Real Estate, Mortgage Help
Soooo, you forgot to drain the swamp, did you? Well here's a quick tip to getting your credit back on track and the alligators off your backside. There are websites for obtaining a copy of your credit report. Use one and see what's on that report. Ah, so you found where the alligators are coming from. Ok, start damage control now. First make sure these are your debts because there is that sticky situation called identity theft. Secondly, be very careful of predators that buy debts, change the date on them and try to collect the money from you plus 200% interest. There is a statute of limitations on debts of 3 to 5 years. A lot of people don't know this and they cough up enormous amounts of money to pay off these predators. There is the beginnings of a class action suit against them. Stay tuned to hear how that comes out. Now pay off what you can, negotiate terms on the others and get yourself out of debt so that you can be a happy home owner.| Discussion: 5 Comments »
Closing Cost? What Are They Asking Me To Close? I Thought I Was Buying….
March 29th, 2008 categories: Buying Real Estate, Mortgage Help, Selling Real Estate
Closing costs are simply this: the costs of borrowing money, establishing the loan, purchasing title insurance, establishing escrow charges, conducting pest inspections and preparing the necessary documents to finalize the sale. These costs may be significant and are easily overlooked by a first time buyer. The Costs of Borrowing Money. This includes what some lenders call "discount points," a one-time charge to adjust the yield on the loan to what market conditions demand. Each point equals 1% of the mortgage amount. Two and one-half points on a $100,000 mortgage would cost $2,500. The Costs of Establishing a Loan. These might include the loan origination fee, and cost of credit reports. Premiums for hazard and mortgage insurance are usually paid at closing. Also, pre-paid interest will be collected for the period between closing and the end of the purchase month. The Costs of Document Preparation. Title insurance costs pay for the search of public records to determine if the property you want to purchase is free from any other ownership or liens. Recording and transfer fees cover the legal recording of the deed with the proper governmental agencies as well as the transfer of taxes. Susan Hilton - Realtor & Sales Trainer for Century 21...| Discussion: Your Comments Please »
