Archive for 'Buying Advice'
Subprime Loans Mostly with Minorities
Everyone has their own theories about the subprime mortgage debacle and more recently an in depth look with the CNBC special “House of Cards.” Some of the borrowers knew what they were getting into by lying about their income to afford a home. Others however, did not know what lenders were steering them towards. Unfortunately, [...]
Full StoryNew Guidelines for Borrowers with Short Sales, Foreclosures, and Deed-in-Lieu
Freddie Mac and Fannie Mae have adjusted their guidelines for borrowers who have a Short Sale, Foreclosure, or Deed-in-Lieu of Foreclosure.
Waiting period and allowable financing are now the same for all of these
2 years – but less then 4 years: Max 80% financing
2 Years with Extenuating Circumstances: Max 90% Financing
4 years – [...]
More People Choosing to Rent?
Since the first time home buyer tax credit has expired, we have seen the buyer numbers drop a little. However, it may have been a good thing that the buyers that were out to get the first time home buyer tax credit didn’t buy a home. The first time home buyer tax credit was a [...]
Full StoryTop 5 Mistakes First-Time Homebuyers Make
Buying a home can be an intimidating experience if you are not well prepared. Your Realtor® should supply you with the knowledge you need to be comfortable in every situation. Here are 5 common and costly mistakes that the uninformed buyer make:
Ignoring their Credit Score: Lower score borrowers pay thousands of dollars in increased interest [...]
Full StoryFannie Mae Pre-Foreclosure Announcement
To support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure). The “waiting [...]
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