Posts Tagged ‘FHA’
Sunday, October 24th, 2010
Good Neighbor Next Door HUD Program: I had a client recently inquire about the GNND program, a program setup for teachers, firefighters, policeman…. to purchase HUD owned homes at 50% off the asking price. I’m familiar with the process of purchasing HUD owned homes but this program proved to be even more challenging. By the way, there is only ONE agent that lists HUD homes in the Portland area and he is not helpful so find an agent that already knows the process. ANYway, after searching online I only found the same regurgitated information; information that I’m sure you have already found if looking into the topic. Below is additional information that you will not find easily. This information may vary from state to state but this is appicable for Oregon. The tricky parts of the program: (more…)
Tags: 50% off, FHA, GNND, good neighbor next door, HUD, policeman, teachers
Posted in Bank Owned | No Comments »
Thursday, January 21st, 2010
Clients of ours forwarded the linked articles below to us for consideration; I’m passing along to you. I do expect FHA will continue to tighten and I do think interest rates will go up. For those of you thinking you want to wait for home prices to reduce, keep in mind that an increased interest rate may eat up any sale price savings and that if you are borderline qualified you may not be eligible for a loan a month from now. If you are a first time home buyer I do not recommend writing on short sales unless they already have a pre-approved amount acceptable to what you would want to pay. Chances are slim you would close in time for the credit and they waste alot of valuable shopping time. Here’s those articles:
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Tags: article, FHA, interest rates
Posted in Tips When Buying a Home | No Comments »
Thursday, December 10th, 2009
HUD is asking Congress to increase the min. down payment to increase from 3.5% to 5% on FHA loans. This would effect ALOT of buyers. My video guys here don’t mention it in this lender video but I’m also hearing that the min. credit score requirement is likely to go up as well. This could happen just after 
the first of the year. If you barely qualify for a loan now; get your bum out there and purchase; don’t waste your time on short sales that are likely to be a waste of time. Remember too, with short sales you can’t lock in your interest rate until you have final 3rd party approval, even if you are fortunate enough to get that what are the chances that the interest rate will still be as good as it is now 2-3 months down the road? Watch Video here! CLICK CLICK CLICK
Tags: down payment, FHA, HUD, TBWS
Posted in Uncategorized | No Comments »
Wednesday, September 9th, 2009
I love these guys! Their daily video touches on a bit of everything. In this one they mention how FHA delays the purchase of a ”flip” or home that has not been under the same name on title for a min. of 3 months. This happens and unfortunately if the buyer is going FHA it requires the buyer wait until the 3 months is up! -Kristie McD.
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Tags: FHA, flip, Lending, TBWS, video
Posted in Tips When Buying a Home | No Comments »
Friday, May 15th, 2009
With current market conditions there’s a significant swing towards FHA for many reasons, 
3.5% down being the big one, but also the MI, or Mortgage Insurance, is cheaper than with conventional loans with say 5% down. While these programs do help get buyers into homes, there are times where they work against the buyer and on occassion cost the buyer hundreds of dollars in losing a home or thousands more than initially agreed upon with the seller to be able to get it; this is the focus of today’s blog entry.
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Tags: appraisal, FHA, Lending
Posted in Tips When Buying a Home, Uncategorized | No Comments »
Sunday, January 18th, 2009
It’s not necessarily new but it’s been modified and lenders are excited to put it to work! I believe it’s referred to as the “203K FHA rehab loan”. I’m still learning the details but it sounds like it’s tailored to help those buyers out there that are wanting to purchase homes that are in need of cosmetic repair. I believe the amount (more…)
Tags: construction loan, down payments, FHA, First time home buyer, fixers, Lending, loans, rehab loan
Posted in Home Improvement, Portland Real Estate, Tips When Buying a Home | No Comments »
Thursday, November 20th, 2008
Before I break in the bad news, know that there is a fantastic 100% financing program still available if you are interested in living in the rural area. Homes in SANDY, Oregon QUALIFY! It’s called the “USDA Rural Housing Program”. Now to the unfortunate news. (more…)
Tags: 100%, FHA, financing, Lending, loans, Sandy, sandy oregon, USDA Rural Housing program
Posted in Sandy, Tips When Buying a Home | No Comments »
Friday, August 1st, 2008
Not long ago first time home buyers had the opportunity to purchase a home with zero down (no down payment). Setting aside whether this has contributed to our current mortgage melt-down, there were many buyers who benefited from such loans and would never have been able to purchase a home without them.
Now that such loans no longer exist (due to the inability to obtain mortgage insurance on such loans) the only options today are the “Seller Down Payment Assistance Programs”. The two prominent ones being the Nehemiah and the Ameridream.
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Tags: AmeriDream, Down Payment Assistance, DPA, FHA, First Time Home Buyers, Lending Loans, Nehemiah
Posted in Mortgage Rates, Tips When Buying a Home | No Comments »
Good Neighbor Next Door HUD Program: I had a client recently inquire about the GNND program, a program setup for teachers, firefighters, policeman…. to purchase HUD owned homes at 50% off the asking price. I’m familiar with the process of purchasing HUD owned homes but this program proved to be even more challenging. By the way, there is only ONE agent that lists HUD homes in the Portland area and he is not helpful so find an agent that already knows the process. ANYway, after searching online I only found the same regurgitated information; information that I’m sure you have already found if looking into the topic. Below is additional information that you will not find easily. This information may vary from state to state but this is appicable for Oregon. The tricky parts of the program: (more…)
Wow, that would really effect home purchases! Watch my favorite daily video guys “TBWS”. They are hilarious as well as informative. Watch Video: 
The below comes directly from Bruce our blogging lender with Landover Mortgage in response to the recent announcement that the $8,000 may be available at the closing table (or at the time of purchase). To read an article on the topic: 
