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October 2007 - Posts

Wednesday, October 24, 2007 8:04 PM

Nehemiah FHA Loan Still Available!

On October 1, 2007, HUD prohibited the source of down payment assistance that consisted of funds provided by the seller, or any other person or entity who financially benefits from the transaction. The funds also could no longer be from any third party
Posted by Janet Carpenter | 0 Comments
Thursday, October 18, 2007 8:32 PM

Credit Issues When You Marry!

Even though you are now married, you still have your own credit scores and accounts. The changes occur when you apply for loans using both of your incomes. For a mortgage, for instance, they consider the 'middle' score for each person, but the
Posted by Janet Carpenter | 0 Comments
Thursday, October 18, 2007 8:05 PM

RESPA (Real Estate Settlement Procedures Act)

The Act is a consumer protection statue that covers loans secured with a mortgage, which includes most purchase loans, assumptions, refinances, property improvement loans and equity lines of credit. The purpose of RESPA is to help consumers become better
Posted by Janet Carpenter | 0 Comments
Thursday, October 18, 2007 7:50 PM

Fair Housing Law

The Fair Housing Act covers most housing, and was born out of the Civil Rights Act of 1968. In some circumstances, the Act exempts owner-occupied buildings with no more than four units and single-family housing sold or rented without the use of a broker.
Posted by Janet Carpenter | 0 Comments
Friday, October 05, 2007 10:01 AM

Want to Buy a Home, but Credit Needs Work?

If you want to buy a home now, but your credit needs some work, consider a Lease-Purchase for a year. You can improve your credit over the year and, in the meantime, live in the home you want. At the end of the year, you can get your financing and you
Posted by Janet Carpenter | 0 Comments
Friday, October 05, 2007 9:36 AM

Good News is Bad News in Mortgage Industry

More on yesterday's post... Sure enough, 'good' new is 'bad' news for mortgage interest rates. Today, we hear that 110,000 new jobs were created in August, as well as 118,000 new jobs in June and July. Today, the mortgage interest
Posted by Janet Carpenter | 0 Comments
Thursday, October 04, 2007 7:55 PM

What are the 'Real Estate Experts' Thinking?... Not to Mention, the Government!

Only 15% of the subprime loans became foreclosures, but we got rid of ALL subprime loans. They also got rid of 80/20 loans, which can be good. This, I feel, is one of those things that can and does hurt lenders. If no one is investing in the home, and
Posted by Janet Carpenter | 0 Comments