Post image for Spouse of Military Veterans Can Apply for a VA Mortgage Loan

The act of war can be so ugly. Lives are lost, families broken apart and countries are damaged. The United States government realized many years ago that no amount of money could make up for the loss of a loved one. But, extending benefits to the surviving spouses could help the spouse and potential family maintain a quality home. That is the nature of the Veterans Administration (VA) Surviving Spouse Benefit.

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Post image for Mortgage Industry Taking Steps to Counsel Customers on Reverse Mortgage

Amidst the run-up of new reverse mortgage loans and outcries from legal pundits that this was a scam for senior citizens, the mortgage industry as a whole took steps to help educate consumers. Some people in the business look at the new counseling requirement as a hindrance but many lenders see it as a proper tool used to determine if the person is a good candidate for the loan.

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Post image for Understanding the APR of a Conventional Mortgage

Most people only consider two things when they are shopping for a mortgage. First, they ask the loan officer about the available interest rate then they ask for the estimated payment based on the given rate. However, there is one more item that should be considered; the APR.

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Post image for Home Affordable Refinance Program (HARP) Extended until 12-31-2013

The Federal Housing Finance Agency has extended the Home Affordable Refinance Program (HARP) for another year. This allows the continued use of Fannie Mae’s DU Refi Plus and Freddie Mac’s Relief Refinance Mortgage (also known as Open Access)  through December 31, 2013. This program was extended last year and was set to expire June 30, 2012.

Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.

Read the full announcement here: http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

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Post image for Are there really that many homes that qualify for USDA funding?

With several articles being published on a regular basis about the USDA home loan, many people have the same question; “are there really that many areas that qualify for the loan?”

Since the term “rural” is often used to describe the USDA mortgage program many individuals wrongly assume that only the properties located 50+ miles from any type of city will qualify. However, this is terribly wrong.

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Post image for Which is better: A Jumbo Loan or an FHA Mortgage with New Higher Limits?

The recent changes in FHA maximum loan amounts have some people wondering if they should consider an FHA loan for homes priced around $500,000 to $700,000. While the ease of qualifying for the FHA loan is enticing there are several other things to consider.

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The FHA 203K Program Can Be Perfect for Some People’s First Home

October 31, 2011
Thumbnail image for The FHA 203K Program Can Be Perfect for Some People’s First Home

People who are looking to buy their first home at a good price with a low down payment will be surprised to find that FHA has a perfect solution for them. The 203K loan can help people purchase a home and make necessary repairs or improvements with one loan.

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The Push for No Money Down Mortgage Options

September 26, 2011
Thumbnail image for The Push for No Money Down Mortgage Options

Real Estate agents are campaigning across the country to keep down payments low. The National Association of REALTORS® (NAR) is using a decorated bus to tour various cities in an effort to build up grassroots support of no money down mortgages or low down payments.

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Bad Economic News is good for Mortgage Rates

August 19, 2011
Thumbnail image for Bad Economic News is good for Mortgage Rates

The recent decline in overall mortgage rates has provided a new opportunity to people that were not able to refinance last year. The recent 30 year rate has hit the lowest point for the year 2011. The 15 year rate hit its lowest point in history.

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Setting up a Realistic Budget for a Home Purchase

July 11, 2011
Thumbnail image for Setting up a Realistic Budget for a Home Purchase

First time home buyers usually start searching for a home with wide eyes and big dreams. Dreams are great and should be pursued with great gusto. But this does not mean that people should get a house at the very end of their income. Here are some guidelines for setting up a budget for that first home purchase.

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