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.
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.
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.
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
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.
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.
Welcome to my mortgage blog. My name is David Leonard and I am a mortgage consultant with Inlanta Mortgage in Madison, WI. Helping people “Finance Their Dreams“ is what I do best. I make it as possible by coming to you at a time that is convenient for you. I’ll guide you through the entire loan process right to the closing table and keep you updated the entire time. I’ll get you the lowest interest rate you qualify for with the term that best fits your budget. Put my 10 years of experience to work for you.
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