Post image for 5 First Time Home Buyer Guidelines to Help You Make the Best Decision

If you are ready to make the choice to become a home owner, here are some guidelines to help you make the best decision for your circumstances.

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Post image for Home Affordable Refinance Program (HARP) Extended until 12-31-2015

The Federal Housing Finance Agency has extended the Home Affordable Refinance Program (HARP) by two years. 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, 2015. This program was extended last year and was set to expire December 31, 2013.

Washington, DC – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013.

“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”

Read the full announcement here: http://www.fhfa.gov/webfiles/25112/HARPextensionPRFINAL41113.pdf 

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Post image for Ways that a Reverse Mortgage May be Better than a Bridge Loan for Kids of Baby Boomers

The modern era has seen a new phenomenon not previously experienced in this country. People are waiting a bit longer to get married and have children.  Gone are the days of individuals marrying at 20 or 22 and having a couple of kids by 28.  Now, people may not get married until they are almost 30 and then have kids.  The longevity of the Baby Boomer generation means that these people in their 30′s and 40′s are now trying to raise their own kids while also caring for their elderly parents.  This situation has led many people to either buy one large house to combine with their senior aged parents or help their parents buy a home very close to them.  For these families a reverse mortgage is usually a better idea than a bridge loan.

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Post image for Follow the Steps of Thousands of Other Homeowners and Refinance with the HARP Program

At the present, over 20% of American homeowners feel that their home’s value is actually lower than the balance of their mortgage. Thankfully, a program has been designed to help these people that are “under water” on their mortgage. The HARP (Home Affordable Refinance Program) was introduced by the Federal Housing Finance Agency in an effort to help homeowners stay in their home and avoid a costly loss.

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Post image for Should a Potential Buyer Give Money to a Seller to Make Repairs?

People considering a home purchase often feel the pressure of many emotions. They want to get out of their current living situation and into a presumably better home. Having a place to call their own, and make their own choices, is very enticing for many people. So what should a buyer do if the seller asks for money to make repairs?

Typical Scenario

Here is a common situation. A young couple wants to buy their first home and they are considering a FHA mortgage. They find a home that they like, in their price range, but the home needs a few updates. Perhaps the interior paint does not suit their taste, or the carpet is outdated, or the couple would prefer energy saving windows. Whatever the case, the buyers approach the sellers and ask about these improvements. The seller says “sure, I can do these improvements, if you pay me the cash for it.”

What should the buyer do?

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Post image for VA Mortgages Growing in Popularity as Lending Rules Remain Strict

While the sub-prime mortgage industry has all but evaporated and many people fight to get a conventional loan, the number of VA home loans has increased by 50 percent in 2012. The number of loans approved is the highest number of loans since the year 1994.

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Fannie Mae Offering Streamlined Refinance in the Form of DU Refi Plus

December 18, 2012
Thumbnail image for Fannie Mae Offering Streamlined Refinance in the Form of DU Refi Plus

The VA home loan program has spread the word on their Interest Rate Reduction Refinance Loan (IRRRL) for years. This loan makes it easy to refinance an existing VA loan at today’s great rates with reduced paperwork. Now, people who have a loan via a Fannie Mae lender can get a similar deal with the DU Refi Plus.

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Low and No Down Payment Loans Still Exist: FHA and USDA Rural Housing Most Popular

November 14, 2012
Thumbnail image for Low and No Down Payment Loans Still Exist: FHA and USDA Rural Housing Most Popular

If you have worked at the same place for the past two years, paid your rent and other bills on time and have an average credit rating, you can become a homeowner. Having a down payment equal to 10% of the sales price is just not necessary in every case.

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Understand The Reverse Mortgage Before Signing on the Dotted Line

October 17, 2012
Thumbnail image for Understand The Reverse Mortgage Before Signing on the Dotted Line

Recent estimates state that as much as 30% of Americans own a home without any mortgage debt. The majority of these people are seniors who are either retired or facing retirement. Unfortunately, some of these people may be in danger of losing their home due to high property taxes, rising health costs or a major expense beyond their current means. It is for these reasons that the reverse mortgage was invented.

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The USDA Mortgage: One of the Few No Money Down Mortgages

September 19, 2012
Thumbnail image for The USDA Mortgage: One of the Few No Money Down Mortgages

Buying a house, and maintaining the property, can get expensive. Saving up $15,000 for a down payment, plus an extra $2,000 to $3,000 for improvements or a rainy day fund can really take some time. What if there was a way to save up AND get a home without a down payment? Thanks to USDA Rural Housing, that can be a reality.

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