Posts Tagged ‘Mortgage’

Obama’s Mortgage Modification Plan

by Steve Rhodes

Obama’s Mortgage Modification Plan

The main intention behind Obama’s mortgage modification plan is to improve the financial condition of the people of America, which in turn will help improve the economic status of the country as a whole. There are actually few things related to the modification plan that people should know so that it helps them understand the plan and get answered to the related questions. This is very important because there are many people who still have some misconceptions about the home stimulus plan and its benefits and safety measures.

The first thing that should be clear in the homeowners’ mind is that they are not going to loose their house just because there is a steep downfall of the value of houses in the property market. The foreclosure has nothing to do with the current value of your house. Only if you fail to repay your home mortgage installments regularly, you may get a notice of foreclosure or an offer for loan modification from your lender.

There is no need to immediately accept or reject your lender’s proposal, rather take some time from him. Try to discuss with a legal advisor and see if the proposal is best, affordable and profitable for you. If yes, go ahead and accept it and if not try other options to save your house.

Mortgage modification plan offers cash incentives for lenders and borrowers making the plan all the more practicable and feasible. If your loan installments are more than 38% of your monthly income, the outstanding loan amount is less than 9,750, you are living in that house and you are facing serious financial hardship, you are eligible for the mortgage modification program designed under the main plan. There are many programs that are included in this home stimulus plan and you will have to look for the one that is suitable for you and your financial condition.

If you want to know the probability of the loan modification application approval for a particular home loan, you can get the net present value test done.

The lender will evaluate and calculate whether the modified and restructured loan will give them more monetary flow or not. If yes, they will accept and approve the application for home loan modification. So there are few points that will give you an idea whether your application will be improved or not.

Centennial Homes For Sale Tidbits: The Metro Mortgage Assistance Program

by familymwr

Centennial Homes For Sale Tidbits: The Metro Mortgage Assistance Program

Article by Jasmine Hill

Finally, you chose to live and buy a Centennial real estate by establishing a home price range and a brief list of eligible neighborhoods. You also analyzed your capability to make mortgage payments after identifying what your preferences are and whether having a home will justify those needs.

It is clear though that we are still coping with the effects of economic crisis. As a result, we are still looking for ways to cut off home buying costs. This is probably the reason why the Metro Mayors Caucus came up with program called the Mortgage Assistance Funds for First-Time Homebuyers. This article will explain more about the program and show you how to avail its benefits.

As mentioned a while ago, the Metro Mortgage Assistance Program is a program driven by the City and County of Denver and the Metro Mayors Caucus that provides a stable and customary mortgages for first-time home buyers in many parts of the Denver metro area, including Centennial. Other areas that can avail the program include: Arvada, Aurora, Bennett, Brighton, Broomfield, Dacono, Edgewater, Erie, Federal Heights, Frederick, Golden, Greenwood Village, Lafayette, Littleton, Lone Tree, Longmont, Louisville, Northglenn, Sheridan, Superior, and Westminster. This program is addressed for low and moderate-income households, and loans will be made on a first-come, first served basis.

The program offers a 6.59% 30-year fixed rate mortgage with loans either FHA insured, VA guaranteed, RHS (Rural Housing Service), Fannie Mae and Freddie Mac eligible conventional), along with a grant for down-payment and closing-cost assistance equal to 4% of the original loan amount. These funds need not to be repaid.

This program aids first-time homebuyers achieve a low 30-year fixed rate mortgage that accommodates them with a constant mortgage payment, maintaining security to borrowers from increasing interest rates and payments. The down payment assistance is a non-repayable grant that assists in giving buyers a head start toward building equity in their home. Meanwhile, a 1.00% start up fee payable by the borrower or seller plus customary closing costs is required during closing.

To be able to avail the Metro Mortgage Assistance program, your annual family income should not go beyond ,700 for families of one or two persons and ,455 for families of three or more. The highest home cost under the program is 5,175. Qualified prospective home buyers should not owned a home in the last three years, except in specified targeted areas which will be discussed below. Higher income and purchase price limits are also available.

Buyers should reside at the home as their principal residence and the program may only be used to purchase a home, therefore no refinancing. Mortgages are available for the following types of homes: Single family detached houses, condominiums, town homes, duplexes older than five years, Planned Unit Developments (PUDs) and manufactured homes.

Meanwhile, the first-time home buyer requirement is waived if a home is bought in one of the Target Areas. Target Areas are neighborhoods that were once underserved in mortgage loan origination and typically contain a high percentage of low-income households.

Qualified Veterans are cleared from the first-time home buyer requirement. Standard loan guidelines apply (i.e., adequate income, acceptable credit, and down payment requirement).

If you want to contact a collaborating mortgage lender and get more information regarding the program, you may visit the Metro Mayors Caucus’ official website.

www.chfamortgageloan.com The chfa mortgage for teachers in the state of Connecticut offers down payment assistance and below market 30 year fixed rate mortgages for CT school teachers. T
Video Rating: 0 / 5