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FHA loan requirements, rates and qualifications explained

July 28, 2009 By Leave a Comment

Here’s your chance to get the inside scoop on highly sought-after FHA loans to secure the best mortgage interest rate possible on your next home investment.

Cathy McDaniel — a consumer advocate who has more than 15 years in the industry working banks and lenders — will reveal how to secure a home loan/refinance from the Federal Housing Administration (FHA) and lock-in the best possible interest rate and mortgage terms available.

The educational session is available to watch LIVE online during a 90-minute money-saving presentation scheduled for Thursday, July 30, at 7 p.m. ET. To register now for “How to Get an FHA Loan” click here.

An FHA loan is an attractive alternative to a traditional loan because it will put money back in your pocket each month, lowering your monthly mortgage commitment significantly. The long-term savings are even more mind-boggling.

Here are just some of the topics that Cathy will cover:

  • FHA options and features
  • FHA loan qualification and criteria, calculations/Ratios and MIP
  • FHA appraisal, qualifying the property and home inspection
  • FHA loan programs, escrow holdback and 203 (k) Streamline
  • FHA refinancing, loss mitigation and down payment assistance

This is a great opportunity to learn all the key points, options and FHA program qualifications from an industry expert to maximize your (or your clients) mortgage instrument. Be sure to tune in!

Register for “How to Get an FHA Loan” before it’s too late. Spots are limited and filling up FAST! CLICK HERE.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.

Filed Under: FHA Homes, Foreclosure Training, Foreclosure training workshops, Foreclosure Webinar, Foreclosure Webinars, Mortgage Rates, Real Estate Loans Tips, Real Estate Planning, Real Estate Training, Refinance Mortgage

Underwater mortgage: Refinance under Obama foreclosure plan seems critical …

May 21, 2009 By 2 Comments

… with an estimated 20.4 million homeowners in the United States who now owe lenders more than their homes are worth because of the across-the-board decline in home values, according to a recent study from Zillow.com:

” … the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter [2009] from 16.3 million at the end of the fourth quarter [2008]. The latest figure represents 21.9 percent of all homeowners, [which is] up from 17.6 percent in the fourth quarter and 14.3 percent in the third quarter.”

Obama’s plan, which is often referred to as the “Making Home Affordable” program, is intended to “stimulate” the housing market and reduce interest rates/loan amounts for homeowners struggling to meet their monthly mortgage obligations.

Typically, homeowners who are “underwater” are not permitted to refinance their mortgages, but now the has changes for loans backed by Fannie Mae and Freddie Mac under the new initiative.

To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.

Filed Under: Loan Modifications, Making Home Affordable, Mortgage Rates, Refinance Mortgage

Barack Obama: Refinancing now is ‘money in your pocket’

April 10, 2009 By 2 Comments

“We are at a time where people can really take advantage of this…. The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates. That is money in their pocket.”

– President Barack Obama is urging homeowners to take advantage of super low mortgage interest rates through the recently introduced Making Home Affordable program to possibly ease their financial burdens. He made the remarks in the White House’s Roosevelt Room alongside several other key individuals who are charged with getting the housing market back on track, which includes ensuring that people are able to afford their homes and remain in them to avoid more foreclosure situations. According to an Associated Press report, nearly 200,000 homeowners contacted Bank of America alone “to find out if they are eligible to refinance under the Obama administration’s new guidelines.” To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here.

Filed Under: Making Home Affordable, Mortgage Rates, Refinance Mortgage

Current mortgage rates drop; Refinance applications climb

March 25, 2009 By Leave a Comment

The Mortgage Bankers Association reports today that rates on 30-year mortgages fell from 4.89 percent last week to a current figure of 4.63 percent. Unsurprisingly, the refinance rate jumped as a result, increasing 72.9 percent during that span as opportunistic homeowners scrambled to reduce their existing interest rates.

In fact, more than 75 percent of those applicants were current homeowners and the remainder came from new homebuyers.

An Associated Press report tells us how it all came to be:

“Interest rates have plunged since the Federal Reserve said in November it would buy up to $500 billion in mortgage-backed securities in an effort to bolster the long-suffering housing market. Last week, the Federal Reserve went further, announcing a $1.2 trillion effort to lower rates on mortgages and other consumer debt in a bid to revive the economy. The effort includes buying up to $300 billion in long-term government bonds and $750 billion in mortgage-backed securities guaranteed by Fannie Made and Freddie Mac.”

Up until recently most homeowners were unable to take advantage of the great rates because of the collective nosedive that the housing market took in the past few years. They became upside-down on their mortgages, meaning that they owed their lenders more than their homes were worth .

Refinancing under those conditions was next to impossible.

The good news is things are a little different now thanks to the “Making Home Affordable” program, which was introduced on March 4 to “stimulate” the housing market and reduce interest rates/loan amounts for homeowners struggling to meet their monthly mortgage obligations.

For more on the particulars of that program click here.

Filed Under: Mortgage Rates, Refinance Mortgage
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