Archive for the “Latest News & Updates” Category

new & recent updates affecting USDA, FHA, VA & CONVENTIONAL home loans!

So the Chief Economist at NAR (National Assoc of Realtors) predicts housing sales will increase 4% next yr (2012).  Moody’s Analytics (Celia Chen) is more ambitious, thinking a 20%+  jump in 2012. But the much-desired housing recovery will be strangled by one thing above all . . .lack of consumer (homeowner) confidence in that Recovery. You see if house prices soften in the first two quarters of 2012 as expected by many, a good chunk of homeowners will react to negative equity by “strategically defaulting”. It’s a fact that being underwater is a common trigger which causes people to bail. The default and resulting number of foreclosures kicks off a cycle of events which repeats the drop in house prices.  Default leads to foreclosures . . leads to drop in prices . . .leads to negative equity . . leads right back to more default.

If somehow Consumer confidence and faith in long term appreciation in value could hold its ground, we’d see an overall housing recovery quicker and stronger.

Only time will tell  . . .Strategic Default ,negative equity

 

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Everyone!
Write your Congressman/Congresswoman and push them to pass H.R. Bill 8026 known as “The Medical Debt Responsibility Act (2011″. Below is a Summary of what the Bill means, straight from Congress.
Basically, any medical bill less than $2500 which is satisfied or paid CANNOT BE REPORTED ON YOUR CREDIT REPORT! Could you imagine what this would do to the FICO scores of millions of people? With FHA financing now available for scores as low as 530 to 560, could you imagine how many folks would become eligible for buying a home?
This Bill potentially has a sensational effect on homebuying if we can get it to Pass.
HR Bill 8026 Medical Debt Responsibility Act 2011

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Rules For Buying After Bankruptcy, Foreclosure & Short Sale Class

Rules For Buying After Bankruptcy, Foreclosure & Short Sale Class

Our Free Class For Real Estate Agents yesterday, held at the SRCAR (Board) was a terrific success! Great feedback from Agents who said it was super informative!

The topic was ‘Rules For Buying After Bankruptcy, Foreclosure or Short Sale’

For more information call 877-332-9703

 

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There are some sweeping changes coming in the Fall of this year (2011) which will make Mortgage lenders more accountable for the loans they fund and approve; some speculate that this is the part of the reason the USDA has chosen to tack on Mortgage Insurance (just like FHA’s) to the monthly payment.
Thankfully, we the tax payers won’t be the ones needing to subsidize things. The homebuyer pays Mortgage insurance just like he/she would for an FHA loan.
Here’s how things will change , come Oct 1, 2011.
Presently the USDA Zero down loan carries with it a 3.5% Upfront Guarantee fee and no monthly mortgage insurance.
After Oct 1, the Upfront Guarantee fee drops to 2.00% and an annual Mortgage insurance of 0.3% will be added.
The annual mortgage insurance will never go away over the life of the loan. (This makes it unlike FHA, where after 5 yrs and 78% Loan-To-Value threshold, the mortgage insurance can go away).
Good news is that the annual mortgage insurance $dollar amount will decline each year because it’s recalculated at the new principal balance of the loan each year.
Overall this means an increase of about $16/mo for every $100,000 loan amount borrowed. Not a deal killer necessarily, but definitely something that affects debt ratio and qualifying ability/buying power.
Stay tuned for more updates :)
Be sure to use our super Mortgage Calculator (unlike any other) to compare payments at www.thezerodownloan.com/mortgage-calculator

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Check this out
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