Under the Radar Loan Program for Homebuyers

No Money Down - Home Loan




There is a new loan program available for homebuyers, referred to as the Neighborhood Assistance Corporation of America, or NACA.  This could be the best kept secret for home buyers today.   The program was designed primarily for low and medium income people and those purchasing in low to middle income communities. Interestingly, the maximum loan […]




Dodd-Frank Legislation – How It Affects The Home Buyer

Mortgage Application




In January 2014, several new government regulations came into effect for the financing industry. Potential home buyers need to be aware of these new rules, thanks to Dodd-Frank. Who exactly is Dodd-Frank and what is it? Although Dodd-Frank has some good policies, in my opinion they have gone somewhat overboard.  The bill was signed into […]




Home Loan Costs for Veteran’s

Veteran Family




There are several advantages and disadvantages for a veteran when using their VA benefits to buy a home.  It’s not always the case, but a veteran usually takes advantage of a VA Home Loan for a few reasons: 1. They are not required to have a down payment.  2. The fees charged when buying a […]




HAMP – What Happened to the Home Affordable Modification Program?

HAMP - Loan Modification




In 2009, the government put into place the Home Affordable Modification Program, also known as HAMP.  This program essentially was directed to subprime loans.  The intent was to create incentives so lenders would be more willing to work with borrowers to adjust the terms of their loans, thus avoiding default or foreclosure. At that time, […]




New FHA MIP – Guidelines for Buyers




As if it wasn’t tough enough for buyers to obtain a loan, effective April 1, 2013, FHA guidelines for MIP (Mortgage Insurance Premium) just got tougher, compliments of the government. Buyers will choose FHA loans over Conventional for several reasons.  1) Down Payments can be as low as 3.5%, 2) Closing costs are usually less […]




Pearls of Wisdom When Shopping for a Home Mortgage

Home Mortgages




As anyone considering a home purchase knows, securing a mortgage becomes the greatest financial decision in their lives.   Choosing a reputable loan officer is just as important as obtaining the best rate.   Determining what type of home mortgage is best for the consumer is another important feature of the decision making process. Qualifying for a […]




Fannie and Freddie Considering
Forgiveness on Mortgage Defaults

Freddie Mac and Fannie Mae




We could argue daily and point fingers at who is to blame for this housing crisis. Banks are as much to blame and perhaps more so than the homeonwer’s themselves.  We, as real estate professionals, have been wondering since Day1 why Fannie Mae & Freddie Mac continue to foreclose on homes when there are other […]




FHA Fees on the Rise

FHA Guidelines




Beginning this month, the FHA is increasing two fees that affect the borrowing power of the buyer.  These new fees are intended to make up for lost revenues on defaulted mortgages.  Also this month the FHA planned a new policy that in essence would not ignore credit disputes by borrowers on medical, collection or judgment […]




HARP Program – The New Home Affordable Refinance Program – Part 1




Part 1 of Part 3 Effective November 15, 2011, several vastly improved changes have been made to the HARP Program – Home Affordable Refinance Program.  These changes definitely could put the housing market back on track.  The program will be available in March 2012.  To be eligible for the HARP program, the homeowner must meet […]




HARP Program – The New Home Affordable Refinance Program – Part 2




Part 2 of 3 10. Do I have to use my current lender to apply for the HARP progam? No.  You may select any lender of your choosing as long as the lender is participating in HARP. 11. I will not be able to put 20% down.  Will I have PMI (Premium Mortgage Insurance)? It […]