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Monday, March 29, 2010
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Overview of Home Affordability Modification Guidelines
Loans must have originated on or before January 1, 2009.
Mortgages must be for a single-family residence with a loan balance no greater than $729,750.
Loans can only be modified once beginning March 4, 2009 through December 31, 2012.
Home cannot be vacant or condemned and must be a primary residence?not investor owned.
Interest rate can be lowered to as low as 2 per cent and the term of the mortgage can be extended to a maximum of 40 years in order to maximize the reduction in loan payment.
Borrowers will need to provide an "affidavit of financial hardship", their most recent tax return, and two recent pay stubs.
Service providers will be required to follow a sequence of steps that modify the loan in order to reduce the monthly loan payment to no more than 31% of gross monthly income.
Homeowners who make their payments on time are eligible for up to $1,000 of principal reduction payments each year for up to five y...
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| Posted by dawnmitchell at 10:47 AM |
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Wednesday, March 17, 2010
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Social media for busy professionals
Online social media networks are becoming very important to the people we want to reach. For the week ending March 13, Facebook was reported as the most visited Web site in the U.S. This was the first time it surpassed Google for an entire week!
No wonder more and more business professionals are using social media. But it does take time. To make sure you're using that time well, here are some tips to get the most out of online networks.
1. Keep your eye on the goal. The ultimate goal in using a social media platform is to get involved in conversations that create online relationships or produce followers for your business.
2. Schedule specific times for social media each day. Experts suggest spending 30 minutes on social media in the morning after checking emails and 30 minutes later in the day. It may be hard at first to do everything you want in 30 minutes, but you will get more efficient as time goes on. Keeping to an hour a day ...
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| Posted by dawnmitchell at 11:11 AM |
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Tuesday, March 16, 2010
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Seeing Weak Recovery So Far, Federal Reserve Leaves Rates Unchanged
The Federal Reserve left its benchmark interest rate near zero on Tuesday, affirming its view that job growth and other economic indicators remained weak as the United States slowly pulls itself out of recession. The Federal Open Market Committee, the Fed's chief policy-setting arm, left the Federal Funds target at zero to 0.25 percent, where it has been since December 2008. As it has said since March 2009, the committee said the rate was likely to remain "exceptionally low" for "an extended period." Most economists have taken that language to mean that the Fed would not begin tightening monetary policy until later this year at the soonest.
Read More:
http://www.nytimes.com?emc=na
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| Posted by dawnmitchell at 5:31 PM |
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Monday, February 15, 2010
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"IT AIN'T OVER TIL IT'S OVER." Yogi Berra. And whether you find those words deeply wise or simply puzzling...The Fed has told us repeatedly that their massive purchasing program of Mortgage Backed Securities is just about over - and this translates to home loan rates rising in the near future.
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| Posted by dawnmitchell at 9:35 AM |
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Monday, February 01, 2010
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Buying or selling a home is a daunting task. The goal, for sellers, is to sell your property in the shortest amount of time for the most money. The goal, for buyers, is to purchase your dream home at the lowest possible price. Your realtor is the individual representing you, providing counsel and negotiating on your behalf. Picking a realtor is crucial.
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| Posted by dawnmitchell at 6:34 PM |
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Monday, January 25, 2010
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If you were listening to the housing news last week, you probably heard a number of reports about lending changes that were announced by the Federal Housing Administration (FHA). While many of the news reports were confusing, the truth is pretty clear, and isn't as bad as some people may have heard.
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| Posted by dawnmitchell at 9:26 AM |
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Sunday, January 24, 2010
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At the heart of the President Barack Obama's ambitious plan to rescue the housing market is the conviction that restructuring distressed mortgages will keep struggling borrowers in their homes and help insert a floor beneath plummeting property values. With $75 billion dedicated to reworking troubled loans, that's a big bet?especially considering that a top banking regulator said last December that almost 53 percent of loans modified in the first quarter of 2008 went bad again within six months. But supporters argue that mortgage modifications need to be properly engineered to work?and many early ones weren't. To that end, the Obama administration on Wednesday unveiled fresh details on its plan to restructure at-risk loans and help as many as four million home owners avoid foreclosure. Here are seven things you need to know about Obama's loan modification program.
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| Posted by dawnmitchell at 3:39 PM |
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Monday, January 18, 2010
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The Top 12 GREEN Home Improvements that REALTORS Recommend to Home Sellers are:
Most of them are do it yourself projects.
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| Posted by dawnmitchell at 7:11 PM |
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Friday, January 15, 2010
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HOME Down Payment Assistance Program has been extended through March 31, 2010.
Program details include:
- Up to $20,000 available, based on borrower's income level and need
- Deferred loan program for first-time homebuyers with less than 80% of Area Median Income
- Finally Home! Homebuyer Education program completion required
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| Posted by dawnmitchell at 7:33 AM |
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