HOW MUCH MORTGAGE CAN I AFFORD? Lenders look at ratios when they consider your application for a mortgage loan. A debt-to-income ratio is your monthly expenses compared to your monthly gross income. Lenders consider two ratios for your application: Monthly housing expenses as a percentage of income Total monthly debt as a percentage of income… Read more
A couple weeks ago, the NAR made an announcement that the $8000 tax credit could be used as the down payment for FHA loans. Some opined that lenders would provide a “bridge loan” for the down payment. Unfortunately, this was rescinded. Currently, the funds are only available in the form of a tax credit, which… Read more
According to Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment on the purchase of a new home. He shared this information at midyear legislative meetings held in… Read more
Often times, when purchasing a foreclosed property, a buyer is unable to obtain traditional financing because a property is being sold in “as is” condition and is not considered ready to occupy by traditional lenders. There is little or no negotiation room to get the seller, who is a bank, to make the improvements necessary to… Read more
The following article was submitted courtesy of Keith Hoffman of 1st Advantage Mortgage. With the ups and downs mortgage rates have had in the past few months, now is a good time to take a look at some factors behind how your mortgage rate is decided. Thawing the Market Like most financial products, there is… Read more
