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Do It Yourself Loan Modification
A complete guide to FHA’s Hope for homeowner’s refinance program. We will review the qualifying guidelines and show you how to meet these qualifications.
We will also discus how the new federal bail out plan encourages banks and servicers to work with homeowners to help keep you in your home and avoid foreclosure
Duration : 0:2:45
Emergency legislation has been passed to help homeowners out of sticky situations by offering government financing options on their home loans. Watch this video now to learn how these changes can help you secure better, cheaper and more reliable financing. Also, learn of the unique benefits only available in 2008.
Duration : 0:7:31
Will that keep the lender from coming after us? We refinanced seven months ago and now we do not want the house anymore this is an FHA secured loan.
PMI protects the lender. It is not designed to protect the borrower.
Actually FHA has a slightly different product. It is not called PMI (private mortgage insurance) it is called MIP (Mortgage Insurance Premium) Still it is designed to protect the lender not you.
I would not walk away without talking with the lender to see what can be done to sell or keep the house- you will regret it.
An Interview on America’s Nightly Scoreboard, FOX Business News with Heidi Lawler, Real Estate Expert, Home Loan Specialist, San Diego
Duration : 0:3:47
I forclosed on my home, but I had refinanced twice after the original loan. The house was originally 84,000. The first time I refinanced it went up to 93,000 and I used the extra cash to pay off my credit card debt. The second time I refinanced was to get a FHA secured loan to get a fixed rate. We received 1,900 cash back on that one. Will the act work for me? Thanks for your answers!
The “Act” as you call it basically only bails out the lenders and wall street people. Not us plain folks who work for a living. So right now, I would have to say that you would see little impact from this rescue plan. Besides if you were able to refinance to a fixed rate and afford the monthly payment, then you should be fine. If you haven’t made payments for more than 2 months, the lender can certainly foreclose on your property. Your note isn’t clear on that point.
The best way to find out is call a realtor. Realtors know everything! Ask them which companies in your town do FHA loans. They'll give you a few places that you can call. They'll do an application, and voile!
It's not complicated either.
I believe it's better to get a mortgage with people in your own town. They get to know you and are generally more helpful in the long run.
Good luck!
read up on FHA here:
http://www.FHA.com/default.cfm
http://www.hud.gov/buying/loans.cfm
My husband and I are interested in applying for an FHA mortgage soon. We’re worried that we may not qualify because my husband just graduated from college and thus doesn’t have 2 years of full time income history. Otherwise, our profile looks great.
1. Our credit score is around 720
2. Our outstanding debt consists mainly of low interest student loans and a small car loan we plan to pay off in the next few months.
3. My husband has a secure job as a software engineer and is currently making a base salary of $50,000 per year. His job performance the past 3 months on the job has been, according to his boss, “exemplary” so he will more than likely get a raise during annual evaluations in February. The demand for software engineers is expected to grow significantly as the baby boomers retire so right now, there nowhere for him to go but up.
4. We’ve decided that our maximum loan amount should be no higher than $125,000. Our ideal loan would be around $100,000. We plan on staying in the house for 10 to 20 years.
5. We live in Huntsville, Alabama, an area with a strong economy and low housing costs.
6. We have enough in savings to cover a 5% down payment.
The only factors that would exclude us from a traditional mortgage are the lack of employment history and small down payment.
If anyone has gotten a mortgage this way or has working experience with these loans please give me your feedback.
Oh, I’m sure you guys will qualify. I live in Huntsville too and my fiance and I have gotten pre approved for an FHA loan not too long ago. I make more than my fiance (around what your husband makes), and will be the primary one on the mortgage but at the time I only had about a year of full time income (first job after graduating from college). I don’t know where you plan to go, we went to Countrywide and are planning to go to Redstone Federal CU too, but the agent at Countrywide counted my years in school as part of my current job since my degree is relevant to my job. My credit score is in the high 700’s but my fiance has no credit, so we have to go FHA since we will both be on the loan. I’m sure you guys are fine. Go ahead and talk to a mortgage broker, now’s the time to buy!
I looked at a Condo in Atlanta (Northern suburb, good area) love it. My problem is that the owners will do any type of assisted load (FHA) they want a traditional loan with 10% down.
I can not cover the closing AND 10 % down. The realtor I met with loves the condo so much that she said she had been thinking of buying it. We started talking about a lease to purchase for a year. I have PERFECT credit and gross $4500 month.
The lease to purchase would only be a small amount more than what I pay for rent right now and where I am is old and falling apart ect. This is a brand new condo, granite counters, hardwood floors, stainless appliances etc.
1. People tell me wait and buy a house, that a condo is not a good investment. I don’t want a house. I want to be on a second (or more than second floor) to feel secure as I’m a single female. I do want a smaller place. Even if the condo sold for what I bought (as the market is bad) in a few years, would I not be better off than if I stayed renting for a few more years until I have the 10 %.
2. The money put aside in the lease money each month goes towards a kitty for my down payment at the end of the agreement (I believe the agent said $80 a month). If I do not buy the property at the end of the agreement, I loose that money correct?
3. I pay a deposit when I move to the condo (for the owner in case I damage the place and do not buy it). Do I get this money back when I buy?
First off I recommend you NOT buy a condo. you would be better off buying a townhouse. Remember too, at today's interest rates, every $100 of condo fees is worth about $20k in affordability. If your condo costs $100k with a $100/month condo fee, it's like qualifying for a $120k townhouse instead with no condo fee. condo's are NOT good investments in a declining market. In this market, you'll probably have to live there for 10+ years to make up for all the condo fees, interest, PMI etc. Your condo board has WAY TOO MUCH power over how you live, and will put restrictions making it difficult for you to buy/sell the property. They will make rules and regulations while you live there that are stupid, and make you change your way of life. Boards often have the power to do pretty much whatever they want, because not enough home owners go to the meetings to object.
Second off, your sellers can't be choosers. It's a buyer's market. if you have given them a sound offer, why do they care how you intend on financing it? The money will be there at closing. An FHA loan only requires you to put 3% down, so what's their problem?
If someone doesn't like your offer then move on… there's nothing wrong with an FHA loan with 3% down.
You're better off staying and renting for a few more years until you have the 10% down for a Townhouse.
As for question 2… you're an adult. You can save your own money. Keep the $80 in your own bank account where you get to keep the interest. It will take some dicipline, but you can do it!
for question 3… it depends on the lease/contract.
Just a little background… I am living in a WONDERFUL community there is a golf course, fishing, elemtary school, community pools, elementary school and other amenities. I have lived here for a year and pay a little over 1000 per month for a 3 bedroom 2.5 house with appx. 1700 sq feet. I have one kid in college and a 15 year old. I am a single parent.
I have been thinking about buying and have found a home in a neighboring subdivision that is currently under construction that will be ready in late August. It is 2100 sq feet, 4 bed, 2.5 baths, and selling for appx 152,000. I can put down 3% with an FHA loan and my mortgage payment is estimated to be around $1250 with an interest rate of 5.375%
1st link is current community
http://www.plumcreektx.com/
2nd link proposed community
http://www.hometownkyle.com/hometownkyle/outside_home.asp
What would you do and why? I need to move quick to obtion this rate and secure the home before someone else does.
the HOA fees are $330 annually and paid quarterly NOT through the mortgage
The $1250 INCLUDES taxes & insurance. It's broken down as Principal & Interest, Property Tax, Hazard Ins, and FHA Mortgare Ins. total est payment $1229.11
Financially I CAN afford the property. According to others I could likely afford MORE but the monthly mortgate payment is what I am looking at. Like you said with the tax benefits I think I will be comfortable with it.
i would definately buy the house. it is a great investment and you will be able to retire more comfortably because you can sell it when you get to the age.
Both Rates are locked and I need to decide for sure in a few days.
I can either get an FHA loan with at 5.5% interest with a 5.79% APR including insurance and only 10% down or a 5.5% interest loan at 5.6% APR with 20% down.
They are both 15 year mortgages. I am wondering if the FHA loan would be better even though the interest rate is higher since I could probably make an average of 8-10% on the stock market and if rates drop I can refinance and get a refund for the mortgage insurance.
The purchase price is $400,000. I am 24 and have $250,000 to my name. The nature of my business is not very secure however I expect to make appx $200,000 per year for the next few years but it could potentially drop off.
My credit is meh which is why I am not getting a 30 year loan. I expect my credit to be well over 700 within 6-24 months. I am considering refinancing in 2 years but I don't know how much of a gamble it is on interest rates.
Thanks,
Nick
If you can afford to put 20% down, the the 2nd loan is superior to the FHA. The APR is lower, the principle balance is lower, and the monthly payment would be significantly lower because at 80% LTV you won't have to pay PMI. Given the nature of your income, etc, the lower payment keeps your overhead lower and reduces your risk of cash flow problems.
Anyone who recommends an FHA loan for someone with 700 FICO scores and the ability to put 20% down is giving you bad advice. Don't factor in the stock market stuff- you evaluate loans on their individual merit. FHA is for people who are cash poor and credit challenged. And no matter how much you pay it down, you'll always have MIP/PMI on it. As for possibly refinancing, you want a loan that you can live with just in case you are unable to refi.
One piece of advice I'd offer is to get a 30-year loan and still make the same payments as if it were a 15-year loan. That way, if the creek runs high, you'll have a lower minimum payment. If everything goes fine, you'll still pay it off in 15 years.
Good luck
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