Buyers and Financing: What are loan deal killers?

Archive for 'For Buyers'

Buyers and Financing: What are loan deal killers?

Posted on 04. Jun, 2010 by Stacey.

What you should know about the market: When applying for a home loan, one of the factors lenders consider is the percent of the borrower’s income used for housing expenses, as well as the borrower’s other non-housing related debt. Although this amount can vary by lender, typically lenders consider a housing-and-debt to income ratio of [...]

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Seller concession rules for FHA mortgages to be changed

Posted on 03. Jun, 2010 by Stacey.

One of the key attractions of FHA home mortgage financing is going, going, but not quite gone. Sometime this summer, the Federal Housing Administration plans to slash maximum “seller concessions” from 6% of the home price to 3%. Sellers and buyers who move fast can still make the most of it. To read the full [...]

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NAR weighs in on seller financing

Posted on 19. Feb, 2010 by Stacey.

Will the Secure and Fair Enforcement Mortgage Licensing Act (SAFE Act) bring an end to seller financing? On Feb. 12, NAR President Vickie Cox-Golder sent a letter to the U.S. Department of Housing and Urban Development (HUD) urging them to expand the seller financing exemption from new SAFE Act mortgage licensing requirements. The SAFE Act requires [...]

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Want the Home Buyer Tax Credit? Here’s the “Who, What, When, Where, and Why”

Posted on 30. Jan, 2010 by Stacey.

Time remaining to take advantage of the credit: // One of the most unusual — and generous — programs ever rolled out by the Federal Government is the recent $8000 and $6500 tax credits for home buyers. Whether you’re a first-time home buyer, or you’ve bought and sold dozens of homes, it’s an amazing time [...]

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FHA Increases Upfront MIP Fee; Raises Credit Score Requirement; Reduces Seller Concessions

Posted on 21. Jan, 2010 by Stacey.

As promised in December, the Federal Housing Administration has announced the details of changes intended to strengthen its capital reserves which were reported to be headed into dangerously low territory late last year. The changes are designed to increase the FHA’s income from customers while reducing its portfolio’s risk. Read the full story here on [...]

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New HUD Rules Aim To Get Rid Of Closing Cost Surprises

Posted on 25. Nov, 2009 by Stacey.

Starting Jan. 1, loan charges and settlement fees will be spelled out on a revised version of the good-faith estimates form that borrowers are supposed to get after their mortgage applications. To read the full story, please click here

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Home Buyer Tax Credit Extended and Expanded

Posted on 06. Nov, 2009 by Stacey.

More good news for consumers and the housing market recovery! Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, the California Association of Realtors (CAR) [...]

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The Telltale Signs of Chinese Drywall

Posted on 06. Nov, 2009 by Stacey.

provided by With the news from federal investigators last week that imported Chinese drywall has higher levels of some chemicals than domestic versions, here’s how to tell if your home has the imported drywall. Read the article from The New York Times here