HomePath Mortgages by Fannie Mae

July 29, 2010

In today’s challenging real estate market, more buyers are looking at REO properties. Foreclosures are presenting both realtors and lenders new challenges. To help, Fannie Mae’s HomePath® program is designed to move Fannie Mae REO properties.

Homepath Mortgage

For the homebuyer, HomePath could be just what you or your client needs to move into a new home:

• Low down payment and flexible mortgage terms (fixed-rate and adjustable)

• No Mortgage Insurance

• No Appraisal Fee

• Borrowers may qualify even if their credit is less than perfect

• Available for owner-occupied, second and investments

• Single-family, condo, duplex, 4-plex all eligible

• Low down payment can be funded by:

     – Borrower’s own savings

     – A gift or grant

     – A loan from a non-profit organization, state or local government or employer

Give me a call today at (208) 287-1717. I know HomePath and REO properties. I can help you or your customers make the most of this unique program designed to help revitalize and stabilize neighborhoods.

Home Loan Boise  and Waterstone Mortgage – Prime Equity Group

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Rural Housing Program Restored

July 28, 2010

Last night Congress finally passed legislation to restore funding to the 502 single-family rural housing program.  Senator Michael Bennet (CO) and Reps.  Kanjorski (PA) and Capito (WV) championed this issue that has been working its way through Congress since March. 

The legislation will increase the guarantee fee for borrowers (but still allow it to be financed), which will make the program self-sufficient.  The legislation also increases the commitment authority so Rural Housing Service can formally guarantee loans (they had been providing conditional commitments).  We anticipate a notice from Rural Housing shortly after the President signs the bill.

Home Loan Boise  and Waterstone Mortgage – Prime Equity Group

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Posted by idahomortgage

HUD to get tough on ‘strategic’ mortgage defaults

July 20, 2010

Borrowers who walk away from mortgages they can afford to pay — making “strategic defaults” — are running increasing risks that they’ll be penalized for doing so.

Under a bill that’s passed the House and awaits Senate action, the Federal Housing Administration would be barred from insuring mortgages for those who previously ditched a mortgage they had the ability to pay.

Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default.

Get-tough policies are forming at the same time that about a quarter of mortgage borrowers owe more than their homes are worth.

Fannie Mae buys about 40% of all mortgages and packages them for resale to investors. The FHA insures about 30% of home mortgages.

Home Loan Boise  and Waterstone Mortgage – Prime Equity Group

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VA Buyers – The Home Buyer Tax Credit Extension has been extended to 2011 for Military

July 8, 2010

Great news for military home buyers using VA loans. The much-talked about $8,000 tax credit for first-time homebuyers recently expired for most people, But if you’re military or a certain government employee, this fantastic opportunity has been extended to 2011! You still can qualify for a tax credit of up to $8,000 even if you’re not a first-time homebuyer.

Briefly, if you sold a home because of “orders” between 1-1-09 and 4-30-10 and served at least 91 days extended duty, you will qualify for the homebuyer tax credit as long as income, sales price and age (18 years) requirements are met. You need to sign a contract by April 30, 2011 and close on your home by June 30, 2011.

 

Who qualifies?

  • Member or spouse of “uniformed” services or the US Foreign Service
  • Employee or spouse of the Intelligence Community

 To also qualify, you must also have served Extended Duty for 91 days between Jan. 1, 2009 and April 30, 2010:

  • Outside the US or
  • Inside the US and had to relocate at least 50 miles from principal residence

Call Dean Tucker at Waterstone Mortgage – Prime Equity Group for more information (208) 287-1717. As a seasoned mortgage professional I can help you make the best decision about one of the largest financial purchases you may ever make.

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Posted by idahomortgage

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