Bridge Loans From FHA - $8000

FHA first time home buyer mortgages will soon be a lot better for home buyers and first time home buyers. Hud and FHA plan on giving buyers an $8000 bridge loan that they can use now to buy a home rather than wait to get their refunds. Not all of the details have been outlined yet.

FHA tax credit program

Ameridream may be going away - ameri dream

Hud is trying to impose a new rule to get rid of the charitable down payment assistance programs like Ameridream. Tell Hud that that would be a disaster in todays real estate market. Anything we can do to stimulate the real estate market would be a good thing. Taking dpa away would cut out 200,000 housing opportunities a year. Imagine what this would do to an already sluggish housing market. Tell Hud they have it wrong. Tell Hud that they need to support Ameridream and other down payment assistance programs. Go to Support Home Ownership to leave your comments.

What is Ameridream

What is FHA Secure?

What is FHA Secure? FHA Secure is for homeowners that are behind, getting behind or have had recent late payments on their mortgages. The government stepped in and created this program to give relief to homeowners. Many of these homeowners have subprime mortgages that are going to adjust. Many of these homeowners will be unable to afford the new payments when their ARM loans adjust.

If you are concerned about your mortgage adjusting or the payment is too high contact any lender or mortgage officer. FHA Secure is offered across the entire country. Do not delay if you are in trouble. The sooner that you act the better.

What is FHA Secure

How do you get an FHA loan?

How do you get an FHA loan? It's actually very easy. The majority of mortgage brokers, banks and lenders can arrange an FHA home mortgage for you. FHA allows people to buy homes with lower credit scores. You can even have collection accounts. Ask your loan officer to see if the can pre qualify you. It should not take very long and there should not be a fee to do this. You may also want to ask about the Ameridream gift program. You can get up to a 3% gift of equity with this program so be sure to ask. A seller has the option to pay all of your closing costs as well. So technically you can buy a home with an FHA loan with no money down and and no money out of pocket.

FHA information

What is Ameridream?

Ameridream is a non profit company that helps low to moderate income individuals or families by a home by providing down payment assistance. The Ameridream dpa program has been setting the standard for which all other down payment assistance programs strive to be. To get the Ameridream cash assistance, you must find a seller that is willing to participate in the program. The seller pledges money from the proceeds of the sale to the Ameridream foundation. In exchange Ameridream will gift the buyer the down payment needed for the FHA financing. Typically it is 3%.

More info on Ameridream

Is The Real Estate Market Ever Going To Come Back?

May 21, 2008

Is The Real Estate Market Ever Going To Come Back?

I hear it everyday… Will this real estate market ever come back? How long is this going to last? Have we hit the bottom yet? Well, the honest answer is, no one knows for sure. If you were to line up ten educated and seasoned real estate analysts, you’d surely get a 50/50 split in the opinions. Some say we’ve already hit bottom, other’s say we won’t see it until Spring 2009. It certainly seems like the newspapers do all they can to keep a negative spin on current conditions! I recently came across this excerpt from the Wall Street Journal, one of the finest of all newspaper publications. For once, a newspaper, more importantly, the WSJ offers a more positive spin which gives homeowners and consumers hope. Read on…

May 16, 2008 (Wall Street Journal) Home construction turned up unexpectedly in April and showed surprising vigor, making the biggest increase in two years, while building permits also rose, a sign of optimism for the sickly housing sector. Housing starts increased 8.2% to a seasonally adjusted 1.032 million annual rate, driven higher by a surge in apartment buildingconstruction, the Commerce Department said. Starts plunged by a revised 13.8% in March to 954,000. Economists expected April starts to drop by 1.4% to a 934,000-unit annual rate.

Written By: Dan Blew, Propertynut.com (with contribution from the Wall Street Journal)

Can I still buy a home with no money down?

Easy answer is yes. FHA has some great options available. With an FHA mortgage you are allowed to have a seller pay all of your closing costs and provide a down payment. You must find a seller that is willing to do this because all of this money comes out of their proceeds. But in a down market sellers are more willing to do this if they are motivated to sell their property. My advice is to find a Realtor this is familiar with FHA financing knowledge to help you work out a no closing cost home purchase.

GetPrequalified.com

The best real estate deal if you are buying a home is Ameridream

If you are a low to moderate income buyer and are looking to buy a new home, then you might want to get a gift of equity to buy your home. AmeriDream is a charitable company who is committed to people being able to buy a home who need down payment and closing cost assistance.

More Information

Is FHA the best loan right now to buy a house?

FHA mortgage loans are right now the best way to buy a home for no money down. If you live in an area where Fannie Mae or Freddie Mac has deemed a declining market, your appraisal will be reduced by 5%. This means that that 100% financing program you were trying to get will require you to bring in 5% down payment now. So what is a buyer to do? You should apply for an FHA loan. You can buy the home with none of your money. You will still need to have 3% of your own money in the transaction but you can get that in the form of a gift or the Ameridream program.

The Ameridream program is basically legal money laundering that the government has set up to get home buyers their down payment. The seller can also give you the money through the Ameridream foundation. They don't directly give it to you, the Ameridream Foundation will pass it through to you at closing. Either way it works. You will need to provide your full income documentation including tax returns and pay stubs. You will not need to have any reserves in the bank and there is no minimum fico or credit score requirement.

For more info go to GetPrequalified.com

Stated Income and No Doc mortgage loans appear to be going away fast

Many home mortgage lenders including First Horizon and ING have eliminated their no documentation or stated income mortgage loans. This is a reaction to the mortgage meltdown that we are experiencing. If you want a mortgage now you will have to show your tax returns and w-2 statements. I actually think this move will bring stability in the long run to the housing industry. Too many people abused the system which led us into the mess that we are currently experiencing. FHA is probably the best way to go if you want to get a great mortgage without a big down payment.

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Mortgage Paradigm Shifts on Capital Hill

There is a new movement on Capital Hill regarding help for distressed homeowners. What is happening is that Republican efforts to block homeowners with mortgage assistance is coming to an end. The worry over helping people who made poor buying choices went out the back door with the $30 billion push to prevent a Bear Stearns BK. It has also been clear that for months the FHASecure program has not produced the relief for home owners.

The final legislation is not finished yet, but it appears that thee will be ten billion dollars for states to make loans to homeowners. The states will be able to use several billion to convert at risk mortgages into fixed rate loan programs with better than market rates. This can only happen if the lenders are willing to take a loss. The lender loss will be 15 percent of the mortgage balance. This may be a better deal than what the banks would get if they were to go it alone.

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