Ameridream could be going away

Ameridream could be going away. That is if congress has anything to say about it. Under proposed legislation, an estimated 100,000 home buyers would be negatively impacted each year. The worst part about this is that it comes at one of our worst housing slumps in history. We need Ameridream to help keep the real estate market moving. Call 202-224-3121 and tell your elected official to keep DPA and down payment assistance programs part of the down payment option.

What is Ameridream

What is a foreclosure?

What is a foreclosure? A foreclosure is a process that a bank, lender or individual goes through to legal take possession of a property when the owner fails to pay the mortgage.

Foreclosure Articles

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

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

When is my mortgage payment due?

When is my mortgage payment due? Your mortgage payment most likely due on the 1st of each month. Most lenders do their accounting with mortgage payments being due on the first. There are a few lenders like World Savings can have their due date on a different day of the month. My old World Savings loan was due on the 15th of the month. Like I said earlier, your payment will most likely be due on the first of the month. It will be late after the 15th of the month and will show up as late on your credit report once you go over 30 days. So the late that is going to be bad for your credit report will show up after 30 days from the due date have passed.

To be on the safe side, just get your payment in on the 1st of each month.

When is my mortgage payment due?

Mortgage interest rates hit the bottom

GetPrequalified.com is making its official statement that this is the bottom of the mortgage interest rates. Rates wont be going any lower. If you have been waiting to refinance your home or buy a home, you may not want to wait any longer. If you are waiting for lower rates, you may be disappointed by getting higher rates in the future.

GetPrequalified.com

Property Lanzarote - Some interesting tips for buying in Lanzarote

Lazarote is an island that is about 80 miles off the coast of Africa on the Atlantic Ocean. It is part of the Canary Islands. It is the fourth largest as well. If you are buying property there you need to be aware of the sellers unpaid bills. If you buy a home in Lanzarote and there are unpaid bills, the new buyer inherits them. You need to have a solicitor check the record to make sure that you are not getting more than you bargained for. The other thing is that no one agent lists a home for sale. It is possible for a property to be listed for sale by more than one agent in Lanzarote. It pays to speak with a few agents about a particular piece of property that you are interested in.

Additional inforomation on Lanzarote

Fortuna Murcia property Spain - it could be a great time to buy real estate in Spain

Real Estate Investing in Fortuna Murcia Spain Property could be a smart thing to do in 2008. Regions in Spain have huge inventories including Fortuna and Murcia. Real Estate markets never stay the same. Now could be a great time to purchase property in Fortuna Murcia Spain. (Fortuna Murcia Property Spain)

GetPrequalified.com

Mortgage Rates could be in for a bumpy ride

The stock market has been on a wild ride of late. Mortgage interest rates have also been along as a passenger with the market. I have seen .25% swings in one day. If you are in the market for a new mortgage, you need to pay attention to the stock market. I recomend being in close communication with your mortgage broker or mortgage banker about locking. One hour can make a big difference if the market decides to take a tumble or surge. You need to be ready to act quick because mortgage rates don't seem to stay in one place for very long.

GetPrequalified.com

What is a 1031 exchange?

If you hear people talking about doing a 1031, they are referring to Section 1031 of the IRS code that allows real estate investors to sell an investment property and to buy another one with out paying capital gains taxes. To do a 1031, you do have to follow certain rules as prescribed by the irs tax code. The new properties that are going to be purchased must be Like Kind and must be identified within 45 days of closing of the initial property. All of the proceeds from the initial sale must be used to buy the new investment property and must be turned over to an intermediary or a Qualified Intermediary. The funds will be held in escrow until they are need to complete the next purchase. For the rules of doing a 1031 exchange, contact a title company. Most title companies have departments that specialize in handling 1031 exchanges. They can answer all of your questions.

GetPrequalified.com

What is a FSBO

The acronym FSBO simply means For Sale By Owner. The term is predominantly used in the world of Real Estate. When someone sells their home without the use of a real estate agent they are selling their home on their own or they are For Sale By Owner. The benefit of being a seller and being a FSBO is that you don't have to pay a real estate agent a commission to sell your home and you can put more of the equity in your pocket at the time of closing. Buyers assume that since no commission is being paid to a Realtor they can get a better price. This assumption may not always be true since the seller probably isn't going to pass the benefit on to you as the buyer. It is mainly held to be more of a benefit to the seller of real estate and not the buyer.

GetPrequalified.com

What is Ameridream

AmeriDream is a 501(c)(3) charitable organization that is committed to helping those who want to purchase affordable and suitable housing and need financial assistance with their down payment and closing costs. As a buyer you can negotiate with a home seller to give you a 3% down payment and cover all of your closing costs. This give you the ability to buy a home with no money down and move in with a little equity. To find out more about the Ameridream down payment assistance program, contact your Realtor or Loan Officer.

Additional info on Ameridream

What is a balloon payment for a mortgage?

A balloon payment would be the amount of money that is due at the end of a loan. Not all loans are 30 years. Some mortgage loans allow you to pay a lower payment for a short period of years with a balance that is due at the end. Typically these types of mortgage loans are 5 to 7 years in length. They differ from adjustable loans in that and adjustable loan will have a rate adjustment at the end of the fixed period versus have the entire balance due like on a balloon payment mortgage.

GetPrequalified.com additional articles

What is a wrap or wraparound loan?

Commonly referred to as a wrap, carry, carry back or wrap around loan, This type of financing is when a buyer takes over the payments for the seller. This allows the buyer to get a loan without qualifying. The only catch is that most residential mortgage loans have a due on sale clause. What this would mean for a wrap loan is that once the title is transferred to a new owner, the loan should be paid off. Most lenders don't have a habit of checking on the status of the title. The banks main concern is the the mortgage instrument is being paid. As long as it is not deficient they usually don't care.

If you are considering doing a wrap or wraparound loan, I would recommend speaking with an attorney first. This type of loan does come with some concerns that need to be addressed.

GetPrequalified.com additional Articles

Free money to buy a home

No I'm not crazy. With the Ameridream program you can get a seller to contribute 3% of your down payment for your home purchase. If you don't have any money, the fha will also allow a seller to pick up all of your closing costs. Effectively you can still buy a home with no money down and have equity in the property. The key is to find a seller that is willing to provide you this funding. With the real estate market the way it is, sellers have to be more aggressive in the marketing of properties. A seller can give you up to a 6% concession on an FHA loan. In a buyers market, you should be able to find a seller that is willing.

Get me gift money

GetPrequalified.com

What is Chattel?

Chattel is a term used in the real estate world to refer to personal property. In a residential transaction, the purchaser is buying the real estated or everything nailed down to the property. If it is not nailed down, it is assumed to go with the seller. A refrigerator that is not nailed down is assumed to be the property of the owner and will go out the door with the seller. It is considered chattel. Unless there is a written agreement to the contrary, the refrigerator will go with the seller.

GetPrequalified.com

What does Abeyance mean?

The term Abeyance is a french word that when translated means "gaping". An abeyance refers to property where there is an absence of clear ownership or title to a piece of real estate. Abeyance also carries the expectation that the ownership issue will be resolved in a quick and reasonable period of time.

During an Abeyance the property is not allowed to be sold. There must be owner of record for a property to be sold. Once the Abeyance is resolved, the person who is determined to be the owner will be responsible for the taxes.

GetPrequalfied.com

What is a REIT?

In short, the term REIT stands for Real Estate Investment Trust. A REIT is a company that owns and most often will manage income producing real estate. The US Congress established the REIT back in the late 1960s to give small investors the opportunity to invest in large income producing real estate. Most REIT stocks are traded freely on most major stock exchanges.

There are over 180 REIT entities today. Most REITs focus on one particular type of real estate. Others handle the management and the maintenance of real estate.

GetPrequalified.com

What you don't know about Jumbo Loans may kill you

If you are trying to sell a home that would require a jumbo mortgage you may be in for a shock. What most people don't know is that their is a big difference between conforming loans and jumbo loans when it comes to interest rates. Jumbo rates can be as much as 3% higher than conforming loan limits. Some Jumbo mortgage interest rates are 9% or more. This is bad news if you are marketing a luxury home. These higher rates makes the pool of buyers much smaller. The best bet obviously is if they can pay cash. If not, you may need to wait it out or be very patient when trying to find a buyer. It is just going to take longer to get these properties sold. I think most people don't realize how much jumbo mortgage rates have jumped. This is just the banks way of hedging their bets right now. Banks have more exposure when it comes to jumbo loan. With all of the turmoil due to the credit crunch, many lenders are just skid dish now.

GetPrequalified.com

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)