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  2. Mortgage 411
    3. (Page 4)

Mortgage 411

Bill Offers Renewed HOPE for Troubled Owners

The Obama Administration on Wednesday signed a bill that attempts to inject some hope into the housing rescue program–called Hope for Homeowners.   The original program asked banks to reduce mortgage balances voluntarily to 90 percent of a home’s current market value. The loan would then be refinanced into an FHA mortgage. The program didn’t […]

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Tax Credit Can Be Used for Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and […]

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Putting Mortgages into ‘Plain Language’

Bank of America has debuted www.BankOfAmerica.com/HomeLoans, a new Web site for borrowers that includes a calculator that determines not just what size loan people can qualify for, but how much they can spend without being stretched too thin. “We wanted to change the conversation to ‘How much house can I comfortably afford?’ rather than ‘What’s […]

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Buyers Shouldn’t Dismiss All ARMs

Potential home buyers in search of a mortgage are wary of all kinds of adjustable rate loans these days, but hybrid ARMs can be really good deals even in these times of historically low interest rates, some lending experts insist. Hybrids are “a great product at a great rate,” says Christopher Cruise, a mortgage broker […]

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U.S. to Offer Incentives to Modify Seconds

The Obama administration is announcing incentives today for mortgages servicers to modify home equity loans and other second mortgages. Servicers must agree to modify second mortgages when the first mortgage has been modified. They must extend the term of the second mortgage and match the rate of the first mortgage. Then the government will share […]

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Federal Housing Rescue Plan Launches

The Obama Administration’s program to rescue distressed home owners got off the ground this week. The program was announced on Feb. 18, but it took several weeks to put the bureaucracy in place. Six of the nation’s largest banks signed up to participate, the Treasury Department announced Wednesday. They are JPMorgan Chase, Wells Fargo, Citigroup, […]

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Is FHA Key to Housing Turnaround?

Federal Housing Administration loans can be a very good deal for home buyers, especially those who don’t have a lot of cash or whose credit rating isn’t stellar, experts say. FHA loans now account for 20 percent of new mortgages, up from 3 percent in 2006. What’s more, the number of authorized FHA lenders has […]

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Foreclosure Plan Doesn’t Reach Everyone

Not everyone was a winner under the program to help troubled homeowners announced Wednesday by the Obama administration. The refinancing plan does nothing for people whose mortgages have dropped substantially in value because it’s limited to borrowers who owe no more than 5 percent more than their home’s current value. Borrowers who are severely underwater […]

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Details of the $ 8,000 Purchase Incentive

This is current information comparing the previous Tax Credit and the Current First Time Home Buyer Tax Credit in place now due to the Stimulus Package signed today by the President.    Stimulus Plan First-Time Homebuyer Tax Credit: The Stimulus Plan was signed into law by President Obama. It contains a new tax credit for […]

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West End, short on foreclosures

this maybe the reason: Foreclosures on Hold While Stimulus Crafted Home foreclosures are slowing as lenders wait for Congress to approve the stimulus package. Foreclosures.com reported that foreclosures completed in January dropped 26 percent from December to 72,694, the fewest since April. On Wednesday, the U.S. Office of Thrift Supervision told the savings and loans […]

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