First Time Home Buyer Programs

First Time Home Buyers it’s your money on the table!

First Time Home Buyers it’s your money on the table!

Many first time home buyers are in a holding pattern, waiting for that “perfect” time to buy their first home. They’re hoping for that combination of the lowest price and the lowest interest rate before jumping in.
If that’s you, I have some advice.
1) Hope is not a strategy!
2) Take a close look at your current strategy, it’s probably costing you money.
I did a post a couple of months ago about the real cost of waiting.

 

What is the real cost of waiting for first time home buyers?

The recent run-up in interest rates has increased the monthly cost of that hypothetical 0,000 home / month or 00 over a five year period.
FHA loans are the “loan of choice” for most first time home buyers. The low down payment requirements and easier qualifying guidelines make the most attractive option among loan programs.
FHA has announced that on April 18th they will be increasing their monthly mortgage insurance premium by .25%. If you wait until after that date to start the hunt for your first home, the tab will increase by another .67/mo or 00 over five years, on that 0,000 home.
In that same period of time, home values in many markets have decreased by about 3%, so you would have gained about /mo or 20 over 5 years.
So net-net sticking with this “wait n see” strategy will cost you almost 0/mo
If you’re still paying rent in most markets it’s cheaper to own than rent, so you’re overpaying for one form of housing when there is a cheaper alternative.

Still think renting is cheaper?

Unlike some of my peers, I don’t claim to have a crystal ball to predict which way interest rates and home values will go over the next few months, but I can tell you this with absolute certainty:
Home values and interest rates will do one of three things (and not necessarily in the same direction).
They may go up, they may go down, or they may stay the same. and in only one chance in three will you get better than what you can get today (one in six if you are playing both sides of the fence)
Bottom line, “IT’S YOUR MONEY ON THE TABLE, HOW MUCH OF A GAMBLER ARE YOU?”

For more valuable first time home buyer information check out our blog:

http://firsttimehome.us

First Time Home Buyer Programs

Greg Cook is a mortgage professional with more than 30 years experience help homebuyers achieve their part of the American Dream.

His street level view allows his clients to wade through the millions of bytes of information and make the right decision for their family.

You can find more first time home buyer information on his blog: http://firsttimehome.us

Article from articlesbase.com

Secrets of California First Time Home Buyers Programs and Loans. If you are a first time home buyer seeking a loan program in California, watch this video www.AmericanEquityMortgageServices.com
First Time Home Buyer Programs

First Time Home Buyer Programs

First Time Home Buyers it’s your money on the table!

First Time Home Buyers it’s your money on the table!

Many first time home buyers are in a holding pattern, waiting for that “perfect” time to buy their first home. They’re hoping for that combination of the lowest price and the lowest interest rate before jumping in.
If that’s you, I have some advice.
1) Hope is not a strategy!
2) Take a close look at your current strategy, it’s probably costing you money.
I did a post a couple of months ago about the real cost of waiting.

 

What is the real cost of waiting for first time home buyers?

The recent run-up in interest rates has increased the monthly cost of that hypothetical 0,000 home / month or 00 over a five year period.
FHA loans are the “loan of choice” for most first time home buyers. The low down payment requirements and easier qualifying guidelines make the most attractive option among loan programs.
FHA has announced that on April 18th they will be increasing their monthly mortgage insurance premium by .25%. If you wait until after that date to start the hunt for your first home, the tab will increase by another .67/mo or 00 over five years, on that 0,000 home.
In that same period of time, home values in many markets have decreased by about 3%, so you would have gained about /mo or 20 over 5 years.
So net-net sticking with this “wait n see” strategy will cost you almost 0/mo
If you’re still paying rent in most markets it’s cheaper to own than rent, so you’re overpaying for one form of housing when there is a cheaper alternative.

Still think renting is cheaper?

Unlike some of my peers, I don’t claim to have a crystal ball to predict which way interest rates and home values will go over the next few months, but I can tell you this with absolute certainty:
Home values and interest rates will do one of three things (and not necessarily in the same direction).
They may go up, they may go down, or they may stay the same. and in only one chance in three will you get better than what you can get today (one in six if you are playing both sides of the fence)
Bottom line, “IT’S YOUR MONEY ON THE TABLE, HOW MUCH OF A GAMBLER ARE YOU?”

For more valuable first time home buyer information check out our blog:

http://firsttimehome.us

First Time Home Buyer Programs

Greg Cook is a mortgage professional with more than 30 years experience help homebuyers achieve their part of the American Dream.

His street level view allows his clients to wade through the millions of bytes of information and make the right decision for their family.

You can find more first time home buyer information on his blog: http://firsttimehome.us

Article from articlesbase.com

Housing Grants

Housing Grants under Review

Housing Grants under Review

In a group of four under performing provinces, two have recently lost their housing grants. The four provinces are Western Cape, Eastern Cape, KwaZulu Natal and Free State.

Kwazulu Natal and Free State have both had their housing grants taken away. The grants totalled a value of around four hundred and sixty three million. Broken up with two hundred coming from the Kwazulu Natal and the remainder from the Free State.

Tokyo Sexwale made this announcement on Tuesday the 18th on January. He also mentioned that the Western Cape and Eastern Cape are being closely monitored.

The R463 million is not on its way back to the National Treasury and Sexwale has noted that this money will be used to contribute to the needs of the poor; tackling the backlog with the housing projects in other provinces.

Already Northern Cape has received an amount of R182 million which was used to build just over 2,000 houses and fix & upgrade around 350 flats in the informal settlements.

5,300 houses will be built in Limpopo with around R130 million and finally R150 million is going to the National Rectification Programme which acts in all provinces repairing and rebuilding badly constructed homes.

This shift in money came about due to the four provinces under performing in housing sectors. Western Cape and Eastern Cape are going to be watched continually to ensure that their expenditure problems are addressed correctly and quickly. Otherwise their housing grants will be taken away just as easily as KwaZulu Natal’s and the Free State.

We await news on their latest reports which were submitted at the end of December showing previous performance and projected performance for January.

 

 

First Time Home Buyer Programs

Catherine is a contributing writer for <a target=”_new” rel=”nofollow” onclick=”javascript:_gaq.push([‘_trackPageview’, ‘/outgoing/article_exit_link’]);” href=”http://www.rennieproperty.co.za/geo_property_Commercial-Office/Century-City.html”>commercial property cape town</a>. Visit <a target=”_new” rel=”nofollow” onclick=”javascript:_gaq.push([‘_trackPageview’, ‘/outgoing/article_exit_link’]);” href=”http://www.rennieproperty.co.za/geo_property_Commercial-Office/Century-City.html”>office space to rent</a> for more information.

Article from articlesbase.com

Secrets About housing grants Revealed: www.getmygrant.net
First Time Home Buyer Programs

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The Insider’s Guide to Winning the Mortgage Game

The Insider’s Guide to Winning the Mortgage Game
In this comprehensive but incredibly easy-to-read book, licensed Mortgage Broker and “Mortgage Guru” Zack Ahsan takes you on a guided tour of what you need to know to Win the mortgage game. It’s essential reading for All would-be home buyers and sellers.

First Time Home Buyer Programs

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Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.
First Time Home Buyer Programs

Home Loans

FHA Manufactured home loans Florida 97%w 580 FICO

FHA Manufactured home loans Florida 97%w 580 FICO

FHA Manufactured home loans Florida 97%w 580 FICO

Under the Title I program, Florida FHA approved lenders make loans from their own funds to eligible borrowers to finance the purchase or refinance of a Florida manufactured home and/or lot. FHA insures the Florida mortgage lender against loss if the borrower defaults. Credit is granted based upon the Florida mortgage applicant’s credit history and ability to repay the loan in regular monthly installments.

Florida manufactured home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida manufactured home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional manufactured mortgage loan. Some highlights of the Florida FHA loan program for manufactured homes  include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:  

No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3  years after a Foreclosure.

Apply today at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml

FHA does not lend money to Florida mortgage applicants, they only insure the FHA loans made to mortgage applicants. The Florida Title I manufactured home loans are not Federal Government loans or grants. These FHA mortgage loans to Florida mortgage applicants  fixed for the entire term of the loan, which is generally 15-30 years.

Florida Modular homes or manufactured homes from top manufactures now compare in quality with homes built by better custom home builders No matter what name they go by, factory built homes cost between ten and thirty percent less than traditional site built homes. At 1st Continental Mortgage, we know why you want a fixed rate mortgage to buy a modular home in a subdivision, an FHA home loan for a manufactured home on an acre lot, or conventional home loan for a mobile home on a rural retreat. With our network of financing, we can help you get the manufactured home financing for your Florida dream home at interest rates and terms you deserve.

 Florida FHA Mobile Home loan Criteria

 General Eligibility Criteria for Florida Manufactured loan by FHA/HUD.

The Florida home must be constructed in conformance with the Federal Manufactured Home Construction and Safety Standards as evidenced by the affixed certification label. This is the RED TAG that is on the rear of each section of the Florida manufactured home. If the RED TAG is missing the house is not eligible for Section 184 financing. Only Florida manufactured homes built after June 15, 1976 will bear that seal. Florida manufactured homes built before that date are ineligible for Section 184 financing. The Florida  home must be classified and taxed as real estate (as applicable). The Florida mortgage must cover both the manufactured unit and its site or the appropriate lease documents must be in place. The Florida mortgage must have a term of no more than 30 years from the date amortization begins. The Florida manufactured home must not have been installed or occupied previously at any other Florida site or location. The finished grade elevation beneath the manufactured home or, if a basement is used, the lowest exterior grade adjacent to the perimeter enclosure, must be at or above the 100-year return frequency flood elevation. The Florida manufactured home must be permanently attached to the foundation system. Existing Florida homes must be attached to the foundation system by either cable or rebar welded to the frame rail or similar fashion. The unit must be anchored to the footing (or pier). The axles and tongue must be removed from the unit. The chassis must stay in place. The Florida home must have adequate skirting and insulation around the perimeter to prevent the crawl space area from freezing and allow proper ventilation of the crawl space. If the skirting is wood, the wood must be properly treated to prevent decay.

Purpose of the Loan

The Florida FHA loan for Manufactured homes can be used for the purchase or refinancing of a Florida manufactured home, a developed lot on which to place a manufactured home, or a manufactured home and lot in combination. The home must be used as the principal residence of the borrower.

Locating a Florida manufactured home Dealer

Florida Manufactured homes are usually purchased through Florida dealers or retailers that sell the homes. The names of lenders in your area which specialize in financing of Florida manufactured homes can be obtained from local Florida retailers. These retailers are listed in the yellow pages of your telephone directory. They have the required application forms.

Manufactured homes must comply with the Model Manufactured Home Installation Standards, and all applicable state and local requirements governing the installation and construction of the manufactured home foundation system.

An Eligible Manufactured Home Must:

Meet the Model Manufactured Home Installation Standards. Must carry a one-year manufacturer’s warranty if the unit is new Be installed on a homesite that meets established local standards for site suitability and has adequate water supply and sewage disposal facilities available.

The proceeds of a Title I manufactured home loan may not be used to finance furniture (for example, beds, chairs, sofas, lamps, rugs, etc.). However, built-in appliances and equipment and wall-to-wall carpeting are eligible for financing.

 

Answers to Mobile Home Questions

First Time Home Buyer Programs

Apply for FLorida Manufactured home loan financing at http://www.fhamortgageprograms.com/mortgage/manufactured-homes.shtml,
http://www.trulia.com/blog/jimmy_joe_allen/2009/04/florida_mobile_home_loan, http://www.trulia.com/blog/thomas_martin_1/2009/01/florida_manufactured_hom, http://www.hud.gov/offices/hsg/sfh/title/repair.cfm

Article from articlesbase.com

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The Insider’s Guide to Winning the Mortgage Game

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In this comprehensive but incredibly easy-to-read book, licensed Mortgage Broker and “Mortgage Guru” Zack Ahsan takes you on a guided tour of what you need to know to Win the mortgage game. It’s essential reading for All would-be home buyers and sellers.

First Time Home Buyer Programs

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Mortgage Loan Tips.
Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage – For The Least Points – And No Junk Fees!

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Housing Grants

Single Mothers Housing Grants

Single Mothers Housing Grants

It’s never easy maintaining a family house at the best of times, but when you’re a single mother, this task becomes a lot harder. With the government realising this challenge, there are a variety of federal support programs intended to support single mothers, in the form of housing grants.

Here are two examples of single mothers housing grants that are worthy of looking into further.

The Public Housing Agency (PHA) Housing Choice Voucher

This is a scheme set up through the government’s Housing and Urban Development (HUD) department, and aims to assist low income families. This is done by helping to locate a home that fits your specific requirements, and then a percentage of your rent is then paid directly to your landlord, relieving the monthly strain of your rent.
This voucher can also be put to use towards the purchase of your home as well, provided that the house is considered to be practical and suited to your needs.

There are specified criteria that need to be met to qualify for these vouchers, and contain these terms:

* You must be an U.S. Citizen or an eligible immigrant
* Your family income must be below the Median income of your area (or area you wish to move to). These figures can be received from HUD.
* You must allow access to your banks, employers and agencies, for sufficient assessment.
* Also, the HUD for your area must have met it’s legal targets, the main one being that 75% of it’s funds are to go to families with incomes of 30% of the area’s median income.

To seek your eligibility and apply, you should contact your local PHA (Public Housing Agency)

The American Dream Down payment Initiative (ADDI)

When looking for single mothers grants, this scheme is often thought-about, although not designed primarily for single moms, but for low income families, so often single mothers can meet the requirements. The ADDI grant is presented only to first time homebuyers, and can provide the following aid:

* Up to ,000, or 6% of the purchase price of the house (whichever is larger)
* Financial support for closing costs
* Financial support for rehabilitation (eg proper removal of health dangers)

Like the previous grant, you must satisfy specific criteria to qualify, and these include:

* Be a first time home buyer
* Be looking to buy a family home (as opposed to an one bedroom flat, for instance)
* Have an income of below 80% of the area median wage (details can be obtained from your HUD)

There is more assistance for single mothers available, but these two are a good starting point, and an idea as to who can qualify. Get in touch with your local HUD for more details, or visit our website.

First Time Home Buyer Programs

Visit our site for assistance for single mothers, plus information and tips for housing grants.

Article from articlesbase.com

See how easy it is to get a grant with Matthew Leko’s government Money Club at www.freemoneyguy.com
First Time Home Buyer Programs
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