Saturday, February 27, 2010
U.S. Department of Housing and Urban Development (HUD)
Warning against loan modification scams: U.S. Department of Housing and Urban Development (HUD)
Thursday, February 25, 2010
Tuesday, February 23, 2010
Monday, February 22, 2010
Extended First Time Home Buyer Tax Credit
Don't Miss It!
Dear first time homebuyer: are you one of the many who did not get the chance to buy a home in 2008 or 2009? Maybe you were worried about your job, the economy, or maybe you looked around at a few homes and didn’t find something that you were picturing as your “dream” house?
2010 has dawned upon us and home prices are still low, interest rates are still low, and like flowers in the spring, the economy seems to be showing tiny signs of green shoots…
…and you still have a chance to buy a home and benefit from the tax credit!
Are you aware that the tax credit has been extended? Yes, indeed you have been granted that rare second chance to get out there, find a home, and receive money for your efforts!
As part of the ongoing plan to stimulate the US housing market, congress passed legislation in late 2009 to extend the First Time Home Buyer Tax Credit until April 30, 2010. You can receive up to $8,000 with this tax credit. Just imagine the things you can do with that amount of money!
You may be worried: what if I can’t find a house…negotiate the contract…and close on my new home by April 30, 2010? That date is fast approaching! Well, there’s good news on this as well: you have to be under a written, binding purchase contract by April 30, 2010, but you have until June 30, 2010 to close – that’s plenty of time!
So don’t miss out on this opportunity – you have the chance to purchase a well-priced home, obtain a home mortgage with a historically low interest rate, AND receive a tax credit. So make a goal today to rent no more! Please contact me at (513) 520-6044 or email me at bahale1@gmail.com to get started!
Dear first time homebuyer: are you one of the many who did not get the chance to buy a home in 2008 or 2009? Maybe you were worried about your job, the economy, or maybe you looked around at a few homes and didn’t find something that you were picturing as your “dream” house?
2010 has dawned upon us and home prices are still low, interest rates are still low, and like flowers in the spring, the economy seems to be showing tiny signs of green shoots…
…and you still have a chance to buy a home and benefit from the tax credit!
Are you aware that the tax credit has been extended? Yes, indeed you have been granted that rare second chance to get out there, find a home, and receive money for your efforts!
As part of the ongoing plan to stimulate the US housing market, congress passed legislation in late 2009 to extend the First Time Home Buyer Tax Credit until April 30, 2010. You can receive up to $8,000 with this tax credit. Just imagine the things you can do with that amount of money!
You may be worried: what if I can’t find a house…negotiate the contract…and close on my new home by April 30, 2010? That date is fast approaching! Well, there’s good news on this as well: you have to be under a written, binding purchase contract by April 30, 2010, but you have until June 30, 2010 to close – that’s plenty of time!
So don’t miss out on this opportunity – you have the chance to purchase a well-priced home, obtain a home mortgage with a historically low interest rate, AND receive a tax credit. So make a goal today to rent no more! Please contact me at (513) 520-6044 or email me at bahale1@gmail.com to get started!
Sunday, February 7, 2010
What To Expect When Applying For A Mortgage Part 4
Your Initial Consultation and Beyond
If geography allows, you will meet with your mortgage consultant in person, so that you can further discuss your personal financial goals and expectations. Your mortgage consultant will want to make sure that she is advising you of the proper loan programs to meet your specific needs and budget. This consultation ensures that you are comfortable with the process and well-informed of your choices. Your mortgage consultant will guide you step-by-step through the loan process, and will manage all the details of your transaction. She will keep you updated, educated, and in control.
If you are applying for a pre-approval for a purchase loan, your mortgage consultant will guide you as to how much of a house payment (including principal and interest, private mortgage insurance, property taxes and homeowners insurance – PITI) is within your budget. That monthly payment will translate to a purchase price range that you can shop for homes within. Once you have chosen a property that you want to write an offer to purchase on, she will provide your realtor with a customized pre-approval letter. The pre-approval letter will help strengthen your purchase offer’s position with the prospective seller of that property.
Applying for a mortgage can be a daunting task. The important thing to remember is to be well-prepared before calling your mortgage consultant. If you’ve reviewed your credit history recently, there should be no bombshells. If you have your income and asset documentation saved and readily available, then it should take just a few minutes to get everything together. Your mortgage consultant is there to make the process easier for you. She is knowledgeable, efficient and focused on making your experience pleasant.
If you’d like to discuss the mortgage process in greater detail, please contact me at bahale1@gmail.com.
If geography allows, you will meet with your mortgage consultant in person, so that you can further discuss your personal financial goals and expectations. Your mortgage consultant will want to make sure that she is advising you of the proper loan programs to meet your specific needs and budget. This consultation ensures that you are comfortable with the process and well-informed of your choices. Your mortgage consultant will guide you step-by-step through the loan process, and will manage all the details of your transaction. She will keep you updated, educated, and in control.
If you are applying for a pre-approval for a purchase loan, your mortgage consultant will guide you as to how much of a house payment (including principal and interest, private mortgage insurance, property taxes and homeowners insurance – PITI) is within your budget. That monthly payment will translate to a purchase price range that you can shop for homes within. Once you have chosen a property that you want to write an offer to purchase on, she will provide your realtor with a customized pre-approval letter. The pre-approval letter will help strengthen your purchase offer’s position with the prospective seller of that property.
Applying for a mortgage can be a daunting task. The important thing to remember is to be well-prepared before calling your mortgage consultant. If you’ve reviewed your credit history recently, there should be no bombshells. If you have your income and asset documentation saved and readily available, then it should take just a few minutes to get everything together. Your mortgage consultant is there to make the process easier for you. She is knowledgeable, efficient and focused on making your experience pleasant.
If you’d like to discuss the mortgage process in greater detail, please contact me at bahale1@gmail.com.
Thursday, January 21, 2010
What To Expect When Applying For A Mortgage Part 3
Obtaining Your Mortgage Pre-Approval
The most important aspect of the mortgage process is determining how much home you can afford to purchase. This will be the driving force of your home search. Be prepared to provide a detailed summary of your economic life for the past 2 years.
Once in contact with your mortgage consultant, she will ask you for some basic information to complete the loan application. This will include questions about your employment and residency for the past 2 years, and your current income and assets. If you are purchasing a home, she will need to know the amount of your down payment.
Your mortgage consultant will then pull a tri-merge credit report that will reveal your 3 credit scores from TransUnion, Experian, and Equifax. She will use your middle credit score to qualify you for specific loan programs and determine your interest rate. In this current mortgage market: the lower your credit score, the greater the potential you’ll receive a higher interest rate. Credit scores range from 300 to 850, with the best rates given to scores above 740.
The mortgage consultant will run your credit, income, and asset information through an automated underwriting process. The automated underwriting process will produce a general loan approval or a loan decline based on the information provided at that time. The loan approval will be subject to specifics such as appraisal of property, title search, change or loss of employment or assets, and verification of funds for down payment.
This process will help you establish the price range of homes that you will be comfortable shopping in. It is helpful to be completely informed of your mortgage choices from the beginning, so that there are no surprises down the road.
If you’d like to find out what your borrowing power is for a new home, please contact me at bahale1@gmail.com or call (513) 520-6044.
The most important aspect of the mortgage process is determining how much home you can afford to purchase. This will be the driving force of your home search. Be prepared to provide a detailed summary of your economic life for the past 2 years.
Once in contact with your mortgage consultant, she will ask you for some basic information to complete the loan application. This will include questions about your employment and residency for the past 2 years, and your current income and assets. If you are purchasing a home, she will need to know the amount of your down payment.
Your mortgage consultant will then pull a tri-merge credit report that will reveal your 3 credit scores from TransUnion, Experian, and Equifax. She will use your middle credit score to qualify you for specific loan programs and determine your interest rate. In this current mortgage market: the lower your credit score, the greater the potential you’ll receive a higher interest rate. Credit scores range from 300 to 850, with the best rates given to scores above 740.
The mortgage consultant will run your credit, income, and asset information through an automated underwriting process. The automated underwriting process will produce a general loan approval or a loan decline based on the information provided at that time. The loan approval will be subject to specifics such as appraisal of property, title search, change or loss of employment or assets, and verification of funds for down payment.
This process will help you establish the price range of homes that you will be comfortable shopping in. It is helpful to be completely informed of your mortgage choices from the beginning, so that there are no surprises down the road.
If you’d like to find out what your borrowing power is for a new home, please contact me at bahale1@gmail.com or call (513) 520-6044.
Tuesday, January 12, 2010
Further FHA Loan Scrutiny On The Horizon
I woke up to the news that the White House will be looking into the lending practices of some FHA lenders. Look for even tighter guidelines down the road!
There was a lot of confusion this summer when major wholesale FHA lender, Taylor Bean Whitaker (which is mentioned in the link), filed bankruptcy and left many of their home loan clients' mortgage payments missing in limbo for months. If you were affected by that situation, or if you have any questions, please contact me at bahale1@gmail.com or (513) 520-6044. I'd love to hear your comments and feedback!
There was a lot of confusion this summer when major wholesale FHA lender, Taylor Bean Whitaker (which is mentioned in the link), filed bankruptcy and left many of their home loan clients' mortgage payments missing in limbo for months. If you were affected by that situation, or if you have any questions, please contact me at bahale1@gmail.com or (513) 520-6044. I'd love to hear your comments and feedback!
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