Stated Income Loan – FHA Streamline Refinance
Article by Rick Smith
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Senators Reintroduce Bill to Expand HARP to Homeowners with Equity
The Responsible Homeowner Refinancing Act would extend the guidelines and lowered charges obtainable under the Property Reasonably priced Refinance Plan (HARP) to property owners regardless of the loan-to-value (LTV) ratio of their current GSE owned or …
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Getting Authorized For HARP two. Program Now Significantly Less difficult Than Ever Prior to
As per info released by the Federal Housing Finance Agency (FHFA), viagra over 78,000 property loans got authorized for refinancing with the expanded property reasonably priced refinance system or the HARP two., as it is popularly known, within the very first five months of …
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White House Pushes Refinancing Expansion Before Election
The effort got a boost last October from changes to the House Inexpensive Refinance System, known as HARP, allowing homeowners with loans backed by Fannie Mae and Freddie Mac to refinance no matter how significantly their loans exceed the value of their …
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Question by : FHA Mortgage withdrawal?
I have an FHA mortgage that I was not aware if I move the mortgage company will question me. The house was bought 2006, try due to family increase I needed more room, and this happened sept 2011. when I moved to a new rental place to accommodate my family, the mortgage company sent me a letter that am not supposed to move, or else they will enforce the FHA Rules and Regulations. I never changed my mortgage address, or my driver license address, but I asked my mails to be forwarded to my new address. I have a cousin now living in my FHA home and am helping him, but not paying rent or anything. My mortgage payments are upto date and no late payments. I intend to continue making my monthly payments promptly.
1. How did they find out I moved?
2. What can I do to get out of this mess?
3. Is it true after 10 years I have the right to sell the home?
4. I have 10 days left to sign and return a document that I still live that location, do I sign it and return it to mortgage company?
Thanks
Best answer:
Answer by Cathi K
You probably gave the post office a change of address form. Mail went back to the mortgage company. The loan you have is for your home not for a rental (collecting rent or not). Most loans have a requirement that you must live in it for a certain period of time. If you sign the form saying you live there and you do not, you are signing under penalty of purgery.
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Question by boots: Should we wipe out savings or go with home equity line of credit to finance home improvements?
My husband and I are debating how to finance some home improvement projects. He says use savings, viagra I say use a line of credit(repay within two years hopefully) I am afraid if we use savings we will never replace it. He doesn’t want debt. Any opinions?
Best answer:
Answer by Joe C
Neither. Never use all of your savings or borrow money for a luxury expense.
Save up the extra money and pay cash.
Add your own answer in the comments!
Some cool condominium pictures:
Grange Road Condominiums – Paul Rudolph
Image by Pricey
Grange Road Condominiums by Paul Rudolph – Slightly blurred shot taken from best of double decker bus!
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Wonderful Condominiums Of Kota Kinabalu
Image by thienzieyung
If you’d ask me which condominiums I like in KK, seek I’d go for the Peak (left) and the two towers of the Peak Vista (middle and proper). The lighting in this photo is horrible (and I imply it in a negative way). It is in the evening and dark clouds was all over KK. But I just wanted to share about the present construction progress of the soon-to-be tallest condominium tower in Kota Kinabalu. It will be 28 stories high and will supply an unbeatable view of the sea at Gaya Bay. When completed, the tower will surely pass the horizon line in this photo.
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Nielsen Square condominiums Ann Arbor MI
Image by Andypiper
www.piperpartners.com/nielsensquare.html
Nielsen Square Condominiums situated near downtown Ann Arbor inside walking distance to the University of Michigan health-related campus and hospitals.
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Scranton closes on .25M loan to cover payroll
So, discount the loan terms were changed to have the city's earned-income tax collector, cialis 40mg Berkheimer Associates, capsule remit the EIT proceeds on a weekly basis to First Liberty Bank, which is registered in Pennsylvania, Mr. Kelly said. First Liberty then would … The …
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Aberdeen Global Income Fund, Inc. Announces Performance Data And Portfolio …
/PRNewswire/ — Aberdeen Global Income Fund, Inc. (the "Fund")(NYSE MKT: FCO), a closed-end bond fund, announced today its performance data and portfolio composition as of July 31, 2012. PHILADELPHIA, Sept. 4, 2012 The Fund's total returns for …
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Question by marcus w: Mortgage Training DVD?
Hello, health does anyone know of a great mortgage training system that is available on dvd’s? I live in california and would like to get a system that educates me on the total lending process from start to finish, cheap understanding interest rates, recipe the difference between conventional and FHA loans, understanding underwritters, understanding rates, processing loans etc…..just every aspect of becomming an effective loan consultant. I know some of you will probably tell me to just read books, but I want a system that is dvd structured.
Thanks
Best answer:
Answer by Carolinahomerates.com
look up loanofficersurvival
What do you think? Answer below!
Question by Erika P: Can you refinance a conventional mortgage to an FHA?
Someone told me that she wants to refinance her investment properties but she has possibly below 600 scores. Her properties are conventional mortgages and inquiring about refinancing FHA.
Best answer:
Answer by ibu guru
FHA is owner-occupied only. Conventional mortgages can be refi’d to FHA only if fully qualified for an FHA mortgage. If she didn’t qualify for FHA mortgage then, doctor it sounds like nothing has changed that would now qualify her for FHA. And with a credit score like that these days, medications she probably doesn’t qualify for any refi whatsoever.
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no FHA on investment
As an FYI… per the Federal Trade Commission (FTC) http://www.ftc.gov/freereports , there is only one source for you to get a free credit report from all three credit repositories, “annualcreditreport.com”. https://www.annualcreditreport.com/cra/index.jsp
Do not give anyone else your personal info without seeing them in person.
Make sure to price out your loan with your LOCAL banks and mortgage brokers only.
A lot people giving advice on here are also looking to give you a loan (it’s not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON’T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.
Remember Buddha’s advice:
“Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.” You are the only “expert” you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is “selling” you something (it’s not advice, its advertising). Don’t buy “it.”
When shopping for a mortgage, here are a few things to do to maximize your savings and time:
1. When asking for a Good Faith Estimate(GFE), tell each mortgage originator (lender) what interest rate to use so you can compare apples to apples (rate affects closing costs). This is probably a different thought process for you because you always shop interest rates on a mortgage right? Remember all mortgage originators have identical wholesale interest rates. If you shop the same interest rate among mortgage originators, it levels the playing field and discloses what they want to charge you for their time to originate and close your mortgage. It is similar to shopping for a car. Why does the exact same new car vary in cost from one dealership to the next? Some dealers want to make more profit than others.
2. Secure Good Faith Estimates from various mortgage originators within a 4 hour time frame (rate and pricing can change daily and even multiple times in one day).
3. Do not compare the prepaids, reserves, escrow, title charges, and government recording sections of the estimates; third part fees are not controlled by the mortgage originator.
4. Ask each mortgage originator to base the interest rate on a 30 day lock unless you need longer.
5. If the loan allows you to waive escrow (paying taxes & insurance yourself), let the mortgage originators know because this will affect closing costs.
6. If refinancing, let the mortgage originators know if you are pulling cash out. A cash-out refinance usually increases closing costs.
Your Biggest Challenge
The mortgage industry today has never been more unethical. The industry has produced several record-breaking years in a row regarding total origination and as a result, greed is driving the industry. Your biggest challenge is receiving a Good Faith Estimate that is provided to you in “Good Faith”! We spend more time showing consumers how mortgage originators are lying to them in regards to an estimate given! That’s right, lying! “Bait and switch” has become a prominent sales tool in the mortgage industry. Bait you in with a bogus estimate then switch things after you are hooked. This is so discouraging; banks and so called direct lenders have become some of the worst at this practice. Education is your biggest weapon against this practice. Take the time to fully understand closing costs and rates before proceeding.
You should know exactly how much the mortgage originator is getting paid by all sources (no matter where it comes from, it’s ultimately coming out of your pocket). Protect yourself by asking for and receiving prior to application and origination a written guarantee stating the TOTAL amount of compensation (YSP, rebates, commissions, kickbacks) that will be received and kept by the mortgage originator. This will help assure that your best interest is kept in mind.
Originating a mortgage is a service, not a product; compensation should not be based on the loan amount or interest rate.
All ethical, honest, upfront, transparent mortgage originators will be more than willing to provide you with a written total compensation guarantee in addition to the (GFE) Good Faith Estimate (focus on the word “Estimate” because that is exactly what it is, an estimate of charges) prior to originating your loan.
While I don’t agree on everything in your article, I do tend to get a refreshing view every time I read one of your articles.
Good article on real estate. It kept me reading from start to finish.