Mortgage issues to watch during Obama's 2nd term
You probably knew that homeowners can refinance underwater mortgages through the Home Affordable Refinance Program. HARP is now available for other types of properties as well. You probably knew that homeowners can refinance underwater …
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Home Affordable Loan Modification Can Help Homeowners Keep Their Homes
The Obama administration devised the homes affordable modification program just for hard-working property owners who are having a tough financial time right now. This government-sponsored plan offers different ways to aid a person, order buy more about and they are …
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Question by Lucy S: What are the disadvantages of refinancing when ones property is devalued by about , and 000?
I would like to know if it is worth it to refinance a mortgage that has only about 12 years left, recipe just to take advantage of a lower rate, approved so as to pay less monthly mortgage. I am between jobs and finding it difficult to pay. Also does refinancing put cash back in your hands? Please help!
Best answer:
Answer by KateG
Refinancing has costs for you to do, and while it may lower your payments, since your loan is so far into it, refinancing might actually set you back. You are now paying down equity, while in the early part of a loan, you are paying interest only. You need to figure out what the loan cost would be, what the monthly payments would be and your equity situation. And no, refinancing does not put cash in your hands. Refinancing is taking the value of the home and rewriting a loan, so essentially you are starting over. You are better off right now trying to work it out, using other cost cutting measures to save money elsewhere. Unless you are paying an excessively high mortgage rate, I wouldn’t do it.
http://moneycentral.msn.com/content/banking/homefinancing/p42715.asp
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Question by stephren88: Does anyone know much about Calpers FHA home loan programs?
My husband and I are in the market to buy a home. We were thinking about Calpers FHA home loan. I have a credit score of 580, symptoms long story, search and my husband has a credit score of 724. Can we qualify for a home loan? It seems like the rules are always changing
Best answer:
Answer by mgonvelez
If both you & your husband are applying for the FHA via Calpers, sickness they will go for the higher credit score (your husbands) They also usually pull all 3 credit scores too. You should contact them, CalPers has excellent service with answering any of your questions concerning this. This also applies with credit unions too.
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FHA Loan Limits Are Tailored to Ohio's Housing Market
FHA loan limits are the maximum amounts that the federal government is willing to insure, sildenafil which vary from place to place. The great majority of Ohio has an FHA loan limit of $ 271,500 for a single family home, $ 347,000 for a duplex, $ 419,425 for three …
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FHA Nears Need for Taxpayer Funds
The New Deal-era FHA, which doesn't actually make loans but instead insures lenders against losses, has played a critical role helping the housing market by backing mortgages of borrowers who make down payments of as little as 3.5%—loans that most …
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Jeffrey R. Scharf, Everybody's Business: The next tax sinkhole?
Instead of hoping the FHA will get lucky, Congress should get smart by mandating higher down payments and cutting FHA lending limits ASAP. Jeffrey R. Scharf is chairman of Scharf Investments. Contact him at jeffrey@scharfinvestments.com. Copyright 2012 …
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