Question by Anier: Where do I turn for the RIGHT answers?
I just moved back to florida and all the money I had saved up went on a new car and the other expenses you have when relocating. I dont have money saved for a down payment but I dont want to rent again until know if i could actually own a house. I am a type of person who likes to put money into my place and I hate the fact that when i move I leaving gaining NOTHING on what I spent! I am a single mother of one and I want a better future for my son. My dream is to buy a house before im 30 but i cant find the right information on grants and wether its a good step for me to buy a home. Plus I want to my mortage to be the same amount I would pay for an apt here in Florida. (which is from 660-800 dollars).
Best answer:
Answer by Business Mom
go visit your local loan officer at the local bank…and see where you stand….that should give you some idea as to where to start.
also get a licensed real estate agent to assist you.
good luck 🙂
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Question by Thundertex: What is the best interest rate you can get on a FHA Secure Loan?
I’m helping a friend who got caught up in the sub prime loan mess. I believe he would qualify for the FHA Secure Loan program the government is offering. What can I expect in interest rates.
Best answer:
Answer by Minneapolis Real Estate Agent
That’s great that you are helping your friend recover from a mortgage mess.
Due to recent developments in the mortgage market, more about HUD has started a FHA refinance program called “FHASecure”. To qualify, ailment borrowers must meet 5 criteria:
1) History of timely mortgage payments before their adjustable rate increased.
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash down.
4) Sustained employment history.
5) Income must meet qualifying guidelines.
FHASecure can help you even if you’re currently in default, and if the value of your home is less than what you owe. The lender considering the refinance would have to be willing to accept a short payoff on the existing loan OR hold a second mortgage to make up the difference. To answer most of your questions, go to http://portal.hud.gov/portal/page?_pageid=33,717446&_dad=portal&_schema=PORTAL
Chris, Minneapolis Realtor
http://www.chrisdeutsch.com
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