If you are a first time homebuyer (or owned a home in the past 3 years) and qualify under the income guidelines there is a wonderful down payment assistance program available in the City of Tacoma! The program offers up to 3.5% which is the current required down payment for FHA. The funds can be used towards the down payment and/or closing costs. You as the buyer are required to contibute $1000 of your own moeny in order to receive the assistance. The rest of the closing costs can come from a seller credit if that is how your offer is accepted.
The loan will be a 30 year loan with zero interest which will be due in 30 years and/or if you no longer use the home as your primary residence.
Income limits as of 1/31/2012 are as follows:
Tuesday, January 31, 2012
Friday, January 20, 2012
Home Ownership After A Bankruptcy, Foreclosure or Short Sale?
There is life and the potential for home ownership after a bankruptcy, foreclosure and short sale. You will need to get started on rebuilding your credit right away as your credit score is a huge contributing factor to receiving a home loan and how much you will pay for that home loan. It is, however, very important to do this wisely. Make sure that you have built yourself a savings for any emergencies that may come up whether home, health, kids, etc.. You want to make sure you do not have to dip into your credit cards to see you through challenging times unless absolutely necessary.
In order to do this, you will need to start applying for new credit. Sounds scary I know after just going through the bankruptcy but it will be necessary if your goal is to become a homeowner. Here are some options that may be available to you. You have probably noticed all of the offers coming your way for credit cards, auto loans, personal loans, etc., do your homework. If it sounds too good to be true it probably is!
The easiest way to start re-establishing your credit is with a secured credit card. You give the bank some money to hold and the bank willg ive you a credit limit equaling that amount. You can get these from local banks, credit unions, and by searching online. Orchard Bank, First Premier and Capital One are just some of the online companies to choose from and chances are you have already received several offers from them. Be very careful of outrageous fees and shop around a little before you start applying.
Unsecured credit cards are another option. These will not require you to give money to the lender to open up the card, however, still may have high upfront fees so shop around first.
With both of these options you will want to request a credit increase after about 12 months and make sure to keep your balance as low as possible on these by either paying off monthly or higher than the minimum payment due. It is very important to go with companies that will report your history to all three credit bureaus. Don't forget to make your payments on time! The lender will look very closely at any late payments after a bk and that could completely ruin your chances of being a homeowner with even 1 late payment reported on your credit report!
Personal loans and auto loans are another way to start rebuilding your credit.
There are time frames that you will need to be aware of as well and they are as follows:
Fore more information on any of this information please feel free to contact me. Complimentary pre-approvals are always available!
In order to do this, you will need to start applying for new credit. Sounds scary I know after just going through the bankruptcy but it will be necessary if your goal is to become a homeowner. Here are some options that may be available to you. You have probably noticed all of the offers coming your way for credit cards, auto loans, personal loans, etc., do your homework. If it sounds too good to be true it probably is!
The easiest way to start re-establishing your credit is with a secured credit card. You give the bank some money to hold and the bank willg ive you a credit limit equaling that amount. You can get these from local banks, credit unions, and by searching online. Orchard Bank, First Premier and Capital One are just some of the online companies to choose from and chances are you have already received several offers from them. Be very careful of outrageous fees and shop around a little before you start applying.
Unsecured credit cards are another option. These will not require you to give money to the lender to open up the card, however, still may have high upfront fees so shop around first.
With both of these options you will want to request a credit increase after about 12 months and make sure to keep your balance as low as possible on these by either paying off monthly or higher than the minimum payment due. It is very important to go with companies that will report your history to all three credit bureaus. Don't forget to make your payments on time! The lender will look very closely at any late payments after a bk and that could completely ruin your chances of being a homeowner with even 1 late payment reported on your credit report!
Personal loans and auto loans are another way to start rebuilding your credit.
There are time frames that you will need to be aware of as well and they are as follows:
Wednesday, January 11, 2012
FHA Streamline Refinance: No Appraisal or Income Documentation? YOU BET!
Rates are the lowest they have been since Freddie Mac first began keeping track back in the 1970's. Have you wanted to take advantage of the lower rates but are concerned about qualifying or the value of your home?
If you currently have an FHA loan, FHA allows you to do a streamline refinance without having to verify income also, an appraisal is not required.
What is a FHA Streamline Refinance? This is a refinance designed to lower the monthly principal and interest payments on a current FHA-insured mortgage with streamlined documentation.
Some of the specifics on a FHA streamline are:
If you currently have an FHA loan, FHA allows you to do a streamline refinance without having to verify income also, an appraisal is not required.
What is a FHA Streamline Refinance? This is a refinance designed to lower the monthly principal and interest payments on a current FHA-insured mortgage with streamlined documentation.
Some of the specifics on a FHA streamline are:
- First and foremost you must have a minimum of a 5% payment reduction.
- Your lender may be able to provide a "NO COST" streamline which would allow for you to not pay any closing costs and/or prepaids out of pocket. It is always my goal to try and do what I can to provide a no cost streamline for my clients but it is not a guarantee this can be done.
- No cash back to the borrower, except for the minor adjustments at closing. It can not be more than $500.
- Employment must be listed on application and it will be verified. (Only employment, not income)
- Income documentation for wage earners or self employed is NOT REQUIRED.
- Other credit and/or debt is typically not considered.
Please keep in mind, if you have equity in your home and you choose to have an appraisal done, you may include your closing costs and/or prepaids in your new loan amount if the final loan amount does not exceed 97.75% of the appraised value.
For more information or to see if your loan would qualify for a FHA streamline and if it would make sense for you to refinance, please contact me.
253-228-1200 - Direct
MY GOAL IS SIMPLE...TO HELP YOU REACH YOURS!!
Subscribe to:
Posts (Atom)