Source: Associated Press
Payments could be cut for those struggling after death of service member
Mortgage giant Fannie Mae plans to give military families a break on their home loan payments if they are struggling because of the death or injury of a service member.
The Washington-based company says it will reduce or suspend borrowers' monthly payments up to six months. Fannie Mae is the largest buyer and backer of U.S. home mortgages, owning or guaranteeing about $3.2 trillion in home loans.
Fannie Mae also says it would suspend reporting to credit bureaus for up to six months to minimize the impact on the borrower's credit score.
To determine whether they are eligible, military members or their surviving spouses should contact their mortgage company. Or, they can call a special military phone number: 1-877-MIL-4566.
Monday, September 27, 2010
Wednesday, September 22, 2010
The Fastest & Easiest Path to Loan Approval
Source: Bank of America
If you prepare carefully before you apply for a mortgage (ideally, before you have found the house you want to make an offer on), and are further prepared for requests for additional information after you apply for the mortgage, you can greatly increase the chances that your loan approval experience will go smoothly and well.
Here are several steps you should take before you apply for a loan.
1. Check Your Credit Report
Go to the website annualcreditreport.com for instant free reports. Check the reports very closely to make sure there are no factual errors, like data mistakenly imported from someone else who happens to have the same name, but a very different payment record. Did you know there are errors found in nearly one in four reports? Credit-reporting agencies will work with you to clear up any errors. It’s better to get this done before you apply for a loan, since it can result in better credit reports and scores. You can also check your credit score at various sites (including myfico.com and www.IdentityGuard.com but they do charge a fee.
2. Collect All Your Information
Pull together all the many documents that your lender will need for rapid processing of your application. These may include specific records for the past two years at your current address (employer name, address, phone number, W-2 statements, federal income tax returns, with all schedules); 30 days’ worth of pay stubs; written verification of any other income (such as social security, alimony, annuities, etc.); check and savings bank statements for the past two months or most recent quarter; and the names and addresses of all your creditors with account numbers, balance and monthly payments for all fixed, installment and revolving debts.
Our Mortgage Application Checklist provides a detailed list of all items which, depending on your personal situation you may need to have on hand when starting a loan application. Your Loan would be happy to review this checklist with you to make sure you understand the specific documents requested.
3. After You Have Applied For Your Loan
Having negotiated to purchase a home, you need to be prepared to put together any additional requested documentation as quickly as possible, such as a letter explaining a late payment. This is the main cause of delays in the qualification process.
An important reminder: DO NOT take out any other financing or make large purchases during the mortgage qualification process. These can result in changes in your credit reports and credit scores. The confusion could cause delays and any changes could impede your qualification.
For A List of Lenders in Your Area, Contact us Directly at nyrealestateinfo@gmail.com
If you prepare carefully before you apply for a mortgage (ideally, before you have found the house you want to make an offer on), and are further prepared for requests for additional information after you apply for the mortgage, you can greatly increase the chances that your loan approval experience will go smoothly and well.
Here are several steps you should take before you apply for a loan.
1. Check Your Credit Report
Go to the website annualcreditreport.com for instant free reports. Check the reports very closely to make sure there are no factual errors, like data mistakenly imported from someone else who happens to have the same name, but a very different payment record. Did you know there are errors found in nearly one in four reports? Credit-reporting agencies will work with you to clear up any errors. It’s better to get this done before you apply for a loan, since it can result in better credit reports and scores. You can also check your credit score at various sites (including myfico.com and www.IdentityGuard.com but they do charge a fee.
2. Collect All Your Information
Pull together all the many documents that your lender will need for rapid processing of your application. These may include specific records for the past two years at your current address (employer name, address, phone number, W-2 statements, federal income tax returns, with all schedules); 30 days’ worth of pay stubs; written verification of any other income (such as social security, alimony, annuities, etc.); check and savings bank statements for the past two months or most recent quarter; and the names and addresses of all your creditors with account numbers, balance and monthly payments for all fixed, installment and revolving debts.
Our Mortgage Application Checklist provides a detailed list of all items which, depending on your personal situation you may need to have on hand when starting a loan application. Your Loan would be happy to review this checklist with you to make sure you understand the specific documents requested.
3. After You Have Applied For Your Loan
Having negotiated to purchase a home, you need to be prepared to put together any additional requested documentation as quickly as possible, such as a letter explaining a late payment. This is the main cause of delays in the qualification process.
An important reminder: DO NOT take out any other financing or make large purchases during the mortgage qualification process. These can result in changes in your credit reports and credit scores. The confusion could cause delays and any changes could impede your qualification.
For A List of Lenders in Your Area, Contact us Directly at nyrealestateinfo@gmail.com
Tuesday, September 21, 2010
FHA Mortgage Insurance Premium Going Up
Lock in Before October 4th 2010
FHA is giving homebuyers until October 4 to lock in a low monthly insurance premium. After this date premiums will go up 63 percent. A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. The same buyer waiting until after October 4 would pay $148.01. Although the upfront mortgage insurance premium is going down, there is an actual net increase in out of pocket costs because the monthly premium is going up by 63 percent.
FHA is giving homebuyers until October 4 to lock in a low monthly insurance premium. After this date premiums will go up 63 percent. A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. The same buyer waiting until after October 4 would pay $148.01. Although the upfront mortgage insurance premium is going down, there is an actual net increase in out of pocket costs because the monthly premium is going up by 63 percent.
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