Wednesday, September 1, 2010

It's a DAD Life?

This has nothing to do with Real Estate but I couldn't help but share!!!

Waterfront Lot- Chester River Beach

Offered at $420,000

910 Chester River Dr
Grasonville, MD
Click Here for More Information
Enjoy the amazing views of the Chester River and breathtaking sunsets from this waterfront lot in the sought after Chester River Beach community. Adjacent waterfront lot QA7345439 with 3 bedroom home is also for sale, making this a rare opportunity to own 2 waterfront lots! Community offers boat ramp, pavilion, beach, dock, slips, and large park. Get your piece of paradise today!
•  Lot/Vacant Lot•  Built in Unspecified•  Unspecified lot
•  Land Property •  Waterview•  Present use: Call agent for details on association fee info
•  Status: ACTIVE •  Waterfront property •  Topography: Community beach, Community boat slip, Community pier, Community chi
•  County: QUEEN ANNES •  Lot is 14000 sq. ft. •  Existing Structures: Community party room
•  Subdivision: CHESTER RIVER BEACH •  Approximately 0.32 acre(s) •  Elementary School: GRASONVILLE PRIMARY
•  Community recreation facilities •  Lot size is less than 1/2 acre •  Middle School: STEVENSVILLE

Dina Baxter
Rosendale Realty
605 Main St. Suite 100
Maryland 21666
(410) 643-2166

  Posted: June 12, 2010

FHA loan changes

Are you considering the purchase of a home? Are you struggling under the threat of losing your home? If so, consider how FHA can help. FHA loans are government-backed loans that often have a much lower interest rate than a conventional (traditional) loan. Before you right off these loans as impossible options, keep in mind that millions of people are benefiting from theme right now.

Here are five ways that FHA loans can help you to obtain the home you are looking for or help you in other ways.

#1: Lower Interest Rates: The main benefit of FHA loans is to provide individuals with a lower interest rate. If the FHA is backing your loan, you are less of a risk to the lender. Therefore, they agree to offer you a slightly lower interest rate. This translates into an interest rate that could save you thousands of dollars over the lifetime of that loan. That is money in your pocket.
#2: Better Qualifications: Many lenders have increased their standards in lending money. If you do not have a credit score over 700, then our best bet to getting a low interest rate home loan is with the FHA loans. You do not have to have as much down to qualify for these loans either.

#3: Help Getting Out Of A High Interest Loan: Perhaps you have a high interest rate loan. You are paying much more interest than the current four to six percent loans that are available. FHA loans can help you to get a low rate even on refinances. Definitely, worth looking forward to since it will drastically cut the amount it costs to buy your home.

#4: You Need Help: There are a number of programs available through the FHA to help you to get out of a troublesome home loan. You can stop foreclosures and often stop your overall risk of losing your home by taking advantage of these programs. If you need this help, contact an FHA loan specialist today.

#5: You Are A First Time Home Buyer: For those who have yet to buy a home and are worried about doing so, FHA loans can help. These loans are highly affordable and they are ideal for the first time homebuyer unsure of what to do next.
FHA loans can help millions of people to get into the homes they want and need, or to protect them from losing their investment. Contact a professional today to learn if you qualify.
Once you contact us as your FHA loan specialist, we will talk to you about the types of loans available, as well as what you may qualify for. To get answers quickly, be sure you have all the information and resources you need. 

Here are some tips:
*Know your credit score and credit history is clean. Check your credit report for errors prior to applying for a loan since creditworthiness is key to obtaining any loan.

*Have proper identification to show who you are. This includes having your Social Security number ready. Also, have the addresses of the locations you have lived over the last two years.

*Have your income information on hand. Your lender will need to see proof of income as well as the names and contact information for each of your employers over the last two years. You will need to have on hand any W2 information as well.

Once you have these items ready to go, the FHA loan specialist will talk to you about the loans available to you. They may prequalify you for the loan. This is a process of getting qualified for the loan, on the information that you provide. Once this information has verification, you will receive preapproval for a loan.

In situations where you need immediate attention, such as when you may be struggling to pay your monthly mortgage payment or when you are facing potential foreclosure, alert the FHA loan specialist. There may be opportunities to freeze the process if you can refinance. Keep in mind that you still need to meet the FHA requirements for refinancing to be able to use these programs.

If you are ready to get the FHA loan you need, contact a specialist today to request a quote. You may be surprised by just how easy it is to get an FHA loan.
FHA receives aid because now there is an increased ability to lend money since the stimulus bill has aided in creating higher loan lending limits. Overall, the benefit here is that individuals will be able to qualify to purchase a home more readily.

FHA loans are available for a growing number of people. If the stimulus bill has done anything, it is to encourage more people to buy homes. According to the National Association of Realtors, the stimulus bill could help to sell more homes. An estimated 300,000 first time homebuyers may be attracted to purchasing a home due to the tax break offered to them. Thousands more will find that funding they need through the availability of FHA loans. It is a great time to buy.

There are other ways this new higher limit on Freddie Mac and Fannie Mae will. Because it does free up some of this money, more people will qualify in all likelihood for these home loans. With better qualification numbers, more homes can be purchased. People can afford to purchase a home again with the lower interest rate. In turn, more properties that have been sitting on the market or even vacant can be sold. In other words, by raising these limits, the government is aiding in reducing inventory of available housing. This will give cities back their property taxes and aids in boosting other home values throughout the area.

The overall process improves the liquidity of the mortgage market as a whole. Many economists blame at least part of the economic downturn on the failure within the housing market. By restoring some stability here, it could also help to restore some of the value in housing and the markets as a whole.

What Does It Mean To You?
As you consider the Bill and what is included in it, one thing you may want to consider is your own ability to obtain a mortgage and to purchase one of these homes. Not everyone will qualify for a home loan through this program, but far more money is available to help more people to qualify. If you have been considering purchasing a home, but where not sure if you could, or should do so, there benefits of these increased limits makes now an ideal time.

The benefits of having an FHA loan are immense and it should not be overlooked by anyone who is looking for an opportunity to buy a home. Keep in mind that you will still need to meet income and credit qualifications to obtain an FHA loan. If you have been thinking about this type of loan opportunity, take the time to talk to an FHA loan specialist to find out if you qualify for the loan.

What To Do
Are you likely to be affected by a foreclosure in the coming weeks? If so, you may want to use this time to secure different financing options. If you are at risk of losing your home, do not waste this time. Call a professional FHA loan specialist to aid you in determining what options you have.

Keep in mind that there are already several types of programs in place to aid individuals in refinancing their current home loans to get into new ones to avoid foreclosure. FHA lenders can help you to determine if you qualify for this type of loan. While President Obama’s plan is on schedule for review in the coming weeks, do not wait that long to find out if you qualify.

What’s Next?
Consider this next year. Current foreclosures are not likely to hit the MLS books for another four to six months. And, with thousands of people out of work, they will be incredibly deep and painful.

There is little that can be done about a home that is deep into the foreclosure process. Yet, for most individuals the process can be stopped long before it gets to that point.

Checklist of What to Do Now
If you are facing the fact of being unable to make payments on your mortgage, here are some things to do, now.

#1: Talk to your lender to find out if they can help with loan modification. They may be able to help you to get caught up. This is especially important if you wish to keep the home and have the income to make payments.

#2: Talk to an FHA loan specialist, or someone who can help you to qualify for an FHA loan. The FHA has put together special packages and outlines specific options for those who are suffering and are behind on their mortgages.

#3: Don’t wait. The longer you wait to get help for your mortgage loan, the more difficult it will be to get caught back up.

Foreclosure is not a process you can’t stop. You can, and with some help, you may save money in the process.

A Closer Look at the Numbers
What is happening around you? Take a look at a few more numbers as they came out just a few days ago.

• In 2008, 1.1 million people received foreclosure notices in the combined states of Nevada, California, Florida and Arizona.

• 20 percent of the 1.1 million homes that entered the foreclosure process were located in California.

What is happening where you are? If you aren’t sure, you can use to get a better idea or give us a call and we can help you with information and referral to a qualified and caring real estate professional.

Most individuals in foreclosure today are not in foreclosure because they are irresponsible or took on bad loans intentionally. They simply are struggling, which is why so many of them are just looking for help.

Is this you? To find out if you qualify for any type of loan modification or to freeze your foreclosure, contact one of the FHA loan specialists. There is no guarantee that every homeowner can remain in their homes, but many individuals can. The opportunities available through FHA are helping thousands of people each month to stay in their homes and to avoid foreclosure. They may be able to provide you with the help you need, too.

Low Down Payments Out There: FHA Says Yes

For those who are looking for an FHA loan, you may be happy to learn that the FHA still has some great loan opportunities available for those who qualify for them. The Federal Housing Authority, or FHA is still offering home loans requiring just 3.5 percent down. This is good news to anyone that is struggling to find a loan available to them do to the numerous issues with the credit crunch.

In the traditional, conventional loan market, there is no doubt you will have a difficult time finding a home loan that does not require a larger down payment to be made. Some lenders are now insisting on down payments at 20 percent of the home’s value. Those who cannot afford this may not have an option outside of the FHA loans available.

The FHA does still have loan opportunities available, including loan programs offering 3.5 percent down. A low down payment is the critical aspect for many potential home buyers. Having 20 percent or more to put down on a house is a great way to get a low rate and it enables lenders to look at you more favorably. After all, after you have invested that much into the home, you are unlikely to just walk away from it. Since lenders are trying desperately to protect themselves from further foreclosures and subprime loans, they are simply sticking with what they know: those who invest in a larger down payment are less likely to walk away from their homes.

Are They Safe?
One of the biggest concerns people have today when it comes to FHA loans is security. Rightly so, people want to ensure that the home loans are going to be safe to have. When you work with an FHA loan specialist, you can ensure this is the case. Most lenders accepting these loans are well qualified to do so. Even if they do fold, you are highly unlikely to lose your loan or any of your financing. Still, you can speak to the specialists to learn more about this.

How To Get An FHA Loan
Since FHA loans do allow for the much lower down payment, many people are using them as the means to get the home they want. You will need to work with an FHA loan specialist to enable you to find out if you qualify for this type of loan insurance. You can get prequalified to purchase a home within a few minutes, too. Unlike a few years ago, standards have tightened, though.
• You will need that 3.5% down payment or more

• You will need to have no more than 31% of your gross income going towards paying your mortgage

• You will need to have good credit. Those with serious delinquencies on their records may not receive approval.

If your credit score is lower than 500, though, you may need to pay a larger down payment, up to 10 percent. Moreover, as with all FHA loans, you will need to pay mortgage insurance during the first years of your loan.

You can find out if an FHA loan is right for you by contacting any of the FHA specialists available. They will ask you a few questions and get information about your credit score for you. Generally, the process takes only a few minutes to work through. You can get a quote for an FHA loan, too, so you can see if this is an option for you.

If you have 3.5 percent to put down and meet the other qualifications of FHA loans, now is one of the best times to get investing.

Why FHA loans are gaining in popularity. You probably already know the reasons but to sum it up: 3.5% down (try finding less than that these days), low rates, and attractive loan limits. I highly recommend taking a look their article because it has some great FHA info and good examples as well.

The housing market is struggling nationwide. That does not mean that your local market is struggling, though. Nearly all neighborhoods in the country have seen some fall in value. Yet, this does not mean that the horrors that are happening in some areas of California and Nevada are playing out in your back yard. Your area may actually have some strengths in it right now. Many markets are stable and many others are on the rise.

Before you right off the current condition to be too risky to invest in a home loan, find out what is happening in your local area. There are a variety of online appraisal websites that can give you a free estimate (which is not always 100 percent accurate, but close) to help you to see what is actually happening in your market. It may be that your area has just what you need: well-priced homes and affordable mortgage prices.

Contrary to what many people believe, there are still mortgage loans available to those who are qualified to get them. Does this mean you have to have a credit score in the 800’s to qualify? No. Those with scores much lower will qualify.
 To find out if you qualify, consider the following:
• Do you have steady employment?

• Do you have excessive debt: if so, you may not qualify if your debt is too high compared to the amount of money you are bringing in each month.

• Do you have a down payment: Down payment amounts are much lower for FHA loans, but some money to put down is necessary.

• Do you have good credit or better: Those with very low credit scores may not qualify for a home loan right now.

To find out if you qualify, it is best to talk with an FHA loan specialist one on one. They will help you to determine not only if you qualify but how much of a home you can purchase, the cost of a monthly mortgage payment, and the current interest rates available. It is highly recommended that you consider FHA loans since they are more affordable and they often cater to a wider array of home loan borrowers.

The local housing market and loan market is really the only concern you should have in terms of buying and selling property right now. While the big picture may seem dark, there are plenty of bright spots under that dark cloud. These are mainly average neighborhoods dotting the country and often are great places to call home.

"Striking the right balance between managing the FHA's risk, continuing to provide access to underserved communities, and supporting the nation's economic recovery is critically important," said FHA Commissioner David Stevens.
FHA provides mortgage insurance on  loans made by FHA-approved lenders. While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan.

The New Rules:
FHA-insured mortgages are attractive to borrowers because down payments are only 3.5%. That won't change under the new policies the FHA announced  which are to take effect in spring or early summer. Among them:

  • Borrowers will have to have a minimum credit score of 580 to qualify for a 3.5% down payment.  Lenders can and do modify this to suit their own risk assessments. Those with lower scores will have to make at least a 10% down payment. The average credit score of FHA-insured borrowers is 693.

  • Allowable seller concessions will be reduced from 6% to 3% of the sale price. The change is intended to discourage inflated appraisals. On many home transactions the seller agrees to pay the closing costs of the buyer.

  • Buyers will have to pay an upfront mortgage insurance premium of   2.25% of the total loan amount, up from 1.75% now. A $150,000 mortgage would require a payment of $3,375, or $750 more.  

    What It Means To Everyone!
The general rule is: if someone cannot get financing to buy your home when you decide to sell, it is going to be difficult. To the extent that financing is available and markets function normally you have a better shot at selling. Even with these changes, FHA lending still will remain the largest source of home purchase financing.

 These changes are designed to improve FHA's financial position and will ensure its long-term ability to guarantee affordable mortgages for families.  In the end these changes are also designed to engage borrowers who can reasonably afford a mortgage. From what we have seen in the recent past, guidelines that were lowered to promote homeownership backfired. This scenario is well reflected in the foreclosure problems now sweeping the marketplace.

If you need help with financing please visit my MY site or call me at 410-507-1936.