Source: The Washington Post
Despite earlier reports to the contrary, it turns out that your mortgage lender will not have to pull a second full credit report on you hours before closing on your home purchase or refinancing.
In a clarification of a policy announced earlier this year, mortgage giant Fannie Mae now says that applicants will need to come clean about any debts they have incurred since they submitted their mortgage application — or debts they never disclosed on the application. But a formal pre-closing credit report will not be mandatory to confirm creditworthiness.
Instead, loan officers can use other techniques to verify that you haven't financed a new car, taken out a personal loan or even applied for new credit in any amount that might make it more difficult for you to afford your monthly mortgage payments.
Read the full story ...
Lenders won't have to run a second full credit check before closing on mortgage
Monday, August 30, 2010
Thursday, August 19, 2010
St. Petersburg's Beach Drive is 'best place to be' - St. Petersburg Times
Life along Beach Drive begins early. Lines full of tourists wait for the Chihuly Collection to open, residents walk their dogs and restaurant workers begin raising umbrellas and clearing tables.
The restaurant tables that dot the street are full by noon, before Beach Drive slows down to catch its breath before happy hour and dinner. Then, it comes alive again.
Business owners have flocked to Beach Drive in the past few years essentially on the promise of what it would become. Today, with its art museums, fine dining, parks and condos, Beach Drive has grown into St. Petersburg's place to be and be seen.
St. Petersburg's Beach Drive is 'best place to be' - St. Petersburg Times
The restaurant tables that dot the street are full by noon, before Beach Drive slows down to catch its breath before happy hour and dinner. Then, it comes alive again.
Business owners have flocked to Beach Drive in the past few years essentially on the promise of what it would become. Today, with its art museums, fine dining, parks and condos, Beach Drive has grown into St. Petersburg's place to be and be seen.
St. Petersburg's Beach Drive is 'best place to be' - St. Petersburg Times
Wednesday, August 18, 2010
Do you have time and patience???
If you are a buyer and have some time and patience purchasing a distressed property may be for you. Contact me so I can educate you on the process and provide you with some guidance.
Monday, August 16, 2010
Facing foreclosure? New Fannie Mae website helps consumers find options
WASHINGTON – Aug. 16, 2010 – Fannie Mae launched a new website to help consumers understand their options when facing foreclosure and the possible loss of their home. Called KnowYourOptions.com, it outlines the choices available to homeowners struggling to make mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find a back-up plan.
KnowYourOptions.com provides information in both English and Spanish. Features include:
• Interactive Options Finder helps homeowners identify options.
• Calculators help borrowers understand how many of the options would work in their situation, including calculations about refinance, repayment, forbearance, and modification.
• Videos feature real homeowners discussing how they received help; others feature housing counselors giving advice.
• Forms – including a financial checklist and contact log – to help borrowers prepare for a meeting with their mortgage company or housing counselor.
• Information on refinancing, repayment plans, forbearance, modifications and Deed-for-Lease.
• Out-of-the-box alternatives, including short sales and deeds-in-lieu for homeowners who recognize that they can no longer afford their mortgages, but want to avoid a foreclosure on their credit history
More info: www.KnowYourOptions.com.
© 2010 Florida Realtors®
KnowYourOptions.com provides information in both English and Spanish. Features include:
• Interactive Options Finder helps homeowners identify options.
• Calculators help borrowers understand how many of the options would work in their situation, including calculations about refinance, repayment, forbearance, and modification.
• Videos feature real homeowners discussing how they received help; others feature housing counselors giving advice.
• Forms – including a financial checklist and contact log – to help borrowers prepare for a meeting with their mortgage company or housing counselor.
• Information on refinancing, repayment plans, forbearance, modifications and Deed-for-Lease.
• Out-of-the-box alternatives, including short sales and deeds-in-lieu for homeowners who recognize that they can no longer afford their mortgages, but want to avoid a foreclosure on their credit history
More info: www.KnowYourOptions.com.
© 2010 Florida Realtors®
Tuesday, August 10, 2010
Thursday, August 5, 2010
Fannie Mae Launches New Website
Fannie Mae recently launched a new website to help consumers who are struggling to avoid foreclosure learn about ways to get some help. Check out this website www.knowyouroptions.com
Wednesday, August 4, 2010
Five reasons to buy a home now
ORLANDO, Fla. – Aug. 4, 2010 – The tax credit expired, but it’s still a great time to buy a home thanks to low mortgage rates and motivated sellers. Here are five reasons why now is a great time to buy:
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
Source: ForSaleByOwner.com (07/29/2010)
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
Source: ForSaleByOwner.com (07/29/2010)
Subscribe to:
Posts (Atom)