Archives for the 'Down Payment' Category

NEW FHA LOAN LIMITS: HOW MUCH IS A LIMIT WORTH?

I have waited to write a post about the new FHA loan limits. (See my reasoning below.)
The good news is that the limits for lending have increased for many areas. As outlined in the Allregs guide:
“The Act provides that the mortgage limit for any given area shall be set at 125% of the median house price […]

12 March 2008 | Down Payment, First Time Homebuyers, Fixed Rate/ARM, Income, Credit (Score), Reserves/Assets, Programs | No Comments

Mirror, Mirror: Mortgage Reflection Time

 
We need to turn off the television. Here’s why.
This post describes a few situations, of people losing their homes,  which probably should not have happened for several reasons. (Please read the article before reading the rest of my post.)
First, whether we like it or not, our credit reports (our credit histories) determine so much of our financial […]

6 May 2007 | Down Payment, First Time Homebuyers, Pre-Approval, Income, Credit (Score), Programs, Foreclosure | 7 Comments

1+1=1 Loan

An interesting problem:  not enough money for down payment, but only temporarily.
Several people have conveyed that they have budgeted themselves and have determined their total mortgage payment (PITI: principal, interest, tax, and insurance). To get to that payment, we discussed the down payment amount.  In each case, none of the borrowers had the amount of […]

17 April 2007 | Down Payment, First Time Homebuyers, Reserves/Assets, Programs | No Comments

Condominiums For Kids

Why is this girl so happy?
She just chose the colors for her kitchen and dining rooms in her new apartment. (As I mention in my new book, one of the advantages of owning versus renting is that you don’t have to ask the landlord to paint the walls pink.)
For many young people who want to purchase […]

5 April 2007 | Down Payment, First Time Homebuyers, Income, Credit (Score), Reserves/Assets, Programs | No Comments

More Than Sloppy

When I was a kid I loved an overfilled Sloppy Joe.  Part of the fun was licking the “stuff” off your hands. 
Sloppy pre-qualifications (not to be confused with a true, legitimate pre-approval) are another matter. This blog post has it right, and everyone should pay attention.
High loan-to-value loans, especially 100% financing, are very tough to […]

22 March 2007 | Down Payment, First Time Homebuyers, Closing Costs, Pre-Approval | No Comments

If I Am Not Perfect….

Sometimes people express their concerns as though they are in a beauty contest. Only the most striking move to the final rounds, and the most beautiful–the most perfect–win (not including the so-called talent events).
Many people seem to feel the same way regarding their eligibility for loan programs.  I often hear, “Am I only available for a subprime […]

8 March 2007 | Down Payment, First Time Homebuyers, Credit (Score), Reserves/Assets | No Comments

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