Archives for the 'Income' 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

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