Below is a breakdown of time frames for different types of loans (these underwriting guidelines are subject to change) and how your credit will be affected.FHA LoansShort sale: 3 years or less depending on certain conditionsForeclosure: 3 yearsChapter 7 Bankruptcy: 2 years from discharge dateChapter 13 Bankruptcy: 1 year Conventional LoansShort sale: 2 years with 20% down & certain additional Continue Reading
Archives for September 2010
FHA Loan Changes Effective October 4, 2010
FHA will be making changes to its upfront and annual mortgage insurance premium structure. The changes will apply to all new FHA loans issued on or after October 4, 2010.The changes include:Annual MIP increases from 0.50% to:0.85% of the amount borrowed with 95% LTV or below0.90% of the amount borrowed with greater than 95% LTVUpfront MIP decreases from 2.25% to1.00% of the amount borrowedExample: Continue Reading
Arizona Restaurant Week 2010: Sept. 18th-26th
It's that time of year again for Foodies to partake in the annual tastings of Arizona Restaurant Week which kicks off this Saturday. Restaurant week is one of Arizona's most highly anticipated culinary events of the year and was developed to showcase the outstanding culinary scene throughout the state. Over 150 restaurants are participating this year including the renowned Michael Mina's Bourbon Continue Reading
Wells Fargo No Longer Extending Foreclosure Dates for Short Sales
Due to recent industry changes, Wells Fargo will no longer be granting any extensions for short sale close dates or postponing foreclosure/trustee sale dates. Wells Fargo will be honoring extension letters dated 9/14 or earlier, but no further extensions will be granted. Files must close by the expiration date on the original approval letter or they will be removed. If your approval expires 9/15 Continue Reading
Mortgage Rates Beat Tax-Credit Benefits
Homebuyers today can potentially save several times more money in interest costs than buyers who took out a mortgage in early April and claimed an $8,000 homebuyer tax credit. Yet buyers, who rushed to meet the April 30 deadline for the federal tax credits, appear much less eager to borrow at the lowest interest rates in 60 years.Mortgage applications for home purchases are 42 percent below the Continue Reading
Top 5 Reasons Homeownership Trumps Renting
The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction. Here are five of them:· Be your own landlord. The bank can only kick you out if you Continue Reading
Different drug problem….
The other day, someone at a store in our town read that a meth lab had been found in an old farmhouse in an adjoining town & he asked this rhetorical question, “Why didn’t we have a drug problem when we were growing up?” I replied; I had a drug problem when I was young: I was drug to church on Sunday morning. I was drug to church for weddings and funerals. I was drug to family reunions and Continue Reading
