Archive for February 2009 – Page 3

Not All Borrowers Need 20 Percent Down, Even in a Tight Economy

Wednesday, February 11th, 2009

Although lending standards have tightened, a wide range of down-payment requirements are in effect today, depending on the borrower’s financial situation and the type of product applied for. The minimum FHA down payment requirement, for example, is 3.5 percent. NAR last week issued an educational brief to news reporters to curb inaccurate reporting on the amount of downpayment home buyers must come up with in today’s mortgage climate.

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Categories : Real Estate News

Streamlined Loan Modification Program in Effect

Monday, February 9th, 2009

The federal government has announced streamlined loan modification procedures that lenders and the secondary mortgage market companies Fannie Mae and Freddie Mac have agreed to. The new procedures are targeted to troubled borrowers. Seriously delinquent borrowers should contact the service of their mortgage for assistance. Separately, Fannie Mae released a notice on the streamlined process on the use of appraisals.

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Categories : Real Estate Tips

"My Money, My Home, My Future" Website

Thursday, February 5th, 2009

Saying it’s “imperative” that Americans “understand what it takes to be a responsible homeowner,” HUD Secretary Preston has launched a My Money, My Home, My Future Website to promote financial literacy. It includes information about the “9 steps to buying a home,” establishing good credit, refinancing, avoiding foreclosure and, maybe most uniquely a self-assessment tool that allows users to link directly to resources that may help them resolve any issues the tool identifies. The site, said the Secretary, will help families “plan ahead to make smart choices about their finances.”

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Categories : Real Estate Tips