Retirees’ decreased monthly incomes may make it more difficult for them to meet the stricter underwriting standards that lenders have in place in order to qualify for a mortgage, according to an article in The Washington Post. Whether refinancing their current mortgage or applying for a new loan to purchase a home for the golden years, more retirees are saying they are increasingly facing roadblocks when it comes to applying for a mortgage. One 68-year-old home owner, with a
StartFragment As the popularity of FHA mortgages continues to rise, borrowers are becoming more informed about the various options available for the required down payment. One of these options that many are already implementing is using sweat equity for FHA mortgage down payments. In other words, sweat equity is work that is performed by the borrower and is often used with homes that are in need of repair, such as foreclosures, or for new homes under construction. FHA guideli
1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov. 2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of
A In high-priced housing markets, it can be difficult to afford a home. That's why a growing number of home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them "stretch" their income so they can qualify for a larger loan. But before you choose one of these mortgages, make sure you understand the risks and how they work. Specialty mortgages often begin with a low introductory int
What to Do When the Sale Price Leaves You Short? If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is wh
A Real estate is often thought of as one of the safest possible types of investment. The recent slow down in the U.S. real estate market might make doubters of some of us, but the bigger trends have demonstrated that real estate is a solid and reliable investment for most of us. Yes there will be losers; especially when things reach a feverish pitch as they did three or four years ago. In circumstances like that it is inevitable that there will be a correction. And when that
Throughout the United States, decades of poor lending practices have recently contributed to the cause of the highest government bailouts in history. In an effort to prevent this disaster from repeating, the federal government passed laws that restrict certain lending practices.
Officially, the new laws (from 2010) are designed to protect individual consumers from unfair and abusive lending practices. They are also in place to ensure that the mortgage borrower has access t