Here are some helpful tips that may help those involved in Short Sales. These key point have been provided by Ron Hoy from Coldwell Banker Select Real Estate as a simplification of the rules from the Treasury. Hopefully these can answer some short sale questions for you.
As of now, these seem to be the key […]
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Filed under: LOAN INFORMATION, SHORT SALES
Here is an interesting article from the Washington Post on the possible changes to FHA loans in Reno, NV and across the country. These changes could include increasing the down payment to 5% (currently 3.5%), decreasing seller contributions to 3% (currently 6%), increasing the monthly mortgage insurance, increasing the upfront mortgage insurance and increasing the […]
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Filed under: LOAN INFORMATION
Man oh man, I will be glad when my credit repair is done. I can’t wait to capitalize on these once in a lifetime low Reno mortgage rates. I think at this point even if this isn’t the bottom, it is not worth waiting around for another 5-10% correction if it even happens. If we […]
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Filed under: LOAN INFORMATION
I’m often asked how long someone has to wait to buy a new house if they’ve recently sold their house via short sale or lost their house to foreclosure. Here in Northern Nevada, those situations are becoming more and more prevalent. I’ve put together the following information for anyone who may want to know exactly how long the wait will be. These are the guidelines as of September 2009, but keep in mind, guidelines are constantly changing so these may be updated.
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Filed under: FORECLOSURE HELP, FORECLOSURES, LOAN INFORMATION
For those of you that are looking for a home and would like to fix it up, but don’t have the money to do it, there is a great new loan that would enable you to do that. The FHA is offering the 203(k) loan, a great opportunity for the homes that need some TLC.
“Right now, […]
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Filed under: LOAN INFORMATION
It seems as if a promising future is on the horizon for buyers and the current owners of high-end properties. At the latter part of last year, the jumbo loans were no longer available from banks. A jumbo loan is a mortgage that the government will not buy or guarantee (over $417,000, depending on the […]
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Filed under: LOAN INFORMATION, LOCAL MARKET
Mortgage-backed securities began back in the 1980’s allowing companies to purchase several mortgages at one time, rather than as individual transactions. Today, people are unable to adequately make their mortgage payments and the companies who had invested in the mortgage are not receiving a steady payment flow, making the investment far less solvent. The article below from the […]
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Filed under: LOAN INFORMATION, LOCAL MARKET
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Good morning: I thought I’d take a minute to give you an update on some of the rumors out there about new down payment programs available for first-time homebuyers. Today it appears to be a combination of bad news and good news.
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Filed under: LOAN INFORMATION
Home Loan Refinance
Reno Nevada Loan Modifications, Refinance etc:
Do you Qualify for a “Making Home Affordable” Refinance?
On March 4, 2009, guidelines were released under President Barack Obama’s Making Home Affordable initiative, which is designed to help up to 9 million homeowners stay in their homes through refinanced mortgages or loan modifications.
To qualify, you must:
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Filed under: CURRENT STRATEGIES, LOAN INFORMATION
Below is recent correspondence with Dan Sherbondy at Direct Access Lending in Las Vegas, NV. He discusses the new loan options of Nevada, including VA Loans & FHA Loans.
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Filed under: LOAN INFORMATION
