Recent Lending Guide Articles

Posted on May 17   By FHA Expert
The IRS ruled in April of 2007 that certain down payment assistance programs do not qualify as non-profit organizations, a list of which has been posted online. This list is likely to get very long as the IRS has been investigating over 150 different organizations providing similar services. Probably the most important part of their ruling is that the non-profit status will be revoked back to January 1, 2003. How Do DPAs work? Down Payment Assistance programs help low to moderate income, as.... Read More...
Posted on May 14   By MLP Lending Guide
Home owners interested in paying off their mortgages as seamlessly and quickly as possible might want to consider one of the newest trends in the industry a mortgage that basically doubles as a checking account. A California-based mortgage firm has pioneered a program called the Home Ownership Accelerator. Financial experts at CMB Financial Services created a method of making principal payments that combines a traditional mortgage with the basic tenets of a checking account at your local ba.... Read More...
Posted on May 11   By MLP Lending Guide
As with many loans there is a cancellation option after signing the papers for a reverse mortgage. Cancellation must occur within three business days of the mortgage closing. Cancellations must be in writing (a form is provided by your lender) and must be filed before the end of business closing on the third business day after closing the original mortgage. Loans can only be cancelled in writing and not by telephone or via a verbal confirmation..... Read More...
Posted on May 10   By MLP Lending Guide
One reason some of the mature American population chooses a reverse mortgage is to obtain money for long-term care. Long-term care is expensive and can cause undue stress to your and your family. A reverse mortgage will help alleviate some of this burden. A reverse mortgage will assist you with the costs associated with medical care, without increasing your living expenses or debt to income ratio. The longer you have owned your home, the more equity that you have built. If you are not choosing .... Read More...
Posted on May 09   By MLP Lending Guide
As you investigate the possibility of a reverse mortgage, you may wonder about your heirs should you pass before the loan is due. It may be an uncomfortable topic to think about, but is important nonetheless. You may wonder whether or not to include them in the planning process. It is important to consider your current situation to decide who will be involved in the planning of your reverse mortgage. It is important to understand that with a reverse mortgage you are using the equity in your hom.... Read More...
Posted on May 08   By MLP Lending Guide
Many older Americans are taking advantage of a new type of FHA loan. This new loan actually pays the borrower over time, as opposed to more traditional type of loans. This new loan is called a Reverse Mortgage. In the simplest of terms a reverse mortgage converts the equity of a borrowers home into cash payments. So how do you know if you qualify? Listed below are the 4 things potential borrowers have to have in order to be eligible for a reverse mortgage. 1. Potential borrowers must be at.... Read More...
Posted on May 07   By MLP Lending Guide
How much house can you afford with an FHA mortgage? Mortgage Loan Place hosts an FHA mortgage calculator geared to helping potential homeowners that are looking into the possibility of FHA financing. Our tool allows you to input data such as monthly income, credit card payments, desired loan term and other information to help compute the estimated loan amount that you might qualify for. Please use our tool and other mortgage calculators early on in your search for a home loan. They can be a quic.... Read More...
Posted on May 04   By MLP Lending Guide
If you are a United States veteran, there are specific programs created specifically for you to assist you in becoming a homeowner. VA loans are mortgage loans guaranteed by the Veterans Administration. These loans were originally designed to assist American veterans, or their surviving spouses, purchase homes. These VA loans act very similarly to FHA loans, or Federal Housing Administration loans, as in that the United Stated Department of Federal Affairs acts as insurance to the lender if the.... Read More...
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