Recent Lending Guide Articles

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...

As with a new home or a refinance of a home, there are costs associated with obtaining a reverse mortgage. The following are some of the fees associated with a reverse mortgage loan. It is important to note that many times these fees are capped to avoid large costs to pay upfront: Origination fee Insurance premium Appraisal Fee Closing Costs Origination Fee Origination fees are charged so that the lender may cover operating costs associated with their business. Mortgage Insurance Pr.... Read More...

The Department of Housing and Urban Development has recently created a new FHA-insured mortgage loan program that will allow homebuyers to borrow more money for the purpose of making repairs to their new or refinanced homes. This new program, called Streamlined K Repair Program, allows borrowers to finance $35,000 more on their mortgage in order to make repairs or upgrades to their homes. Borrowers can quickly get the cash they need to pay for repairs or improvements identified by a FHA appraise.... Read More...

A reverse mortgage is a type of mortgage that allows for owners to quickly exchange the equity in their home for cash. The mortgage does not have to be paid back until the home is sold, or the owner no longer lives in the home as their primary residence. Typically reverse mortgages are ideal for elderly homeowners. Since many mature homeowners on a fixed income, using the equity in a home can help with bills, unexpected expenses (such as medical costs) and the upkeep of a home. The reverse mor.... Read More...

As foreclosures continue to mount nationwide, a watchful eye is being kept on our housing market and economy. New statistics released by RealtyTrac yesterday show that the state of Nevada experienced the greatest foreclosure rate per household in the first quarter of 2007: Nevada documented the highest state foreclosure rate in the first quarter, one foreclosure filing for every 75 households -- 3.5 times the national average. The state documented a total of 11,514 foreclosure filings during the.... Read More...

Are you an older American in need of a safe plan that can give you greater financial security? Do you need extra funds to supplement your social security, make home improvements, meet unexpected medical expenses, or more? The U.S. Department of Housing and Urban Development (HUD) has created a federally-insured private loan that may just provide the money youve been looking for. It is the Reverse Mortgage and it becoming more and more popular in America. If youre interested in a Reverse Mo.... Read More...

A Pre-foreclosure is the term referred to by mortgage lenders as the time period from when the lender notifies the borrower that they have defaulted on a payment, and when the sale of the property to the lender at an auction is finalized. Pre-foreclosure sales can be an option to borrowers who need to pay off their mortgage. The United States Department of Housing and Development has organized the Pre-foreclosure Sale Program which allows the borrower who has defaulted on payments to sell .... Read More...

There is another option out there for low to moderate income families who are looking to become more financially secure by owning a home. That option is the AmeriDream Charity Program. AmeriDream, Inc. is a non-profit organization that offers gift funds of up to ten percent of a homes purchase price to be put towards the down payments and closing costs. This program is only available for eligible home buyers and they are required to return all excess funds not used towards down payment and cl.... Read More...