All Posts Tagged With: "payment"
FHA — Yes (Sort Of) To No Money Down
HUD has come out with new regulations which will allow borrowers to get FHA financing with no money down — but only in very limited circumstances. On May 11th HUD said first-time buyers could use their $8,000 tax credit to fund their FHA downpayment. In effect, borrowers would get a short-term bridge loan that would [...]
1Jun2009 | Peter G. Miller | 0 comments | Continued
Should We Bring Back Ozzie & Harriet Loans?
It was in 2005 that Bill Dallas — then president and CEO of Ownit Mortgage Solutions, at the time on one of the 15 largest subprime mortgage lenders in the country — said “underwriting guidelines developed in the 1950s don’t address the needs of today’s homebuyers and brokers. Loans that met the needs of Ozzie [...]
26Sep2008 | Peter G. Miller | 0 comments | Continued
Why Have Piggyback Mortgages Disappeared?
We usually define a “conventional” mortgage as financing with 20 percent down. Since most people don’t happen to have 20 down much less 20 percent plus closing costs, there has always been a market for mortgages that somehow require fewer dollars up front. The way you get loans with less down is to find a [...]
20Sep2008 | Peter G. Miller | 0 comments | Continued
Taking A Call From A “Helpful” Lender — And Giving Back
Recently a mortgage lender who called to say my monthly payment is late. “Late,” I said, “What do you mean by late? Do you mean I owe you a late penalty?” “Well no,” said the distant voice on the phone, “you don’t owe a late fee but we have yet to receive this month’s payment.” [...]
20Sep2008 | Peter G. Miller | 0 comments | Continued
Mega Homes Versus Real Estate Sanity
According to the National Association of Home Builders, a home built in 1950 usually had 700 to 1,200 square feet while in 2007, says the association, the typical new home averaged 2,479 square feet. Bigger homes, of course, require more dollars to buy, finance, refinance, insure, heat, air condition, and carpet. The equation is bigger [...]
17Sep2008 | Peter G. Miller | 1 comment | Continued
A Foul Call From Lenders
One of my lenders hasn’t called this month, and therein hangs a tale…. Long ago I happily financed an investment property with a 40-year adjustable-rate mortgage that used the 11th District Cost of Funds Index. This is not particularly a loan I would recommend for homebuyers in general, but it does have pros and cons. [...]
16Sep2008 | Peter G. Miller | 0 comments | Continued
Will Late Bill Paying Impact A Mortgage Application?
Generally no, because credit reports largely deal with payments that are at least 30 days late. However, be aware that being late may cause you to violate loan and credit agreements, such as mortgage contracts. While many creditors have a grace period during which late fees are not assessed, a late payment is still — [...]
12Sep2008 | Peter G. Miller | 0 comments | Continued
Mortgage Help for Hurricane Ike Victims
It’s become a kind of ritual, the word from major mortgage lenders and loan owners providing relief in the face of hurricanes, tornados, fires, earthquakes and other natural disasters. What can impacted mortgage borrowers expect with hurricane Gustav? Looking at past practices from 2005 with Katrina, Rita and Wilma, Fannie Mae, Freddie Mac and most [...]
10Sep2008 | Peter G. Miller | 0 comments | Continued
Should The Poor Make A Profit?
Owning a home is a wonderful thing, in part because real estate offers the potential to rise in value. Why then does government discourage home ownership by limiting profits for the poor? There is no end to the news releases and announcements from government officials at every level explaining that they want to see the [...]
5Sep2008 | Peter G. Miller | 0 comments | Continued
Why Do We Need Private Mortgage Insurance?
Question: We’re buying with 10 percent down. Our lender says we can get a loan but only with private mortgage insurance. What is private mortgage insurance and why do I need it. Answer: Lenders want as little risk as possible when they make a loan — a not-unreasonable position. To limit their risk they want [...]
2Sep2008 | Peter G. Miller | 0 comments | Continued
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