Saturday, May 24th, 2008
When calculating how much home you can afford to buy, lenders use debt to income ratios (DTI) to determine how much you can safely borrow. There are two ratios used; front and back end ratios.
The front end ratio is a measurement of just the total monthly house obligations. ...
Posted in Lending, Lessons, Real Estate Terminology, Techniques, buyers | No Comments »
Tuesday, May 6th, 2008
Government sponsored provider of home loans, Fannie Mae, has just tightened the standards for home mortgages it guarantees or buys.
Fannie Mae has informed lenders that it will require a minimum credit score of 580 for most loans it buys on an individual basis. Previously Fannie Mae had no minimum score.
Credit ...
Posted in Uncategorized | No Comments »
Friday, May 2nd, 2008
In the nation's worst-hit real-estate markets, home sellers are suffering a new blow: They are being blacklisted by lenders. As property values decline and credit markets contract, home lenders nationwide are growing ever more unwilling to finance home purchases in sharply declining housing markets, driving prices down ...
Posted in Distressed, Lending, Lessons, buyers | 2 Comments »
Friday, May 2nd, 2008
How many of you out there have sold your home about 2 or 3 years ago for huge profits waiting to buy in again as the market corrects? If this is you, read on as this can be some helpful information that may save you money or even set a ...
Posted in Investing, Lending, Lessons, Uncategorized, buyers | No Comments »
Thursday, March 20th, 2008
Posted by Caroline
RISMEDIA, March 18, 2008-In an effort to significantly improve the complicated, unclear and costly home buying process, U.S. Housing and Urban Development Secretary Alphonso Jackson proposed mortgage reform designed to help consumers better understand their loan terms so that they can shop more effectively for the largest purchase ...
Posted in Lending, Lessons, Real Estate Terminology | No Comments »
Thursday, March 20th, 2008
RISMEDIA, March 18, 2008-(MCT)-There’s a terrible idea apparently spreading amid the mortgage meltdown that the best solution to foreclosure is to stop paying your mortgage and abandon your home. There are even companies springing up that help homeowners “walk away” for about $1,000.
Among the supposed benefits: You can live rent-free ...
Posted in Lessons, Real Estate Terminology | 3 Comments »