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Real Estate Prejudices

Topic: Mortgage

Most of the people can afford a mortgage payment and associated costs to owning their own home but the thought of coming up with a substantial down payment often stops them from taking the plunge. Some of charity organizations and federal institutions are available to these buyers to assist with this problem. The following discussion suggests what can be done to assist the home buyer in need of financial assistance. Assistance programs for down payment, both non- profit and federally run; help interested home buyers with procuring down payment on a home. The person who sells the home assists the buyer by contributing a portion of sale proceeds to the home buyer at the time of closing. As federal and state laws dictate that the seller cannot give the funds directly to the buyer, the assistance programs provide a work around so that the sale stays within federal guidelines. The amount gifted is determined by the type of loan that is being applied for. The selling party contributes the amount the buyer needs for closing. A certain amount of fee applies here. As the buyer and seller approach the closing table, the assistance program that the seller has enrolled in then wires the needed funds to the selling agent.

According to law, the seller can have no part in the transfer of any funds. In this scenario there are agencies which provide help. The major and best source of funding comes through the Federal Housing Authority (FHA). The Federal Housing Authority is a branch of the Department of Housing and Urban Development (HUD) which was created in 1965. The prime responsibility of the Federal Housing Authority is to administer government home loan programs. As the loan is insured by the Federal Housing Authority, the lender is protected in case of default. These agencies also take care of the debt to income ratios differently. The standard set criteria in the lending industry is a debt to income ratio of twenty eight to thirty six percent, but the Federal Housing Authority has a standard of twenty nine to forty one percent.

By this the buyer are offered with less than perfect credit an advantage. The Federal Housing Authority also works with people on however many loans they wish to pursue. It is not just a one shot deal for consumers. The main disadvantage of a Federal Housing Authority loan is that there are limitations on the size of loan they will administer. We cannot call it a disadvantage to people who are pursuing a Federal Housing Authority loan. This is because people who require this type of assistance are not looking to buy home costing lots of money. Federal Housing Authority guidelines are readily available by doing a search on the internet.

03/17/2008
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Neriman
I agree with most of the people above .you paid for a dovirce lawyer, now let him justify his fees and see if he can help you out. If you quitclaimed the property to your ex, you have no way to sell or deal with the property directly. If it's really from 2002, it wont' be affecting you that much and you can explain it to someone who underwrites loans manually. I doubt mortgage company will release you from liability since your husband is deployed ..however, it never hurts to ask.
read more... 10/03/2012

Leon
Thanks for the comments.In picnirple, I agree that the amount of picnirple depleted each month should count as savings. On the other hand I am hesitant to include it because according to that system $1.00 going toward your motgage payment will be deemed to be less savings than $1.00 going toward an equity investment (ie a stock).For example:$1.00 in extra or normal mortgage payment might mean only 0.50 in picnirple depletion, so only $0.50 would count toward savings.Whereas - $1.00 invested in Royal Bank shares would be $1.00 toward savings.Although my current way of doing it:$1.00 in extra or normal mortgage payment means $0.00 in savings.Whereas - $1.00 invested in Royal Bank shares would be $1.00 toward savings.I'm not sure which scenario makes the most sense. I guess a third way of doing it would be to include interest, so that $1 to RY shares is the same as $1 to your mortgage payment.
read more... 09/30/2012

Yinayah
It depends on where you are. In Texas the marekt is just now starting to slow down. If you plan on buying in December, I would follow that plan. Waiting for the perfect price will change your life for a few hundreds or thousand dollars. I don't think that is worth it. Stick with your plan as I am sure you have put some thought into it.
read more... 05/01/2012

Read all comments: 3

 

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