Baltimore County Employees Federal Credit Union: Home, apply for mortgage.#Apply #for #mortgage


Home Loan Basics

Knowledge is power. Knowing your choices gives you the power to make good decisions. Throughout the Mortgage Center you’ll find valuable information you may use when buying or refinancing your home.

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HomeAdvantage

Buy or sell a home using CUMA’s HomeAdvantage Program powered by CU Realty Services and receive a rebate at closing. T he average rebate paid to members using the program is $3,498! Click here to learn more.

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About Us

Your Credit Union is the only complete mortgage lending solution. We know mortgage lending, and we’ll help you move into your new home or refinance your existing property faster and easier than all other lenders.

Where to Start

Information For First-Timers

Congratulations! We’re pleased to be helping you with your first home. The more you know about the home buying process, the more confident you will be in making the important decisions that will shape your home ownership experience.

Buying a home has never been easier. We’ve streamlined and updated the entire mortgage process to bring you a faster, more technologically advanced way to finance your home.

Purchasing A Home

Buying a new home is exciting and the process of financing it is now faster and easier than ever before.

Buying a home has never been easier. We’ve streamlined and updated the entire mortgage process to bring you a faster, more technologically advanced way to finance your home.

Start Saving By Refinancing

If the current value of your home has increased, it may make sense to refinance at a better rate or refinance to consolidate debt or plan a home improvement project.

Buying a home has never been easier. We’ve streamlined and updated the entire mortgage process to bring you a faster, more technologically advanced way to finance your home.


Mortgage Markets CUSO, LLC: Home, apply for mortgage.#Apply #for #mortgage


Home Loan Basics

Knowledge is power. Knowing your choices gives you the power to make good decisions. Throughout the Mortgage Center you’ll find valuable information you may use when buying or refinancing your home.

Apply for mortgage

Rates & Services

Discover the advantages of our various Loan Options. Let our Loan Consultant help you choose the loan that is right for you. Use Rate Tracker to notify you when a particular rate is available. Learn more about options to lock your rate while your loan is in process.

Apply for mortgage

About Us

Your Credit Union is the only complete mortgage lending solution. We know mortgage lending, and we’ll help you move into your new home or refinance your existing property faster and easier than all other lenders.

Welcome to Mortgage Markets CUSO

Apply for mortgageIt’s really that simple. Mortgage Markets CUSO offers you a hassle free application process. We’ve eliminated the paperwork and by answering a few questions equals an on-line decision within minutes. It’s just a few clicks away with our 24/7 Home Loan Center.

Where to Start

Information For First-Timers

Congratulations! We re pleased to be helping you with your first home. The more you know about the home buying process, the more confident you will be in making the important decisions that will shape your home ownership experience.

Buying a home has never been easier. We ve streamlined and updated the entire mortgage process to bring you a faster, more technologically advanced way to finance your home.

Purchasing A Home

Buying a new home is exciting and the process of financing it is now faster and easier than ever before.

Buying a home has never been easier. We ve streamlined and updated the entire mortgage process to bring you a faster, more technologically advanced way to finance your home.

Start Saving By Refinancing

If the current value of your home has increased, it may make sense to refinance at a better rate or refinance to consolidate debt or plan a home improvement project.

Buying a home has never been easier. We ve streamlined and updated the entire mortgage process to bring you a faster, more technologically advanced way to finance your home.


Home, Member First Mortgage, apply for mortgage.#Apply #for #mortgage


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    DISCOVER THE MFM DIFFERENCE

    We offer a wide range of mortgage programs and the outstanding service you deserve!

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    FIRST TIME HOMEBUYERS

    Not sure where to start? Let us help you navigate the mortgage process!

    MFM Background History

    Since 2001 we’ve been helping borrowers achieve their dream of homeownership. Experience mortgage lending with a credit union touch!

    Our Mission Values

    At Member First Mortgage our mission is simple: Deliver expert mortgage solutions! We aim to provide successful communication that creates a proactive, efficient environment to anticipate changes within the market, support growth, and better our communities.

    Hardship Assistance

    Our Home Preservation team will work to assist members who are having trouble making their mortgage payment or are experiencing a hardship.

    Contact Us

    Let’s work together, we’ll answer all of your mortgage related questions to set you on a path to homeownership. We look forward to hearing from you!

    Please Send Mortgage Payments To:

    Member First Mortgage, LLC

    Detroit, MI 48277

    Today’s Featured Rates

    All interest rates displayed are subject to change. Please contact a Mortgage Consultant for current rates. Your actual interest rate will be determined at the time an interest rate lock is completed.


    How to apply for a mortgage – Money Advice Service #mortgage #caclulator


    #apply for mortgage

    #

    How to apply for a mortgage

    When you apply for a mortgage, lenders have to make sure that you can afford your monthly repayments. Read on to learn everything you need to know about applying for a mortgage.

    How do lenders check I can afford a mortgage?

    Lenders will add up all your household income – including your basic salary and any additional income you receive from a second job, freelancing, benefits, commission or bonuses.

    Checking affordability is a much more detailed process. Lenders take all your regular household bills and outgoings into account, along with any debts such as loans and credit cards, to make sure you have enough left to cover the monthly mortgage repayments.

    They also have to ‘stress test’ whether you could still afford the mortgage if interest rates were to rise, or if you were to retire, go on maternity leave or end a fixed-term contract.

    In addition, they’ll run a credit report with a credit reference agency to take a look at your financial history and assess how much of a risk lending to you might be.

    Use our Affordability calculator to see how much you can borrow.

    How to prepare for your application

    Before applying for a mortgage, contact the three main credit reference agencies and order your credit reports. Make sure there is no incorrect information about you. You can do this online and it’s often free of charge for up to 30 days.

    Start collecting all the documents you will need for the mortgage application. This includes:

    • Your last three months’ payslips
    • P60 form from your employer
    • Bank statements of your current account for the last three to six months
    • Statements from your savings accounts
    • Proof of benefits received
    • Statement of two to three years’ accounts from an accountant if self-employed
    • Tax return form SA302 if you have earnings from more than one source or are self-employed
    • Self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements
    • Utility bills
    • Passport or driving licence (to prove your identity)

    Be accurate. Make sure the information on the application form matches the documents you supply. For example, don’t round up your salary if the amount on the payslips differ from this figure.

    Provide details of the address of the property, the estate agent and your solicitor.

    These are the basics – some lenders may ask for more paperwork. Bear in mind that lenders may have different criteria around income and outgoings. Ask your lender or independent mortgage adviser what else you may need.

    Please note, printouts of online statements of your current account and utility bills may not be acceptable. You will either need hard copies or to have copies certified by your solicitor, your bank or your utility provider.

    How you spend your money

    You might also need to show your outgoings, including how much you’re borrowing on credit cards and other loans, as well as your household bills, including council tax, utility bills, insurance policies, and general living costs such as travelling to work or school, clothing, childcare and entertainment.

    Are you remortgaging?

    If you want to increase the size of your mortgage you may also have to go through the affordability checks above, and you’ll be given advice around which mortgage products are suitable.

    If you have a mortgage and don’t want to borrow any additional money, there are more flexible arrangements. Read more about it in our guide to Remortgaging .

    Do you want an interest-only mortgage?

    Not all lenders offer interest-only mortgages. If you do apply for one, you will have to show that you have a credible repayment method in place, as well as meeting the necessary income criteria.

    Speak to a mortgage adviser

    It’s wise to speak to a range of people so you can choose the right mortgage for you. This could include lenders’ advisers or you can speak to an independent financial adviser (IFA) or mortgage broker.

    Calculate the total cost of your mortgage

    The lender or the broker will do this for you, but do make sure they fully explain all the charges and fees. including. any conditional charges and fees too, such as early repayment penalties.

    Some brokers will not charge fees for advice as they may receive a commission from the lender. In-house bank and building society advisers are also unlikely to charge a fee for their advice.

    Currently, you’re provided with an Annual Percentage Rate (APR), which shows the total yearly cost of a mortgage and is expressed as a percentage of the loan amount. From March 2016, new rules require lenders to use one or more Annual Percentage Rate of Charge (APRC) calculations instead.

    The APRC, although calculated in a very similar way, includes any fees such as valuation or redemption fees associated with your mortgage deal.

    This will give you a more thorough comparison between mortgages deals that take into account these additional associated fees.

    From March 2016, these fees and charges will be part of the calculation for the annual interest rate. This rate, which is known as the Annual Percentage Rate of Charge (APRC) should enable you to compare the total cost of one mortgage with another.

    Comparison websites are a good starting point for anyone trying to find a mortgage tailored to their needs.

    We recommend the following websites for comparing mortgages:

    • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
    • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
    • Find out more in our guide to comparison sites

    Try our Affordability calculator to see how much you may be able to borrow.

    Your next step

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  • Apply for a Mortgage #mortgage #calculator #arm


    #apply for mortgage

    #

    Quicken Loans Is Here to Get You an Affordable Mortgage with Award-Winning Client Service

    *Product available on Fixed-Rate Conventional Products only. No FHA, VA or Jumbo Products. No State Restrictions.

    By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy. You also expressly consent to having Quicken Loans, our Family of Companies. and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Quicken Loans or its affiliates. By communicating with us by phone, you consent to calls being recorded and monitored.

    To be eligible for HARP, your original note must be dated on or before 5/31/2009, and your mortgage must be securitized by Fannie Mae or Freddie Mac with a loan-to-value (LTV) equal to less than 200% of the current market value of your home. You must be current on existing mortgage payments and make sufficient income to support the new mortgage payments. Quicken Loans must be participating with your Mortgage Insurance provider in order for you to qualify. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. A tax adviser should be consulted for further information regarding the deductibility of interest and charges.

    Quicken Loans received the highest numerical score in the proprietary J.D. Power 2010–2015 Primary Mortgage Origination and 2014–2015 Primary Mortgage Servicer Studies SM. 2015 Origination (or Sales) based on 4,666 total responses and measures experiences and perceptions of consumers who originated a new mortgage, surveyed in July–August 2015. 2015 Servicing based on 5,922 total responses and measures experiences and perceptions of consumers with their current mortgage servicer, surveyed in March–April 2015. Your experiences may vary. Visit jdpower.com .

    NMLS #3030. Go here for the Quicken Loans NMLS access page.

    Quicken Loans, 1050 Woodward Avenue, Detroit, MI 48226-1906.
    © 2000-2016 Quicken Loans Inc. All rights reserved. Lending services provided by Quicken Loans Inc. a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc. used under license. The #1 online retail lender – according to National Mortgage News – Quarter 3, 2015.


    Loan Modification Programs: How to Qualify and Apply #refinance


    #mortgage loan modification

    #

    Loan Modification Programs: How to Qualify and Apply

    In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

    How Government Loan Modification Programs Work

    The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

    The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

    Home Affordable Modification Plan (HAMP)

    The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

    • Lower the interest rate
    • Extend the life of the loan
    • Lower the loan principle

    How to Qualify

    As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

    In order for your loan to qualify for modification under HAMP, the following conditions must apply:

    • You obtained your mortgage on or before January 1, 2009.
    • You owe up to $729,750 on your primary residence or single unit rental property.
    • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
    • The property has not been condemned.
    • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
    • You have sufficient, documented income to support a modified payment.
    • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

    What if I don t qualify or have been denied?

    Unfortunately not all struggling homeowners qualify for the government modification program. Credit.org, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

    • The Home Affordable Foreclosure Alternatives (HAFA) Program Government assistance for a short sale or deed-in-lieu of foreclosure

    Other Loan Mod Programs

    • VA Loan If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification .
    • FHA Loan There is a loan modification program specifically for Federal Housing Administration (FHA) loans
    • None of the Above Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

    How to Apply for a Loan Modification 3 Simple Steps

    If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

    1. Collect Your Financial Information
      You ll need to provide your current income and expenses.
    2. Collect Your Mortgage Information
      Get a copy of your mortgage statement that has your loan number on it.
    3. CALL
      If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

    Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

    Loans – Apply for personal loan, home loan, car loan at #mortgage #affordability #calculator


    #house loan

    #

    Low Interest Rate Loan Offers in India:

    The dictionary defines a loan as thus, ‘a thing that is borrowed, especially a sum of money that is expected to be paid back with interest’ and rightfully so, our entire civilization is built on the concepts of loaning and paying back. In modern day India, the middle class has emerged as an average marketer’s dream target, the playground for companies that deal in consumer products and consequently, the numero uno customer for the massively available loans. From homes to education, vehicles to vacations, if there is an expenditure angle involved, then there is a loan for it.

    In terms of sheer volume and popularity, the banks have segregated the concept of loaning into various types. There is the personal loan. and as its name so aptly suggests, is an influx of monies that the receiver can use for whatever personal requirement or monetary contingency that he/she might have. Not surprisingly, a home loan and car loan is intended for the purchase of a home and a car respectively, while an education loan helps the borrower cope with the high prices for a competent education these days. In India, almost all private and public sector banks count the aforementioned loan products as hot commodity in their respective portfolios and competition is ripe to attract a prospective customer’s undivided attention. From varying interest rates to relaxed loan tenures, poaching strategies like the concept of home loan transfer- the shifting of home loan from one lender to another who offers a lower interest rate, to heavy discounts and offers, the string of available loan options are many.

    How can anybody discriminate between these available choices? Explore, Bankbazaar.com.

    Why Apply for a Loan at BankBazaar.com?

    The urbane loan comparison website, BankBazaar, helps you sort through a plethora of probable loan options, through a simple and eye-pleasing interface, that is focussed on bringing both the pros and cons of the associated loan plan, on the proverbial table for your inspection. Why apply for a loan with BankBazaar? The following reasons form the crux of our offering to you-

    1. One Stop Shop for Multiple Products: Looking for a personal, home or car loan? Bankbazaar offers multiple competent choices in each case, based on your specific requirements.
    2. Lowest Interest Rates: Our association with market leaders like HDFC Bank, Axis Bank and ICICI Bank help us score the lowest interest rates on personal, car or home loans for you.
    3. Get Instant Quotes: Filling up a simple online form helps us evaluate the perfect loan options for you. Rather than spending a substantial amount of time in finding the right cut, relax, have some coffee.
    4. Simple Online Comparison: Various parameters are in play when loans are compared against each other for your specific suitability- rate of 4. interest, EMI, processing fees, customer feedback etc. With BankBazaar, never end up with an option that hasn’t been properly and profusely vetted.
    5. Transparent Workings: BankBazaar isn’t a mediator, a promoter or in cahoots with any bank. Our assessment of the available loan options for you is always impartial and objective, such that you have every last shred of information to make that informed decision.
    6. Privacy: We treat your personal information with the highest of regards. The information you provide is only shared with your chosen lender, and never shared with a third party for any reason whatsoever.
    7. Trust: Top banks in India like HDFC, ICICI and Axis Bank swear by the Bankbazaar name. Our reliable online technology has been powerfully adopted by these lenders to provide their customers the best loan experience on their own websites.

    How to get a Loan in India through BankBazaar.com?

    Applying for a loan on Bankbazaar be it a personal loan, car or home loan, is a simple and intuitive process. The following lists the various steps involved-

    Step 1- On Bankbazaar.com’s homepage, access the navigational menu that is located at the top of the page and select the LOANS menu item. Next, select from the various loan options on offer. The choices include Personal Loan, Home Loan, Car Loan, Used Car Loan and Education Loan. Choose the option that is relevant to you by hovering your cursor over it. Spread before you are some popular loaning banks (with regards to the loan option selected) and the friendly ‘Get Quote ’ and ‘Explore ’ buttons. Clicking on either of these will open up a neat interface with a bunch of simple questions. Simply provide the requisite information and follow the simple wizard by responding to the various prompts. Next, spread before you are the various applicable loan options. It’s time to choose!

    Alternatively, choosing the lender directly from this menu will allow you to properly check the features and benefits associated with this lender. The ‘Apply Now ’ option takes this step further.

    Step 2- You must compare between the various loan options before you and select the one that most appeals to your requirements and budget.

    Step 3- After the submission of the online application, you will receive an instant e-approval from BankBazaar. This application is next transferred to your chosen bank from wherein a customer support executive will get in touch with you within a short duration of time. Meanwhile, you can track your application through SMS alerts and email.

    Simple? Actually, it’s the coming together of various factors that help compare the different loan options available to you. Subscribing to BankBazaar helps save your time, money and efforts, while assuring you the best loan options that specifically address your exclusive requirements.

    Subscribe to our newsletter


    203K Loan Requirements and Guidelines – Understand – Apply #land #mortgage #calculator


    #203k mortgage

    #

    203k Loan Requirements for the Renovation and Rehabilitation of Residential Properties

    Are you looking to purchase a residential home that requires renovation work? If so, FHA 203(K) loan program may be an appropriate financing option for you.

    Generally, for those who wish to buy a home that needs fixing up, the normal course of action would be to buy the property with financing through an unconventional lender such as a private hard money lender. Often times, the interest rates and fees charged on such loans are extremely high. The duration of such loans is also quite short, usually between 6 months to an year. These restrictions have generally discouraged new home buyers from purchasing residential properties in need of repairs.

    If the home you wish to buy is need of minor, or major repairs, you may be able to handle the purchase transaction and also secure the necessary funds through a single loan using the 203(K) FHA rehab loan. In many situations where traditional or conventional financing is rare or non-existent for renovating a primary residence, applying through an approved FHA lender for 203(K) financing can be the best course of action.

    FHA (Federal Housing Administration) is the HUD’s (Department of Housing and Urban Development) division that administers various single-family mortgage insurance programs through approved lenders to aid both the owners and new buyers of residential properties. FHA does not directly engage in the underwriting, processing or funding of the residential loans it insures. FHA approved lenders handle all aspects, from origination to closing to funding .

    The section 203(K) of the National Housing Act was amended in 1978 by the Section 10(c) (1) of the Housing and Community Development Amendments. The main objective of the revision was to enable HUD to take measures that would allow for the promotion, restoration, rehabilitation and preservation of the existing housing stock in the country.

    FHA’s 203(K) loan program allows new home buyers and existing homeowners to finance the cost of repairs and improvements that need to be performed on their single-family homes. FHA program requires the property to be a primary residence of the borrower. In addition to financing individuals and families, the 203(K) rehab program also provides financing to organizations engaged in the renovation of properties to revitalize neighborhoods.

    Many FHA approved lenders have successfully partnered with various state, local housing agencies and non-profit companies to provide financing under the 203(K) program for initiatives that involve rehabilitation of damaged properties in challenging localities. Financial resources from other program such as HUD’s HOME, HOPE and housing grants were used in conjunction with the 203k rehab loan program to assist borrowers by various housing agencies, at all levels.

    The expertise of the housing agencies has also helped a lot of 203k lenders in effectively dealing with rehabilitation application processing. A number of loan programs that adhere and complement the 203(K) guidelines have been introduced by local housing agencies to help homebuyers and homeowners in the areas they service.

    Lenders are also obligated under the community reinvestment act to demonstrate their commitment to lend in lower income communities. Participating in 203(K) loan programs has been one of their preferred ways to do so in the recent years.

    Compared to conventional loan programs, the process and the requirements involved in securing 203k financing can be quite difficult. To secure a 203(K) insured loan for rehabbing or renovating a single-family home, the best choice would be to approach an experienced FHA approved lender that lends in your area. Before even approaching a 203k lender, a borrower can visit their local HUD homeownership center for preliminary assistance and guidance.

    FHA 203k Loan Overview

    An FHA 203k loan is a type of FHA-insured home loan that allows homebuyers and homeowners to finance the cost of repair work to improve/renovate/rehabilitate their primary residence into their mortgage. Most of the qualifying criteria are similar to the standard FHA loans that involve rehab financing. The procedures related to the renovation administration and fund disbursement are handled according to the 203k loan requirements stipulated by HUD.

    A borrower can use the 203k loan program for quickly and efficiently accessing the cash necessary to pay for repairs or improvements to their primary dwelling. The work write-up and estimates based on the reports from 203k consultant. contractor and appraiser assist a 203k mortgage lender in underwriting the loan.

    Energy efficient improvements, structural changes and appliances are just some of the wide range of repairs and improvements eligible for 203k financing .

    Types of 203k Loan Programs

    There are two types of rehab loan programs that fall under FHA 203k. The specific and appropriate loan depends on the type of repair work and the total cost associated with them. Both the loan programs can be used for either purchase or refinance transactions.

    Standard (K) Program

    The 203k standard rehab mortgage is used for financing properties in need of extensive repairs. Major additions and structural changes fall under this loan type.

    A standard 203k loan program allows a loan amount that is 110% of the after improvement value determined by the appraisal. A 203k consultant is required to perform a thorough home inspection in order to do the complete work write-up. A minimum of $5,000 must be borrowed for the sake of repairs. The maximum loan amount depends on the proposed appraisal value. All other qualifying guidelines are pretty much similar to other FHA loans.

    Streamline (K) Program

    The FHA 203k streamline loan is primarily used for repairs that cost less than $35,000. Most cosmetic improvements and common repairs that do not involve structure, addition or conversion can be financed with a streamline loan. There is requirement for a minimum loan amount. The entire 203k streamline guidelines are designed to make the approval process flexible and easy.

    A 203k standard program is particularly suited for projects that need major reconstruction and renovation; while the 203k streamline is appropriate for repairs that fall below $35,000. Homeowners can buy new appliances and also finance all other common repair works with the 203k program.


    Loan Modification Programs: How to Qualify and Apply #mortgage #rates #today


    #mortgage loan modification

    #

    Loan Modification Programs: How to Qualify and Apply

    In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

    How Government Loan Modification Programs Work

    The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

    The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

    Home Affordable Modification Plan (HAMP)

    The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

    • Lower the interest rate
    • Extend the life of the loan
    • Lower the loan principle

    How to Qualify

    As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

    In order for your loan to qualify for modification under HAMP, the following conditions must apply:

    • You obtained your mortgage on or before January 1, 2009.
    • You owe up to $729,750 on your primary residence or single unit rental property.
    • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
    • The property has not been condemned.
    • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
    • You have sufficient, documented income to support a modified payment.
    • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

    What if I don t qualify or have been denied?

    Unfortunately not all struggling homeowners qualify for the government modification program. Credit.org, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

    • The Home Affordable Foreclosure Alternatives (HAFA) Program Government assistance for a short sale or deed-in-lieu of foreclosure

    Other Loan Mod Programs

    • VA Loan If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification .
    • FHA Loan There is a loan modification program specifically for Federal Housing Administration (FHA) loans
    • None of the Above Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

    How to Apply for a Loan Modification 3 Simple Steps

    If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

    1. Collect Your Financial Information
      You ll need to provide your current income and expenses.
    2. Collect Your Mortgage Information
      Get a copy of your mortgage statement that has your loan number on it.
    3. CALL
      If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

    Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

    203K Loan Requirements and Guidelines – Understand – Apply #home #loan #rate


    #203k mortgage

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    203k Loan Requirements for the Renovation and Rehabilitation of Residential Properties

    Are you looking to purchase a residential home that requires renovation work? If so, FHA 203(K) loan program may be an appropriate financing option for you.

    Generally, for those who wish to buy a home that needs fixing up, the normal course of action would be to buy the property with financing through an unconventional lender such as a private hard money lender. Often times, the interest rates and fees charged on such loans are extremely high. The duration of such loans is also quite short, usually between 6 months to an year. These restrictions have generally discouraged new home buyers from purchasing residential properties in need of repairs.

    If the home you wish to buy is need of minor, or major repairs, you may be able to handle the purchase transaction and also secure the necessary funds through a single loan using the 203(K) FHA rehab loan. In many situations where traditional or conventional financing is rare or non-existent for renovating a primary residence, applying through an approved FHA lender for 203(K) financing can be the best course of action.

    FHA (Federal Housing Administration) is the HUD’s (Department of Housing and Urban Development) division that administers various single-family mortgage insurance programs through approved lenders to aid both the owners and new buyers of residential properties. FHA does not directly engage in the underwriting, processing or funding of the residential loans it insures. FHA approved lenders handle all aspects, from origination to closing to funding .

    The section 203(K) of the National Housing Act was amended in 1978 by the Section 10(c) (1) of the Housing and Community Development Amendments. The main objective of the revision was to enable HUD to take measures that would allow for the promotion, restoration, rehabilitation and preservation of the existing housing stock in the country.

    FHA’s 203(K) loan program allows new home buyers and existing homeowners to finance the cost of repairs and improvements that need to be performed on their single-family homes. FHA program requires the property to be a primary residence of the borrower. In addition to financing individuals and families, the 203(K) rehab program also provides financing to organizations engaged in the renovation of properties to revitalize neighborhoods.

    Many FHA approved lenders have successfully partnered with various state, local housing agencies and non-profit companies to provide financing under the 203(K) program for initiatives that involve rehabilitation of damaged properties in challenging localities. Financial resources from other program such as HUD’s HOME, HOPE and housing grants were used in conjunction with the 203k rehab loan program to assist borrowers by various housing agencies, at all levels.

    The expertise of the housing agencies has also helped a lot of 203k lenders in effectively dealing with rehabilitation application processing. A number of loan programs that adhere and complement the 203(K) guidelines have been introduced by local housing agencies to help homebuyers and homeowners in the areas they service.

    Lenders are also obligated under the community reinvestment act to demonstrate their commitment to lend in lower income communities. Participating in 203(K) loan programs has been one of their preferred ways to do so in the recent years.

    Compared to conventional loan programs, the process and the requirements involved in securing 203k financing can be quite difficult. To secure a 203(K) insured loan for rehabbing or renovating a single-family home, the best choice would be to approach an experienced FHA approved lender that lends in your area. Before even approaching a 203k lender, a borrower can visit their local HUD homeownership center for preliminary assistance and guidance.

    FHA 203k Loan Overview

    An FHA 203k loan is a type of FHA-insured home loan that allows homebuyers and homeowners to finance the cost of repair work to improve/renovate/rehabilitate their primary residence into their mortgage. Most of the qualifying criteria are similar to the standard FHA loans that involve rehab financing. The procedures related to the renovation administration and fund disbursement are handled according to the 203k loan requirements stipulated by HUD.

    A borrower can use the 203k loan program for quickly and efficiently accessing the cash necessary to pay for repairs or improvements to their primary dwelling. The work write-up and estimates based on the reports from 203k consultant. contractor and appraiser assist a 203k mortgage lender in underwriting the loan.

    Energy efficient improvements, structural changes and appliances are just some of the wide range of repairs and improvements eligible for 203k financing .

    Types of 203k Loan Programs

    There are two types of rehab loan programs that fall under FHA 203k. The specific and appropriate loan depends on the type of repair work and the total cost associated with them. Both the loan programs can be used for either purchase or refinance transactions.

    Standard (K) Program

    The 203k standard rehab mortgage is used for financing properties in need of extensive repairs. Major additions and structural changes fall under this loan type.

    A standard 203k loan program allows a loan amount that is 110% of the after improvement value determined by the appraisal. A 203k consultant is required to perform a thorough home inspection in order to do the complete work write-up. A minimum of $5,000 must be borrowed for the sake of repairs. The maximum loan amount depends on the proposed appraisal value. All other qualifying guidelines are pretty much similar to other FHA loans.

    Streamline (K) Program

    The FHA 203k streamline loan is primarily used for repairs that cost less than $35,000. Most cosmetic improvements and common repairs that do not involve structure, addition or conversion can be financed with a streamline loan. There is requirement for a minimum loan amount. The entire 203k streamline guidelines are designed to make the approval process flexible and easy.

    A 203k standard program is particularly suited for projects that need major reconstruction and renovation; while the 203k streamline is appropriate for repairs that fall below $35,000. Homeowners can buy new appliances and also finance all other common repair works with the 203k program.