Underwater Georgia Mortgage Assistance Program – Lumpkin County Government, underwater mortgage help.#Underwater #mortgage #help


underwater mortgage help

Underwater mortgage help

Underwater Georgia Mortgage Assistance Program

OWE MORE ON YOUR MORTGAGE THAN YOUR HOME IS WORTH?

A new, limited-time, federally funded initiative may be able to help.

Underwater Georgia is a new federally funded state program for Georgia homeowners who owe more money on their mortgage than their home is worth. For eligible applicants, the program may be able to provide a one-time payment of up to $50,000 to the mortgage lender to reduce the principal balance on the home. To qualify, a homeowner must file a pre-application by October 18, 2016. For more information, call 1-877-519-4443 24 hours per day, seven days a week from September 28 to October 18 or email [email protected] or visit underwatergeorgia.org .

*The property must be your primary residence (and only home) and purchased prior to January 1, 2012.

*The total amount owed on all mortgages on the home must be $250,000 or less and mortgage payments have to be less than 90 days past due.

*Total gross household income must not exceed 140 percent of the Area Median Income (AMI).

*The property must have a total loan to value (LTV) ratio of at least 110 percent.

*You cannot have received assistance previously through HomeSafe Georgia.

*Visit underwatergeorgia.org. There, you can review full program requirements and complete a prequalification

quiz, which will help you determine whether you are likely to qualify.

*Submit a pre-application by October 18, which asks for your contact information and details including when you purchased your home, its value and mortgage balance and more.

*A random selection process via a third party will be conducted among pre-applications

submitted. Representatives from the Georgia Department of Community Affairs will contact homeowners selected and work with them directly to complete a full application, which also includes submitting supporting documentation.


7 Secrets to Refinancing an Underwater Mortgage, underwater mortgage help.#Underwater #mortgage #help


7 Secrets to Refinancing an Underwater Mortgage

Underwater mortgage help

If you pay your mortgage on time, you may be able to refinance even if you are among the approximately 22% of mortgage holders in the U.S. who are underwater, have been turned down by multiple lenders, and heard that you don’t qualify for a new loan.

Recently, I spoke with underwater borrowers who have refinanced, one through a government program and another through his current lender. Their combined savings exceeded $800 per month, which may encourage anyone who is underwater to try and try again to snag a better mortgage deal.

Brush off rejections, and learn these secrets to save yourself tens of thousands of dollars in interest. (See also: 6 Options If You’re Underwater on Your Mortgage)

1. You May Be Eligible Now, Even if You Didn t Qualify Before

Super-strict guidelines for refinancing underwater mortgages (for those who are current on their payments) have been loosened. So, you may be eligible for the new-and-improved HARP (government-sponsored Home Affordable Refinance Program), which has been nicknamed HARP 2.0.

A big change that has helped people is the revision of the LTV (Loan to Value) requirement. Before, this ratio could not exceed 125%; now, you can be seriously underwater and still be able to refinance.

For example, you couldn t owe more than $250,000 on a home valued at $200,000 (250,000/200,000=125%) under original guidelines. Now, your balance could be $275,000, and you could still be eligible to refinance your mortgage.

2. Educate Yourself Without Driving Yourself Crazy

Trying to decipher the terminology and rules of all of the government programs is mind-boggling. Still, you might want to learn the basics by visiting the federal government s website Making Home Affordable. If you want to refinance your underwater mortgage AND you are current on your mortgage payments, then the Lower Interest Rates section is relevant to you.

Real estate website Zillow also offers information on refinancing for those with underwater mortgages. Use its flowchart to identify options among various programs that fit your situation and the HARP Eligibility Calculator to determine if you are eligible for that program.

The government resources that are relevant to those who are underwater but current on their mortgage include:

Determine what entity backs your loan in order to identify the specific program for which you may be eligible. Mortgage loans that are owned, guaranteed, or backed by Freddie Mac and Fannie Mae might qualify for refinancing through the HARP program; the majority of loans fall under this category. Otherwise, if you have an FHA loan, then you should check out the FHA Streamline Refinance; USDA loan, the USDA Rural Refinance Pilot (a pilot program) in selected states; or VA loan, the IRRRL.

If you are confused, overwhelmed, or just don t have time to sift through all this information, Erin Lantz, Mortgage Director at Zillow, recommends that you call your mortgage servicer. Ask what entity backs your mortgage in order to figure out what program, if any, for which you may be eligible.

3. Understand That Not All Lenders Use the Same Guidelines

This secret is the trickiest nuance of all. Lenders may have requirements that are more stringent than the eligibility criteria listed by the federal government on its Making Home Affordable website.

Such a situation seems to be like applying for college. Colleges and universities typically require that you are a high school graduate or hold an equivalency diploma (GED) to be admitted. But they may vary greatly in their admissions criteria, requiring a certain class rank in high school or a minimum SAT score or a great essay or all of these. So you could meet baseline requirements and be eligible to attend a college or university but not be accepted at any or all higher educational institutions to which you apply.

Note that though the federal programs indicate that borrowers must be current on their mortgage loans and have a good payment history in the last 12 months, lenders may also have credit score and debt-to-income ratio requirements.

4. Don t Take No for an Answer

Lenders may have told you that you don t qualify for a refinance. But Erin says that you should keep looking, even if you get turned down.

  • The programs have changed and made more accessible (see #1).

  • You may not meet a certain lender s requirements but qualify for a refinance with another lender.

  • Lenders and their employees are not perfect or perfectly knowledgeable; they may give you inaccurate or incomplete information.
  • So even if you hear that you don t qualify to refinance your mortgage, realize that you simply may not qualify for that specific lender s criteria at the time.

    5. Let Banks Fight for Your Business

    With a high-interest, underwater-mortgage loan, you may not feel empowered in the personal finance realm. But if you are current on your payments and have been for a while, lenders may still be interested in helping you.

    There are various ways of getting banks to bid on your business: you might approach a trusted mortgage broker and get quotes from multiple lenders, you may decide to call lenders yourself, or you may use an online service that obtains quotes on your behalf, such as Zillow Mortgage Marketplace or LendingTree. And, counterintuitively, your current lender may be more likely to refinance your mortgage than other sources.

    Whatever you do, don t pay someone upfront to help you.

    6. Be Patient, but Don t Put Up With Lousy Service

    Many people quit searching for a refinance deal because they get frustrated and just don t have time to search. Sometimes the process is too long.

    Erin tells me that many lenders are overwhelmed with demands and don t have the capacity to handle the business. When I mentioned the urgency that many people may have due to program expiration dates (HARP is scheduled to end in December 2013), she advised to find a responsive lender and/or evaluate service provided by lenders upfront using reviews posted on Zillow s website or by asking for recommendations from friends.

    As a rough gauge, one homeowner told me that her refinance took a couple of months to complete.

    7. Be Happy With a Better Deal, Even If It s Less Than Perfect

    Blogger J. Money at Budgets Are Sexy accepted an offer that Chase initiated with him. He has not yet been able to take advantage of historically low rates, but he did improve his circumstances.

    He refinanced a 6.875% interest-only, 30-year mortgage to a 30-year, 5.5% fixed-rate mortgage. Closing costs were $5,000, and his monthly payment went up slightly from $1,917.96 to $1,941.42. However, the outstanding balance on his loan is being reduced by $320 per month now that his monthly payment includes principal and not just interest. Plus, he got to skip a payment between the loans, which helped pay the loan expenses.

    Though he had tried to refinance his underwater mortgage for a couple of years, his attempts failed until he received a call from Chase, his current mortgage company. He was surprised and fearful of a scam, but happy that things worked out for him.

    Five thousand dollars sounds like a lot of money, and closing costs can vary significantly. To figure out whether the refinancing deal is a good one for you, calculate the break-even point. You can use calculators found on financial or real estate sites like Zillow and Bankrate. The results typically indicate the number of months it takes to recoup the cost of getting a new mortgage. Another way to figure out savings is to compare interest payments over the life of the loan.

    Note, though, that a refinance like J. Money s doesn t fit these models because he moved from an interest-only (I/O) mortgage to a fixed-rate mortgage, which required slightly higher monthly payments that included a reduction in principal. In this case, you could consider cash flow savings and principal reduction divide the incremental expenses ($5,000 in closing costs less the skipped payment of $1917.96) by the incremental benefit ($320 in principal reduction less the increase in payments or 1941.42-$1917.96) to get a break-even point of 10-11 months. Also, the original loan would have eventually required higher payments and end up costing significantly more.

    Even though borrowers aren’t able to gain home equity immediately, those who are able to refinance underwater mortgages can dramatically improve their finances. A lower interest rate can mean lower payments and more money to accelerate a mortgage payoff, put toward student loans, or save for retirement.

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    Underwater mortgage help


    Types of Loan Programs: Conforming, Jumbo Loans, FRM, ARM, Balloon Mortgage, mortgage help programs.#Mortgage #help


    mortgage help programs

    Mortgage help programs

    Mortgage help programs

    Mortgage help programs

    Mortgage help programs

    Types of Mortgage Loans

    Conventional and Government Loans

    Any mortgage loan other than an FHA, VA or an RHS loan is conventional one.

    The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. Go to FHA Programs page to get more information.

    If you are looking for an FHA home loan right now, please feel free to request personalized rate quotes from HUD-approved mortgage lenders via our website.

    VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $203,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

    VA-guaranteed loans are obtained by making application to private lending institutions. If you are interesting in obtaining a VA-guaranteed loan you can try our VA loan request form.

    Please see also pamphlets published by VA.

    RHS Loan Programs

    The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no downpayment. Visit our page RHS programs for details.

    Ginnie Mae which is part of HUD guarantees securities backed by pools of mortgage loans insured by these three federal agencies – FHA, or VA, or RHS. Securities are sold through financial institutions that trade government securities.

    State and Local Housing Programs

    Many states, counties and cities provide low to moderate housing finance programs, down payment assistance programs, or programs tailored specifically for a first time buyer. These programs are typically more lenient on the qualification guidelines and often designed with lower upfront fees. Also, there are often loan assistance programs offered at the local or state level such as MCC (Mortgage Credit Certificate) which allows you a tax credit for part of your interest payment. Most of these programs are fixed rate mortgages and have interest rates lower than the current market.

    Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.

    Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.

    The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Since early 2008, a series of legislative acts have temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the contiguous United States. Permanent limits, which apply to the Enterprises’ acquisitions of certain mortgages originated prior to July 1, 2007, are set under the terms of the Housing and Economic Recovery Act of 2008 (HERA).

    For every county and county-equivalent in the country, maximum loan limits for mortgages can be found at: http://www.fhfa.gov/Default.aspx?Page=185

    The 2013 conforming loan limits for first mortgages remain at the limits set in 2006, 2007, 2008, 2010 and 2011:


    I – m Behind on My Mortgage, mortgage help.#Mortgage #help


    I m Behind on My Mortgage. Can Chapter 13 Help Me Catch Up?

    If you are behind on your mortgage, you can catch up on your missed payments by filing for Chapter 13 bankruptcy. In fact, one of the primary reasons many people file for Chapter 13 is to cure their mortgage default and save their home. Read on to learn more about how Chapter 13 can help you if you are behind in mortgage payments.

    Even if your foreclosure sale was tomorrow, filing for Chapter 13 today would stop your lender from going forward with the sale. This is because the moment you file for Chapter 13 bankruptcy, an automatic stay is created. The stay prohibits your mortgage lender from selling your house or continuing any other collection efforts. (Learn more about the automatic stay in bankruptcy.)

    The stay remains in effect as long as you make timely plan payments to the Chapter 13 trustee and continue to pay your ongoing mortgage payments as they come due after your filing date. Essentially, your lender can t foreclose on your house because of pre-bankruptcy mortgage arrears (missed payments) if you are curing them through your repayment plan. However, keep in mind that if you fall behind in mortgage payments during your Chapter 13, the court may allow your lender to resume foreclosure proceedings by lifting the stay.

    Chapter 13 Allows You to Cure Your Default Through a Repayment Plan

    Chapter 13 is a referred to as a reorganization bankruptcy because it allows you to reorganize your debts and pay them off through a repayment plan. This includes any missed mortgage payments. In fact, you are required to cure your mortgage arrears through your plan if you intend to keep the house. (Learn more about the repayment plan in Chapter 13 bankruptcy.)

    Depending on your income, your Chapter 13 plan can last anywhere between three to five years. However, it usually can t exceed five years. This means that you can cure your mortgage arrears by paying only a small portion of the default each month. If you continue to pay your mortgage during your Chapter 13, you will be current on your payments when you complete your plan. As a result, filing for Chapter 13 bankruptcy provides an easy and efficient way to stop foreclosure and catch up on missed mortgage payments.

    Example. Jack could not afford to pay his mortgage because of a temporary job loss. He is currently $18,000 behind in mortgage payments. Now, he has found another job and can resume making mortgage payments. However, his mortgage lender is not providing him an affordable way to cure his default and is preparing to foreclose on the house. If Jack files for Chapter 13 bankruptcy, his lender can no longer proceed with the foreclosure and he can cure his default by paying $300 (assuming zero interest) to the lender in his Chapter 13 plan over the next 60 months. However, keep in mind that Jack s total plan payment may be more than $300 because of administrative fees, interest, or other debts he has to pay back.

    Learn more about what happens to your home, mortgage, second mortgages, and more in Your Home and Mortgage in Chapter 13 Bankruptcy.


    Government mortgage help, government mortgage help.#Government #mortgage #help


    Finding the Ideal Mortgage Loan for You : Excel Mortgage Corp. USA can help

    Government mortgage help

    Government mortgage help

    Government mortgage help

    Government mortgage help

    Government mortgage help

    Government mortgage help

    It can be a big task to buy a new home or refinance your mortgage. You can count on us to help you find the loan program that’s right for you. We have a team of mortgage experts to help you with this major financial decision. For guidance in selecting the ideal loan program for you, feel free to contact us at (610)647-5454.

    While purchasing a new house might seem stressful, it will also bring a great feeling of achievement. You picked the home that was best for you — not for anyone else! Our trusted professionals can help you decide on the mortgage loan that best fits your situation, too. Getting the ideal mortgage loan can be as gratifying as receiving the keys to your new house! We can show you how to make it happen. Call us at (610) 647-5454.

    About Refinancing

    If you are worried that refinancing means becoming a high risk for multiple paper-cuts, you’ve got another “think” coming! Let us show you a headache-free process from application to closing with our “Less paperwork and more individual service” promise. If you are interested in reducing your interest rate and monthly payment, we will simplify the process for you and eliminate your worries. If you’d like to pay down your balance faster for a comparable monthly payment, we can help. Let our professionals guide you to the ideal refinance loan! We are ready to show you how: (610) 647-5454.

    Government mortgage help

    Excel Mortgage Corp. USA ‘s service pledge

    Our mortgage experts will give you the personal attention you deserve and treat you right. We know the big commitment you are making in purchasing a house, refinancing a mortgage, or cashing out your home equity. So we make a promise to you: we will help you qualify, apply and be approved for the perfect mortgage loan for you.

    Getting started

    Feel free to explore this website to learn about us, how we can help you, and how simple it will be to begin. Or, you can call one of our mortgage mortgage experts at (610) 647-5454. We are here to help you any way we can.

    Government mortgage help


    Lift Mortgage – Low-cost Initiative for First Time Buyers, government mortgage help.#Government #mortgage #help


    Low-cost Initiative for First Time Buyers (LIFT)

    A Scottish Government initiative to help households to get onto the housing ladder.

    What does LIFT cover?

    There are now several ways of getting help to buy properties under this initiative.

    New Supply Shared Equity Scheme (NSSE).

    This scheme allows first time buyers to purchase new build properties from either a builder or from a Housing Association or a Housing Cooperative. Effectively the government helps funding these organisations by supporting buyers. There are a number of projects currently available. See links below

    New Supply Shared Equity Developers Trial and Developers Scheme

    These two schemes are very similar but involve sales by private builders who have been approved by the government. It is important to note that where a private developer is involved in the sale the interest free loans provided to the buyer by the government and\or the developer are expected to be repaid by the buyers within ten years. Of course the loans can be repaid on a sale of the property or by remortgaging. In cases of hardship the ten year period may be extended.

    For developments currently available to buyers using either of these schemes see links below

    Open Market Shared Equity

    This scheme allows purchases on the open market by any seller, not simply from housing associations or from builders. In theory therefore potentially many more properties could be bought. Now any credit worthy first time buyers can apply to this scheme. Previous limitations on who could apply have been removed. In addition the Scottish Government has provided significant extra funds to increase take up so rationing of funds is less likely now. More applicants can be accommodated

    The scheme requires buyers to take a stake of between 60 and 90 per cent with the balance being a government loan provided through a social landlord. The social landlord assesses all applications on behalf of the government. Purchase price limits are set under this scheme so that starter homes can be bought. The low deposit buying LIFT scheme is intended to energise this section of the market by assisting first time buyers. The threshold price limits can be seen for the various areas of Scotland by clicking on the links below.

    Shared Ownership

    This is a separate scheme where buyers buy a part share of a property and pay a rental for the unpurchased portion. This scheme is being phased out and only a few remaining properties can be part purchased in this way. For the properties remaining see links below.

    East Region (includes Edinburgh, Fife, Lothian, Borders, Angus, Perth Kinross, Stirling)

    North Region (includes Highlands Islands, Grampian) .

    Low deposit buying is designed for first time buyers and Lift applications must be coordinated with obtaining mortgages. It is therefore a process which needs to be completed with care. For a free consultation on any of the process with an experienced consultant please call the number below.

    There are only a limited amount of lenders providing mortgages and generally they require a deposit of 5% of the clients share.

    However. subject to status it may be possible to obtain a LIFT mortgage where no or a lesser deposit required. This is strictly subject to lender criteria and applicant status.

    Call Today

    This website is solely operated and run by Caesar Howie The Central Scotland Law Group. It is in no way linked to or endorsed by the Scottish Government


    Welcome to, government mortgage help.#Government #mortgage #help


    Welcome to GOV.UK

    The best place to find government services and information

    Simpler, clearer, faster

    Popular on GOV.UK

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    Includes eligibility, appeals, tax credits and Universal Credit

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    Includes holidays and finding a job

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    The websites of all government departments and many other agencies and public bodies have been merged into GOV.UK.

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    Get MOT reminders

    Sign up to get free reminders by text message or email when your MOT is due

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    Grenfell Tower fire

    Find out about the support available.

    Government mortgage help

    The UK and the EU

    Read the latest updates and information as the UK prepares to leave the EU.


    Government help if you can’t pay your mortgage – Money Advice Service, government mortgage help.#Government


    Government help if you can’t pay your mortgage

    If you’re struggling to meet your mortgage repayments there’s a range of government schemes that offer help. These include the Mortgage Rescue scheme, Support for Mortgage Interest, and other government benefits that might boost your income.

    Contact your lender first

    To find out how much you can afford to borrow use our Mortgage affordability calculator.

    If you are having trouble paying for your mortgage, your first step should always be to contact your lender.

    They want to help you to meet repayments.

    Your lender is able to discuss your options with you and can offer suggestions, including:

    • Temporary payment arrangements
    • lengthening the term of your mortgage, or
    • Switching temporarily to interest-only repayments.

    Get free advice

    If you’re anxious about being unable to meet repayments, there are plenty of advice services which provide guidance for free.

    These include Shelter, National Debtline and StepChange Debt Charity.

    Mortgage Rescue scheme

    England

    This scheme is no longer available.

    Wales

    The Welsh Government runs a Mortgage Rescue scheme operated through councils and housing associations with the aim of preventing owner-occupiers becoming homeless.

    If you’re considered for the Mortgage Rescue scheme, the council will put you in touch with a housing association.

    After assessing your property and your particular financial circumstances, they could either buy a stake in your home (making you a part owner) or buy the property completely and rent it to you.

    Renting would make you a tenant of the housing association.

    You will only be considered for the Mortgage Rescue scheme if you’ve approached your local authority for help to prevent you and your family becoming homeless.

    Scotland

    The Scottish Government provides some support to home owners struggling to pay their mortgage through its Home Owners’ Support Fund.

    The fund operates two schemes which home owners could apply for:

    • The Mortgage to Rent scheme where a social landlord buys your home and rents it back to you.
    • The Mortgage to Shared Equity scheme where the Scottish Government buys up to a 30% stake in your home, which reduces how much you owe on your mortgage. You continue to live in your home but make lower mortgage repayments as a result.

    Support for Mortgage Interest

    If you’re on certain benefits such as:

    • Income Support
    • Income-based Jobseeker’s Allowance (JSA), or
    • Income-related Employment and Support Allowance

    and are struggling to pay your mortgage, you might be able to get help towards mortgage interest payments called Support for Mortgage Interest (SMI).

    If you qualify, you can get help towards interest payments on a mortgage of up to £200,000 following a 39-week waiting period after you’ve claimed your benefit.

    If you are on Pension Credit you might be able to get help immediately, but only for a mortgage up to £100,000.

    SMI is normally paid direct to your lender.

    The money is only to cover interest and Support for Mortgage Interest is calculated using a standard interest rate.

    There is no help available for capital payments.

    If you’re claiming JSA, you can only get SMI for up to two years.

    If you get Income Support, income-related Employment and Support Allowance or Pension credit, there’s no limit to how long you can claim SMI.

    SMI stops when your other benefits stop, usually when you go back to work.

    However, you could apply for the Mortgage Interest Run On (MIRO) to tide you over for up to four weeks until you can resume full repayments from your salary.

    MIRO will pay out the same amount as SMI, but it’s paid to you instead of your lender.

    Under government proposals, from April 2018 all existing and new SMI payments will be made as a loan and you’ll pay interest on it.

    You will have to repay the loan either when you sell your house or voluntarily when you’re able to (for example when you return to work).

    Help with mortgage payments under Universal Credit

    If you’re getting Universal Credit and you’re struggling to pay your mortgage, you might be able to get help with your interest payments.

    You will only qualify for this if you have no ‘earned income’, such as pay from part-time or full-time work, and you don’t get any benefits from your employer such as Statutory Sick Pay or Statutory Maternity Pay.

    If you do qualify for help, the payments will usually be made direct to your mortgage lender and will be based on a set rate of interest applied to the amount you have outstanding on your mortgage (up to a maximum of £200,000).

    You start to get this after a 3-month waiting period and the payments will stop as soon as you start work again, even if you’re only earning a small amount.

    Benefits that might increase your income

    It’s worth checking if you’re entitled to benefits to help boost your income to meet mortgage payments.

    Budgeting and cost cutting tips

    Check your income and outgoings with our Budget planner to help you.

    Follow the links below to work out your monthly income and outgoings and to see if there are any cost cutting tips you could use to help free up cash at the end of each month. Every little will help.

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  • The Mortgage Lender Implode-O-Meter – tracking the housing finance breakdown, related to Alt-A and subprime


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    Latest Posts from the ML Forum!

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    Imploded* Lenders™

    About The Implode-o-Meter

    ML-Implode.com was created in late 2006 to raise the alarm about the then-burgeoning implosion of the historically-epic housing and economic bubble. Started as a modest web page created by founder Aaron Krowne, this objective was achieved by, uniquely, tracking the in-progress implosion of independent mortgage lending companies then being ignored by a mainstream media in denial of even the existence of the housing bubble. At that time, you were more likely to hear a partyline of “housing always goes up” and juvenile jeers of “bubbles are for bathtubs” from TV’s talking heads, than of even slight concern about a clearly-overextended, already-frozen housing market.

    Operated as a broadly-open community forum, ML-Implode quickly took the lead in news about the mortgage implosion and subprime crisis, as industry professionals flocked to the site to share and find out the latest. The site even became, in part, a whistleblower platform, fighting (and winning) half a dozen lawsuits to defend the right of its contributors to post about corruption and malfeasance in financial companies, and be able to do so confidentially.

    Despite its initial incarnation being rendered insolvent by these frivolous legal attacks, ML-Implode continues today in a stripped-down, lean-and-mean embodiment, remaining dedicated to tracking the fallout of the 2007-2008 credit crisis. This mission includes keeping tabs on recession/depressionary conditions, the policy response to the economic downturn and continued financial instability, the Fed and other global central bank interventions (including “ZIRP” and quantitative easing), actions and reforms of the monetary authorities, market manipulation (official and private sector), all global geopolitical conflict with economic roots, the evolution of the banking and monetary system (including dollar-alternative “reserve currencies”, gold, silver, and bitcoin and other “virtual currencies”), the effect of the economic turmoil on society, basic themes of economic fairness and justice, and much more.

    We continue to doggedly watch all of these interconnected topic areas, daily picking the most important stories and commentaries, and bringing them together in a convenient and comprehensible form on this site. If you share our concerns, utilize one of the icons at the top of this page to “follow” us by twitter, RSS, email, and more.

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    203K Loan Requirements and Guidelines – Understand – Apply, home loan help.#Home #loan #help


    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.

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