US Housing Crisis – Negative Equity Infographic #historical #interest #rates


#underwater mortgage

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The U.S. Housing Crisis: Where are home loans underwater?

With U.S. home values falling 9.5% since their peak in 2007, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. Search our interactive map to discover what percentage of homes in your county or ZIP code are in negative equity, based on Zillow’s third quarter 2014 data.

About the Zillow Negative Report: The Zillow Negative Equity Report is produced on a quarterly basis and captures the percent of homeowners who owe more on their mortgage than their home is worth from the national level down to the ZIP code level. Negative equity is commonly referred to as being underwater. The report also covers the delinquency rates of underwater mortgagees and the amount of equity among all mortgage holders.

Zillow Q3 2014 Negative Equity Report Summary: According to the latest Zillow Negative Equity Report, the national negative equity rate fell to 16.9 percent in the first quarter. This represents approximately 8.7 million homeowners nationwide. With the pace of home value appreciation slowing, the pace of negative equity improvement will also slow. Zillow currently predicts that the negative equity rate will fall to 15.2 percent by the end of the third quarter of 2015. The “effective” negative equity rate, which includes those homeowners with a mortgage with 20 percent or less equity in their homes, was 35 percent in the third quarter.

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Best Home Loans Malaysia – Free Housing Loan Calculator #second #home #mortgage


#home loan interest rates

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Compare Home Loans

How Do Home Loans In Malaysia Work?

Interest rates for housing loans in Malaysia are usually quoted as a percentage below the Base Rate (BR). For example, if the current BR rate is 4.00% (Update: As of 2nd January 2015, Base Lending Rate (BLR) has been updated to Base Rate (BR) to reflect the recent changes made by Bank Negara Malaysia, and subsequently by major local banks), the interest rate on a ‘BR + 0.45%’ loan would be 4.45%. You can check all the home loan interest rates and fill in the home loan application in the home loan calculator above.

In a typical Malaysian mortgage, you make monthly payments for an agreed period (i.e. the loan tenure) until you’ve fully repaid both the principal of the loan and the interest. During the early years of the loan, the majority of your monthly repayments are used to repay interest, however, as time passes, a larger proportion of your repayments will go into paying down the principal.

How To Use A Housing Loan Calculator?

iMoney has created a housing loan calculator that makes calculating the monthly repayments easy for you. To use the mortgage calculator just scroll up to the top of this page, type in the property price that you would like to borrow and for how long. It will do all the calculations and will present you with the best mortgage deals for you.

BR & Other Loan Terms

BR in Malaysia is a reference interest rate used by banks to decide how much to charge for various products they offer. In Malaysia, home loans are normally quoted as a percentage above or below the BR. This means, if the BR increases or decreases by a certain amount, the interest rates charged on floating rate loans also increase or decrease by the same amount.

Islamic Vs Conventional Mortgages

The banks presented in the comparison table offer both Islamic and conventional loans. Instead of borrowing and lending, Islamic finance relies on sharing the ownership of the assets and therefore risk and profit/loss. Check out our page dedicated to Islamic Home Loans

Refinancing

You might choose to refinance your current mortgage in case another bank offers a lower interest rate. Check out our page dedicated to Housing Loan Refinancing


Rural Housing USDA Home Loan Questions and Answers #mortgage #calculato


#rural development mortgage

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Rural Housing Service Center

RURAL LOAN PROGRAMS

FILE LOOKUP

>USDA Common Questions and Answers

The USDA Rural Development Home Loan is a flexible zero down payment government guaranteed program that is growing in popularity. It is designed to promote homeownership to residents in rural communities with low to moderate incomes and who have limited savings for a down payment. A common misconception about the USDA loan program is that it is only for farmers, but you will find that just outside most metropolitan areas there are many suburban areas that qualify for this program.

The Section 502 Guaranteed Loan is the most common type of USDA rural housing loan. Amazingly, this loan will actually lend up to 103.5% of the home’s appraised value and even allow the buyer to include closing costs in the actual loan (appraisal permitting). All USDA Guaranteed Loans carry a 30 year term with a low fixed rate.

USDA Home Loan requirements are not entirely credit score driven, although RANLife Home Loans require a 640 mid-score or better, USDA Home Loan guidelines will disregard some credit derogatoriness with an acceptable explanation.

The home must be owner occupied (no investment property) and all single family, condos and planned unit developments. NO MANUFACTURED OR MOBILE HOMES.

You must be discharged from a Chapter 7 bankruptcy for at least three years. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are eligible to make an USDA loan application.

The home must be owner occupied (no investment property) and all single family, condos and planned unit developments (PUD). NO MANUFACTURED OR MOBILE HOMES.

One of the biggest advantages of a USDA RD Home Loan is a the very low mortgage insurance (MI) requirement. This alone will potentially save you $50-$250/mo depending on your loan size.

However, USDA has been recently changing the MIP requirements. Call a RANLife USDA specialist today to see how the changes might affect you.

USDA RD Home Loans have no down payment requirement. FHA requires 3.5% down and conventional loans require 3% down.

To qualify for this loan program, there are two notable requirements that differentiate this program from an FHA or VA loan program.

1. Location: The home must be located in a designated rural area.

2. Income Limits: Must meet USDA adjusted annual household income limits, a maximum 115% of the median income for your area. Meaning your total combined household income cannot be more than this amount. If your income is slightly over these amounts, there are little known deductions that can be used to reduce your qualifying gross household income and help you qualify. Such as:

  • Disabled or handicapped individuals who are not the applicant or co-applicant.
  • Documentable childcare expenses for children 12 years of age or older.
  • Documentable medical expenses for family members 62 years of age or older.
  • Attendant care expenses.
  • Deduction for each child under the age of 18 and/or full time student over 18.

Qualifying Income: It is important to note that USDA uses two types of income for qualifying.

  • Household income is the combined adjusted gross income of all people living in the home, regardless if they are applying for or will be on the mortgage. This amount cannot be higher than the county limits.
  • Repayment income is income from the actual loan applicants and determines the DTI (debt-to-income) ratio. Deduction for each child under the age of 18 and/or full time student over 18.

Rural Housing Purchase Benefits

  • 100% Financing
  • Low Monthly Mortgage Insurance
  • Using an USDA Approved Lender usually means lower closing costs
  • Low fixed monthly payments
  • Low mortgage interest rates
  • Never a pre-payment penalty

Contact a USDA Loan Specialist Online or toll free at (800) 461-4152 to learn more about how the USDA Home Purchase Programs can help you.


New Hampshire Housing Finance Authority – Mortgage Calculators #mortgage #programs


#house mortgage

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Mortgage Qualifier Calculator

About New Hampshire Housing

New Hampshire Housing promotes, finances and supports affordable housing so hardworking Granite State residents can live where they work and play.

Specifically, the agency offers safe, fixed rate mortgages to low- and moderate-income homebuyers, it provides rental assistance to low-income families and individuals, and it finances the development of quality, affordable rental housing in New Hampshire.

For more information about New Hampshire Housing, visit www.nhhfa.org.

Locations

New Hampshire Housing Finance Authority Mailing Address
PO Box 5087
Manchester. NH 03108
Bedford Office:
32 Constitution Drive
Bedford. NH 03110
603-472-8623
800-649-0470


President Barack Obama Announces Federal Housing Administration Mortgage Insurance Premium Cut #mortgage #costs


#obama mortgage plan

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Obama Announces Cut in Federally Issued Mortgage Premiums

President Barack Obama announces a cut in mortgage insurance premiums for Federal Housing Administration loans Thursday in Phoenix. Ross D. Franklin/AP

President Barack Obama on Thursday announced plans to shave insurance premiums on some federally issued mortgages, potentially opening the housing sector to 250,000 new homebuyers.

“We’re going to start this week laying out some of the agenda for the next year. And here in Phoenix, I want to talk about helping more families afford their piece of the American dream, and that is owning their own home,” Obama said during a visit to Arizona. “Buying a home’s always been about more than owning a roof and four walls. It’s about investing in savings and building a family and planting roots in a community.”

Obama spoke from Phoenix’s Central High School Thursday morning as part of a weeklong economy-focused tour across the country. The president announced Federal Housing Administration mortgage insurance premiums will be lowered by half a percentage point, from 1.35 percent to 0.85 percent.

The FHA provides mortgages largely to lower- and middle-income Americans. The White House on Thursday estimated more than 800,000 homeowners stand to save money on their monthly mortgage costs from the reduced premiums, which are expected to save new borrowers an average of $900 annually.

“This action will make homeownership more affordable for over 2 million Americans in the next three years,” Housing and Urban Development Secretary Julián Castro said in a statement regarding the policy change’s longer-term implications. “By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

The lowered rates announced Thursday are still higher than they were in the immediate aftermath of the Great Recession; mortgage insurance premiums initially were increased from 0.55 percent in 2010 to help the FHA recover from losses suffered during the housing crisis. Yet even with the reduction, the White House says the FHA expects to increase its reserves by $7 to $10 billion annually as the housing market continues to recover.

The average sale price of a U.S. home in October 2014 was $199,000, according to real estate database RealtyTrac. That’s only a $900 difference from the average sale price in October 2013, but the number of homes sold increased year-over-year by 32 percent. So while average home values in the U.S. have been relatively stagnant, the number of sales increased demonstrably.

The number of “seriously underwater” homes – in which the combined loan amount taken out on the property is at least 25 percent higher than the property’s estimated market value – also decreased over the past year. A reported 8.1 million residential properties were “seriously underwater” in the U.S. at the end of 2014’s third quarter, according to the RealtyTrac U.S. Home Equity Underwater Report. That marked the fewest number of homes categorized as such since RealtyTrac began its quarterly reports in 2012.

The U.S. homeownership rate – the proportion of owner-occupied housing to the combination of owner-occupied and rented housing units – climbed to 69.2 percent in the fourth quarter of 2004 and was as high as 68.2 percent in the second quarter of 2007 before beginning a decline. The rate most recently sat at 64.4 percent to mark its lowest level since 1995, according to the Census Bureau. It has fallen in four consecutive quarters and is more than 2 percentage points lower than it was in the fourth quarter of 2010.

Ownership rates most recently were the lowest among African-Americans and Hispanics, as well as individuals younger than 35.

Despite the potential injection of hundreds of thousands of first-time homebuyers into a slowly improving housing market, Obama’s announcement was not met with unanimous approval.

“If President Obama follows through on today’s pledge, he will be increasing the likelihood that taxpayers will have to foot the bill for yet another bailout,” Rep. Jeb Hensarling, R-Tex, said in a statement Wednesday when news broke of the president’s impending action.

But Obama said Thursday he does not plan to lead the country “down the road again of financing folks buying things they can’t afford.” The FHA’s credit score floor and required underwritings for “higher-risk borrowers” are among a host of checks that will remain in place for federally issued mortgages.

Obama will travel to Tennessee on Friday to continue a week of economy-focused appearances ahead of his Jan. 20 State of the Union Address.


Rural Housing USDA Home Loan Questions and Answers #reverse #mortgage


#rural development mortgage

#

Rural Housing Service Center

RURAL LOAN PROGRAMS

FILE LOOKUP

>USDA Common Questions and Answers

The USDA Rural Development Home Loan is a flexible zero down payment government guaranteed program that is growing in popularity. It is designed to promote homeownership to residents in rural communities with low to moderate incomes and who have limited savings for a down payment. A common misconception about the USDA loan program is that it is only for farmers, but you will find that just outside most metropolitan areas there are many suburban areas that qualify for this program.

The Section 502 Guaranteed Loan is the most common type of USDA rural housing loan. Amazingly, this loan will actually lend up to 103.5% of the home’s appraised value and even allow the buyer to include closing costs in the actual loan (appraisal permitting). All USDA Guaranteed Loans carry a 30 year term with a low fixed rate.

USDA Home Loan requirements are not entirely credit score driven, although RANLife Home Loans require a 640 mid-score or better, USDA Home Loan guidelines will disregard some credit derogatoriness with an acceptable explanation.

The home must be owner occupied (no investment property) and all single family, condos and planned unit developments. NO MANUFACTURED OR MOBILE HOMES.

You must be discharged from a Chapter 7 bankruptcy for at least three years. If you are in a Chapter 13 bankruptcy and have made all court approved payments on time and as agreed for at least one year, you are eligible to make an USDA loan application.

The home must be owner occupied (no investment property) and all single family, condos and planned unit developments (PUD). NO MANUFACTURED OR MOBILE HOMES.

One of the biggest advantages of a USDA RD Home Loan is a the very low mortgage insurance (MI) requirement. This alone will potentially save you $50-$250/mo depending on your loan size.

However, USDA has been recently changing the MIP requirements. Call a RANLife USDA specialist today to see how the changes might affect you.

USDA RD Home Loans have no down payment requirement. FHA requires 3.5% down and conventional loans require 3% down.

To qualify for this loan program, there are two notable requirements that differentiate this program from an FHA or VA loan program.

1. Location: The home must be located in a designated rural area.

2. Income Limits: Must meet USDA adjusted annual household income limits, a maximum 115% of the median income for your area. Meaning your total combined household income cannot be more than this amount. If your income is slightly over these amounts, there are little known deductions that can be used to reduce your qualifying gross household income and help you qualify. Such as:

  • Disabled or handicapped individuals who are not the applicant or co-applicant.
  • Documentable childcare expenses for children 12 years of age or older.
  • Documentable medical expenses for family members 62 years of age or older.
  • Attendant care expenses.
  • Deduction for each child under the age of 18 and/or full time student over 18.

Qualifying Income: It is important to note that USDA uses two types of income for qualifying.

  • Household income is the combined adjusted gross income of all people living in the home, regardless if they are applying for or will be on the mortgage. This amount cannot be higher than the county limits.
  • Repayment income is income from the actual loan applicants and determines the DTI (debt-to-income) ratio. Deduction for each child under the age of 18 and/or full time student over 18.

Rural Housing Purchase Benefits

  • 100% Financing
  • Low Monthly Mortgage Insurance
  • Using an USDA Approved Lender usually means lower closing costs
  • Low fixed monthly payments
  • Low mortgage interest rates
  • Never a pre-payment penalty

Contact a USDA Loan Specialist Online or toll free at (800) 461-4152 to learn more about how the USDA Home Purchase Programs can help you.


Home Loan EMI Calculator, Housing Loan Calculator India – ICICI Bank #fixed #rate #mortgages


#loan calculator home

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Home Loan EMI Calculator

Calculate Home Loan EMI

With lower EMIs, ICICI Bank Home Loans are light on your wallet. Lower interest rate and repayment tenure of up to 30 years ensure a comfortable EMI for you during the entire loan tenure. You can estimate your EMI by using our feature rich Home Loan EMI Calculator.

To reduce the EMI burden of a home loan that you have already taken from another bank or Non-Banking Financial Company (NBFC), apply here for balance transfer and save money.

Opting for auto-debit facility on ICICI Bank Savings Account for paying ICICI Bank Home Loan EMI, earns you reward points that can be redeemed against exciting rewards from our partners.

What is Home Loan EMI?

EMI is the abbreviation for Equated Monthly Installment. Home Loan EMI is the monthly repayment that borrower should make to repay the home loan as per amortisation schedule.

What is Home Loan Amortisation Schedule?

Home Loan Amortisation Schedule is the table, which details the following

  • Outstanding Balance before payment of each EMI
  • EMI
  • Contribution towards principal repayment
  • Contribution towards interest payment
  • Outstanding balance after payment of each EMI

How is the borrowed amount and interest due paid through EMIs?

Each EMI repays a part of principal i.e. the borrowed amount and the interest due on the borrowed amount. The proportion of each EMI utilised for repayment of principal and interest, however, varies over time.

Banks and financial institutions, in general, calculate EMI through a common mathematical formula. Thus, for a given loan amount, tenure and interest rate, the EMI calculated and the amortisation schedule offered by banks and Non-Banking Financial Companies (NBFCs) will typically be similar. This means that pattern of reduction of principal amount through payment of each EMI will typically follow similar trend across all financial institutions.

It is a well-known fact that the initial EMIs contribute more towards payment of interest due as compared to the principal amount. However, during the tenure of the loan, subsequent EMIs contribute more towards repayment of principal amount as compared to previous EMIs.

What is the benefit of calculating EMI?

Since EMI is the fixed amount that you will need to pay to the bank towards repayment of your Loan, calculating the EMI helps you to plan your monthly budget.

What is the impact of part payments on EMI?

Part payments reduce the outstanding loan amount, which in turn reduces the interest amount due. Without changing the EMI post part payment, the contribution of EMI towards principal repayment increases. Thus the loan gets repaid faster.

How does Home Loan EMI payment reduce tax obligation?

Provisions under income tax laws allow Indian Nationals to claim income tax relief on payments made towards interest and principal of home loan. Click here to access our home loan tax saving calculator

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  • Mobile Banking
    Bank on the go with our Mobile Banking services. Download app or use SMS
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    Bank 24/7 through a widespread network of over 4,450 branches and 14,240 ATMs

Home Loan Calculator, Home Loan Rates, Housing Loan Interest Rates #best #mortgage


#loan calculator home

#

Please connect the nearest branch for any further details in this regards

The Board of Directors at its meeting held on April 29, 2015 recommended a dividend of Rs. 13 per equity share of Rs. 2 each, subject to the approval of the shareholders at the 38th AGM to be held on Tuesday, July 28, 2015 at Birla Matushri Sabhagar, 19, New Marine Lines, Mumbai 400 020 at 3.00 P M.

The Register of Members and the Share Transfer Books of the Corporation will remain closed from July 17, 2015 to July 28, 2015 (both days inclusive) for the purpose of payment of dividend for the financial year 2014-15.

Shareholders who have not claimed their dividend for the F.Y. 2007-08, are requested to do so, on or before August 22, 2015, failing which it will be transferred to the IEPF and no further claim shall lie against the Corporation or the IEPF pursuant to Section 205C of the Companies Act, 1956.

  • RE-LOCATION OF INVESTOR SERVICES DEPARTMENT(ISD)

    All Investors are requested to take note that ISD will be re-located from Tel Rasayan Bhavan, Ground floor, Opp. BEST Workshop, Gate No. 4, Tilak Road Extn, Dadar T.T. Mumbai 400014 to the registered office of the Corporation located at 5th Floor, Ramon House, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai – 400020 with effect from September 1, 2014. Contact details of ISD will remain unchanged.

    We request you to send all correspondence pertaining to the securities of the Corporation held by you to the said new address.

    QUICK LOAN FACILITY AGAINST DEPOSITS Loan against deposit is available after 3 months from the date of deposit upto 75% of the deposit amount, subject to the terms and conditions framed by HDFC. Interest on such loans will be 2% above the deposit rate. This facility is not available for deposits from minors and NRIs. The loan amount can be repaid either in part or in full at any time, before maturity date. In case loan is not repaid, the outstanding loan amount along with accumulated interest (including tax/levy, if any) would be recovered from the deposit amount on the maturity date or on premature withdrawal.

    Disclaimer Dear User, you will be redirected to hdfcred.com for showcasing of the properties. HDFC Ltd does not guarantee any funding or loan facility or endorse the displayed properties in any form or manner. All transactions are as per usual course of business and applicable law.


  • Home Loan Rate, Home Loan Interest Rates, Housing Loan Interest Rates – ICICI Bank #mortgage


    #home loan rate

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    Home Loan Interest Rate*

    Disclaimer :
    All ICICI Bank floating rate home loan is benchmarked to I-MCLR-1Y. Effective Aug 01, 2016 I-MCLR-1Y is 9.10%
    Processing Fee applicable is 0.5% of loan amount plus applicable service tax.
    *Valid till September 30, 2016.

    **Woman borrower should be the main applicant to the loan and she should be either owner or co-owner in the property being financed.

    # Weaker section as defined by RBI under Priority sector loans classification including SC and ST

    Non – Home Loan Interest Rate

    Indicative lending rate for Non Home Loan 12.00% onwards.

    Non-Home Loan includes Top-up Loan, Loan Against Property residential and commercial, Office Premises Loan etc.

    Home Loan Repayment Options

    ICICI Bank offers convenient repayment options to its customers. Please click here to know more about repayment options available for ICICI Bank Home Loans.

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    • Mobile Banking
      Bank on the go with our Mobile Banking services. Download app or use SMS
    • Pockets by ICICI Bank
      VISA powered Universal payment wallet. Download today
    • Find ATM/Branch
      Bank 24/7 through a widespread network of over 4,450 branches and 14,240 ATMs

    Home Loan – Housing Loan – Apply for Home Loan – HDFC Bank #sammamish #mortgage


    #home loan help

    #

    Home Loan

    Triple benefits on your Home Loan!

    • Features Benefits
    • Features of HDFC Home Loans for farmers and rural areas
    • eCBoP Home Loan Interest Rates Charges
    • Home Loan:
      Home loans for individuals to purchase (fresh / resale) or construct houses. Application can be made individually or jointly.
    • Home Improvement Loan(HIL):
      The interiors of any home reflect the personal preferences and tastes of its owners making it imperative to constantly upgrade to keep up with changing times. HIL facilitates internal and external repairs and other structural improvements like Painting, Waterproofing and Roofing, Plumbing and Electrical Works, Tiling and Flooring, Grills, Aluminum Windows, Compound Walls and much more.
    • Home Extension Loan(HEL):
      HEL for adding more space to your existing home for meeting the requirements of your growing family. Be it an extra bedroom for your children, a reading room for yourself or a cozy coffee corner. It is easy to extend your home anyway you like.
    • Automated Repayment of Home loan EMI:
      You can give us standing instructions to repay your Home Loan EMIs directly from your HDFC Bank Savings Account, thus, saving you the trouble of procuring, signing and tracking post-dated cheques.

    *Conditions apply. All Home Loans from HDFC Ltd. Credit at sole discretion of HDFC Ltd

    HDFC offers specially designed home loans for:

    – Agriculturists
    – Planters
    – Horticulturists
    – Dairy Farmers

    • Construction of houses on residential plots
    • Purchase of a new house
    • Renovation Extension of existing house

    Rural Housing Finance Features

    • Special Home Loan Scheme for Agriculturists:
      • Loans for farmers to buy or construct houses/apartments in several of cities and towns of their choice.
      • Home loans in residential areas of Villages
      • Loan eligibility on the basis of agricultural land owned and the kind of corps being cultivated by farmers.
      • No mortgage of agricultural land required for the purpose of home loans.
      • No mandatory requirement of Income Tax Returns from farmers applying for home loans.
    • Rural Housing Finance for Salaried Self Employed.
      • Home Loans for Government Private Sector Employees for rural properties in residential areas.
      • Home Loans for Businessmen, Traders etc. who are filing Income Tax Returns for the last three years for properties in rural residential areas.
      • Home Loans for NRIs also in rural residential areas.