FHA loan

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  • Dream Home Research Paper

    be a smart solution. Sellers can avoid having a vacant property on the market, and home buyers can avoid mortgage roadblocks and realize their dream of home ownership. GOVERNMENT CHANGES FOR BOOMERANG BUYERS Do your homework. If you purchased your foreclosed home with a VA or FHA loan, be aware of the Credit Alert Verification Reporting System (CAIVRS). It’s a database the federal government established of loan delinquencies. If you have a foreclosure under those loan programs, you’ll be unable to obtain new government backed debt until those debts are paid. A new program launched by the Federal Housing Administration, (FHA) is offering help specific to boomerang buyers. It’s called the “Back to Work” loan program. You’ll need to meet certain qualifications, such as: 1.You meet FHA loan requirements 2.You can document the mortgage or credit problems resulted from a financial hardship 3.You have re-established a responsible credit history 4.You have completed HUD-approved housing counseling Applicants will need to prove financial hardship was beyond their control and the foreclosure was a direct result of that hardship. LOOK TO THE FHA FOR LENIENCY FHA loans are the most forgiving of most loan products available in today’s market. Your imperfect credit history does’nt prevent you access to attractive rates despite having a foreclosure on your record. Credit lenders are able to look beyond bad “credit events” and to consider the credit you now have, even though your…

    Words: 984 - Pages: 4
  • The Hidden Problem Analysis

    Peter wants to buy a house but needs some assistance with the extensive research that has to take place when purchasing a home. First and foremost the basic information needs to be addressed. Peter has seen through an ad that he can obtain a loan through several options; a subprime rate, ARM, extended loan, and many other options. A subprime mortgage is a type of loan appropriate for individuals with poor credit scores usually below 600, who as a result of their deficient credit ratings wouldn’t…

    Words: 1290 - Pages: 5
  • Colonial National Mortgage Case Study

    Colonial National Mortgage, a division of Colonial Savings, F.A., is holding two free homebuyer seminars for potential first-time homebuyers on Thursday, July 27, from 7 to 9 p.m. and Saturday, July 29, from 10 a.m. to noon. Anyone who is interested in learning valuable information about the home buying process is encouraged to attend. “Since it’s foundation in 1952, Colonial has been committed to helping our customers achieve their dream of owning a home,” said Joe Chapman, VP of Retail…

    Words: 347 - Pages: 2
  • The Pros And Cons Of NACA

    NACA or Neighborhood Assistance Corporation of America is a nonprofit housing services organization that helps low to moderate income families in America find and purchase homes that they would never have been able to afford with a conventional, FHA, or HUD loan. How does NACA do this, you ask? NACA insures homeowner success by providing one-on-one counseling sessions. A NACA mortgage consultant will be with you every step of the way, no matter how long it takes, for you to obtain a home. This…

    Words: 1398 - Pages: 6
  • Federal Housing Administration Case Study

    for no down payment home loans and 100 percent financing. Today, the tide has drastically changed and loans with no down payment requirements are hard to come by. However, it is not impossible to find a lender willing to finance an entire loan without a down payment. Low and No Money Down Mortgages It is a common misconception among many potential borrowers that all banks offering conventional mortgages require 20 percent down. Although it is normal in the industry to put 20 percent down, it…

    Words: 610 - Pages: 3
  • Faha 203 Case Study

    FHA 203(k) Loans Come as Two Types with Their Own Features The FHA 203(k) loan program solves a difficult problem for first-time home buyers who need a mortgage and a home renovation loan. When buying a home that needs repairs, banks will not grant a mortgage until repairs are complete. But, until you own the home, repairs cannot be made. The FHA 203(k) program is a loan for home renovation combined with an FHA-insured mortgage. This means you make one application and pay one monthly payment. As…

    Words: 750 - Pages: 3
  • Racial Discrimination In Home Loans

    lending institutions is still happening in the contemporary society. Historically, the Home Owners’ Loan Corporation (HOLC) developed a “residential security map” to evaluate the risks in different neighborhood. This mapping system steadied the racial segregation in the society and also provided a tool for lending institutions to determine the loan availabilities only for certain group of people (Nier, Charles 622). For example, the Federal Housing Administration (FHA), which was one of the…

    Words: 1172 - Pages: 5
  • Fannie Mae Case

    servicing the loan for the time equivalent to that loan duration (5, 10, 15, 20, 30 years or any other such term) or sell it to someone else. Some lenders decide that they want a steady and secured income coming from systematic, monthly payments from the borrower. They collect their income in the form of interest earned on the loan. The higher the loan and the longer the term of the loan, the higher the interest going to the lenders' pockets is. If the lender decides to sell the loan soon…

    Words: 659 - Pages: 3
  • Getting Started: Case Study

    The Smiths were still worried that the down payment would still be very unaffordable. In that case we told them that according Interest, an FHA loans usually requires about 3.50% of down payment depending of course on how large the loan actually is. They were very pleased with that wonderful news. However there was a big problem. According to the FHA, there is restricted limit for how big the loan is. It can not be greater than $271,000. This was a very big problem since the loan they were…

    Words: 1276 - Pages: 6
  • The Pros And Cons Of Monetary Procurement

    However, borrowing money from a financial institution in the form of a loan still presents both positive and negative aspects for the entrepreneur. On the positive end of the spectrum, the chief benefit of a loan from a financial institution is the ability to obtain a large sum of money in an expedient period of time for the land, the building, the construction, as well as, the operation expenses one incurs. Additionally, these institutions have the ability to lend greater sums of money than do…

    Words: 1381 - Pages: 6
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