Jeffrey Tung's Real Estate Blog » assistance

Fannie offers to pay closing cost

Jeff Tung — Mon, 18 Apr 2011 00:03:08 +0000

If you plan to purchase a home in the near future, you might want to speed up the process in order to have 3.5% of your closing cost paid by Fannie Mae. That’s right, Fannie Mae is trying to decrease their inventory of REOs. If you close on a HomePath property by June 30, 2011, you’ll be able to save 3.5% of the purchase price in closing cost. So act now!!!!

Fannie Mae Buyer Incentives Back for Limited Time (brittaj17.wordpress.com)
Fannie Offers Closing Cost Help for REOs (reowablog.wordpress.com)
April 11 to June 30th: Buyers Get 3.5% of their Costs Paid When Purchasing a Qualified Fannie Mae Owned Property (mklenahan.wordpress.com)
Fannie Mae Announces 3.5% Buyer Assistance on REO Properties (saltlakecitymortgage.wordpress.com)
REALTOR Magazine – Fannie Offers Closing Cost Help for REOs (katytx2010.wordpress.com)
Fannie Mae Announces 3.5 Percent Buyer Assistance on HomePath(R) Properties Incentive Part of Continuous Effort to Stabilize Neighborhoods – CNBC (kentuckyfirsttimehomebuyer.com)

Improve your credit scores

Jeff Tung — Mon, 11 Oct 2010 20:56:03 +0000

Thinking of taking the pludge and make one of the biggest purchase in your life? Unless you have lots of cash, you’re probably going to finance the purchase. A big part of procuring a loan at the lowest interest rate posible is to have a good credit score. There are some things that you can do to improve your scores.

1/3 of americans can not qualify for a mortgage because of their credit scores.

25.5% Drop in Home Sales Coincides with Drop in Credit Score Awareness (prweb.com)
Get a good mortgage (money.cnn.com)
How Credit Repair Scams Work and How to Avoid Them (creditrepair.org)
25,000 Reasons to Pamper Your Credit (wisebread.com)
What Does ‘Piggybacking’ Mean for Credit Card Users? (applyforacreditcard.com)
How Do I Know If My Credit Is Good? (creditscore.net)
One-third ‘highly unlikely’ to get mortgage (money.blogs.time.com)

HAFA program

Jeff Tung — Fri, 17 Sep 2010 00:31:00 +0000

Have you had an experience working with a short sale? If you did, you’ll agree that there is no guarantee that the home will be sold to you, no matter how long it takes to get an approval and how frustrating it is to not know if you are going to be able to buy the home. Well, the HAFA program is designed to help with the frustrations homeowners, sellers, buyers, and agents experience when going through the short sale process. This program should help speed up the process and help people but there is no guarantee. Only time will tell.

HAFA: Is it really half the time?(agentgenius.com)
Short sales, a product that changes with the blink of an eye(agentgenius.com)
Ten Dirty Secrets of a Short Sale(stealthmode.com)
July 21st(slideshare.net)
75% of modified home loans will redefault(money.cnn.com)
The Mortgage Mess: Are Solutions Out There?(news.firedoglake.com)

10 tips for your home remodel project

Jeff Tung — Fri, 03 Sep 2010 23:56:08 +0000

Are you thinking about updating or remodeling your home? Well, it can be an overwhelming task especially when you’re thinking about doing it your self. When the job becomes a major project, then you may want to hire a contractor to help you with your project. Like every industry, there are good ones and bad. You need to know what to ask when you interview them for the job; things like asking for referrals, or copy of their insurance coverage, or even if they clean up after themselves when they are done for the day. Here are 10 tips to refer to when you are planning to make changes to your home.

4 things for homeowners to consider before remodeling (usatoday.com)
Five Common Mistakes to Avoid When Remodeling Your Kitchen (prweb.com)
Six Quick Fixes to Maximize Kitchen Storage (prweb.com)
DIY: Do It Yourself Bathroom Remodeling Permits (home-interiors.suite101.com)
Remodeling projects pay off, especially a tax-friendly new door (walletpop.com)
Remodeling your home? Get online (money.cnn.com)
53 Articles Discussing Easy Home Improvements that Increase Home Equity (homeequityloan.net)
Folks Get Back to Work on Their Homes (adweek.com)

6 reasons to shop around for the best interest rate available!

Jeff Tung — Thu, 26 Aug 2010 22:30:09 +0000

Everybody has gone shopping for one thing or another so this should apply to mortgage loans too. By taking the time to shop around for the best rates available, you could be saving thousands of dollars during the life time of the loan. So it pays to be aware of the cost associated in obtaining a loan. Not to mention, you will be more confident about affording and purchasing that home that says “buy me”.

After all, purchasing a property could be the most expensive thing you buy in your life time. Why not take the plunge now? With the lowest interest rates ever available and lots of homes to choose from, plus slow economic recovery of the market, this is the best time to do so.

Seven Questions to Ask a Mortgage Lender(brighthub.com)
Jennifer Openshaw: Four ways to lower your mortgage rate(marketwatch.com)
An Autopsy of Fannie Mae and Freddie Mac(economix.blogs.nytimes.com)
Mortgage rates hit low of 4.36 percent(seattletimes.nwsource.com)
Understanding Home Loans (mint.com)

$3 Billion more to help homeowners

Jeff Tung — Fri, 13 Aug 2010 23:36:08 +0000

Our government has said they would spend another $3 billion to help homeowners keep their home if they lost their job or have a medical condition that reduces their ability to work. Eligible homeowners could receive a no-interest loan up to $50,000 for as long as 24 months and stay in the home. This program is to prevent further home foreclosures, but will it help and make a difference? According to RealtyTrac, foreclosures have increased 8% to $1.65 million in the first 6 months of this year with the current programs, so will this help or are we digging a bigger hole in the money pit for the next generation to cover? I hope it does help and get us out of this mess. However, it’s going to take some time to see if the extra money spent will make a difference, but at least, the government is trying to help people keep their homes.

HUD offers interest-free $50K loans to unemployed homeowners to stem foreclosures (hotair.com)
Foreclosures are up and foreclosures are down – learn why (agentgenius.com)
U.S. home foreclosures surge (theglobeandmail.com)
July foreclosures surge 15% in Washington state (seattletimes.nwsource.com)
Foreclosures surge (capitolhillblue.com)
Government to spend $3 billion to help homeowners (marketwatch.com)
Homes lost to foreclosure up 6 pct from last year (sfgate.com)
Homes lost to foreclosure up 6% from last year (usatoday.com)
Billions to fund more programs to help homeowners – helpful? (agentgenius.com)
$3 billion more for jobless homeowners (money.cnn.com)
U.S. Treasury expands homeowner aid for jobless (reuters.com)
HUD Just Announced A Homeowner Bailout (businessinsider.com)
“Obama Administration (Via Taxpayers) To Provide $3 Billion In Housing Aid To Unemployed Homeowners” and related posts (bookerrising.net)

What can you do to avoid forclosure?

Jeff Tung — Mon, 09 Aug 2010 23:02:17 +0000

Having a hard time keeping your payments up? If you’re like millions of people facing the thought of loosing their home, here are some options from Fannie Mae, that may help your situation. A little knowledge goes a long way. You may be surprised to know that there is a way for you to keep your home.

Things to know about getting your loan modification reviewed

Jeff Tung — Fri, 06 Aug 2010 23:55:34 +0000

Are you having problems with your payments? Need some help to keep your payments manageable? Then you might want to contact your lender/bank and let them know that you’re having financial difficulties. They will be able to help you keep your home if you fall into their criteria. This loan modification process can be a long one and can be stressful, however here are some tips that can help you through the process in a timely manner.

Loan Mod Backlogs Continue Despite Servicers’ Pledges to Improve (propublica.org)

Does it sound like it is too good to be true?

Jeff Tung — Thu, 22 Jul 2010 00:26:58 +0000

Beware!! There are predators out there and they will take advantage of people in time of need. It is unfortunate, but be aware. When looking for help, just be careful when you make a commitment. There are scams out there.

Advance-Fee Loan Scams (brighthub.com)
15 Scams and Ripoffs Executed Through TV Ads (rawjustice.com)
Scammers Are Out There and They Want Your Money (consumereducation.suite101.com)
If it sounds too good to be true, it probably is (realself.com)

Did you know FHA loans are assumable?

Jeff Tung — Wed, 07 Jul 2010 02:45:39 +0000

FHA loans have been around for a long time, however, it is more popular these days then ever before. Borrowers can qualify for a loan with as little as 3.5% of the sales price. Here are some things to know about these types of loans. With the way the economy is today, these programs can help you.

The Seven Things All Borrowers Should Know About FHA Loans(prweb.com)
Partners Eligible for FHA Financing(pinkbananaworld.com)
Mortgages: Changes in Mobile-Home Lending(nytimes.com)
Requirements Mortgage Loan(themortgagepot.com)
FHA Streamline Refinance Guidelines 2010(fhaloanadvice.com)
Average Homeowner In Obama Foreclosure Program Deeply Underwater, Drawing Calls From GOP To Cut Off Help(huffingtonpost.com)

Jeffrey Tung's Real Estate Blog » assistance

Fannie offers to pay closing cost

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