Jeffrey Tung's Real Estate Blog » federal aid

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)

Keep Your Home California

Jeff Tung — Sun, 10 Apr 2011 20:23:13 +0000

The California Housing Finance Agency (CalHFA) is administering $2 billion in federal funds for borrowers who are at risk of losing their homes. Borrowers who took out loans after January 1, 2009 are eligible for 4 different programs as long as the property is a primary resident, meet income requirements, and face a documented financial hardship.

The four programs are the following:

The Unemployment Mortgage Assistance Program (UMA) which will help homeowners with their mortgage payments.
The Mortgage Reinstatement Assistance Program (MRAP) which provides funds for homeowners who have fallen behind in their payments
The Transition Assistance Program which provides relocation assistance
The Principal Reduction Program (PRP) which provides funds to reduce the outstanding principal balance.

GMAC, Guild Mortgage, CalHFA, and California Dept. of Veterans Affairs are the organization that offers all 4 programs.

Keep Your Home California Program Now Offers Mortgage Aid to Those Who Took Equity Out(mklenahan.wordpress.com)
#Mortgage aid offered to those who cashed out equity in #CA(visionaryrealtynews.com)
California lets equity strippers into mortgage-aid programs(sfgate.com)
Mortgage aid offered to those who cashed out equity(sfgate.com)
Mortgage aid offered to those who cashed out equity(sfgate.com)
Calif. starts $2 billion homeowner rescue plan(lansner.ocregister.com)
Emergency mortgage assistance for Fresno homeowners(fresnobeehive.com)
Bank payment policy keeps some from mortgage aid(sfgate.com)
Bank payment policy keeps some from mortgage aid(sfgate.com)
Housing Market Blues: The Bleeding Continues(redantliberationarmy.wordpress.com)

Tax benefits for homeowners

Jeff Tung — Sat, 19 Mar 2011 02:31:33 +0000

Home prices declined 3.8% in February compared to last year, however they are up 4.2% from two years ago. Could this be a sign of our recovery or maybe the double dip is about to happen? It’s hard to say but it is a great time to purchase a property. Interest rates are still at all time lows, prices have gone down, there are a lot of properties to choose from, and you still have some tax benefits. When you’re ready, there are a lot of things to consider.

Tax Benefits Help Homeowners(cumminggarealestate.wordpress.com)
5 Tips for Homeowners Filing Taxes(jmetzgerhomes.com)
A Pleasant Tax Surprise for Long-Time Homeowners(turbotax.intuit.com)
Video: Learn About The First-Time Homebuyer’s Credit(turbotax.intuit.com)
5 Tax Tips, Tricks and Traps for Homeowners(thomasperrella.wordpress.com)
Video: Save Taxes by Saving Energy(turbotax.intuit.com)

HR 5028, homeowners remain as renters

Jeff Tung — Fri, 24 Sep 2010 22:19:59 +0000

Where do you go after your home is foreclosed upon by the bank? Your credit is a mess and you may not make as much money as before, so where do you go?

The Center for Economic and Policy Research has a report, “The Gains from Right to Rent in 2010″, and has suggested to allow homeowners the right to rent their home, after foreclosure. By doing so, it may address the nation’s foreclosure problem.

HR 5028, under Right to Rent legislation, would allow the foreclosed homeowner to stay in the home as a renter for a substantial period of time. This would help the homeowners from being homeless and it will help the communities that are experiencing high numbers of foreclosures.

The Role of Government and The Foreclosure Crisis (tpmcafe.talkingpointsmemo.com)
Real Estate Weekly: To stem foreclosures, let homeowners rent(marketwatch.com)
Live Chat: Rep. Raúl Grijalva Discusses The Right-To-Rent Bill With Blue America (crooksandliars.com)
Renters Rights in the Extreme(rentersinsurance.org)
Foreclosure! A Renter’s Worst Nightmare?(rentersinsurance.org)

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)

$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.

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)

Tax credit has been extended

Jeff Tung — Thu, 01 Jul 2010 22:57:11 +0000

Great news!! Congress has finally approved a extension for those of you who have been in escrow since April 30th.

How is the real estate market doing?

Jeff Tung — Thu, 01 Jul 2010 22:40:31 +0000

Since we have been in this recession for a while now, what’s your feeling about the results from all of the government bail outs? Some areas have seen some improvement but some have not. There have been some many different programs that have been implemented to help everybody, but is it really working or are we digging a big whole, deficit, for our future generations to pay?

Jeffrey Tung's Real Estate Blog » federal aid

Fannie offers to pay closing cost

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