Jeffrey Tung's Real Estate Blog » Loan http://jefftung.net Realty World - Success Plans, Inc. Serving you since 1986 Mon, 30 Apr 2012 22:27:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Senate proposing to make financing harder http://jefftung.net/2011/05/29/senate-proposing-to-make-financing-harder/ http://jefftung.net/2011/05/29/senate-proposing-to-make-financing-harder/#comments Sun, 29 May 2011 19:47:21 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=518 The Senate is proposing to change the FHA down payment to 5% and decrese the loan limits.  Why make it harder to qualify for a loan when FHA is critical in providing affordable financing to help decrease the growing foreclosed properties.  Currently the nation’s largest lending institutions own more then 872,000 homes which is twice that of 2007.  It will take 400 days for lenders to foreclose on the home and 176 days to sell it.  This will make our recovery even slower.  Although financing isn’t the only factor to a recovery, it is one of the most important factor to decrease the ever growing inventory.

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]]> http://jefftung.net/2011/05/29/senate-proposing-to-make-financing-harder/feed/ 0 Delinquencies Continue to Decline http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/ http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/#comments Mon, 28 Mar 2011 22:41:57 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=475 For the third month in a row, mortgage lates, 90 days or more, have declined.  This could be another sign of recovery.  With fewer defaults, the inventory level of REOs and short sales should go down as well.  Could this be the bottom or is it a double dip situation.  Only time will provide us with an answer.  Either way, now is still a good time to purchase real estate. 

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]]> http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/feed/ 0 HAFA program http://jefftung.net/2010/09/16/hafa-program/ http://jefftung.net/2010/09/16/hafa-program/#comments Fri, 17 Sep 2010 00:31:00 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=293 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.

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]]> http://jefftung.net/2010/09/16/hafa-program/feed/ 0 6 reasons to shop around for the best interest rate available! http://jefftung.net/2010/08/26/6-reasons-to-shop-around-for-the-best-interest-rate-available/ http://jefftung.net/2010/08/26/6-reasons-to-shop-around-for-the-best-interest-rate-available/#comments Thu, 26 Aug 2010 22:30:09 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=281 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.

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]]> http://jefftung.net/2010/08/26/6-reasons-to-shop-around-for-the-best-interest-rate-available/feed/ 0 $3 Billion more to help homeowners http://jefftung.net/2010/08/13/3-billion-more-to-help-homeowners/ http://jefftung.net/2010/08/13/3-billion-more-to-help-homeowners/#comments Fri, 13 Aug 2010 23:36:08 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=277 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.

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]]> http://jefftung.net/2010/08/13/3-billion-more-to-help-homeowners/feed/ 0 Did you know FHA loans are assumable? http://jefftung.net/2010/07/06/did-you-know-fha-loans-can-be-assumable/ http://jefftung.net/2010/07/06/did-you-know-fha-loans-can-be-assumable/#comments Wed, 07 Jul 2010 02:45:39 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=231 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.

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]]> http://jefftung.net/2010/07/06/did-you-know-fha-loans-can-be-assumable/feed/ 0 First time buyer’s money saving tips http://jefftung.net/2010/05/26/first-time-buyers-money-saving-tips/ http://jefftung.net/2010/05/26/first-time-buyers-money-saving-tips/#comments Wed, 26 May 2010 22:46:31 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=135 When buying a home, it can be a stressful experience. Before you start looking at properties, make sure you are willing to commit to living there for a few years. If you’re going to stay in the home for more then a few years, then make sure your credit is as clean as possible. This will help you qualify for a great loan program. Your loan agent should be able to help you with the loan process. Once you have your finances in order, then you will know what you can afford and where to focus your search. You should also have a real estate agent help you locate a home in an area that you can afford. The agent will be able to help you through the whole process from start to finish and make the experience not so stressful.

Be patient and once you found a home that you really want to buy, you should have the home inspected to make sure you know what is wrong with the property.

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