Wow! Where did the summer go? It feel like just yesterday winter had finally ended and the warm sun of summer was making its way into our hearts Now, it's chilly and the leaves are starting to turn. Fall is truly beautiful! If you're looking for some fun ways to decorate your new house try using felt and embroidery thread to make fun fall leaf banner. Just cut out leaf shapes from various colors of felt and then hand stitch it together using the thread. Or, if you don't want to go through all that, hop over to http://www.etsy.com/ and search for some fall decorations! If you're selling your house, adding these extras touches might make a buyer feel right at home and give you that little edge they need to say yes to the house!
So, grab a Pumpkin Spice Latte & a good book, and enjoy your newly decorated house!
Wednesday, September 29, 2010
Thursday, September 2, 2010
Please excuse my absense.
My birthday was last week, so I have been away from the blogging world celebrating! I'm sorry to have left you for so long. It won't happen again until Christmas! :)
Here's something exciting that my mom, Nancy McDonald- Real Estate Extraordinaire, wanted me to share with you: http://realestate.aol.com/article/experian/_a/underwater-borrowers-get-a-lifeline-on-september-7/201009020001
It's an article discussing what to do if you owe more on your house than it's worth. Starting on September 7th, you may be able to qualify for a FIXED RATE Federal Housing Administration loan with principle reduction! The program lasts until December 21, 2012 and requires that the banks cut down at least 10% of the unpaid balance for qualified home owners.
The article says that there are about 20 MILLION homeowners that are underwater or will be by 2011. That's a lot of people, and I'm personally glad to see that something is being done to help. Here is word for word what the article says you need to be qualified for this FHA Short Refinance Option:
"To qualify for this FHA refinance opportunity, you must be current on your mortgage, and your lender or investor must be willing to write off at least 10 percent of the original first lien on the mortgage. The big hitch is that you must have the consent of your current mortgage lien-holders, so if your lender refuses to participate, you won't be able to take advantage of this refinance program.
For your loan to qualify, you must meet these conditions:
- Your mortgage must be in a negative equity position.
- You must be current on your mortgage to be refinanced.
- You must occupy the subject property (one to four units) as your primary residence.
- You must qualify for the new loan under standard FHA underwriting and your FICO score must be greater than or equal to 500.
- Your existing loan must not be an FHA-insured loan.
- The existing first lien-holder must write off at least 10 percent of the unpaid principal balance.
- The refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent.
- If you have other subordinate mortgages (such as an equity line) they must be re-subordinated and the new loan may not have a combined loan-to-value ratio greater than 115 percent.
- Your total monthly mortgage payment, including the first and any subordinate mortgage(s), cannot be greater than 31 percent of gross monthly income. And total debt, including all recurring debts, cannot be greater than 50 percent of gross monthly income.
- You cannot use the new FHA mortgage to pay off existing debt obligations in order to qualify for the new loan."
If you have any questions about this new lon, please refer to the article or contact Nancy McDonald (click her name and it will take you to her personal contact website)! She's always happy to answer any home buying/selling/living questions! Plus, she has a vast network of LENDERS who can help you with any lending concerns you may have!
Here's something exciting that my mom, Nancy McDonald- Real Estate Extraordinaire, wanted me to share with you: http://realestate.aol.com/article/experian/_a/underwater-borrowers-get-a-lifeline-on-september-7/201009020001
It's an article discussing what to do if you owe more on your house than it's worth. Starting on September 7th, you may be able to qualify for a FIXED RATE Federal Housing Administration loan with principle reduction! The program lasts until December 21, 2012 and requires that the banks cut down at least 10% of the unpaid balance for qualified home owners.
The article says that there are about 20 MILLION homeowners that are underwater or will be by 2011. That's a lot of people, and I'm personally glad to see that something is being done to help. Here is word for word what the article says you need to be qualified for this FHA Short Refinance Option:
"To qualify for this FHA refinance opportunity, you must be current on your mortgage, and your lender or investor must be willing to write off at least 10 percent of the original first lien on the mortgage. The big hitch is that you must have the consent of your current mortgage lien-holders, so if your lender refuses to participate, you won't be able to take advantage of this refinance program.
For your loan to qualify, you must meet these conditions:
- Your mortgage must be in a negative equity position.
- You must be current on your mortgage to be refinanced.
- You must occupy the subject property (one to four units) as your primary residence.
- You must qualify for the new loan under standard FHA underwriting and your FICO score must be greater than or equal to 500.
- Your existing loan must not be an FHA-insured loan.
- The existing first lien-holder must write off at least 10 percent of the unpaid principal balance.
- The refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent.
- If you have other subordinate mortgages (such as an equity line) they must be re-subordinated and the new loan may not have a combined loan-to-value ratio greater than 115 percent.
- Your total monthly mortgage payment, including the first and any subordinate mortgage(s), cannot be greater than 31 percent of gross monthly income. And total debt, including all recurring debts, cannot be greater than 50 percent of gross monthly income.
- You cannot use the new FHA mortgage to pay off existing debt obligations in order to qualify for the new loan."
If you have any questions about this new lon, please refer to the article or contact Nancy McDonald (click her name and it will take you to her personal contact website)! She's always happy to answer any home buying/selling/living questions! Plus, she has a vast network of LENDERS who can help you with any lending concerns you may have!
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