HUD Makes It Easier To Purchase Foreclosed Property

HUD announced a change in the way it handles property that has changed ownership in the last 90 days.  In an attempt to prevent people from “flipping” property (which is FRAUDULENT), HUD required a 90 day “cooling off” period before property could change hands.
This meant that if an Investor purchased property on January 1 at [...]

FAQ RE: Obama Loan Modification Program

The Obama Administration announced plans to allow for special considerations in cases for folks who are currently behind on their mortgages, and headed into foreclosure.  Those guidelines apply only to mortgages that are currently held by Fannie Mae or Freddie Mac – but could impact a significant number of people in NC.
Here’s a list of [...]

2% Mortgage Rate on Refinance?

The Obama Administration outlined today their efforts to help borrowers who need to refinance – and for various reasons can not.
If you’ve made your payments on time, here’s the current plan being floated… REMEMBER! This must be approved by Congress!
A Home Affordable Refinance Program to Provide Access to Low-Cost Refinancing for Responsible Homeowners Suffering From [...]

What Improvements Can You Make with a FHA 203K Loan For?

FHA has a great program to help with renovating a new home!  It’s called the 203K program – and if you’ve been on Craigslist, you’ve definately seen, “this property is eligable for FHA 203k loan!”
It’s a great program for making up to $35,000 of improvements to the home.  Many time, foreclosed property has what Realtors [...]

Buying a Home after Foreclosure

If you are one of the millions of families that lost their home in the last couple of years to Foreclosure… you might think…
Been There – Done That
You might not want to own a home again! 
But if you’re one of those folks who truly does want to purchase again, here’s some potentially good news.
FHA and [...]

FHA 203K Loans in NC

FHA 203K loans are perfect for those of us who fall in love with a great house that has this Gosh Awful Shag Carpet!  This carpet would give you a headache!  How can you buy the house if you don’t have an extra $5000 to update that 1970’s carpet, green countertops, and linoleum?  If the property is [...]

Fix Up A Foreclosed Property – $100 Downpayment?

I wrote recently (click here) that we could not do $100 downpayment with the 203k loan program… well, now I have a lender who claims he can do it.
HUD has long had a program that encourages folks who want to purchase a HUD Foreclosure, allowing them to purchase the property with $100 downpayment.  Problem is, [...]

Stated Income FHA Loans

We’ve had at LEAST one borrower a week apply for a loan that was not legally seperated. This means they were still OBLIGATED on the note for the home they owned with their spouse – even though they are still living with that person. (These guys might need to see a good divorce attorney !)

Purchasing FHA Foreclosures

For one year, the Federal Housing Administration (FHA) will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders. The properties, which must purchased by owner-occupants, will no longer be subject to the customary 90-day waiting period.”

Firefighters Qualify for 50% Discount

According to the new “Community Neighbor Program” County employees willing to purchase a HUD owned property can purchase that property for 1/2 of the sales price. So, a $138,000 property just became affordable at $69,000!

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