Consolidating debt into first time mortgage. Good News For First-time Home Buyers.



Consolidating debt into first time mortgage

Consolidating debt into first time mortgage

Buying a home may not now cost you as much as it used to. In making the announcement of this change, the White House said it estimates these new, lower premiums will allow as many as , new buyers to buy a home.

The department of unanticipated consequences This could actually fall under the department of unanticipated consequences. As a result of the financial meltdown and the foreclosure crisis that followed it, the FHA increased its mortgage insurance premiums to shore up its finances. The unanticipated consequence of this is that it froze many potential buyers out of the market.

However, the jobs picture is getting better, foreclosures have fallen to their lowest levels since the year and home values are on the rise.

As a result, the FHA announced last March that it would not need another bailout given these improving financial conditions. However, low-income people and those that are high-risk borrowers due to the recent financial crisis find that FHA loans are an important lifeline. This is also due to the fact that private lenders have tightened their lending standards. So for many borrowers FHA-backed loans with their small down-payment requirements and easier credit score hurdles are the only ones available.

Fannie Mae and Freddie Mac recently announced that they want to open up lending to more of these people. You will need to have a credit score of at least and be able to provide complete documentation of your assets, income and job status. The agencies will also require you to take homeownership counseling — as another way to reduce their risk. Fixed rate loans These loans will be fixed rate for both programs and will be available to both first-time homebuyers and those that are seeking to refinance.

This is aimed at expanding mortgage access to first-time home buyers that are typically younger people that have not yet had the time required to save a big lump sum for a down payment on their mortgages. As you can see, this is not exactly a radical departure from what FHA is doing now but should definitely help some people.

As an example of this, if you were to get an FHA loan you would have to pay for private mortgage insurance premiums for the entire term of your mortgage, which is typically 30 years. This would add an additional 1. To be eligible for this program you must have a mortgage owned or guaranteed by Freddie Mae or Freddie Mac and it must have been sold to one of these entities on or before May 31, There are some other eligibility requirements that you would need to meet and you can learn about them by clicking on this link.

Plus, if there is absolutely no way you can continue homeownership, HARP offers a way to get out from under your mortgage and without having to go through foreclosure. Here, courtesy of National Debt Relief is a short video with more information about this program.

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Ditch the Debt - Mortgages



Consolidating debt into first time mortgage

Buying a home may not now cost you as much as it used to. In making the announcement of this change, the White House said it estimates these new, lower premiums will allow as many as , new buyers to buy a home. The department of unanticipated consequences This could actually fall under the department of unanticipated consequences. As a result of the financial meltdown and the foreclosure crisis that followed it, the FHA increased its mortgage insurance premiums to shore up its finances.

The unanticipated consequence of this is that it froze many potential buyers out of the market. However, the jobs picture is getting better, foreclosures have fallen to their lowest levels since the year and home values are on the rise. As a result, the FHA announced last March that it would not need another bailout given these improving financial conditions.

However, low-income people and those that are high-risk borrowers due to the recent financial crisis find that FHA loans are an important lifeline. This is also due to the fact that private lenders have tightened their lending standards. So for many borrowers FHA-backed loans with their small down-payment requirements and easier credit score hurdles are the only ones available.

Fannie Mae and Freddie Mac recently announced that they want to open up lending to more of these people. You will need to have a credit score of at least and be able to provide complete documentation of your assets, income and job status. The agencies will also require you to take homeownership counseling — as another way to reduce their risk.

Fixed rate loans These loans will be fixed rate for both programs and will be available to both first-time homebuyers and those that are seeking to refinance. This is aimed at expanding mortgage access to first-time home buyers that are typically younger people that have not yet had the time required to save a big lump sum for a down payment on their mortgages.

As you can see, this is not exactly a radical departure from what FHA is doing now but should definitely help some people. As an example of this, if you were to get an FHA loan you would have to pay for private mortgage insurance premiums for the entire term of your mortgage, which is typically 30 years.

This would add an additional 1. To be eligible for this program you must have a mortgage owned or guaranteed by Freddie Mae or Freddie Mac and it must have been sold to one of these entities on or before May 31, There are some other eligibility requirements that you would need to meet and you can learn about them by clicking on this link. Plus, if there is absolutely no way you can continue homeownership, HARP offers a way to get out from under your mortgage and without having to go through foreclosure.

Here, courtesy of National Debt Relief is a short video with more information about this program.

Consolidating debt into first time mortgage

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