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As Mark Twain said… “Denial ain’t just a river in Egypt!”
A recent study by home site Zillow found that homeowners who purchased homes in 2007 or later are on average overpricing their homes by 14%. Those would be sellers are basing the asking price on what they paid rather than current market. Other sellers are also overpricing homes but not by as wide a margin. Read the press release HERE (will open new window).
Filed under: Mortgage, Real Estate | Leave a comment »
EHLP spells HELP for nearly four million homeowners behind on their mortgage payments. The billion dollar program offers loans of up to $50,000 that do not need to be repaid if applicants meet certain qualifications.
Application information is available from the NeighborWorks America website: http://ehlp.nw.org/
Read the SmartMoney.com story here: http://www.smartmoney.com/spend/real-estate/more-money-for-struggling-homeowners-1309312646029/
Filed under: Credit, Financial, Mortgage, Real Estate | Tagged: aid, ehlp, emergency homeowners loan program, Foreclosure | 1 Comment »
According to Housing Wire, the Department of Housing and Urban Development will release $1 Billion in mortgage assistance this spring to unemployed homeowners at a zero percent (0%) interest rate for up to 24 months.
The full story is here: http://www.housingwire.com/2011/01/25/hud-to-release-1-billion-in-mortgage-help-to-unemployed-this-spring
Filed under: Mortgage, Real Estate | 1 Comment »
Financial concerns top the list for homebuyers 55 and older says Origination News. Housing starts for 55+ communities expected to rise 30% over 2010 levels…
Origination News – Relocating Seniors Worrying About Financing New Home.
Filed under: Mortgage, Real Estate, Reverse Mortgage, Seniors | Leave a comment »
Did you know that the major credit bureaus sell your personal information? It’s true! Known as “trigger leads”, the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.
For $25 to $100, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional.
Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of too-good-to-be-true offers designed specifically to try and discredit the mortgage professionals you know and trust.
Don’t be fooled! Ultimately, there are only a limited number of sources where lenders may turn to obtain mortgage money, and it’s unlikely that you will find an unbelievably low rate without an unbelievably high cost. That’s why, prior to taking an application for any loan program, I always encourage my clients to opt−out of credit bureau solicitations by visiting www.optoutprescreen.com. For new home buyers, this is the simplest way to avoid the problem altogether.
As you embark on what could be the largest financial transaction of your life, it is very important to have a professional mortgage specialist on your team who has your best interests at heart.
Please call me with any questions.
Filed under: Credit, Mortgage, Real Estate | Leave a comment »
Lt. Governor Anthony Brown says Maryland will set aside $100 million in mortgage loans for homebuyers in 10 counties most impacted by military relocations. Southern Trust Mortgage is proud to be among the network of lending institutions across the state issuing the loans at a record low of 4.5%
More information on the program on the Department of Housing and Community Development (DHCD) blog and on the Maryland Mortgage Program (MMP) web site.
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Southern Trust just announced it has $1,000,000 in first time home buyer grant funds available. Eligible buyers will get a 5 to 1 match on funds up to $7,500 toward the purchase of an owner occupied home in Maryland or Virginia. A qualified buyer with $1,500 would get the full $7,500 in assistance. There are income and other restrictions and homebuyer counseling is required.
For purposes of this program, a first time buyer is defined as someone who has not owned a home in the last three years. More information available at http://www.lowrateloan.com/down_payment_assistance. Contact me directly with any questions and to discuss qualifications.
Filed under: Mortgage, Real Estate | Tagged: closing cost, first time homebuyer, grant, maryland, virginia | Leave a comment »
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