Posts Tagged ‘home loan’
Down Payment Assistance Program for Fort Worth Residents
The Neighborhood Stabilization Down Payment Assistance Program is offering up to offers $25,000 in assistance to future Fort Worth residents. That’s right. $25,000. And out of that amount, $5,000 can be used on your closing costs and $5,000 can be used on doing minor repairs. Any remaining amount can be used by you for your down payment. All of this is funded by the US Department of Housing and Urban Development (or HUD) in an effort to provide financial assistance to qualified homebuyers to purchase lender-foreclosed homes with the City of Fort Worth in specific target areas. Which areas? Well I’m glad you asked. Here they are: 76131 76133 76123 76112 76179 76248 71637 Obviously the HUD isn’t going to just give this money away to anyone who asks, so there are some qualifying factors you must take into consideration when applying. First of all, income is the main thing the HUD will want to know when you fill out your application. The limits are set in advance by HUD, so conversely, your income cannot exceed their parameters in order to qualify. For example, the maximum allowable household income for a family of 4 is $72,900. For 5 people it ...
Get 50% off Your Home Purchase With The Good Neighbor Next Door Program
Are you a teacher, law enforcement officer, firefighter or emergency medical technician in Dallas or Fort Worth? Are you looking to buy a house? Want to save 50% on it? That's right, I said 50%. Well right now this is actually a possibility, due to the Department of Housing and Urban Development’s “Good Neighbor Next Door Program.” Long story short, the HUD is offering half off a home mortgage if you are in one of the previously mentioned fields and find a property that falls into one of the designated geographic areas authorized by Congress under provisions of the National Housing Act. Why would they do this? Basically, HUD desires to make the communities of America stronger and safer, and improve the quality of life in distressed urban communities by encouraging Law Enforcement Officers, Teachers (pre-Kindergarten through 12th grade), Firefighters, and Emergency Responders (EMT) to purchase and live in homes in these communities. In return for the 50% discount, you must only prove once a year that you occupy the property as your primary residence. You must do this for a total of 36 months. In other words, as long as you live in ...
How to Sell Your House Without a Realtor
Selling your house without a realtor is an evolving trend these days. Why? Well, mostly this has to do with the whopping 6% real estate fee most real estate agents charge for listing and selling your house. That’s right, I said 6%. Take that 6%, add it to the already substantial closing costs or seller concessions you may be paying, and you’ve essentially lost a large chunk of change that you could otherwise be putting into the bank. So why don’t more people sell their house on their own? Well, society and popular opinion will tell you that it’s a difficult, if not impossible process. For example, a simple internet search of “selling your house without a realtor” will pull up such alarming claims as: “Without a knowledgeable Realtor to guide you through the process, you'll have to hone your knowledge of the housing market in your area, lending practices, loan availability and requirements for a home sale. You'll need to brush up your negotiation and people skills and clear time in your schedule to be available to show your house…” After reading such claims, it’s easy to think that you should just go ahead, ...
Advantages and Disadvantages of Taking an Online Mortgage
This week we have our special guest blogger back to explain the advantages and disadvantages of securing a mortgage loan online. Let us know if you have any questions! A mortgage is a loan to finance the purchase of your house/property which acts as the security for the loan. It is possible to look for online mortgage loans and the process is simple where you just have to fill out a form with personal details, loan amount required, etc. Then, there is a legal contract where you have to sign and make a promise that you will pay the debt, with interests and other costs in installments over a set period of time. What to ask yourself before you take a mortgage A mortgage is a legally-binding financial commitment that could last for several years. So make sure you are ready and ask yourself: If your current financial position is comfortable to make the monthly mortgage payment. Whether you will be facing sudden financial difficulties like losing your job. Whether you know the risks if you you ...
How To Apply For A Mortgage Loan
Thinking of buying a new home? Whether you're a first-time homebuyer or just looking to refinance, we can walk you through the process of finding a house and obtaining the right mortgage loan for your needs. If you are ready to apply or are interested in getting prequalified, just select the option below that is most convenient for you. Complete our Quick Loan Application Form. This process usually takes less than five minutes. A loan officer will contact you once we receive your application. Give us a call and we will take your loan application over the phone. 817-527-3164 or 817-658-0504 Send us an email describing your situation and what you are looking to do (purchase, refinance, etc). Have a Loan Officer contact you. As always, if you have any questions please don't hesitate to contact us and we will get back to you as soon as possible. DFWMORTGAGEGUIDE.COM is an equal opportunity lender.
90 Day Flipping Rule Suspended For One Year!
Great news for investors! Admitting that it is in fact possible to buy, rehab, and sell a property in less than 90 days, the Federal Housing Administration (FHA) has suspended it's infamous 90 day seasoning requirement! This is also great news for home buyers, as this suspension should effectively allow quite a few more houses onto the market that otherwise would be just "seasoning" (aka sitting) on the market for 90 days. Before we get into this too deep, lets first get an idea of what this seasoning requirement originally entailed. Basically, since 2003, the FHA has required that a house is "seasoned" on the market for 90 days before it is allowed to be resold. This means that an investor or any other person who purchased a property had to wait for approximately 3 months before they were allowed to sell the house to an FHA insured buyer. More than anything, this was done to prevent people from buying a house and immediately selling it at an inflated price to a naive or uninformed buyer. Luckily, over the past several years, most of the riff raff has been weeded out of ...
USDA Rural Development Loans Offer 100% Financing For Surrounding Areas of DFW
Over the past several years, the Government and the Mortgage Industry as a whole has continuously tightened the rules and regulations when it comes to buying a home. It has gotten to the point where even people with stellar credit and a solid borrowing history still need a hefty down payment before they can purchase a new house. Fortunately though, there is a new program available from the United States Department of Agriculture that offers 100% financing for people that live (or are looking to live) in rural areas. Why would they do this? Is it too good to be true? Well, long story short, the government offers the option of “zero money down” so that people who live in rural areas (who may have always been renters) can finally have access to affordable mortgages. Consequently, this type of loan is often the best scenario for people who live in the country and want to find a place they can call home. Another amazing feature of this loan is that 100% of repairs that ...
$8,000 Tax Credit Extended (And EXPANDED) for DFW Residents
The $8,000 tax credit, which was scheduled to lapse on Dec. 1 of this month, was effectively extended through the end of June 2010. This is great news for people who were rushing to find a good home in order to qualify! Homebuyers must now sign a contract before April 30 and close on their home by June 30. There were also some changes in regard to income limits. Single buyers can now earn up to $125,000 and still get the full credit, while a married couple can earn $225,000. Hooray! But the government didn't stop there. Not even close. The new bill even makes more homeowners eligible to claim the credit on their taxes. First-time homebuyers (those who haven't owned a a home in the past 3 years) still qualify for the existing credit of $8000, but now those who have owned (and lived in) a residence for at least 5 years can claim a credit in the amount of $6500! "The new version of the tax credit has the potential to stimulate the ...
$8000 Tax Credit – TIME IS RUNNING OUT!!!
Attention Dallas Fort Worth first time home buyers! Time is running out! As of now you have less than 3 months to take advantage of the $8,000 tax credit offered by the Federal Government. If you are still planning on buying a house and taking advantage of this historic opportunity you must make your home purchase by December 1st of 2009 (in order to qualify). Here are some of the basic guidelines to see if you might qualify for the tax credit. First of all, a "first time home buyer" is considered to be someone who has not owned a home for the past three years. As for the limit you can receive, just look at the purchase price of the home and take 10%. The max is capped at $8,000, and is subject to income limitations, meaning that if you are single you would need a modified adjusted gross income of $75,000 or less to qualify for the full credit. Married couples need a gross income of $150,000. If you happen to make more than that, you may in fact be eligible for reduced credits. The last main requirement is that ...
Getting Pre-Qualified for a Mortgage
Getting yourself pre-qualified for a mortgage is a relatively simple process. It can be achieved as easily as contacting a loan officer and having them take down some general questions about your income, employment, and monthly expenses. Once the loan officer has this information from you they will run your credit and and make an estimate of approximately home much money you can afford to borrow at the current interest rates. After this is done you will get a "prequal letter" that will have this amount indicated on it. Prequal letters are often given to realtors as a a form of good faith because they show that a borrower can in fact afford a house payment of a certain amount. This way a realtor will know what price range of houses to show a borrower, and they also know that the borrower is working with a loan officer, and thus serious about finding a home. Another benefit of getting pre-qualified is that it makes you much more desirable to someone who is selling their home. When there are multiple ...
