Bad Credit Mortgage Help

Live Bad Credit Mortgage Help!

Thu, 21 Aug 2008 05:04:01 -0700

Have questions about mortgage financing with bad credit? Then utilize our live help chat line! Just click the icon in the upper-right corner of this blog and you will be connected with one of our experienced loan officers. If we aren't online, you can still utilize this tool. If not online, we will receive your question by email and will respond promptly. Please consider us a resource!

The Truth About the New $7500 Tax Credit

Wed, 20 Aug 2008 15:14:19 -0700

You may have heard about the new $7500 tax credit available to first time homebuyers under the new Hope For Homeowners plan that the government recently passed. On the surface, this seems like a great program, and it is as long as consumers understand it. The $7500 is a credit, not a deduction, which means you file for the credit as part of your 2008 tax returns, and will receive a check for ...

Down Payment Assistance: Act Now!

Wed, 20 Aug 2008 15:05:28 -0700

As part of the new HR 3221 Hope for Homeowners bill passed recently by congress, down payment assistance programs will be going away October 1st. Down payment assistance programs have been used for years to help millions of families buy a home who could not afford to save the 3% down payment required by FHA. However, because of higher delinquency rates for FHA mortgaged homes with borrowers who used down payment assistance, ...

VA Home Loan Help

Thu, 14 Aug 2008 06:27:08 -0700

Our partner website, VA Home Loan Help , has been launced! VA Home Loan Help has been created to service the unique needs of active and retired military seeking VA home loans and VA mortgage information. Check it out!

Mortgage Rates Still Excellent

Tue, 12 Aug 2008 11:05:21 -0700

Despite the continured threat of higher inflation, mortgage rates remain great in August. There has been quite a bit of market fluctuation the past week. Rates appeared poised to go up significantly last week after the FOMC meeting and policy statement, but rebounded and are now at about the same levels as before the meeting. Today's Mortgage Rates If you have been on the sidelines waiting for rates to go down further, this may ...

The Truth About Prepayment Penalties

Fri, 08 Aug 2008 11:43:37 -0700

Prepayment penalties, all the rage several years ago, are no longer very common or even offered by most lenders. The argument in the past was that you could obtain a lower interest rate on the same program by accepting a prepayment penalty. From the lender's perspective, by offering you a lower than market rate, they wanted some kind of financial assurance that they would be compensated if the borrower did not stay in that ...

Zero Down Home Loans

Wed, 06 Aug 2008 13:48:41 -0700

Zero down home loans have been extremely popular for first time home buyers or other people lacking a down payment for many years. However, recent market conditions have done away with most zero down programs, and 100% financing may be history very soon. Why have these programs gone away? From a lender's perspective, a borrower with no "skin in the game" (no down payment), has little financial investment, so is much more likely ...

Powerful Credit Report Analysis Tool

Fri, 01 Aug 2008 11:53:38 -0700

Need to raise your credit score to qualify for a mortgage? Before now, the formula on how to do it and do it quickly was a mystery. But now, thanks to the Credit Xpert tool available to Bad Credit Mortgage Help clients, we can help you analyze your credit report and discover ways to increase your credit score fast. The Credit Xpert tool will analyze your credit report for either a rapid rescore ...

Help Save Down Payment Assistance!

Wed, 30 Jul 2008 19:07:25 -0700

Down payment assistance programs have help millions of Americans acheive the dream of home ownership. However, the new housing rescue bill that is set to become law on October 1st will do away with all private down payment assistance programs, effectively ending the dream of home ownership for millions of Americans who need this program in order to buy a home. We need your help! If you want to buy a home, but ...

HR 5830 Update

Thu, 24 Jul 2008 07:27:19 -0700

HR 5830 appears to be headed to law as soon as next week, as the bill has passed through Congress and now must be signed by the President. The bill will ideally help homeowners bail out of bad loans and negative equity situations. It still remains unclear as to what format the final law will take and who the proposed government-backed programs will help. To be alerted as to when this law can help you, ...

Employment Requirements for a Mortgage

Wed, 23 Jul 2008 07:52:29 -0700

If you are seeking to obtain a mortgage, one of the most important things that lenders will be looking at is your employment. Both history and probably of continued employment are critical in order to qualify. Generally speaking, lenders want to see a 2 year history in the same line of work. You can have different jobs within that same field, but a history of 2 years in that field is desired. If ...

Down Payment Assistance Going Away?

Tue, 22 Jul 2008 08:13:28 -0700

Hundreds of thousands of home owners, especially first time home buyers, have used down payment assistance programs to help them get into homes with little cash out of their pockets. Despite the fact that these programs have helped so many people become home owners, the US government is trying to do away with them. Citing the fact that deliquency rates are 3 times the rate for homeowners who invest their own money into a ...

Good Faith Estimate Explained

Tue, 10 Jun 2008 14:42:32 -0700

If you have bought, sold, or refinanced a home, you are probably familiar with the good faith estimate , a breakdown of fees and charges involved with your transaction. If you are a first time home buyer, it is very important that you become familiar with the good faith estimate. The good faith estimate is a great way to compare fees between lenders. You can find out the cost of your mortgage as well as the bottom ...

Foreclosure Fix- Modification

Thu, 05 Jun 2008 04:29:53 -0700

There are millions of home owners nationwide who are in trouble with their current mortgage- owe too much, behind on payments, foreclosure process started, ARM and payment adjusting up. If you are in this situation, there is hope . For the overmortgaged, HR 5830 is on it's way soon. The only problem with HR 5830 is that we don't know how much longer it will take, in what form it will finally be passed, and ...

FHA Kiddie Condo Financing

Wed, 21 May 2008 13:15:29 -0700

Do you want to help you kids buy a home or a condo to live in while they are in school? Then the FHA Kiddie Condo loan can help you do just that! Many loan programs over the past several years have been tightening guidelines, not allowing non-occupying co-signers to help someone buy a home. The FHA Kiddie Condo program is the exception! This program still allows non-occupying co-signers as long as ...

Refi Opportunity Ahead

Fri, 16 May 2008 08:04:05 -0700

If you missed out on the last refinance opportunity in March this year, don't worry because another opportunity could be in store for next week. Weak economic data including the worst consumer confidence numbers in 26 years, is leading to lower rates today, and the trend could continue into next week. The technical patterns we are seeing are similar to what happened prior to the last two dips in mortgage rates. Many of our ...

High Foreclosure Rates to Continue to 2009?

Wed, 14 May 2008 18:53:59 -0700

There are many reasons why foreclosure rates have skyrocketed over the past year. The most common culprit has been decreasing home values that have put many home owners in a position where they owe more on their homes than the home is worth. Faced with an ARM mortgage that is adjusting upward in payment to the point where they can't afford the payment, home owners in this position have no choice but to foreclose ...

Overmortgaged? HR 5830 is Here to Help!

Fri, 02 May 2008 10:14:30 -0700

If you are one of the millions of Americans nationwide who are in trouble due to the current housing crisis because you owe more on your mortgage than your home is worth, help is on it's way! HR 5830 is a new bill being voted on in congress this month. The legislation will help home owners who are overmortgaged refinance into a low fixed rate mortgage in order to save them from foreclosure. ...

New FICO Scoring Model

Tue, 29 Apr 2008 09:11:03 -0700

A new credit scoring model by Fair Isaac Corp (FICO), the most popular and widely used credit scoring system, will be rolled out soon in an effort to more accurately portray consumers likelihood of repaying debts. The model will downplay the significance of occasional derogatory items for consumers with an otherwise clean history, but will penalize repeat offenders more harshly. Also, the new scoring system will give more points to consumers with a good ...

NO Credit History? Get a Mortgage Anyway!

Sun, 27 Apr 2008 04:07:16 -0700

Do you have no credit history whatsoever? Your credit isn't bad- it just doesn't exist. You don't believe in credit cards, auto loans, student loans, or any other kind of debt. If you don't have the money, you don't buy it! This is not a bad way to live. You are assured to not go into debt and get into a bad position. However, now you want to buy a ...

FHA Reform Could Help Millions

Fri, 18 Apr 2008 01:43:08 -0700

There has been increasing discussion in congress and the white house about modernizing the FHA mortgage program in an effort to help millions of home owners avoid foreclosure and get into a stable, government-backed mortgage. FHA has been around for decades, and is known for helping people with spotty credit records get into a home with a stable, 30 year fixed mortgage. Although FHA does have looser underwriting guidelines than many programs, there ...

USDA Rural Housing Program

Fri, 11 Apr 2008 15:12:13 -0700

The USDA Rural Housing home loan program has been a popular choice these days. The program has flexible underwriting guidelines and can help some home buyers get into a home with nothing down at competitive rates. Some of the highlights of the USDA Rural Housing program are: No down payment requirement Can finance up to 102% of home's value or sales price Finance closing costs No credit score or credit ...

How to Get a Mortgage After Bankruptcy

Thu, 10 Apr 2008 08:38:21 -0700

If you are one of millions of Americans who have had to file bankruptcy, it is still possible to obtain a mortgage. Many people ask me what they need to do to recover from bankruptcy and obtain a mortgage, so read on if this is you! Types of bankruptcies Chapter 7: A chapter 7 bankruptcy is the type of bankruptcy that essentially wipes out your debt. If you include your home in the bankruptcy, you ...

VA IRRRL Streamline Refinances Increasingly Popular

Sun, 30 Mar 2008 11:52:55 -0700

VA IRRRL refinances or "streamline" refinances have become very popular in recent months with fixed rates dipping into the 5%'s. VA mortgages remain one of the best programs available in the marketplace today. As underwriting standards tighten up and loan programs continue to go away or become greatly reduced, VA has remained steady. It is still possible to borrow up to 100% of the purchase price or appraised value of your home through ...

Higher Loan Limits Come With a Catch

Fri, 28 Mar 2008 05:01:27 -0700

Although FHA and "conforming" loan limits have increased in many areas with the new economic stimulus package, obtaining loans above the old limits comes with a catch- higher rates. Lenders are offering the program, but it still isn't clear whether the increased limits will spell relief for homeowners in the form of lower comforming rates. Jumbo rates, previously anything above $417,000, are currently anywhere from .5-.75% higher than conforming rates. However, with the ...

FHA Forward

Tue, 11 Mar 2008 14:47:17 -0700

The new FHA mortgage loan limit increases, part of the government's economic stimulus package, has been deemd "FHA Forward." The program will raise the maximum FHA loan amount in many areas as follows: Maximum loan amount in low-cost areas : $271,050 Maximum loan amount for highest cost areas: $729,950 OR 125% of the median home price in your county. To find out the limits in your area, contact RJ Baxter !

FHA Loan Limit Increase is Official

Fri, 07 Mar 2008 13:19:39 -0700

FHA Mortgage limits have officially been increased as part of the government's economic stimulus package. The increases will especially affect high-cost areas where many home owners were well above the previous FHA loan limits. FHA remains one of the best programs for people with poor credit or a lack of credit history, and the flexible underwriting standards make it possible for many people to buy a home or refinance into a reasonable rate. ...

No Credit History? Try FHA!

Thu, 28 Feb 2008 09:19:51 -0700

Are you someone who doesn't like credit, never had it, and stays away from it? This may be a great strategy if you want to stay out of debt, but if you are trying to qualify for a mortgage, it can spell trouble. Most lenders these days want to see an established credit history, and most loan programs require at least 3 credit lines that have been open for 24 months or more. So ...

Overmortgaged and Late on Mortgage- What To Do?

Tue, 26 Feb 2008 10:06:09 -0700

Your house has declined in value. You borrowed 100% when you bought the home. Now, you owe more than the house is worth. Your ARM mortgage has jumped in payment from $1200/ month to $1800/ month and you are starting to fall behind. What can you do? If you have and FHA or VA loan, you are in luck because FHA offers a Streamline Refinance program and ...

ARM Rates to Lower?

Thu, 14 Feb 2008 09:33:07 -0700

Many home owners over the past year have been hurt badly by increasing adjustable-rate mortgage payments. Some can't refinance and have no choice but to accept the higher payments or lose their home. Well, I have good news for you. The recent rate-cutting effort by the FOMC has served to help indexes which are tied to ARM mortgages go lower too. It may be hard to believe, but upcoming rate adjustments may actually send ...