Help for the Hardest Hit Housing Markets

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Today, President Obama will announce funding for innovative measures to help families in the states that have been hit the hardest by the aftermath of the housing bubble. In each of these states, the average price for all homeowners in the state has fallen more than 20% from the peak. Home prices...
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Buyer Beware: Internet Real Estate Scams

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HARRISBURG, PA – Attorney General Tom Corbett today cautioned Pennsylvania consumers to be alert for possible scams linked to online ads for rental homes and apartments, along with Internet “for sale” ads and auctions for real estate, cars, motorcycles and other items. “Internet classified ads and auction websites are popular tools for bargain-hunters searching for...
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About FHA Mortgages

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93. WHAT IS A 203(b) LOAN? This is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines, limited lender’s fees, and a maximum loan amount. 94. WHAT IS A 203(k) LOAN? This is a loan that enables the homebuyer to finance both the purchase and rehabilitation of a home through a...
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What Is Mortgage Insurance?

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88. WHAT IS MORTGAGE INSURANCE? Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. It’s required primarily for borrowers making a down payment of less than 20%. 89. HOW DOES MORTGAGE INSURANCE WORK? IS IT LIKE HOME OR AUTO INSURANCE? Like home or auto...
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Mortgages: Conventional Loans

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Talk to your lender about specific loss mitigation options. Work directly with him or her to request a “workout packet.” A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation. Fannie...
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HUD And FHA Help You Buy Real Estate

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66. WHAT IS THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT? Also known as HUD, the U.S. Department of Housing and Urban Development was established in 1965 to develop national policies and programs to address housing needs in the U.S. One of HUD’s primary missions is to create a suitable living environment for all Americans...
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Real Estate Closing Settlement

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61. WHAT HAPPENS AFTER I’VE APPLIED FOR MY LOAN? It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed....
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Mortgages: Finding The Right Loan For You

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54. HOW DO I CHOOSE THE BEST LOAN – PROGRAM FOR ME? Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best. Do you expect your finances to...
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First Steps To Obtaining A Mortgage: Your Credit

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47. WHAT STEPS NEED TO BE TAKEN TO SECURE A LOAN? The first step in securing a loan is to complete a loan application. To do so, you’ll need the following information. Pay stubs for the past 2-3 months W-2 forms for the past 2 years Information on long-term debts Recent...
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Financing Questions: Mortgage Basics

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33. WHAT IS A MORTGAGE? Generally speaking, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest. 34. WHAT IS A LOAN TO VALUE...
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I Found a House to Buy… Now What?

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YOU’VE FOUND IT… WHAT IS NEXT? 19. WHAT DOES A HOME INSPECTOR DO, AND HOW DOES AN INSPECTION FIGURE IN THE PURCHASE OF A HOME? An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only...
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How Do I Find A Home

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FINDING YOUR HOME 7. WHAT SHOULD I LOOK FOR WHEN DECIDING ON A COMMUNITY? Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or...
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RSS Greater Philadelphia Region

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