downpayment: Down Payment Assistance .... tales of it's demise are greately exaggerated - 08/24/08 10:26 AM
With all of the news latey about the demise of down down payment assistance I am moved to quote Mark Twain's famous quote "The reports of my death are greatly exaggerated".
There are numerous national, state, county and city down payment assistance programs still in existence and still helping out deserving families to purchase their first home.  Unfortunatly the negative press as of late has many family confused that they can not only qualify for a home but to purchase a home a little larger than they otherwise would have been able to do so by themselves.
As a potential first time … (0 comments)

downpayment: Your 401k.... another down payment assistance alternative - 08/24/08 10:25 AM
You've finally found the home of your dreams. There's just one thing standing between you and your new house: The down payment.
Many home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Ordinarily, you can't take money from your 401(K) plan unless you retire, leave the company or become disabled, but many company plans permit certain “hardship withdrawals” when there is an immediate and heavy financial need, including the purchase of the employee's principal residence.
The drawback to a hardship withdrawal is that you will pay taxes … (0 comments)

downpayment: Gifts... The Down Payment Assistance Alternative - 08/24/08 10:22 AM
Down payment funding alternatives
For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your mortgage broker, I can help you find creative ways to come up with your down payment.
 
Using a gift for your down paymentOne way to fund a down payment is by using a gift. For many loan programs, a gift may be used for a portion or all of the required down payment.  Money given as a gift for a down payment can’t come … (0 comments)

downpayment: Mis-information on the timing of the elimination of Non-Profit DPA - 08/20/08 05:27 PM
On a realtor web site I noticed the following post in their web site:
"If you are thinking of buying a home but will more than likely need down payment assistance…you need to move quickly. FHA has announced that they will be doing away the down payment assistance loan approvals as of 12/31/2008. They will not approve anyone needing down payment assistance after 9/31/2008. This means, you must have a contract on a home and all documents in for final approval by at least 9/15/2008 to get approved with down payment assistance. Also, the minimum down payment of 3% currently required, … (1 comments)

downpayment: What does the elimination of Nehemiah and other Down Payment Assitance mean - 08/19/08 12:57 PM
Here is a Short Video that I put together that explains what is going on with the Non-Profit Down payment Assistance Programs. This video goes over a lot of the issues but note the Ameridream video is produced by a company that would be eliminated should congress not vote to allow the Non-profit DPA to continue
(0 comments)

downpayment: Down payment funding alternatives - 08/02/08 12:07 PM
In light of the demise of Seller paid Downpayment assistance (although it may come back) for many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesn’t have to be the case. As your mortgage broker, I can help you find creative ways to come up with your down payment.
 
Using a gift for your down paymentOne way to fund a down payment is by using a gift. For many loan programs, a gift may be used for a portion or all of the required down payment.  … (0 comments)

downpayment: Options for Downpayment Now that Nehemiah is gone - 07/29/08 08:29 PM
While Nehemiah and Ameridream are living out their final days I thought I'd send you a positive message about how you can still get the financing you need. Here is my Weekly News Brief and Featured Property in Houston.

Link to: Cancer Center Warns on Cell Phone use

To Contact Becky McCoy - Call (832)457-1385
Link to: Walking Tour of This weeks Featured Property … (0 comments)

downpayment: Verifying Your Down Payment, Closing Costs, Assets, Income and Debts - 07/10/08 02:14 PM
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower. 
Down Payment & Closing Costs
Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.
Take extra care to document the sources for any monies to be used for the … (0 comments)

 

Find TX real estate agents and Conroe real estate on ActiveRain.