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HR 5830 Update

July 24, 2008 7:27


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, ...

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posted by RJ Baxter in Housing Bubble

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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 ...

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posted by RJ Baxter in Mortgage Concepts

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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 ...

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posted by RJ Baxter in First Time Home Buyers

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Good Faith Estimate Explained

June 10, 2008 14:42


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 ...

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posted by RJ Baxter in Mortgage Concepts

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Foreclosure Fix- Modification

June 05, 2008 4:28


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 ...

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posted by RJ Baxter in Housing Bubble

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