FHA 90 Day Flip Rule Is Waived for 1 Year HUD has ruled on waiving the 90 day seasoning financing contingency for buyers. What does this mean? Effective February 1st 2010, FHA/ HUD will not require that a seller of a property be on title for 90 days or more in order to sell the…
Overview You’ve probably heard of closing costs. Any time you get a mortgage there are closing costs and fees associated with that mortgage. Here we’ll help you understand each one so that you can come prepared to the closing table. Points are a good way to reduce your interest rate and the amount you pay…
Overview There are three basic types of mortgages: fixed rate, adjustable rate and interest-only. Each loan has advantages and disadvantages to it – make sure you choose the right one for your particular situation. Be sure to talk to an experienced home loan expert to fully understand all your options. Now that you’ve found a…
Overview What’s the difference between a pre-approval and a pre-qualification? Should you care? Yes! Confused about what getting pre-qualified or pre-approved means? You’re not the only one. There’s a big difference between a mortgage pre-qualification, a pre-approval and an actual mortgage approval. Getting Pre-Qualified for a Mortgage Getting pre-qualified for a mortgage helps give you…
Overview UPDATE: FEDERAL HOUSING TAX CREDIT Everyone’s talking about the $8,000 home loan tax credit for first-time home buyers that’s part of the new $787 Billion Stimulus Plan. The intention of the credit is to encourage home sales to help stabilize housing prices, minimize foreclosures and help the economy. This is great news for the…
