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States still have special mortgages, down payment assistance or other help for first-time home buyers. Some programs don’t have as much money as they did before the mortgage crisis hit. A few states — notably Alabama, Arizona, Kansas, Oregon, Texas and Wisconsin — had to suspend some loan programs in 2009 because of the difficulty [...]
With mortgage rates very affordable and the economy emerging from a serious recession, there has never been a better or more urgent time to refinance a home. Reducing your payments as much as possible will allow you to save money now, and save your home from foreclosure if you’re laid off a few months from [...]
President Obama’s effort to save families from foreclosure got off to a slow start but is picking up some momentum. Making Home Affordable was supposed to help as many as 4 million borrowers lower their mortgage payments and keep their homes by 2011. As of mid-September, the Treasury Department said more than 571,000 loan modification [...]
Now is not the time to overspend on a home. With the economy emerging from a serious recession and employers still cutting wages and laying off millions of workers, you’ve got to be careful. You shouldn’t spend so much that you’re scraping and scrimping to pay your bills every month. Nor should you devote every [...]
Most home buyers need a down payment of 3.5% to 20% of the purchase price to qualify for a mortgage. A few can still get away with putting no money down through one type of government-guaranteed loan. A few may have to come up with more than 20% to buy very expensive homes or condos [...]
Finding the perfect real estate agent could be the first step to finding the perfect home. These 5 smart moves will help you hire the right agent, at the right price, with the right contract: Smart move 1. Favor a buyer’s agent. It’s easier to trust real estate agents who don’t split their time working [...]
For years, an FHA loan was the choice of first-time home buyers with little cash for a down payment, a low credit score or too much debt. Now it’s also a great way for homeowners struggling to keep up with their payments to refinance into a more affordable mortgage. Rules have been changed to make [...]
If you’re shopping for a home with a bargain-basement price, a short sale could be the answer. This is where a lender allows a borrower who can’t keep up with the mortgage payments to sell their home for less than they owe on the property. The bank or mortgage company takes whatever you pay to [...]
Just because you can get a mortgage doesn’t mean you can get private mortgage insurance. Obtaining PMI has become a serious new hurdle for borrowers who don’t have enough cash for a 20% down payment and can’t get a home loan without it. During the binge of reckless lending that led to the mortgage crisis, [...]
If you’re in the market for a house and you have good credit, you’re in the driver’s seat right now. The market is flooded with homes, sellers are eager and fixed-rate mortgages are going for interest rates your grandparents would have been tickled to get. But that doesn’t mean you should jump into just any [...]