Basic Guidelines for Qualifying for an FHA Loan

Posted under Selling Property by admin on Tuesday 12 January 2010 at 11:18 am

The FHA home loan is a good option for home buyers who cannot afford big down payment. Millions of home buyers have benefited from the FHA mortgage loan program since it was introduced by the Federal Housing Authority in 1934. The program is viable for home buyers who do not have a big down payment as the requirements for down payments are lower than with usual mortgages. Qualifying for a mortgage loan that is ensured by the FHA is commonly easier than a non-FHA home loan.

For example, if your low credit score does not allow you to get a mortgage through a lender in a standard procedure, this is not the case if you get an FHA home loan through that same lender. You may also get approved with lower down payment, which is good for first-time home buyers who do not have big down payment. Just like the usual mortgage process you have to apply for FHA home loan with the assistance of a regular lender in order to qualify. So here are the general criteria for FHA home loans…

  • Two years of continual employment. If at all possible, it should be with the same employer.
  • You need to have a steady income for the last two years. It would be even better if your income has increased over the last two years.
  • Maintain on time payments to creditors. Avoid having multiple late payments in the last two years because this will appear on your credit report. This may limit your eligibility to get an FHA loan.
  • Your credit score should not be lower than 620.
  • You must not have bankruptcy history for the last two years. In case you have a history of bankruptcy, you can still apply for an FHA loan as long as your bankruptcy is older than two years old and your credit has not been tarnished by negative marks after your bankruptcy was cleared.
  • You should not have foreclosed property for the last three years when applying for an FHA loan. In case you have lost a property due to foreclosure, it should have maintained a positive credit since that time.
  • The amount of your loan will be based on your income and your new mortgage payment should be about 30% of the household gross income.
  • You will have to provide a down payment of 3.5% or higher, in most cases.

These are some of the most fundamental guidelines for qualifying for a FHA loan. If you think you have these requirements, then you can qualify for an FHA mortgage loan.

Applying for an FHA loan through a lender is the only way you can find out if you are qualified or not. Do not be intimidated by the mortgage application process because this is the first step that you must take to qualify for an FHA mortgage loan or any other type of mortgage. In the case you do not get qualified for this type of loan, at least you know which part of your financial record you need to work on.

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Article Source:http://www.articlesbase.com/real-estate-articles/basic-guidelines-for-qualifying-for-an-fha-loan-1707855.html

No Foreclosure For You

Posted under Selling Property by admin on Monday 11 January 2010 at 10:19 pm

There is a way for you to stop foreclosure and keep your home.  Many people in foreclosure think the only options they have are refinance, short sales, giving it back to the bank, or walking away from your home. 

 

There is another option, a loan modification.  A loan modification allows you to stay in your home. 

Basically a loan modification is a change to the existing loan so you can afford to make the payments going forward.  You can talk to the lender about lowering the interest, which lowers the payment, making it easier for you to make the payments going forward.

 

Homeowners  can contact the bank on their own.  The big challenge in doing it yourself is that only 7% of homeowners who try are successful at getting a modification.  Why?  The homeowners are not specialists, they don’t know exactly what the bank is looking for or what the bank is willing to negotiate.

 

Today there are many people coming out of the woodwork claiming they do loan modifications.  Be wary of these people.  Before you decide to hire someone to do the modification  for you, make sure you check them out. 

 

Here are some questions to ask:

1.       How long have you been in business?

You want to make sure they have been in the business of loan modifications for a while.  There are many former mortgage brokers who are now doing loan modifications.  Just because they were a good mortgage broker does not mean they have the knowledge and experience necessary to complete a loan modification.  You want to work with a company that was doing loan modifications before the recent economic crisis.

 

2.       How many modifications have you completed?

This comes back to their experience.  If they only do a couple of modifications a month, they are not very experienced in the process.  You want to work with someone who does a large volume of modifications because they are working with the lenders on a daily basis and know exactly how to get it completed and put you in the best situation possible.

 

3.       Do you have proof of other modifications you have completed?

If they are not able to show you proof of completed modifications, they are probably not reputable.  A company that has been doing modifications will be willing to show you proof of their success.

 

4.       Who is doing the negotiation?

You don’t want an hourly employee doing the negotiations for you.  You want someone who is an experienced negotiator and knows exactly how to work with the lender to put you in the best situation possible. 

 

5.       Do they have a written refund policy?

Many people will tell you they have a return policy.  Make sure you get this in writing.  It should be part of the service agreement.  That way if they are not able to get your loan modified, you can get your money back if they do not do their job.

 

  1. What is the fee?

Just because someone offers you a low fee does not mean they are the best person for the job.  You have to remember that this is your home.  A low fee should not be the only reason you decide to hire someone to save your home.  You need to make your decision based on the other questions provided here, in addition to the fee.  If you can’t pay the full fee, you can ask for a payment plan.  Reputable firms want to help you save your home and will work with you on a payment plan.

 

  1. Are you a member of the Better Business Bureau?

Reputable firms are listed with the Better Business Bureau (BBB).  You can check them out on the BBB.  Also ask about for testimonials from clients and other reputable sources.

 

You have to remember that this is your home.  If you can keep your home, why wouldn’t you?  Your house is likely your most valuable asset so don’t put that in jeopardy by trying to save yourself a few bucks or negotiating with the bank on your own.

 

Do your homework.  Research the company before you hire them by asking the questions listed here.  Work with the company that you feel you can trust and provides a comfort level for you.  You should feel like they care about you.

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Article Source:http://www.articlesbase.com/real-estate-articles/no-foreclosure-for-you-1702689.html

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Do’s and don’t’s while buying a property

Posted under Selling Property by admin on Monday 11 January 2010 at 2:58 am

Now we shall discuss about the do’s and don’ts while buying a property. It is all about the self dignity and to have a cool mind against the seller. One should always have a professional look against the seller. More over is you are planning to buy a property, it is important for you to realize that it is not just thing that you are going to buy a property there should be professional help with counts too to be there. And there are certain attributes that parties involved in the transaction must possess to ensure that the deal happens in an extremely professional manner; which always helps the deal to end up with a healthy transaction.

I just personally feel that as a buyer one should have to follow some basic things like; first, the parties involved in a deal should be able to control their emotions well, this will help you to solve a lot of problems and tends you to completed our deal smoothly without any problems. Just assume that you are supposing that you are buyer and you happened to like a house.

Now, you need not explicitly express your desire to buy that house, you should show your expression that you are not completely interested with that particular house; literally show them that you are in a double mind to buy the house. This will allow you to have fewer quotes on the property; else the seller may quote high. Second, if a party is talking, listen carefully to what it says, try to interpret its meaning right, and let it finish. Do not interrupt or argue in between. Just get all the words form him let to speak first.

Few months back I got a chance to speak with the real estate agent at Faridabad by the name called Rave while I’m trying to buy a Property in Faridabad. I’m so impressed with the thing which he spoke about the Faridabad Real Estate market position and its demand. Few years back Faridabad is basically not fit to have a common life and it is mostly used for the place to dump garbage’s. I never knew before that the place is been used for dumping waste materials. I’m surprised to hear that Ncr city is used for such purpose and more over Faridabad Property value is really increasing like anything.

Nitin provide you the best and latest fair information on Flats in Faridabad. He also helps you on Ghaziabad Flats and Gurgaon Apartments

Article Source:http://www.articlesbase.com/real-estate-articles/dos-and-donts-while-buying-a-property-1697859.html

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How to Sell Your Property in a Down Economy

Posted under Selling Property by admin on Sunday 10 January 2010 at 6:41 am

In a down economy where number of foreclosures is climbing so fast, selling your home is a very big challenge.  In recent news, San Jose metropolitan area now has the highest foreclosure rate thus devaluation of property values in the area.

Here are points that you could use to guide you in selling your house or property:

Maria Pascual is the PR Writer of Property Management Network, a network of property management companies provided for property owners and property managers that provides a comprehensive city-wide directory of property management companies. To search for property managers in San Jose, please visit www.findpropertymanagers.net

Article Source:http://www.articlesbase.com/real-estate-articles/how-to-sell-your-property-in-a-down-economy-1693030.html

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Property Management in San Jose

Posted under Selling Property by admin on Saturday 9 January 2010 at 4:05 pm

San Jose is the third-largest city in California and the tenth-largest in the United States. With its fast growing population, San Jose is now one of the fastest growing cities and most populated city in Northern California, third most populated city in the whole state and tenth most populated city in United States.  It has a very diverse population as to race and religion.

San Jose is located at the southern end of the San Francisco Bay Area commonly referred to as Silicon Valley where local technology industry is booming. San Jose is also known as the Capital of Silicon Valley.

Being one of the primary cities of the San Francisco Bay Area, and the largest in terms of population, land area, industrial development and the pressure of economic crisis, meeting the demands of managing your own property can be very stressful.  Property management in San Jose needs expertise.  When you feel you are unable to meet the demands of managing a property that includes preserving its resale value and attracting greater income and profits, you must start looking for property managers.

There are many San Jose property management companies but choosing the right property manager requires a lot of thinking. Here’s a checklist that might help you in choosing the right person:

  1. Experience. How much experience does he have in managing properties in San Jose?
  2. State License. Is he a licensed Property Manager in San Jose?
  3. Insurance and other credentials
  4. Knowledge in San Jose regulations. Any experience in handling issues relative to complying with the state’s regulations especially in housing and taxes?
  5. Knowledge in handling sensitive accounting information.
  6. San Jose property manager’s fee
  7. Make your relationship with a San Jose property company or manager official. Sign an agreement in the presence of an attorney that includes the cost of services, length of time the property company or manager will render services, the coverage of the services, expiration /renewal  of contract as well as clauses that will protect both parties from  breach of contract.

Maria Rabo is the PR Writer of Property Management Network, a network of property management companies provided for property owners and property managers that provides a comprehensive city-wide directory of property management companies. To search for property managers San Jose, please visit www.findpropertymanagers.net

Article Source:http://www.articlesbase.com/real-estate-articles/property-management-in-san-jose-1692718.html

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How to Buy a Coral Gables Real Estate – Things to Know

Posted under Selling Property by admin on Friday 8 January 2010 at 10:41 pm

Coral Gables is one of the most preferred cities in South Florida. Known for its aesthetic appeal, Coral Gables is filled with attractive architecture and attractions. And when you’re looking for residential properties, the Coral Gables real estate market is teeming with plenty of property options. Just like buying in other cities, however, you should know that there are plenty of important things to consider. 

First of all, you need to think about the location. Your top priority should be where you want your Coral Gables real estateproperty to be. If you are relocation for job-related reasons, you must think about a home that will be near where your job is. And when it’s in Downtown Miami or Miami area, the north and northeast area of the city is very preferable. 

Another factor to look out for when buying a Coral Gables real estate property is the feature. Many homes in South Florida are beachfront homes. If you have a hankering for the ocean, there are plenty of oceanfront properties to choose from. Although these properties may be more expensive than inland homes, you must ensure that the price is well within your budget. You don’t have to spend or maximize your finances just to buy an oceanfront property. There are plenty of other property options in the city. 

And speaking of property options, traditional single-family homes are not the only ones you’ll find in Coral Gables. Like other thriving cities in the state, The Gables is also filled with other residential alternatives. If you are hoping for a quick move, apartments and other homes for rent in the city are easily available. On the other hand, if you are looking for a more exclusive residence that is bundled with amenities and on-site features, there are plenty of condos in Coral Gables. 

However, these considerations will all be useless if you forget one important detail: financing. You have to make sure that you have this settled beforehand. Looking at Coral Gables real estate properties without settling your method of buying it first can be time-wasting. If you, for instance, managed to land a pre-approved mortgage, you’ll definitely save more time looking for the right property. The amount you’re allowed to borrow will give you a good enough idea of your buying power. This way, you’re not going to waste time with expensive properties as well those that are below your price range. 

Mark Michael Ferrer 
Coral Gables Real Estate

Article Source:http://www.articlesbase.com/real-estate-articles/how-to-buy-a-coral-gables-real-estate-things-to-know-1687566.html

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The tricky job of bagging a foreclosure home

Posted under Selling Property by admin on Friday 8 January 2010 at 9:23 am

Who does not wish to buy a nice home in a fine neighborhood for a reasonable price? It certainly sounds like a day dream proposition to a person of limited means. Nonetheless, if you know about foreclosures, you also know that you can actually bag an identical bargain if you buy from foreclosure homes.

Though you can find all the information about foreclosed homes from foreclosure home listings online, it remains a tricky job to buy foreclosure homes. Simple reasons are lack of proper know-how of intricacies involved and the extent of competition trying to outdo each other.

Foreclosures: An Introduction

For all those who had not heard about foreclosed home listings before, it’s a comprehensive list of bank foreclosure homes, government foreclosure homes and Real Estate Owned (REO) properties. All properties are acquired properties by either banks or government bodies or private lenders because their borrowers could not make three installment payments consecutively against their respective mortgage loans.

Lucky hunting of one of these ready-to-buy foreclosed homes might land you with an unprecedented property deal you could have ever imagined. However, that would be pure luck, per se, given the mad rush you would face for a good property.

Foreclosed home listings and professional agents

The lenders generally sell off their foreclosures for a cheaper price to sell off the property quickly. The idea is to recover their losses and avoid any further (by holding the properties for a long time). Foreclosed home listings give you the golden information on the latest foreclosed homes for sale across counties and neighborhoods.

Bank foreclosures particularly invite everyone’s interest as such homes offer liability free deals (that is without any hidden liens or unpaid property taxes et al).

It is necessary to gather the latest information first because you must visit the property at least once before you close the deal. You should ascertain the hidden costs involved, like repair costs.

Finally, if you feel tempted by foreclosed homes and wish to buy one, the safest bet is to take the help of a professional agent. The help will help you excel competition and even sellers would be more willing to accept your offers.

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Article Source:http://www.articlesbase.com/real-estate-articles/the-tricky-job-of-bagging-a-foreclosure-home-1685660.html

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Easy yet Effective Ways to Improve your Credit Score

Posted under Selling Property by admin on Thursday 7 January 2010 at 9:09 pm

If your credit score has been taking a beating during the last three years or so, you should not despair.  First of all, you are among 30 million persons in the United States with a score of 620 or under and/or major negative marks on their credit reports.  There can be credit scores as low as 300, but anything 620 or under places you in a position of having to pay sky-high interest rates to get any kind of credit.

By the way, once you have hit 700 on your credit score, anything that you can do will have much less force than if your score is at 600.  If you are above 760, you could only go up by a couple of points with anything that you could possibly do, but those couple of points will not make a major difference with lenders.  It is not even worth the effort to try to raise 760 because you will already be getting the best terms and rates available in the market.

However, and this how crazy the credit scoring world can be, if you have a bunch of negatives on your credit report, one more will not make much difference.  However, if you are around 700 and heading toward excellent, one major negative, one late or missed payment and you will take a hit of about 100 points or even more, so it pays to be careful when you have good credit.

If your credit is horrible, do not despair and do not panic thinking that you will never be able to buy a house or car unless you pay cash.  The first thing you need to do is to stop racking up big balances on your credit cards.  If you do, it will make no difference if you pay them off at the end of the month.  Paying them off is financially prudent, but keeping your balances low is good for your credit score.  If you can get your charges down to around 30 percent or less of your credit limit, you will increase your score.  That is how the system works, so use it to your advantage by learning how to work within it.

Do you have an old credit card with almost no balance that you only use for special occasions like your anniversary or Valentine’s day?  Well, it is time to use it more often and make small charges.  If you do not use your old credit cards, they stop being updated by the issuers, and they will no have much weight in your scoring formula.  However, the older your credit history, the better, so the smart thing to do is to use those old credit cards more often, but keep the balances under 30 percent.

Another thing that you can do to really help your credit score is to start paying on time, each and every time.  You need to be like clockwork and you will see your credit score improve as you become more dependable.  If you have a debt and you have been late with payments, start paying on time for about a year and ask for the account to be re-aged.  Previous delinquencies will get erased and your credit score will not have those negatives.  Time, perseverance and discipline are what will help you heal your credit score if use easy yet effective techniques.

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Article Source:http://www.articlesbase.com/real-estate-articles/easy-yet-effective-ways-to-improve-your-credit-score-1682805.html

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For Sale: Global City Condo Unit at The Pacific Plaza Tower

Posted under Selling Property by admin on Wednesday 6 January 2010 at 10:50 pm

Everyone knows that Fort Bonifacio is an awe-inspiring vision of a city-within-a city that delights residents with its cosmopolitan, free-spirited atmosphere and unique, invigorating lifestyle.

And if you want to plunge into that lifestyle which offers every amenity you need to make living a real pleasure, then this is your chance to make that happen.

Umbrella Online Real Estate, one of the most trusted Philippine Real Estate firms has put up a 3 bedroom Global City condo unit for sale. Set at a price of PHP 35,000,000, this unit offers a ffully-furnished kitchen equipped with imported kitchen appliances. Basic furniture such as sofa, dining set, beds are also included.

As a resident at The Pacific Plaza Towers, you will get to enjoy the complex amenities which include a chapel, fitness center and sauna facilities, function room, squash court, Olympic-sized pool with a swimmer’s lapping area and non-swimmers cove, children’s pool with its own waterfall feature and meditation garden.   There is also a helipad on each tower that can be used for emergency purposes.

You also have easy access to the trendiest restaurants, fashionable shopping spots, world-class hospitals and reputable schools around the Global City. The Pacific Plaza Tower is only minutes away from international schools, commercial areas, lifestyle establishments and the central business districts of Ortigas and Makati City.

Life in Fort Bonifacio starts in the luxurious residential Global City condo units designed to the very highest standards. From the incredible architectural style of each condo to the breathtaking views just outside, life at The Fort is intended for people like you who seek luxury in a vibrant community of like-minded individuals.

If you want to know more about this Manila property, visit http://www.umbrellaonline.com/links.php?action=show&link_id=3851 or if you want to know more about other Manila condominiums, apartments in Manila, Manila houses and other prime Manila Real Estate, visit Umbrella Online at http://www.umbrellaonline.com/.

A computer professional who works on the internet helping Umbrellaonline increase its viewers through optimization. For world class apartments in manila visit us online at www.umbrellaonline.com

Article Source:http://www.articlesbase.com/real-estate-articles/for-sale-global-city-condo-unit-at-the-pacific-plaza-tower-1678511.html

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Sarasota Florida Real Estate

Posted under Selling Property by admin on Wednesday 6 January 2010 at 8:34 am

Known for its unusual and unique Island Key mansions, estates and high end secluded residences, Sarasota Florida Real Estate is today still highly sought after in this market. Originally this city was known only as a vacation destination for the rich and famous, but Sarasota today has much more for everyone to enjoy, like the beaches, boating, fishing, golfing and multitudes of other outdoor sporting opportunities, and, wonderful housing options unheard of just a few years ago. The beautiful city, with its Key Islands, pristine beaches, breathtaking views at sunset and everything else that 1000s come to experience each year still sets the pace for quality and high end homes, condos and town homes. The Keys have huge beachside mansions, buried in natural landscaping that separates the home from road or walk traffic, making it a perfect secluded get-a-way for the out of town owner or visitor. Many of the older type traditional single family homes are sitting on tree lined streets in neighborhoods lush with landscaping and are well maintained by the city. The newer condos and townhomes are located in gated community type complexes with modern amenities and fantastic views of the city, the bay and the gulf. The different areas of Sarasota offer home owners breathtaking views from waterfront homes, or homes located on the Keys, or from a high rise condo complex on the mainland.

Sarasota offers a diversity of neighborhoods that will suit every taste and almost every budget, with homes that range from large mansions, custom single family homes in traditional type neighborhoods, condos and townhomes in modern high rise complexes located in the downtown area, to high end apartment living. Real Estate prices for homes here are dictated by size, location, age and amenities, but most will be in the upper end price ranges, making any one of the neighborhoods a great place to invest in. There is always a strong demand for beachfront vacation rentals. Rental properties command top dollar in Sarasota’s “Season” which runs January to May.

The commercial and business properties in and around Sarasota are somewhat limited but there are good values out there for retail, office, multi family buildings, storefronts, etc. With the traffic that Sarasota draws on its streets year around, almost any location would be a great location to start a business, or move your business to.
There are major shopping malls, strip centers and other types of business buildings available for sale or lease in Sarasota. The best thing to do is see you local Realtor, broker or agent and ask to see the MLS Listings so you too can grab some of this golden real estate for your investment portfolio.

Sarasota has become a popular place for celebrities to buy a home because it is private, charming and it is a great place to raise a family. Sarasota has world-renowned beaches that have been listed as one of the “Top 10 most beautiful beaches in the world” to visit. With everything you now know about Sarasota, what more do you need to persuade you to come here, look at the beautiful homes, the landscape, the ocean, the blue skies, the Island Keys, warm gulf breezes, and buy that dream home that you have been wanting for your family.

An avid watcher of vacation hot spots around the world, Lonnie Monroe writes often about Sarasota Florida Real Estate and the wonderful southwest Florida Keys.Article Source:http://www.articlesbase.com/real-estate-articles/sarasota-florida-real-estate-1675638.html

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