| Declining Market requires 5 percent down |
| Pub Date: Fri, 16 May 2008 10:00:00 EST |
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Earlier this year, Fannie Mae implemented a policy of requiring that buyers make a 5% larger deposit on their home than the original loan program guidelines called for if the property is designated as being in a “declining market.” Unfortunately for many buyers though, there is no list of areas, counties, zip codes or any area that states where there is a declining market. The only way to find out if an area is in a declining market is with the property address, through Fannie Mae’s automated underwriting system. One other way is when the appraisal is done if the appraiser finds that the property is in a declining market. This “D market” designation means that the buyer will have to come up with 5% to put down on the property. |
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| Seniors delaying retirement |
| Pub Date: Thu, 15 May 2008 10:00:00 EST |
| According to a new study by the AARP, seniors 45 and older are delaying retirement. The report finds that 6 out of 10 people are having trouble making ends meet, and some can’t even pay for their medication. [...] read more |
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| Will mortgage crisis affect prime loan market |
| Pub Date: Wed, 14 May 2008 10:00:00 EST |
| The home mortgage crisis was originally focused on the subprime home market and its delinquencies. [...] read more |
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| Realtors should focus on foreclosures |
| Pub Date: Tue, 13 May 2008 10:00:00 EST |
| It’s a well- known fact that eventually, the real estate market will reverse itself and home prices will settle to pre-housing boom prices. But while we are in the recovery period, many people have lost their jobs and many more are barely holding on to theirs. [...] read more |
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| Heirs benefit from home appreciation |
| Pub Date: Mon, 12 May 2008 10:00:00 EST |
| One of the great benefits of a reverse mortgage is that the borrower can never owe more than the home’s value. It is comforting knowing that you wouldn’t have to take the fall for declining home values, especially in today’s real estate market. [...] read more |
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| Understand a reverse mortgage before making a decision |
| Pub Date: Fri, 09 May 2008 10:00:00 EST |
| It is very important to thoroughly educate yourself about all aspects of a reverse mortgage loan. Many seniors who have one are satisfied with their decision, but then again, everyone’s situation is different. [...] read more |
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| House will consider new foreclosure bill |
| Pub Date: Thu, 08 May 2008 10:00:00 EST |
| The American Housing Rescue and Foreclosure Prevention Act will be considered by the House this week. Part of the act would include a voluntary FHA program which would provide mortgage refinancing assistance. [...] read more |
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| Reverse mortgage loans on the rise |
| Pub Date: Wed, 07 May 2008 10:00:00 EST |
| A key determination as to how much you can receive with a reverse mortgage loan is this: the older the borrower and the more valuable the home and the less owed on it, the more money is available. [...] read more |
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| Access equity in your home tax free |
| Pub Date: Tue, 06 May 2008 10:00:00 EST |
| One of the greatest benefits of a reverse mortgage loan is that it is tax-free. Seniors can draw money out of their home, which is usually their most valuable asset, without any tax consequences. [...] read more |
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| Seniors coping with rising prices |
| Pub Date: Mon, 05 May 2008 10:00:00 EST |
| How are seniors on a fixed income coping with the rising cost of food, gas and many other everyday staples? Some are relying on families to make ends meet, others are thinking about selling their home, just for extra money. [...] read more |
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| Choosing a reverse mortgage lender |
| Pub Date: Fri, 02 May 2008 10:00:00 EST |
| When choosing a reverse mortgage lender, it is important to review and compare certain factors. For example, it is important that lenders provide different fixed and variable interest rate options to choose from. [...] read more |
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| When will reverse mortgage limits increase |
| Pub Date: Thu, 01 May 2008 10:00:00 EST |
| Many seniors are waiting for an increase in loan limits for reverse mortgages. The Economic Stimulus Act of 2008, which just recently passed included a temporary increase in loan limits for all “forward” mortgages, but left out Home Equity Conversion Mortgages. [...] read more |
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