Archive for the tag 'Foreclosure'

HUD homes are aimed at low to moderate income buyers and great for first time homebuyers.  When a lender forecloses on an FHA home insured by HUD, HUD pays the lender the amount owed and then tries to sell the home at auction. This allows buyers to get the home way below market value. HUD […]

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No Comments downpaymentadmin on Oct 25th 2012

The answer is absolutely!!  There is a waiting period however.  Conventional financing is between 5 and 7 years, with extenuating circumstances it is 3 to 5.   Examples of Extenuating circumstances are due to death, illness, job transfer or accident resulting in severe injury. Generally, things that happen beyond your control and dramatically affect your ability […]

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No Comments downpaymentadmin on Oct 17th 2012

Program Quick Look Eligible Primary/First Mortgage Loan Products: Prime, Fixed Rate (FHA, VA, Conventional) Maximum Borrower Income: 80% of Hud Median Income (AMI) Maximum Housing Ratio: 30% Minimum Borrower Investment: Greater of 1/2 of required downpayment or $1000.00 Elgible Property: Non-Forclosed home in target area that is not a current rental property Loan Rate and […]

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No Comments downpaymentadmin on Oct 27th 2011