NEW REFINANCE OPTIONS If You Owe More Than the Home’s Worth

FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth.  Beginning Sept. 7, 2010, the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence.  Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500.

STOP HOME LOSS SERIES: Need Help with Your Current Mortgage Payments? FREE EVENT

On Saturday, August 21, 2010 the NID Housing Counseling Agency/Atlanta Metro in conjunction with NAREB will host a unique foreclosure counseling event unlike any other.  The appropriately tagged, ‘You’re More Than A Number Loan Modification Assistance Event’ with help from Bank of America, Chase and Wells Fargo/Wachovia, is a free event that will rally the whole community to come out and get personal attention from knowledgeable housing counselors on-site.
 
‘You’re More Than A Number Loan Modification Assistance Event’ is scheduled for Saturday August 21, 2010, from 8:00AM-3:00PM at the Wyndam Garden Atlanta South Hotel in Atlanta, GA on Old National Highway.  This event promises to bring a personal touch to all who participate as housing agents from Bank of America, Chase and Wells Fargo/Wachovia will be available to provide face-to-face counseling along with HUD to discuss how going green can save participants money. No matter who the original lender is, the NID Housing Counseling Agency/Atlanta Metro is on hand to help.  Unlike other loan modification events, ‘You’re More Than A Number Loan Modification Assistance Event’ represents the human approach to loan modification giving added face value to each situation and ongoing support.  
 
“I’ve been in the business for twelve years and I’ve seen a lot of events like this, but it’s refreshing to see an organization finally get what people really need”, said Personal Finance Expert and CNN Contributor Clyde Anderson, who is also the events Special Guest.  “Compassion is missing…, but if we take the time to educate and walk people through the modification process, I believe you would see a lot less stress and negative attitudes, so we can get down to offering resources people really need to make it”.  
 
Tired of feeling like just a number?  Visit www.nidatlmetro.org to register and reserve your place. For more information call 1-866-251-1027.  Listen to Praise 102.5FM for announcements.  Register today for a chance to win free gas gift-cards!

Savings for Teachers, Police Officers, Firefighters, & EMTs

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home for homebuyers. In return you must commit to live in the  real estate property for 36 months as your sole residence. 

Pay Only $100 Down and Receive $1000 Back on Your Next Home Purchase

So you are ready to purchase a home but hate how much you have to come up with for the downpayment.  At minimum you may have to pay 3.5% of the purchase price of the home down and at maximum you have to pay 20% down depending on the lender.   You wish there was an alternative that worked for you since your income will not allow you to qualify for the various low income-restricted down-payment assistance programs (if you think you income will qualify you for the down-payment assistance programs, email places2love@gmail.com and we will send a list of programs that offer down-payment assistance).  Well, there is hope!  There is an option where you only pay $100 down on your loan and you also may receive $1000 back at closing - this is a great option that more and more buyers are taking advantage of and it maybe worth you examining. 

5 Tips for Saving on Your Mortgage Loan

Purchasing a home does not have to empty out your bank account, especially if you know the following ways to save, save, save!  Here are some things that buyers should know as they go through the mortgage loan application process:

FHA BUYERS - More Details on Using the Tax Credit for Your Downpayment/Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.