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Tax Credit being offered on FHA Loans to First Time Home Buyers

May 16, 2009 By CarpetGuy

Have you heard about the tax credit recently created to help first time home buyers or buyers that have not owned a home in over 3 years. This is only on FHA (Federal Housing Administration) loans and according to the secretary of H.U.D., home buyers will be allowed to use the $8,000 first-time homebuyer tax credit towards their DOWN PAYMENT on

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  1. There is still time to take part in Tax Credit for First Time Home Buyers! Program ends April 30th. As part of its plan to stimulate the U.S. housing…
  2. Waiting to purchase a home until spring could cost buyers lots more money! Dont wait to purchase a home! Waiting will cost you…

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Facing Foreclosure?

September 5, 2008 By CarpetGuy

Are you in need of Foreclosure Assistance
NeighborWorks/HOPE NOW/Homeownership Preservation Foundation Hotline
Homeowners facing foreclosure can call a tollfree hotline at (888) 995-HOPE, 24 hours a day, 7 days a week.
Federal Housing Administration
Government-insured refinancing for credit-worthy borrowers who went into default after their ARMs reset may be available by calling (800) 225-5342 or by visiting http://www.fha.gov.
 
Other Resources
Avoid

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Private Mortgage Insurance

August 3, 2008 By CarpetGuy

I read this article today and wanted to share it regarding The Private Mortgage Industry’s Role in the Current Mortgage Crisis
by Jack M. Guttentag
The blame game for the development of the current mortgage crisis is now in full swing, and, with one exception, no major participant escapes unscathed:
1. Lenders and investment bankers drastically relaxed their underwriting standards in

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Found Your Dream Home – What’s Next?

May 20, 2008 By CarpetGuy

After looking at the comparables for the area a reasonable offer for the home of your dreams is agreed upon and your realtor will submit to the sellers real estate agent. Once submitted, the Sellers agent will come back with an accepted offer, or the negotiations will begin until an agreement is met.  With Foreclosures or Short Sales the

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What is the process to purchase a Home

May 13, 2008 By CarpetGuy

Now that you understand where credit scores are derived from the next step in your home purchase is to go to your bank or a mortgage broker and get a pre-approval letter.  This pre-qualification will let you know based on your income and debt ratio what price range your home purchase needs to be at/under.
Realtors

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Interest Rates – How they are derived from your Credit Score

May 7, 2008 By CarpetGuy

I wanted to touch base on one of the major issues people deal with when trying to make a major purchase such as a home.  The interest rate you are quoted when purchasing a home is based on your credit score that is pulled from the 3 major Credit Reporting agencies. These agencies get this calculated

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Eco-Friendly “Green” Homes

April 24, 2008 By CarpetGuy

How knowledgable are you when it comes to your home and the environment?  Should you decide to build a home you may find that your builder is among many that are now using eco-friendly products in the home building process. Building green can be costly, but home buyers are willing to spend this knowing that they are helping to save the

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