In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider “strategic default”—another term for walking away from your mortgage—if they were underwater (owed more on their home than what it was worth). Now that more than one in four American homeowners is “underwater,” I feel [...]
Tuesday, April 7, 2009
Beginning April 1, 2009 FHA (Federal Housing Administration) has added to its appraisal guidelines. With 67% of homes purchased in the Reno-Sparks area in the first quarter of 2009 utilizing FHA financing, there are some key things buyers should know about these changes. FHA appraisers are required to include a Market Conditions Addendum stating whether [...]
Saturday, May 31, 2008
If you’ve served in the United States Armed Forces, you may qualify for a Veterans Administration Loan, commonly called a VA loan. It’s a fabulous way to finance a home, especially your first home, because you can still get 100% financing – no down payment is required! Although the VA does charge a funding fee, [...]
Monday, May 5, 2008
Have you ever asked a lender if you can have more money than what the home you’d like to buy is worth? Did the loan officer laugh? Not any more – welcome to the FHA 203K Streamline Renovation Loan. With a 3% down payment – which can be saved by you or gifted by a family [...]
Monday, March 7, 2011
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