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Of course it's possible. In fact, many people are taking that route because their equity position isn't strong enough to allow them to be approved by a conventional lender. FHA loans do require a Mortgage Insurance Premium (MIP), which may be higher than the standard private mortgage insurance charged by conventional lenders. However, the upfront
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There are three things that got my attention here: First, you have been resetting and your rate is at 5.25% (not the under 4% that some others are enjoying these days. So the spread between what you are paying on your ARM versus what you would be moving into to fix your loan is relatively small. Your aversion to risk and the fact that you plan at least
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Prior to the Great Depression , there was almost no government involvement in residential mortgage lending. There was no federal deposit insurance or regulation. The home ownership rate was less than 50 percent in America. Down payment requirements of 50 percent were the norm. Most mortgage loans were short-term, sometimes as short as five years, and
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I think you are referring to mortgage equity capitalization rate , which is a method of valuing income property that takes into account financing considerations. The method is frequently used for analyzing real estate investments, because most of these are financed to the hilt and the financing really drives the return on your investment. However, even
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Many many people get mortgages after completing a bankruptcy. How soon you are able to depends on a few things. What was your credit history prior to filing bankruptcy ? You'd be surprised--often it's not the bankruptcy filing itself that trashes a credit score but the missed payments, judgments, and collections leading up to the filing. If
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The Homeowner Affordability and Stability Plan (HASP) does offer a lot of provisions for helping a wide variety of homeowners. However, a decrease in home value isn't on its own a valid reason for your lender to drop your principal balance (this is called a "cram-down"). If your property increases in value, after all, your lender doesn't
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A short sale is a negotiation between you, your lender, and the buyer. The lender can ask for a contribution from you--but you can say no. Of course the lender will want as much as it can get from you. It may request cash or demand that you sign a note for part or all of the shortage. But it doesn't mean you have to just fork it over. I recommend
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"Short Sale" means only one thing--that the market value of the property is less than the balance of loans secured by that property. It is not code for " screaming deal ." In fact, the price may have little to do with the property's value : Listing agents may price it very low to generate a lot of offers only to have the lender
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Mortgage brokers are lumped in with loan officers in the US Bureau of Labor Statistics data. And earnings vary widely . Most brokers / loan agents work on commission, but some are salaried. According to the BLS, in 2006 (a very good year for mortgage lending), the median annual earnings of wage and salary loan officers were $51,760. Not exactly breaking
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As a former systems consultant with Experian, I can tell you that getting disputed information off your credit report isn't easy . That's because the information originates with the reporting company (your creditor). Most creditors just dump their receivables on electronic media and submit them to the bureaus. So inaccurate information will