Best Mortgage and Home Loans » New Programs

Not Even HUD was Ready for Their Own Changes

admin — Fri, 22 Jan 2010 02:00:40 +0000

Since the first of the year there has been a scramble to make sure the new regulations and paperwork is rolled out and accurate at every mortgage company and bank. The fines that will be in place and enforced are stiff so these companies are doing everything they can to make sure they comply with the new rules. However, what no one anticipated was the glitches and hiccups from HUD itself.

Though it is true that you cannot anticipate errors and issues in new software, you would think that someone would have thought about a backup plan to issue case numbers and make sure that approved properties were honored until the kinks in the system were worked out. Unfortunately, that didn’t happen and many loans are stalled waiting on HUD to get their act together. They are telling everyone it has been worked out but many are still waiting…

The Website is a Changing

admin — Wed, 02 Dec 2009 02:49:34 +0000

Over the next month you will see some changes on the website that I hope you will appreciate. The goal is to bring you more information on what is available locally for first time buyers in the Nashville and surrounding areas as well as what is going on with interest rates and the mortgage industry as a whole. As the national standards that have been set in the industry are rolled out before the first of the year, it is a good time to get this information to you so you can make better decisions on your next mortgage.

If there is anything that you would like to see on the website, please let me know by sending me an email via my contact form. This website will better help you navigate the world of mortgage loans and keep up with any of the changes that come down the pike in the future. In the mean time, if you have a question or concern and you want someone to talk too, please don’t hesitate to contact me. I am looking forward to slowly rolling out the changes so stay tuned!

The Latest News for 1st Time Homebuyers & More

admin — Wed, 11 Nov 2009 20:40:20 +0000

If you have not heard by now, President Obama has signed legislation extending the first time homeowner tax credit. You must have a property under contract by April 30th and it must close by July 30th of 2010. The income restrictions have been raised to $125,00 if you are single and $250,000 if you are married and you cannot purchase a home greater than $800,000. You will need to take your closing paperwork to your accountant to get all the deductions and credits that are coming to you.

Also in the new legislation is a tax credit for those selling their existing home and moving into another. You must have used the home as your primary home for five out of the last eight years and the tax credit is for $6,500. You will have to attach your closing statement, also called the HUD, to your income tax paperwork to get the credit. The same income and price restrictions as the first time home-buyer credit applies. If you have additional questions, make sure you call either the IRS or your accountant as this is a tax question.

THDA Rates Change

admin — Fri, 14 Nov 2008 17:20:42 +0000

Tennessee Housing Development Agency has announced new rates for its first time homeowner programs as well as its new refinance program for those who are in danger of foreclosure due to sub-prime mortgages. Here are the new rates.

Great Rate Program 6.10%

Great Save Program 6.10

Great Advantage 6.60

Great Start Program 7.10

These and many other programs are available to you if you are currently in the market to purchase a home.

New THDA Refinance Program October 1, 2008

admin — Mon, 08 Sep 2008 23:20:04 +0000

Starting on October 1, 2008, the Tennessee Housing Development Agency will release a newly created program designed to help people statewide who have adjustable-rate mortgages that may be in jeopardy of foreclosure once the loan adjusts. This new program, referred to as Great Save, will allow those who qualify to get a low interest, 5.8%, 30 year fixed mortgage through participating lenders.

THDA traditionally does not provide for refinance loans. However, because of the changing market, Congress passed the Housing and Economic Recovery Act this year and has made this possible. There are a couple of things you need to know and the most important is that this refinance loan is not for people who have let their credit fall due to getting behind on their house payments. It is for people who are making their payments but feel they might get behind once their loans reset.

If you think preventative then you are on the right track. Most people don’t try to get a refinance until they have already missed several house payments and by this time it is too late. This is a great loan as long as you take action BEFORE you get behind.

This loan is no different than other THDA loans that must meet other criteria as well in Davidson and many surrounding Counties. The loans cap is $226,100 and there are income restrictions; $61,600 for 1 or 2 person households and $70,840 for 3 or more people; you can only get these loans through approved lenders that sell the loans to THDA; loans that are larger than 78%LTV (loan to value) must be insured by FHA, VA, Fannie Mae or Freddie Mac and; you must show hardship in one of five areas including a high interest rate and reduction of household income.

You can find out more by contacting THDA or email Taylor at thill@newsouthfederal.com