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September 21st, 2010

Info for first-time buyers, homeowners, FHA borrowers and more…



HSH.com consistently publishes new, educational articles for consumers. Whether you are a first-time homebuyer, an existing homeowner, an FHA borrower or a struggling homeowner looking for a loan modification, each of our latest articles has something for you.

Let’s take a brief look at the latest content in our Library:

First-time homebuyers

First-time buyers: Get the help you need from mortgage revenue bond programs“:

If you’re new to homeownership, or haven’t owned a home in at least three years, do yourself a favor and learn about mortgage revenue bond (MRB) programs. You could end up getting a home with nothing down and a subsidized mortgage rate too.

The two biggest obstacles to homeownership — saving up the down payment and earning enough to make the monthly payments — are addressed by these government-created programs. If you think that owning a home will always be out of reach, check out MRBs. They may provide exactly the help you need.

Click here to continue reading.

Homeowners & Repeat Buyers

Can’t move? Improve! Get the most bang for your buck with these renovations“:

Some folks only care about how a home improvement will affect their quality of life and don’t view it as an investment. If that’s you, go ahead and put in the garden pagoda, media room (complete with popcorn machine) and three-story water feature if it makes you happy. But if you are keeping an eye on the bottom line, you’ll want to understand how today’s depressed markets and new financing rules can affect your home’s resale value. The return on investment (ROI) should certainly be part of your calculations if you finance your project with a cash-out home loan refinance or a home equity loan.

For maximum value, stick with the tried and true. There are several principles to keep in mind when deciding what improvements to undertake.

Click here to read more.

Government Programs

An assumable FHA mortgage today can help you sell your home tomorrow“:

When calculating the cost of an FHA mortgage versus that of a conventional loan, consider the added value that comes from assumability. When you want to sell your home, having an assumable mortgage attached to it could add extra value.

Most home loans contain what is called a “due-on-sale” or “demand clause,” which means the lender gets paid in full when the property is sold. However, an FHA mortgage is one of the few home loan programs that does not contain this clause. This means that a qualified buyer can take over the mortgage on the property for the remainder of its term.

Click here to continue reading.

Loan Modification & Help

Hope or hype? The success of the Hope Now Alliance“:

Hope Now was established in July 2007 to help homeowners with unaffordable subprime mortgages get help. Borrowers who called the program’s hotline would be plugged into credit counselors and lenders’ loss mitigation departments who would ideally help them. The effort was roundly criticized in its early stages, but three years later, its success rate appears to be improving.

Initially, Hope Now did not appear to be making a dent in the foreclosure problem in the U.S.  Why the apparent lack of success? Critics charge that it’s because the effort is run by the very folks who were a big part of the mortgage problem, and are thus not really equipped to provide a viable solution. Initial attempts by Hope Now did not often include loan modifications; lenders favored putting delinquent borrowers on repayment plans instead.

Today, the program administrators can claim some measure of success; in fact, judging by the sheer number of completed modifications, Hope Now has a much better record than HAMP does. As of April 30, 2010, the number of these proprietary modifications from the inception of the program is 2,749,869, and the number of HAMP loan mods for the same period was just 299,092!

Click here to read more.

Be sure to check in on our Library often as we add new articles on a weekly basis. Have an idea for an article? Leave us a comment, let us know.

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6 Responses to “Info for first-time buyers, homeowners, FHA borrowers and more…”

  1. News about Loan Modification Information issue #1 | Loan Modification Information Says: September 21st, 2010 at 12:57 pm

    [...] is that permanent home loan modifications have been given to only about a third more… Info for first-time buyers, homeowners, FHA borrowers and more… – HSH Financial Publishers (… – blog.hsh.com 09/21/2010 Info for first-time buyers, homeowners, FHA borrowers and [...]

  2. Info for first-time buyers, homeowners, FHA borrowers and more … | Open Houses Boston - Open Houses MA - homes for sale by owner, and real estate agents Says: September 21st, 2010 at 10:01 pm

    [...] Read this article: Info for first-time buyers, homeowners, FHA borrowers and more … [...]

  3. Ethan Says: September 22nd, 2010 at 5:42 am

    The UK is experiencing a massive decline in first-time buyers at the moment, applications are down 38% on last year. The MRB sounds like a very encouraging scheme and a possible replacement to the UKs HomeBuyers Scheme.

  4. Tweets that mention Info for first-time buyers, homeowners, FHA borrowers and more… | HSH Financial News Blog -- Topsy.com Says: September 23rd, 2010 at 1:49 pm

    [...] This post was mentioned on Twitter by HSH Associates, HSH Associates, Dawn Varnell, Susan Carter, Susan Carter and others. Susan Carter said: Info for first-time buyers, homeowners, FHA borrowers and more…: Whether you are a first-time homebuyer, an existi… http://bit.ly/beuQ9C [...]

  5. Homemade Generator Says: October 1st, 2010 at 5:11 am

    Looks like you have a really good blog packed full of information too. Thanks.

  6. Tim Manni Says: October 5th, 2010 at 11:59 am

    Thanks Generator!

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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