Archive for July 2011
July 28, 2011 | 
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The FHA 203k ReHab Loan Albuquerque.
This week Wes has a great program for fixer uppers. This is a way to get money for repairs or upgrades when you buy the home, so you immediately have the funds to get the work completed ASAP. Great for first time buyers and investors. Check out this video to learn all the details. Wes Moore does Albuquerque mortgage loans.
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.
The FHA 203K Rehab Loan Albuquerque program is the Department’s primary program for the rehabilitation and repair of single family properties.
As such, it is an important tool for community and neighborhood revitalization and for expanding home ownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA 203K Rehab Loan Albuquerque is an important program and we intend to continue to strongly support the program and the lenders that participate in it.
Many lenders have successfully used the FHA 203K Rehab Loan Albuquerque program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine FHA 203K Rehab Loan Albuquerque with other financial resources, such as HUD’s HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with FHA 203K Rehab Loan Albuquerque and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.
The Department also believes that the FHA 203K Rehab Loan Albuquerque program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing home ownership opportunities for families in these communities and FHA 203K Rehab Loan Albuquerque is an excellent product for use with CRA-type lending programs.
Qualify Today on FHA 203K Rehab Loan Albuquerque call Wes today, 505-249-4506!
Posted in FHA Loan, Mortgage Loans Albuquerque, ReHab Loans | 
Tags: FHA 203K, FHA Loan, Home Loans, Mortgage Loans | 
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FHA loan in Albuquerque to buy a home for your college student.
This week Wes tells us about an FHA loan in Albuquerque program that lets you co-sign for your kids or parents or other relatives that may have little or no income. In addition you can get in with as low as $500 out of pocket cash to purchase the home. Watch this video or call Wes for details 505-249-4506.
“FHA Kiddie Condo Loan” which is really “non-occupying co-borrower” loan. This federal loan program allows parents to buy a condo or home WITH their child using the FHA loan in Albuquerque with the 3.5% down loan program which qualifies for owner-occupant interest rates rather than investment loan interest rates. Homes are far easier to finance than condos these days. Here are the highlights for FHA loan in Albuquerque:
When qualifying for a FHA loan in Albuquerque Credit Scores for both parents and child must meet the standard guidelines.
You should get you child to get a credit card when they turned 18 so they can start building a credit history. This is something all parents should consider. If a student does not have a credit score (many don’t) FHA does permit the underwriter to establish a nontraditional credit report using rental payments, utility bills, telephone and cellular phone bills etc… If your child has never had any form of credit in their own name, you will not qualify for this program. It is never too early to help them establish credit by putting obligations in their name even if you have to co-sign.
Income. They will want to see some form of income for child even if it is not sufficient to make the payment. FHA knows that in 95% of the time, the parent is making the payment. The parent must then be able to qualify for the monthly mortgage payment along with all of their other debts, and stay within the maximum debt guidelines established by FHA.
The FHA loan in Albuquerque will be in the child’s name with the parent as co-borrower. The child will receive the benefit of the credit history generated from having a mortgage. As a co-borrower, you are equally responsible for making the payment. Your credit is tied to this loan as well. Both names will appear on the mortgage loan and the title. The only way to have your name removed is to pay off or refinance the the loan. The tax deduction can be taken by either the child or the parent or some combination of both. In most cases the parent has the greatest benefit because they have the largest income.
If the parent prefers to just buy the house or condo and let the child live in it, most lenders will consider that a ‘second home’ and allow owner-occupant interest rates. I have found that it becomes a better investment if you buy a house large enough for an additional room mate or two, who will then help cover most of the monthly payment.
See if you qualify for a FHA loan in Albuquerque, just hit the easy button!
Homeowners consider refinancing in order to gain some benefit, generally lower payments, lower interest or an increase of cash to meet some current need such as necessary home improvements. In order to decide when it is appropriate to refinance, a homeowner should evaluate the possible benefits and concerns.
Depending on the circumstances there are a variety of possible benefits, including: Read the rest of this entry »
