Mortgage Info

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Government Insured Loans Offer Credit and Down Payment Flexibility

Uncle Sam wants you…to own a home!  It is true.    There are several Federal and also some state government home loan programs.  FHA and VA are the most widely known.  Most of these home loan programs have not tightened their qualification standards despite the credit crunch that is changing the landscape entirely for conventional loans.  [...]

23Dec2011 | dominion | 0 comments | Continued
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Lehigh Valley Mortgage Rates at 4 year low!

Now more than ever is the absolute best time to buy a home here in the Lehigh Valley. As a result of the current economic climate, Lehigh Valley Mortgage rates have dropped to the lowest rates they have been in over 4 years. This creates a tremendous buying opportunity for anyone looking to buy real [...]

16Dec2011 | GoValley | 0 comments | Continued
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Your FICO Credit Score – how is it determined?

Fair Isaac, the creator of the fico scoring model, reports the following factors determine a fico credit score: 35% payment history 30% balances owed 15% length of history 10% new credit 10% types of credit used The percentages reflect how important each of these factors are.  See any surprises there?  What about inquiries?  They do not [...]

15Dec2011 | dominion | 0 comments | Continued
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Buyers flock to FHA, government-backed loans

// –> // –> Borrowers are flocking to government-insured loans, particularly those offered by the Federal Housing Administration, as they seek to refinance out of costly adjustable-rate mortgages or take out purchase loans with low down payments.  The Mortgage Bankers Association says applications for government-insured loans were up 133.9 percent in July from a year [...]

13Dec2011 | GoValley | 0 comments | Continued
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USDA Insured Home Loans with Zero Down Payment

USDA insured home loan key points:   ·         100% loan to value, no down payment required! ·         Unlimited seller assist – payment towards buyer’s closing costs ·         Finance closing costs up to the appraised value of the home ·         30-year fixed rate, no balloons, no prepayment penalties, no recapture fess, etc. ·         Current interest rate:  [...]

12Dec2011 | dominion | 0 comments | Continued
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Northampton County eyes foreclosure moratorium

Northampton County is researching whether it has the legal authority to temporarily suspend sheriff sales to try to help residents whose homes are in foreclosure. County Council on Thursday asked County Executive John Stoffa to study the issue and report back, but the panel tabled a resolution that called for a 90-day moratorium on the [...]

11Dec2011 | admin | 0 comments | Continued
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Bridge Loans Explained

Bridge loans, sometimes known as swing loans, are short term loans intended to access trapped home equity for the purchase of buying a new home.  For example, if John and Mary Homebuyer have their current home for sale and will net $200,000 (equity) after paying their selling costs and current mortgage.  That $200,000 will be [...]

8Dec2011 | dominion | 0 comments | Continued
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Tips for Higher Fico scores

More than ever, fico scores are important for mortgage loan approval and a factor in determining the interest rate on most conventional home loans.  Here is the short list to maximize your fico score:  #1 pay everything on time, this cannot be emphasized enough, #2 establish credit if you do not have a mix (mortgage, [...]

1Dec2011 | dominion | 0 comments | Continued
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Rates Are Going Back Up!

Just a few short weeks ago mortgage rates were still dropping and even people with less than perfect credit could buy a home here in the Lehigh Valley for just over 6%. Persons with strong credit scores (over 650) were getting 30 year fixed rate loans for 5.5 – 5 3/4%. But those days are [...]

29Nov2011 | admin | 0 comments | Continued
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Lehigh Valley Short Sales and Pre-Foreclosures

So what exactly is a shot sale anyway? A short sale is when a home is in pre-foreclosure and the bank allows the owner to list the home with a Realtor and try to sell the home and avoid foreclosure. In most cases it is being sold for less than what is owed to the bank. The [...]

27Nov2011 | admin | 0 comments | Continued