Recently, the Federal Housing Administration (FHA) announced some lending changes. If you or someone you know is considering an FHA loan, some of these changes may affect you. Here's a brief rundown of the major changes.
Increased mortgage insurance – The mortgage insurance premium (refer...

1. DON’T DO ANYTHING THAT WILL CAUSE A RED FLAG TO BE RAISED BY THE SCORING SYSTEM.
This would include adding new accounts, co-signing on a loan, changing your name or address with the
bureaus. The less activity on your reports during the loan process, the better.
2. DON’T...

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.
Here are the top 10 things the...

Many home buyers are still sitting on the proverbial white picket fence waiting to see if home prices and mortgage interest rates will continue to fall.
The fact is, however, that Realtors are seeing multiple offers on homes again and according to NAR (National Association of Realtor...

 

















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Federal First Time Home Buyer Tax Credit at a Glance

 The tax credit is available for first time home buyers only (has not owned a home in the past three years)
 The credit is equal to 10% of the home’s purchase price for a maximum of $8,000
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IR-2008-17, Feb. 12, 2008
WASHINGTON — Home...

Earlier today, President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.

The plan contains three main components, ...

 




Edward Jamison is an attorney specializing in credit issues related to the mortgage industry. He has spoken across the nation and has appeared multiple times nationally on NBC as a credit expert.

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