Zaida Patel, Realtor ----- Blog Website » fha

Obama Housing Plan

Zaida Patel — Fri, 12 Mar 2010 05:21:56 +0000

The New York Times

Program will pay homeowners to sell at a loss
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: Paying some of them to leave.

To read the full story, please click here.

Lenders Delay Evictions – Borrowers live rent free

Zaida Patel — Sat, 06 Mar 2010 00:03:31 +0000

Los Angeles Times

Many borrowers in default stay put as lenders delay evictions
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.

To read the full story, please click here.

What Buyers Need to Know

Zaida Patel — Fri, 22 Jan 2010 21:54:32 +0000

The Wall Street Journal

What home sellers don’t tell buyers
As buyers ease back into the battered real-estate market, they’re often hitting a stumbling block: Fibbing by home sellers. Buyers should do their own due diligence and not rely on agents and sellers.

To read the full story, please click here.

State/National Foreclosure Filing continue to Rise

Zaida Patel — Mon, 18 Jan 2010 18:12:06 +0000

Daily Breeze

State and national foreclosure filings continue to rise
Even as the economy and real estate market show signs of stabilizing, foreclosure filings continued to grow in California and nationwide last year.

To read the full story, please click here.

Tax Credit $8000 on FHA Mortgage

Zaida Patel — Fri, 05 Jun 2009 19:28:01 +0000

According to the California Association of Realtors, qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the U.S. Dept. of Housing and Urban Development (HUD) recently announced.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for other closing costs, which can help lower principal balances and monthly payments.

To read the full story, please click here

New Loan Fees for Homebuyers

Zaida Patel — Fri, 24 Apr 2009 19:28:45 +0000

SF Chronicle

Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.

Under the new guidelines, applicants will be charged more for down payments of less than 30 percent. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25 percent down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single-family home.

The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores.

To read the full story, please click here