by Marion Trent | Aug 24, 2014 | Mortgage News, news
HUD No. 14-101 Patrick Rodenbush (202) 708-0685 http://www.hud.gov/news/index.cfm FOR RELEASE Thursday August 21, 2014 OBAMA ADMINISTRATION SETTLEMENT WITH BANK OF AMERICA WILL STRENGTHEN FHA FUND, PROVIDE BILLIONS IN CONSUMER RELIEF Washington – The Obama Administration today announced an almost $17 billion global settlement with Bank of America. $1 billion of the total settlement amount resolves claims arising from allegations of fraud involving certain Federal Housing Administration (FHA)-insured single-family mortgage loans and a failure to perform under its servicing contract with the Government National Mortgage Association (Ginnie Mae). Under the terms of the settlement, Bank of America will pay $800 million to resolve the claims relating to FHA and $200 million to Ginnie Mae. The remaining nearly $16 billion of the total settlement amount resolves fraud claims involving the pooling of residential mortgage backed securities, collateralized debt obligations, and other claims by the United States, along with the States of California, Delaware, Illinois, Maryland, New York, and the Commonwealth of Kentucky, and includes $7 billion in consumer relief with a focus on borrowers that were in the hardest-hit areas during the housing crisis. “Today’s settlement with Bank of America is another important step in the Obama Administration’s efforts to provide relief to American homeowners who were hurt during the housing crisis,” said U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro. “This global settlement will strengthen the FHA fund and Ginnie Mae, and it will provide $7 billion in consumer relief with a focus on helping borrowers in areas that were the hardest hit during the crisis. HUD will continue working with the Department of Justice, state attorneys...
by Marion Trent | Dec 19, 2012 | news
Do you meet these criteria? Have a Full time independent school district job in Texas? Are you a classroom teacher or teacher’s aide? Are you a school librarian, school nurse, or school counselor? There is a new Texas program for you – First Come, First Served. This grant money is available to qualified Educators. Grant Requirements: Income and home purchase price limits apply You must meet standard mortgage underwriting requirements as credit worthy The house you are buying must be your primary residence FHA Loans Only This program will give you a grant of 3% of your total loan amount. It can be used as a part your down payment. The grant does not have to be repaid. Example: For a $100,000 loan: The grant would be $3000. If used toward your down payment requirement of 3.5% or $3,500, you would only need $500 for your portion of the down payment. Global Lending Solutions is here to help you with a mortgage for your dream home and show you how to use this program for Educators to your...
by Marion Trent | Dec 19, 2012 | Home Loans, news
Do you meet these qualifications? • A full time paid fire fighter in Texas? • A peace officer? • An adult or juvenile corrections officer? • A county jailer, EMS Personnel? • A public security officer? Texas has a grant money program with funds set aside to help you purchase a house as a first time home buyer. See details below about this program for you – First Come First Served. This grant money is available to qualified fire, peace or correctional personnel as listed above. Grant Mony requirements: • Income and home purchase price limits apply • You must meet standard mortgage underwriting requirements as credit worthy • The house you are buying must be your primary residence • FHA Loans Only This program will give you a grant of 3% of your total loan amount. It can be used as a part your down payment. The grant does not have to be repaid. Example: For a $100,000 loan: The grant would be $3000. If used toward your down payment requirement of 3.5% or $3,500, you would only need $500 for your portion of the down payment. Global Lending Solutions, Inc. is here to help you with a mortgage for your dream home and show you how to use this Homes for Heroes program to your...
by Marion Trent | Dec 19, 2012 | Blog, news
Fannie Mae’s goal is to sell in a timely manner the properties that it now owns due to foreclosures. They have created a database, called HomePath, that includes only these properties. There is a wide selection from single-family homes, condominiums, and town homes. These are located in a variety of locations, many of them are relatively new and some are older homes. Some homes may require repairs. Benefits of HomePath program: • 5% down payment for primary residents • 15% down for investors • No mortgage insurance • No appraisal fees Down payment can be funded by your own savings, a gift, a grant, or a loan from a nonprofit organization, state or local government, or an employer. Fannie Mae may have made some repairs but the houses are sold “as is” so buyer should be aware that other repairs may be needed. Fannie Mae does not warrant or guarantee any work that may have been done on the property. Where a home warranty is available, you may wish to buy one at your own expense. Fannie Mae requires a lender’s prequalification Fannie Mae wants to be sure the prospective buyer will be able to complete the sales transaction and obtain financing when needed. Prequalification does not mean one is approved for a loan. Buyer will have to apply for a loan separately. We, at Global Lending Solutions, are ready to help you take advantage of this program. We are an approved HUD Lender and Certified for the HomePath program. No mortgage insurance will be a big savings for your cash flow. Call us today for your prequalification, so...
by Marion Trent | Dec 19, 2012 | news
Mortgage rates continue to fluctuate. Here are some tips on what information you should have to help you determine if this is the right time for you to refinance. What percentage difference? A current rule of thumb is if your current mortgage rate is a full one percent or higher than the current quoted rates, it is a good time to consider refinancing. FICO Score This term comes from the acronym for Fair Isaac Corporation, the company that created the best-known and most widely used credit score model in the United States. Currently a score of 740 or higher is required to get the best rates in today’s market. Various Options for Paying Fees Each market varies in this area. Situations vary from the buyer paying the fees out of pocket, rolling the fees into the loan with maybe a higher rate. Or, having the fees added to the principal. Experience Counts We are here to help you navigate the current refinancing course. Experience can be a big factor in getting the correct loan for each customer. That is why our experienced staff is such an asset. Give us a call to let us help you evaluate your unique situation. (817)...
