Do you own a home or investment property or do you want to own one. This information is very valuable. "Those who do not know history are doomed to repeat it". Thomas Sowell, senior Hoover fellow and author of The Housing Boom and Bust, cites Congressman Barney Frank, former President George W. Bush, and Allan Greenspan for the housing bust.
This post is not meant to be political although it deals with politics given the people in charge of setting standards in the mortgage industry. You can find the complete 34 min interview at FORA.tv It's a great web site as you can select the chapter of the video you want to see. Below I have included their YouTube video which gives a fair overview but clicking on the full video link above is well worth it. I personal have learned a tremendouse amount about econimcs from Thomos Sowell and I respect his opinion.
An excellent overview of refinancing options if you have been unable to refinance because of loan to value but not due to credit or income direct from the FannieMae web site. This is the presentation used to train loan officers so you get ALL the details and inside secrets.
According Kiplinger.com new credit scoring guidelines being implemented over the next year will be beneficial to people who have an isolated credit problem and they won’t be lumped together with habitual delinquents. This could help people recover much more quickly from a short sale or credit issues related to a job loss or medical event when buying a home in the Boise Idaho area. “If you have one isolated missed payment you won’t score as low as before.” The new FICO model also focuses less on how many accounts a borrower has and more on the amount of balances carried.
Read the full article on Kiplinger.
Up to $7,500 is available interest free for the purchase of a home in the Boise. What most people don't know is that this money can be used as a down payment for FHA and conventional loan programs. That would cover 100% of the down payment for a home up to $250,000 using one of the easiest loans to qualify for (FHA). As with most programs of this type there are some restrictions - but, hey it's literally a free loan. Can't get much better than that can it?
Here is what typically happens on a typical mortgage. You buy a home and receive a mortgage from ABC Mortgage Company or even your local bank. ABC Mortgage Co. funds your loan and you move into your new home. Part of your loan is then sold to a very large investor (FannieMae, FreddiMac, etc.). Only the note is sold to them the servicing, or who you make your payments to is sold to another company (WellsFargo, Countywide, etc.). Local banks such as Syringa Bank, Mountain West Bank and Key Bank all sell their loans. This is a critical and important function as without their ability to sell the loans they would be limited by the amount of deposits on how much they could lend. Plus because of their local presence they have on the ground people who know the in's and out’s of out local marketplace.
Here is what typically happens on a typical mortgage.
Part of your loan is then sold to a very large investor (FannieMae, FreddiMac, etc.). Only the note is sold to them the servicing, or who you make your payments to is sold to another company (WellsFargo, Countywide, etc.). Local banks such as Syringa Bank, Mountain West Bank and Key Bank all sell their loans. This is a critical and important function as without their ability to sell the loans they would be limited by the amount of deposits on how much they could lend. Plus because of their local presence they have on the ground people who know the in's and out’s of out local marketplace.