First Time Home Buyer Tax Credit Loan Program with Low Interest Rate FHA Mortgage and Low Down Payment. Government Assistance to purchase Lender Foreclosed Homes. Go To RealEstateMarketingThisWeek.com Part 4 (Excerpt) FHA financing why you should work with a broker 4% appreciation over the last 17 years You mentioned earlier that property values are up 71% long term, even though we had this 50% drop. Youre talking about the average 4% appreciation per year since 1992. Right, I did some calculations I was working on a book last year and one of these days I may get around to publishing it. Its called Real Estates Future and what we were looking at was a statistical model to be able to pick the top and the bottom of all the real estate markets. I hadnt looked at the thing for about a year until I was working with Michael the other day and I started pulling it out and going lets run the model and see where we are in regards to the market, and one of the things I looked at is the last time we saw the bottom of the market was when I was selling houses for the RTC and that was in 1992, the median home price was 000. Median home price now is 0000. That means from 1992 until now it went up 71%, thats after we just saw a 50% decline. So it is up 4% per year on average, and where else are you going to get a return like that? Even if you put 3.5% down on a house you are getting a heck of a lot more than a 4% return. If you look at the internal rate of return it is significantly …

First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.

Even though buying your first home may be incredibly exciting, there are some things you should do before considering visiting any mortgage lender. For many first time home buyers, this will be the largest investment of their life. But there is no disputing the fact that buying a home is a sometimes an emotional process because of the amount of time and paperwork that is normal with any home purchase.

Even if you are just venturing out to look at homes or if you already know what you prefer to buy, purchasing a home requires some research and effort. Any time that you spend in the preparation is worth the effort because it will help both the lending and closing processes proceed smoothly.

Before you ever contact a mortgage lender, you need to go ahead and get a copy of your credit report. After you get a copy, double-check it for any errors or potential problems. If you discover an error, you need to contact the creditor to make sure that erroneous items get fixed on your report. Even if you have a low credit score, it does not mean that you cannot get a home loan, but you may have to pay a higher interest rate.

Organize your Efforts

After you have determined which lender you would like to deal with as well as the mortgage rates you anticipate getting, your lender will request a Verification of Employment form. What you can do is ask your human resources department to keep an eye out for this form. Then you can rest assured that your very important document is not simply buried in in a stack of mail or on top of a fax machine. If human resources is expecting the document, they are much more likely to complete it quickly.

You will also need a minimum of one month’s worth of pay stubs or payment records from your present employer. Make copies of these and retain the originals. Find the most recent W2 forms that your employer sent you for the last two calendar years. Your lender requires these wage and tax statements from you as well as from your spouse or other person with whom you are applying for the mortgage. Find your federal tax returns and make copies of the documents. Use the two most recent years of tax returns if you have not yet filed your return for the the just-past calendar year.

Gather All Necessary Documents

There are more pieces of paperwork that your lender is going to need. Most lenders want at least three months worth of checking or savings account statements. Also bring copies of any assets like retirement accounts, stocks, bonds, mutual funds and so forth. Your lender is also going to have to confirm your identity, so that means that a copy of your driver’s license or passport is also needed.

The final thing that you need to do is to make a financial inventory. Calculate how much debt you owe and make a list of each account. This includes all loans, other real estate purchases and credit cards. Your lender will ask for copies of statements of all of these accounts.

You will also want to determine how much money you will have remaining after you have paid the down payment and the remaining closing costs. A copy of your social security card is also required. Gathering all of this paperwork really is the difficult part, so being proactive in gathering the necessary documents is of great benefit.

Home Loans for New Home Buyers – Video

Tips for Choosing the Right Mortgage Lender

A decision that is almost as important as which house to buy is which mortgage lender to use. It is important that the entire transaction is handled efficiently and professionally.

How Much Do I Need for a Mortgage Loan Deposit?

There are a number of very important decisions to make when buying a home, and with each comes a variety of options. When deciding how large of a down payment to make, there are a number of different factors that must be taken into account.

The World’s Real Estate Crisis

It’s been blatantly obvious for some time now that our credit-fueled prosperity party has now come to a rather abrupt end.

The New and Improved First Time Home Buyer Tax Credit

Basically the tax credit for first-time home buyers went from $7500 to $8000, with the difference that the tax credit now does not have to be repaid at all. Before, it was to be repaid over a 15 year period.

Mortgage Refinance Advice

Once you get a mortgage quote you like shop it around to other potential mortgage lenders. This increases your odds dramatically of that lender meeting or beating the quote you showed them.