Question by Lil M: what are the requirements to buy a bank owned home with a fha loan?
what are the requirements to buy a bank owned home with a fha loan
Best answer:
Answer by Michael T
Same as all FHA requirements. Credit score of a minimum of 620, 2 years steady employment, front end debt not to exceed 29%, back end debt not to exceed 41%, and other requirements.
Give your answer to this question below!
CBA slows down mortgage loans
THE Commonwealth Bank’s domestic mortgage book has grown at an anaemic rate while the bank denies the nation has suffered a housing bubble.
Read more on Herald Sun
India hikes interest rates to contain inflation
India’s central bank raised key interest rates by a quarter point Tuesday to contain persistently high inflation amid strong economic growth.
Read more on San Diego Union-Tribune
CBA hikes rates – sharply
The Commonwealth Bank has raised its standard variable mortgage rate by 45 basis points – almost double the quarter-percentage point rise announced by the Reserve Bank today.
Read more on Straight Furrow
Community Shores Reports 2010 Third Quarter Results
MUSKEGON, Mich. — Community Shores Bank Corporation , Muskegon’s only locally headquartered independent community banking organization, today reported a third quarter net loss of $ 3.92 million, or per diluted share, compared to a net loss of $ 0.57 million, or per diluted share, for the 2009 third quarter.
Read more on GlobeNewswire via Yahoo! Finance
Hockey turns up heat on banking reforms
The opposition is demanding Treasurer Wayne Swan release immediately a reform package the government has been developing to improve banking competition.
Read more on AAP via Yahoo!7 News
Long Island, NY (PRWEB) November 28, 2007
Chief Executive Aaron Wider, in response to the Newsday article about himself and his bank, HTFC Corporation that ran November 18, says there are several inaccurate statements made in the article.
The Newsday article stated the following:
“Wider’s bank, HTFC Corp., is being sued in federal court by two large banks it sold millions of dollars in loans to – Pennsylvania-based GMAC Bank and a subsidiary, Minnesota-based Residential Funding Company – which charge in court records that the loans were fraudulent.”
Wider disputes the claim that the loans were fraudulent. Wider says, “Both RFC & GMAC have sued HTFC Corporation in federal court for losses that don’t exist which have already been established in Minneapolis and Philadelphia (Minnesota case pending summary judgment, Minnesota file # 06cv3973 Minnesota US District Court and Pennsylvania file # 06cv5291 US District Court Eastern District PA).”
The Newsday article implicates Wider further by stating:
“If the allegations are true, it suggests that Wider and his associates turned a profit on the real-estate deals by selling homes at inflated prices; issuing loans to cover those higher prices; and selling off the loans to other banks, thereby eliminating his responsibility for the loans if the borrowers stopped paying their mortgage. The two banks are seeking million in damages.”
Wider responds to this allegation by saying, “RFC & GMAC are in 6,000,000,000 in debt and are suing as many of the mortgage companies around the country to accommodate liquidity because of the mortgage collapse.”
The Newsday story further contends:
“A closer look at his (Wider’s) lending practices, however, reveals that many of these loans relied on faulty appraisals and exaggerated loan applications, leaving behind angry homeowners who are struggling to pay mortgages on overpriced homes.”
Wider responds, “There are no angry homeowners. There have been no complaints lodged ever with any state or federal agency anywhere in the country nor have there ever been any consumer lawsuits.”
The Newsday article accuses Wider of inflating the market:
“Along with a handful of associates, Wider bought and sold houses and issued mortgages for at least 30 properties, pushing the prices of some homes to as much as 0,000 above similar sales in the area, a Newsday investigation has found. Most of the time, the houses were sold twice on the same day.”
Wider responds, “Properties that are sold at quick sale value and estate sales are given at a bargain price. When a property is sold below market value and is then sold at fair market value, it’s only an acquired skill that completes the transaction.”
According to Wider, investors and speculators may not be penalized or restricted of commerce under the Sheraton Antitrust Act of 1890.
“The fact remains that 85% of the mortgage market has collapsed,” says Wider, “and HTFC Corporation has remained solvent and is one of the 5 companies on the non-implode meter on http://ml-implode.com/ which still supports the primary mortgage market around the country.”
“Newsday has never put into print that the ECOA Act and Fair Credit lending laws are consistently violated in East Massapequa. HTFC Corporation is the only bank that does not red line and upholds USAP laws,” says Wider.
Wider further disputes certain statements made in the Newsday article: Wider has never been married, fraud was never mentioned in any lawsuit he has been involved in and he has never loaned money to dead people.
About HTFC Corporation
HTFC Corporation has been in business since April 8, 2002. HTFC Corporation is a proud sponsor of City Relief, Ronald McDonald House, Bowery Mission, Kids with a Promise and many other charitable organizations.
Contact:
Aaron Wider
347-245-5524
Aaronw@htfcniche.com
www.htfcniche.com
###
Find More Bank Home Loan Press Releases
Question by paul h: If Bank Of America turns me down for a home loan, should I seek a bank overseas? Europe or China?
This will be my third home purchase on stated income?. I understand thr banks have given out too many bad loans recentely, but are there some that still have confidence with good buyers?
Best answer:
Answer by ieatcrayons
I think you should try a mortgage broker first. They have access to numerous lenders. Look for one that does its underwriting in house.
I’d never seek out a loan overseas, personally.
It looks like every other answer on here was a scammer. Please don’t fall for that!
Give your answer to this question below!
HDFC ups home loan rates by 50 bps
HDFC (Housing Development Finance Corporation), India’s largest mortgage financier, today increased its retail prime lending rate (PLR) by 50 basis points (bps) to 14.25 %. This is the first time HDFC is increasing its PLR in two years.
According to a senior HDFC official, 75 % of the mortgage financier’s lending is done at floating rates.
“Our cost of funds has gone up and we have to maintain spreads and profitability. Our rate hike comes after many banks active in home lending have raised rates. The increase is unlikely to impact the pace of home loan growth,” the official said.
For HDFC, the spread on loans over the cost of borrowings for the quarter ended June stood at 2.34 % compared to 2.31 % for the year ended March 31, the executive added.
Since HDFC home loan follows a three month reset cycle for its floating rate loans, the change in PLR will impact all the existing customers over the next three month period depending on their date of first disbursement.
Almost all public sector banks have increased their benchmark prime lending rate, which has pushed up home loan rates.
“Our cost of funds has gone up and we have to maintain spreads and profitability. Our rate hike comes after many banks active in home lending have raised rates. The increase is unlikely to impact the pace of home loan growth,” the official said.
HDFC was locked into a pitched battle with the country’s largest lender State Bank of India (SBI) in home loan rates. While most banks have withdrawn fixed-cum-floating rate schemes, the two lenders have persisted with the teaser rates. SBI home loan scheme was valid till 31 August, while HDFC’s scheme is valid till March 2011.
Working with a WRS Info India Pvt Ltd.
Article from articlesbase.com
Bank revenues shrivel through 2010
Shrinking revenue at U.S. banks, led by Goldman Sachs and Citigroup, may continue to fall as the industry heads into what could be its slowest period of growth since the Great Depression.
Read more on Fort Wayne Journal Gazette
Rate rise shock
The Reserve Bank has surprised pundits and financial markets by lifting its key interest rate for the first time since May. The central bank looked beyond benign inflation figures for the September quarter to raise the official cash rate to 4.75 per cent from 4.5 per cent.
Read more on The Advocate
Swan swipes CBA over rate rise
Deputy Prime Minister Wayne Swan has taken a swipe at Commonwealth Bank over its decision to nearly double the Reserve Bank’s rate rise, announced today.
Read more on Business Day
Market lifts late to close in the black
Stronger bank stocks led the Australian sharemarket higher after the central bank defied expectations by lifting interest rates.
Read more on thewest.com.au
Rate rise shock
The Reserve Bank has surprised pundits and financial markets by lifting its key interest rate for the first time since May. The central bank looked beyond benign inflation figures for the September quarter to raise the official cash rate to 4.75 per cent from 4.5 per cent.
Read more on Straight Furrow
Westpac posts .3 billion profit
WESTPAC Banking Corporation says it has yet to make a decision on a rate rise despite posting an 84 per cent rise in full year net profit to $ 6.3 billion.
Read more on News Mail
Question by Matthew C: Can I transfer a home equity loan from my bank to a credit card offering a lower APR. My banks says no.?
Is it possible to transfer my home equity loan balance ( $ 10,000 at 8.25%APR) thru my bank to a credit card with a lower APR ( say a Balance Transfer Card at 1.9 % APR for 18 months). My Bank says NO….not without a cash transfer. Why not? I have excellent credit and this would save me from paying interest for a year and a half. By then, almost all of the $ 10,000 would be paid too ( I put in about $ 700 a month). Any advice?
Best answer:
Answer by a2z_4me
Shop for a new loan, with a better rate.
Is the credit card and loan with the same company?If so whats the incentive for them? Lost money? Try combining different companies on the transaction or just get a new loan somewhere else. You probibly can get a personal unsecured loan for the pay off at lower interest, state it is for home improvement.
Give your answer to this question below!
Irvine, CA (PRWEB) April 10, 2009
Government programs to help homeowners don’t work. So says Rick Arvielo, president of New American Funding, a fully delegated FHA lender that works distressed borrowers through successful write-down negotiations and loan modification activities. Borrowers have inundated the company with requests for the Hope for Homeowners product since Congress’s creation of the program in October 2008.
“The government’s desire to provide financing to borrowers in distress or even the appetite of investors to own those loans mean very little unless every group or organization in the process is willing to participate. One missing step will derail the whole strategy,” Arvielo says. “The major banks that retail loan centers, independent brokers and smaller interim banks rely on as a necessary step in the funding process do not have any desire to fund and own the responsibility of collecting payments from borrowers that are clearly in distress.”
Even though a borrower’s “loan” amount is ultimately guaranteed by Fannie, Freddie or FHA, the responsibility for the payment collections falls squarely on these major banks. Due to current rising default rates, the banks simply do not want the added workload, risk and upfront cost associated with borrowers that have displayed a pattern of not paying their mortgage, regardless of the reason, Arvielo says.
Can you blame them?
Arvielo says he was very frustrated when Hope for Homeowners was introduced. New American Funding was anxiously anticipating a windfall of business opportunity when the guidelines were first released, but when Arvielo called his contacts at all of the large institutional lenders — on which all mortgage banks rely to sell loans — he was met with zero interest in cooperating with the program.
“Out of frustration, I went toe-to-toe with one of the major investors at the Mortgage Bankers meeting in San Francisco, where I even brought up the fact that they had just received billions in TARP money and weren’t going to use any of it for the Hope for Homeowners program when this gentleman said something to me that stopped me in my tracks,” Arvielo says. “He said, ‘If we would agree to buy these loans from you, where you are on the hook for the borrowers’ first four payments, the typical timeframe for a mortgage bank, or you would have to buy the loan backâ¦what would you do?’ Admittedly, I am no longer an advocate for the program.”
Arvielo says the next time money and time is spent creating a program to help homeowners, the government needs to apply a little discovery to the systemics of actually originating and funding loans. The government might also do well to get the major banks to “sign off” on the program and agree to some level of support, Arvielo says.
“The Hope for Homeowners program should have included a ‘First payment default’ guarantee and money earmarked for the servicing of these loans. Then, it might have had a chance,” Arvielo says.
For more information on New American Funding or president Rick Arvielo’s position on the Hope for Homeowners program, visit www.newamericandirect.com.
About New American Funding
New American Funding is a HUD approved FHA direct lender. The company staffs an expert team of loan specialists that can help homeowners get out of an existing adjustable rate mortgage and into an affordable 30-year government insured loan. In addition, New American Funding staffs a full team of loan modification specialists to assist homeowners in saving their homes from foreclosure.
# # #
