Help is on the way!
Well it might not be there in time for many home owners who find themselves “underwater” in their mortgage. As a heads up the new HAMP program or Home Affordability Modification Program, that Washington put in place, has a few changes that were recently implemented. The goal is to streamline the process. Click Here for more information on the HAMP changes.
In other news, a report recently released indicates that FHA is in good shape. Some people critical of the FHA were concerned that they are taking a bigger risk in the mortgage business with their dramatic increase in market share. This story makes the point that their share has risen from a 3% market share to a 30% market share almost overnight. A personal note: FHA has played a role in the real estate recovery; however the low down payments are very concerning. Yes FHA requires a higher credit score, however even with good credit if one of the two persons who are buying the housing loses a job (a possibility in this economy) or their income is adjusted slightly, does FHA think those borrowers wont default? These are difficult times for everyone. The sooner we move towards responsible lending and borrowing the better our recovery will be. If the borrowers continue to live on the edge we could face another round of difficulties.
Posted by:
Glenn Hanon
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Karen Trepton
the first time home buyer is out buying homes all other price ranges begin to see movement. Sara and Andrew took advantage of the $8,000 incentive and just bought their first home in Oconomowoc. The $8,000 definitely made a difference when it came time to think about buying their dream home. “Without the incentive, I think we would not be able to move forward with our new home, which we love and can’t wait to move into this May!” says Sara. With the help of their lender and REALTOR®, Glenn Hanon, Sara and Andrew grew more excited that apartment living would be a thing of the past. The credit will help with the down payment and perhaps a small improvement to their home. “2009 is the year to buy”, explained Andrew, “We were able to buy the house we wanted.” If you are contemplating a move from a rental and you think you may qualify for the $8,000 credit, feel free to call me at the office, 262-567-4349 and we can meet to discuss your dreams.
