www.valuation-expert.com
A real estate appraiser will develop an opinion of market value for your property. The lender will order the appraisal. The appraiser will check for certain items of your home to make sure it meets FHA standards. You should insist that the lenders hire local and experienced real estate appraisers. If you need a local, professional appraiser, visit our website at http://www.charlotte-appraiser.net/ or http://www.valuation-expert.com/
Before you ask your financial institution for a standard, conventional home loan, consider asking about a Federal Housing Administration (FHA) loan instead. In this article we'll cover the basics of an FHA loan, why you should ask for one and how they measure up to conventional home loans. Keep reading to learn more. What is an FHA home loan? An FHA home loan is still issued by a private financial provider, but it's insured by the Federal Housing Administration (FHA). Essentially, this provides the lender with greater security and you with lower monthly payments. Why should I ask for an FHA loan instead of a conventional loan? 1. It's easier to qualify for an FHA loan. Because the mortgage is insured by the FHA and the U.S. Department of Housing and Urban Development, lenders are more likely to issue the loan. 2. You can still qualify with poor credit. Even with past credit problems like a bankruptcy, an FHA loan is easier to qualify for than a conventional mortgage. 3. A lower down payment. An FHA loan only asks for a 3% down payment, which is significantly lower than some banks' requirements of 10-20%. 4. The loan costs less in the long term than a conventional loan. Because the FHA can offer more competitive interest rates, you'll often receive lower rates which will save you a lot of money over the term of your loan. 5. FHA offers foreclosure protection. Unlike many lending institutions, the FHA doesn't want to see your mortgage foreclosed. So, they have a number of programs designed to help homeowners who are in trouble. This can be a great resource if you hit hard times. 6. Energy efficiency credits. The FHA allows prospective homeowners to include the cost of energy efficiency upgrades into their mortgage, meaning you can get extra cash to make your new home more energy efficient. How do I qualify for an FHA loan? 1. You must meet the basic FHA credit rating requirements. While these are lower than most banks and lending institutions that offer conventional loans, you'll still be subject to a credit check. 2. Your mortgage must not exceed the maximum amount available in your county. On their web site at www.hud.gov, the U.S. Department of Housing and Urban Development maintains a list of maximum amounts sorted by county. 3. The property you're buying must not exceed four units. 4. The potential property must be appraised and inspected. An FHA appraiser will be ordered through the lender. You can subtract the cost for this from your down payment requirements. All in all, an FHA loan works out to a much better borrower's deal than a conventional loan.
Wednesday, April 16, 2008
Tuesday, April 15, 2008
Appraiser Waxhaw, Union, Indian Trail, Monroe, Weddington, NC
HUD Press Release
The Bush Administration today announced additional mortgage assistance for subprime borrowers who are at risk of foreclosure. The plan, which is designed to help address the adverse economic conditions affecting many communities across America, will help break the cycle of house price depreciation that is being caused by an increasing number of foreclosures and the overall contraction in the credit market. Under the new plan, HUD's Federal Housing Administration (FHA) would have the added flexibility to insure more mortgages, including those for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender.
This FHASecure expansion will help more homeowners who are struggling to keep up with mortgage payments on their high-cost subprime loans. With this expansion of FHASecure, the Administration expects about 500,000 families to refinance into prime-rate FHA-insured mortgages in total by the end of this year.
"Our plan will help hundreds of thousands of desperate families who have no place else to turn for safer, lower cost ways to keep their homes," said Federal Housing Commissioner-Assistant Secretary for Housing Brian D. Montgomery at a hearing of the House Financial Services Committee. "We want to be able to help families who are in the right house, but the wrong mortgage."
In August 2007, FHA modified its refinancing program to help creditworthy homeowners who missed payments after their teaser rates reset. Now, FHASecure is expanding its eligibility standards. Homeowners who believe they meet this additional eligibility criteria must fall into one of the following categories:
Borrowers with adjustable rate mortgages who were late on two consecutive monthly mortgage payments or at two different times over the previous twelve months. FHA will require a 97 percent loan-to-value (LTV) ratio for these borrowers to refinance, the same LTV as FHA's current standard.
Borrowers with adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past 12 months. FHA will require a 90 percent LTV ratio for these borrowers to refinance.
With these new criteria, the expanded FHASecure can help additional borrowers access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders may voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to "fill the gap" between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser.
FHA will insure new, more affordable mortgages in exchange for this equity cushion, which will protect FHA's insurance fund, and thus the taxpayer, against risk. Currently, FHA's insurance fund is self-sustaining, meaning that it requires no appropriation of taxpayer dollars because homeowners pay for the product themselves. Further, any new FHASecure loans will continue to meet FHA's no-nonsense underwriting standards. Lenders will be required to ensure borrowers have the capacity to repay their mortgages; show a reasonable credit history; employment history; and fully document and verify their incomes.
Like all FHA-insured loans, borrowers will be required to pay upfront and annual premiums on their loans, which directly contribute to the soundness of FHA's insurance fund and protect taxpayers. FHA will also be simultaneously updating the pricing policy for these premiums. The new policy will base premiums on the individual borrower's credit risk profile. More than 90 percent of FHA-backed loans are 30-year fixed rate mortgages. Homeowners currently using FHASecure are saving $400 a month on average compared to their previous subprime loans.
"More homeowners continue to turn to FHA to find mortgage terms they can afford. We're keeping families in their homes while doing what's in the best interest of future generations who will rely on the safety and soundness of FHA to put a roof over their heads. The modifications to the existing FHASecure product offer a prudent, yet appropriate, way to help more families refinance without putting the government or taxpayers at risk. Consistent with FHA's historical mission, the changes are designed to help FHA provide additional liquidity and stabilize local real estate markets."
Since September 2007, FHA has helped pump nearly $68 billion of much-needed mortgage activity into the housing market, $28.5 billion of which was through FHASecure. FHASecure has helped more than 150,000 homeowners who are current or past due on their loans avoid foreclosure, and, with today's announcement, it is expected to assist 500,000 total families by December 31, 2008.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.
For an FHA approved appraiser in Charlotte, Union, Weddington, Waxhaw, North Carolina, visit
www.valuation-expert.com or www.charlotte-appraiser.net
The Bush Administration today announced additional mortgage assistance for subprime borrowers who are at risk of foreclosure. The plan, which is designed to help address the adverse economic conditions affecting many communities across America, will help break the cycle of house price depreciation that is being caused by an increasing number of foreclosures and the overall contraction in the credit market. Under the new plan, HUD's Federal Housing Administration (FHA) would have the added flexibility to insure more mortgages, including those for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender.
This FHASecure expansion will help more homeowners who are struggling to keep up with mortgage payments on their high-cost subprime loans. With this expansion of FHASecure, the Administration expects about 500,000 families to refinance into prime-rate FHA-insured mortgages in total by the end of this year.
"Our plan will help hundreds of thousands of desperate families who have no place else to turn for safer, lower cost ways to keep their homes," said Federal Housing Commissioner-Assistant Secretary for Housing Brian D. Montgomery at a hearing of the House Financial Services Committee. "We want to be able to help families who are in the right house, but the wrong mortgage."
In August 2007, FHA modified its refinancing program to help creditworthy homeowners who missed payments after their teaser rates reset. Now, FHASecure is expanding its eligibility standards. Homeowners who believe they meet this additional eligibility criteria must fall into one of the following categories:
Borrowers with adjustable rate mortgages who were late on two consecutive monthly mortgage payments or at two different times over the previous twelve months. FHA will require a 97 percent loan-to-value (LTV) ratio for these borrowers to refinance, the same LTV as FHA's current standard.
Borrowers with adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past 12 months. FHA will require a 90 percent LTV ratio for these borrowers to refinance.
With these new criteria, the expanded FHASecure can help additional borrowers access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders may voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to "fill the gap" between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser.
FHA will insure new, more affordable mortgages in exchange for this equity cushion, which will protect FHA's insurance fund, and thus the taxpayer, against risk. Currently, FHA's insurance fund is self-sustaining, meaning that it requires no appropriation of taxpayer dollars because homeowners pay for the product themselves. Further, any new FHASecure loans will continue to meet FHA's no-nonsense underwriting standards. Lenders will be required to ensure borrowers have the capacity to repay their mortgages; show a reasonable credit history; employment history; and fully document and verify their incomes.
Like all FHA-insured loans, borrowers will be required to pay upfront and annual premiums on their loans, which directly contribute to the soundness of FHA's insurance fund and protect taxpayers. FHA will also be simultaneously updating the pricing policy for these premiums. The new policy will base premiums on the individual borrower's credit risk profile. More than 90 percent of FHA-backed loans are 30-year fixed rate mortgages. Homeowners currently using FHASecure are saving $400 a month on average compared to their previous subprime loans.
"More homeowners continue to turn to FHA to find mortgage terms they can afford. We're keeping families in their homes while doing what's in the best interest of future generations who will rely on the safety and soundness of FHA to put a roof over their heads. The modifications to the existing FHASecure product offer a prudent, yet appropriate, way to help more families refinance without putting the government or taxpayers at risk. Consistent with FHA's historical mission, the changes are designed to help FHA provide additional liquidity and stabilize local real estate markets."
Since September 2007, FHA has helped pump nearly $68 billion of much-needed mortgage activity into the housing market, $28.5 billion of which was through FHASecure. FHASecure has helped more than 150,000 homeowners who are current or past due on their loans avoid foreclosure, and, with today's announcement, it is expected to assist 500,000 total families by December 31, 2008.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.
For an FHA approved appraiser in Charlotte, Union, Weddington, Waxhaw, North Carolina, visit
www.valuation-expert.com or www.charlotte-appraiser.net
Thursday, April 3, 2008
2008 Revaluation in Union Co. North Carolina
It's that time of the year again!! Do you disagree with your local tax assessor about the market value of your property?
2008 Revaluation Information
"North Carolina law requires each county to complete a property revaluation at least once every eight years. The primary purpose of a revaluation is to equalize the tax burden among all classes of property. The 2008 revaluation in Union County is being performed to ensure assessments reflect current market value and that taxation is fair and equitable for each of our citizens.
The Union County Tax Administrator’s Office does not dictate value. The marketplace is interpreted by analyzing real estate transactions and comparing a property to similar properties that have sold. If a taxpayer disagrees with the assessed value, they may file an informal appeal. It is recommended that the taxpayer have supporting information on which to base an appeal."
Call us to see if we can help. We are located in Indian Trail, North Carolina, and specialize in high-end residential properties. We have already helped many with their tax appeals in Union County. We are also FHA approved real estate appraisers in Charlotte, Mecklenburg, and Union County, North Carolina.Visit our website at: http://www.charlotte-appraiser.net or http://www.valuation-expert.com/
2008 Revaluation Information
"North Carolina law requires each county to complete a property revaluation at least once every eight years. The primary purpose of a revaluation is to equalize the tax burden among all classes of property. The 2008 revaluation in Union County is being performed to ensure assessments reflect current market value and that taxation is fair and equitable for each of our citizens.
The Union County Tax Administrator’s Office does not dictate value. The marketplace is interpreted by analyzing real estate transactions and comparing a property to similar properties that have sold. If a taxpayer disagrees with the assessed value, they may file an informal appeal. It is recommended that the taxpayer have supporting information on which to base an appeal."
Call us to see if we can help. We are located in Indian Trail, North Carolina, and specialize in high-end residential properties. We have already helped many with their tax appeals in Union County. We are also FHA approved real estate appraisers in Charlotte, Mecklenburg, and Union County, North Carolina.Visit our website at: http://www.charlotte-appraiser.net or http://www.valuation-expert.com/
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