Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:
· Closing costs;
· The purchase of new Whirlpool® appliances by Fannie Mae; or
· A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.
To be eligible for this incentive:
· Offers must be accepted on or after January 28, 2010;
· Property sales must close before May 1, 2010, and;
· Buyers must be owner-occupants (investors are excluded).
For more information about this incentive, visit www.HomePath.com.
Get help before you fall behind on your FHA mortgage
On Friday, the Federal Housing Administration announced that it will assist borrowers before they become delinquent on their mortgage. Borrowers will need to prove financial problems caused by job loss, fewer hours, lower wages or less self-employed earnings.
Borrowers may also qualify based on a change in circumstances, such as a death or disability.
The workouts available include forbearance, a postponement or reduction in payments for a specified period. This does not actually forgive the payments, the arrearages are added to balance later in the mortgage term.
In more severe cases, borrowers may qualify for permanent payment reductions. This may be done by increasing the term of the loan, reducing the interest rate or even forgiving principal -- or a combination of the three.
Borrowers may also qualify based on a change in circumstances, such as a death or disability.
The workouts available include forbearance, a postponement or reduction in payments for a specified period. This does not actually forgive the payments, the arrearages are added to balance later in the mortgage term.
In more severe cases, borrowers may qualify for permanent payment reductions. This may be done by increasing the term of the loan, reducing the interest rate or even forgiving principal -- or a combination of the three.
Housing Reform Urged by Attorney Generals
A group of 12 state attorney generals is urging the Obama administration to expand the current Making Home Affordable program.
The officials recommended cutting loan balances in addition to lowering mortgage rates and monthly payments, especially in areas that have been hardest hit by declining home prices.
Additionally, the group wants loan servicers to reform adjustable rate mortgages. Currently, 40 percent of these mortgage loans are delinquent and many are expected to go into foreclosure.
The officials recommended cutting loan balances in addition to lowering mortgage rates and monthly payments, especially in areas that have been hardest hit by declining home prices.
Additionally, the group wants loan servicers to reform adjustable rate mortgages. Currently, 40 percent of these mortgage loans are delinquent and many are expected to go into foreclosure.
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