Reverse Mortgage For Purchase
January 2009 HUD instituted a new program for Seniors (Age 62 or older) to purchase a new principal residence and obtain a reverse mortgage within a single transaction by eliminating the need for a second closing.
The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, etc
A Reverse Mortgage main concept is to have NO MORTGAGE PAYMENT. Now HUD is saying that Senior Citizens can buy homes or downgrade to a smaller home without ever making another mortgage payment as long as they live.
- The Housing and Economic Recovery Act of 2008 gives Unprecedented Consumer Safeguards With No Credit or Income Qualifications.
- Lower Fees than before
- Never Give Up Title to Home!
- Never Owe More than Home’s Value!
- Never Have to Move
- Never Make a Payment aslong as you live or sell/move the house!
Senior has $125,000 in equity but wishes to move. REALTOR lists and sells departure home. REALTOR writes contract on new $350,000 home by combining $125,000 down payment with $225,000 reverse mortgage purchase money:
SENIOR HAS NO MONTHLY PAYMENT!!!
Reverse Mortgages are now becoming more and more suitable for Seniors and with the New Reverse Mortgage for Purchase, A Senior Citizen doesn’t ever have to worry about losing the house or making another mortgage payment.
Posted in 1st Time Home Buyer, Down Payment Assistance, FHA, Mortgage, Purchase, Real Estate, Reverse Mortgage
Tagged 2009. changes, 62, FHA, Hud, Mortgage, new, Purchase, Senior
No Cost, No Appraisal, Quick and Easy
FHA Streamline Refinance 411 – The Quick & Easy Loan – No Cost – No Appraisal
FHA Streamline 411: FHA has permitted streamline refinances on insured mortgages since the early 1980’s. This is a way to “Gurantee Refinance” regardless of certain requirements. This is an excellent choice if you want to ..
1.) Convert your ARM to a FIX regardless of past credit and upside appraisal issues.
2.) Refinance to a lower rate, quick and easy without the headache of new loan process.
FHA Streamline Requirements:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (past late payments OK)
- No Fico Score Required
- Must lower the borrower’s monthly principal and interest payments to qualify.
- No Cash out over $500 on refinance.
- No termite report is required
- Appraisal not required
- Income documents not required
FHA Streamline Process: The Streamline process is by far the most Fastest and Easiest to qualify. Heres how it works
- Check to make sure your loan is a FHA loan
- Call me to complete a 5 minute application
- Sign and Complete disclosure forms to get Payoff from your current company.
- Wait 48 hours
- Close Loan
- That was easy!!
Posted in ARM, FHA, Mortgage, Refinance, stated
Tagged 411, Application, ARM, Bad Credit, Easy, fast, FHA, FHA STREAMLINE, Finance, FIX, Government, Hud, less hassle, loan, Mortgage, No Appraisal, No Closing Cost, No Doc, no worries, Qualify, quick, Refinance, Streamline, virginia, Virginia Beach