Aurora HOAP

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  CITY OF AURORA HOME OWNERSHIP ASSISTANCE PROGRAM Founded in 1984, the City of Aurora’s Home Ownership Assistance Program (HOAP) is dedicated to making affordable housing a realization for low to moderate income families in Aurora. This is a one time assistance per family program. NEW REQUIREMENTS FOR CLOSINGS OCCURRING ON/AFTER 02-01-2014: BUYER CANNOT ALREADY […]

Top Reasons Mortgages Had Problems with 2013

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People are really unique and because of this every mortgage is unique.  Almost every loan will have an issue that requires further documentation and some will have many issues. Over the years I have compiled the “avoidable problem” list. I send this to everyone early in the process because if I know about these things […]

DOCUMENTING INCOME FOR YOUR MORTGAGE IS ALL ABOUT THE DETAILS

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Are You Being Asked For Tax Returns? Anyone who has recently applied for a mortgage knows the importance of documenting income. This is one of the most critical pieces of information that mortgage lenders require during the application process. But if you have not applied for a mortgage either recently or perhaps ever, you may […]

Is Buying a Foreclosure a Good Idea?

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Is Buying a Foreclosure a Good Idea? Initially, the thought of buying a foreclosure property seems great because most people equate the word “foreclosure” with “bargain price.” But a buying a foreclosure can be a complicated process and it often involves taking a certain amount of risk that is not normally required when purchasing a […]

Simple Tips to Fix or Improve Your Credit Score

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Is your credit score less than perfect? If so, you’re not alone. In fact, almost nobody has a perfect credit score. A perfect credit score is 850. But is this number even reachable? Is a score of 850 even necessary? Your credit score is important because the number greatly influences how much credit you can […]

Mortgage: How Long do you need to Wait after Bankruptcy or Foreclosure

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WAITING PERIODS REQUIRED FOR SIGNIFICANT DEROGARTORY CREDIT EVENTS CONVENTIONAL LOANS DEROGATORY ITEM CONVENTIONAL LOAN WAITING PERIODS Foreclosure Home was given back to the bank- No owner participation 7 years from the date foreclosure completed and transferred back to bank if they had NO extenuating circumstances 3 years from date foreclosure completed and transferred back to […]

Hud is making changes to the MIP premiums

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U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSINGFEDERAL HOUSING COMMISSIONER www.hud.gov espanol.hud.gov January 31, 2013 To: All Approved Mortgagees Mortgagee Letter 2013-04 Subject Revision of Federal Housing Administration (FHA) policies concerning cancellation of the annual Mortgage Insurance Premium (MIP) and increase to the annual MIP Purpose Consistent with FHA’s […]

HUD is extending Loss Mitigation options

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U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSINGFEDERAL HOUSING COMMISSIONER www.hud.gov espanol.hud.gov January 31, 2013 MORTGAGEE LETTER 2013-03 To All FHA-Approved Mortgagees, Single Family Servicing Managers Subject Extension of Implementation Date for Mortgagee Letter 2012-22, Revisions to FHA’s Loss Mitigation Home Retention Options Purpose The purpose of this Mortgagee […]

Pending home sales were up 9.8 percent in the 12 months through November, the National Association of Realtors said.

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WASHINGTON — Contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, an industry group said on Friday, further evidence of a strengthening housing market recovery. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, increased 1.7 percent to 106.4 […]