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With New Federal Guidelines Short Sales Should Become Easier

January 27, 2010 By Leave a Comment
New Short Sale HAFA Guidelines

With new guidelines due to take effect in April, and with lenders able to implement them earlier, the frustrating process of short sales should become easier. The guidelines are part of  the new government Home Affordable Foreclosure Alternative Program (HAFA).  The purpose is to enable borrowers who are eligible for loan modification programs but are unsuccessful in their attempts, to work out a plan with their lenders to execute a short sale or deed in lieu of foreclosure (where the … [Read more...]

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Buyers Beware of the Good Faith Estimate

January 17, 2010 By Leave a Comment
Mortgage Lender's Good Faith Estimate

The Good Faith Estimate, or GFE was intended to protect the buyer by documenting all the fees that need to be paid by a buyer at closing. The fees at closing cannot differ more than 10% of what was quoted, and if it is more, the lender is liable for the difference.  This was put in place to keep lenders honest.  Previously, cost estimates would be massaged in order to lure a borrower away from the competition, and when it came time to pay up at closing the actual fees could be substantially … [Read more...]

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Buying a Home in Los Angeles

January 9, 2010 By Leave a Comment
Couple selling house.

You have decided you are ready to buy a home in Los Angeles but you are waiting for: The bottom of the market. Interest rates to go even lower. A great deal on a foreclosure...... There are many reasons to avoid actually jumping in an making the purchase.  But: You will never know where the bottom is, and common opinion is that we are at the bottom now. Interest rates are at an all-time low, and are likely to rise this year. You and the rest of the world are looking for a great deal … [Read more...]

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New Loan For California Healthcare Workers

January 3, 2010 By Leave a Comment
Healthcare

There is a new mortgage available for California Healthcare Workers. Broadview Mortgage has an exciting new  loan for healthcare workers making home-buying affordable. This loan is available to almost anyone in the medical field - medical office receptionists, ambulance drivers, doctors, nurses, physicians aids, physical therapists, etc. Here are some of the program's highlights: Fixed origination fee…the maximum origination charged is only 1% Fixed lender fees…the maximum … [Read more...]

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