Newest FHA starting in September...

WOW--Thinking about buying a home? You MUST see this. What will FHA do in the next month?

http://www.thinkbigworksmall.com/mypage/archive/1/52542/

KC Dream Home Program IS BACK!--FREE MONEY

THIS IS NOT A JOKE!

Last year I sold a home with this program. He purchased an $83,000 house. At closing the city of Kansas City had a check there for his down payment of $16,600!!!!!! His mortgage was only $66,400. This REALLY works. Please call me TODAY.

This money does not last very long and when it is gone, its gone!

Thank you,

Jennifer Dove

Cell: 816-260-8884

Kansas City Dream Home Program

Pursue the American dream of homeownership!
The City of Kansas City, Mo. is currently accepting applications from first time homebuyers

(or people that have not owned a home for at least 3 years) for the KC Dream Home Program.

The Kansas City Dream Home Program:

• Provides a forgivable loan of up to 20 percent of the sales price of a home; maximum loan of $20,000
• No payments required on forgivable loan - 10 percent forgiven each year for 10 years
• Be a first time buyer or equivalent
• Homes must sell for less than $150,000
• Homes must be within the city limits of Kansas City, Mo.
• Household must meet income guidelines

Household income guidelines

Maximum income by family size:

• 1 person -$39,500
• 2 people - $45,150
• 3 people - $50,800
• 4 people - $56,400
• 5 people - $60,950
• 6 people - $65,450
• 7 people - $69,950
• 8 people - $74,450

7 Things You Should Know About FHA Loans!

Source: http://rismedia.com/2010-07-03/7-things-all-borrowers-should-know-about-fha-loans/

7 Things All Borrowers Should Know About FHA Loans

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RISMEDIA, July 3, 2010—FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).

“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87% today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.”

1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.

3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county though. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.

4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.

6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.

7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.

“Now, more than ever, buyers and sellers need to understand the options available to them when it comes time to buy a home,” continued Gardner. “At FHA Pros we have worked with countless HOAs, attorneys and individuals to easily and efficiently navigate the historically tricky FHA-approval process.”

30 year Interest Rates 4.5%--Call today!

Missouri Wholesale Division Rate sheet

Conforming Products $100,000.00 sales price used for APR figure

30 Year Interest Rate--**4.375% .............APR--4.541%...............P&I--$474.32..........5% down payment--$5000.00

15 Year Interest Rate--**3.875% ..............APR--4.163%...............P&I--$696.77..........5% down payment--$5000.00

FHA Products

30 Year Interest Rate--**4.250%...............APR--5.173%................P&I--$485.40..........3.50% down payment--$3500

15 Year Interest Rate--**3.750%...............APR--4.936%................P&I--$717.56...........350% down payment--$3500

Sincerely,

Greg Nakata

LeaderOne Financial

7000 NW Prairie View RD STE. 160

Kansas City, MO 64151

Direct Line: (816) 984-3100

Cell Phone: (816) 728-8111

Email: gregnakata@leader1.com

gnakata@moreloans.us

Web: www.leader1financialshow.com

Historic Lows on Interest Rates!

"Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the home-buyer tax credit," said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. "Freddie Mac began collecting rates for 30-year fixed loans in April 1971, 15-year fixed mortgages in September 1991 and 5-year hybrid ARMs in January 2005." --MarketWatch

To read more click here

FHA Summary Requirements

What the requirements are for obtaining an FHA loan in today's market?

Summary of FHA Requirements

FHA loans are the easiest type of real estate mortgage loan to qualify for. The FHA guidelines for loan qualification are the most flexible of all mortgage loans that require less than 5% down payment.

Following is the basic FHA loan qualification guidelines.

• Two Years of steady employment, preferably with same employer.

• Last two years Income should be the same or increasing.

• Credit report should typically have less than two thirty day lates in last two years with a minimum credit score of 620 or higher or in some cases no credit score at all.

• Bankruptcy's must be at least two years old, with perfect credit since discharge.

• Foreclosure's must be at least three years old, with perfect credit since.

• Your new mortgage payment should be approximately 30% of your gross (before taxes) income.

For More Info on FHA Loans: Click Here