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More governmental departments and organizations are investigating cases of mortgage fraud than ever before. While this is a good sign for potential victims, the sheer numbers of fraudulent cases make it difficult for even these agencies to follow-up on every case.
Governmental organizations aren't the only ones looking out for homeowners who might be adversely impacted by mortgage fraud. There are a number of nongovernmental organizations that can help consumers address fraudulent cases.
Applying for a mortgage can sometimes prove complicated. However, there are many different programs that one may be eligible for. You first need to gather information about the qualifications and guidelines for programs such as the Rural Housing Development Loan program. Interest rates can be different with different lenders along with the qualifications and guidelines from one lender to the next.
Coronavirus (COVID-19) information guide: Key points relating to home loans, mortgages, refinancing, real estate and the housing market. We hope to help answer and provide resources on the common questions in these challenging times. Whether you’re looking for mortgage payment relief or considering refinancing with current historical low rates to help with cash flow. There are many situations in which you may need mortgage assistance because of the impact of the novel coronavirus COVID-19. We’ve studied the latest information available to assist you in these unique times.
The home loans that caused the housing market to crash in 2008 are returning under a different name — nonprime loans, though with more documentation than the subprime loans where it seemed like anyone with a pulse could get a home loan. They’re replacing subprime mortgages as a new form of bad credit mortgages, but with some safeguards.
Worried that you can't afford even an entry-level home in your market? You're not alone. John Burns Real Estate Consulting recently released a study showing that only 54 percent of U.S. consumers can afford a home priced at 20 percent of the median home price in their area.
America’s financial institutions, like most businesses, know how to fill a need when they see one. Borrowers who are self-employed, have bad credit or are somehow shut out from obtaining a mortgage from a bank can instead go to non-bank lenders and have an easier time being approved for a home loan, including a non-qualified mortgage loan.
Owning a home and sending payments to your mortgage lender each month can be tough. That mortgage bill is probably the biggest expense you face, and maintaining a home is no inexpensive task. You can easily spend thousands of dollars a year should your hot water heater burst, furnace conk out or roof start leaking. And if you are paying off an adjustable-rate mortgage, you might be watching mortgage rates closely to make sure your monthly mortgage payment doesn’t rise too much.
A recent move by federal officials to stop national programs from lending down payments to people who can’t come up with the money on their own to qualify for FHA loans will likely make it harder for first-time homebuyers and lower-income families to buy a home.
Worried that a hacker will steal your personal information and use it to apply for credit cards, a home equity line of credit (HELOC) or personal loans in your name? Then it might be time to freeze your credit, something you can do free with the three national credit bureaus of Experian, Equifax and TransUnion.
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