We’ve been seeing a lot of bad news about houses being excluded due to failure of owner to pay their mortgages. Since the credit crisis has had a critical blow to our economy, particularly the housing market and mortgage, a lot are listed in securing home financing. But we must not lose hope in the storm and achieve their dreams. There is a loan program that had been forgotten by many has become a rising star, and lifeguards in these difficult times. We speak here of the FHA mortgage.

FHA mortgage was issued, or more precisely a loan to be insured by the Federal Housing Administration. In recent years there has been a surge in the number of loan applications for this type of loan. Many thought it went well “Dead and Gone”, but due to recent dark FHA mortgage has become the number one choice of loans for borrowers. (more…)

A good credit rating is essential if you are going to become financially successful. A good credit score will be the difference between getting mortgages approved and rejected. It will also ensure that you get the best interest rates for your loans available. Unfortunately, not everyone is blessed with a great credit rating. There are many Americans who suffer from poor credit scores. Unfortunately for these people, it can be difficult to get home loans poor credit approved by lenders.

If you are interested in getting bad credit mortgages approved from different lenders then you will need to do things to improve your loan attractiveness. The first thing that you will need to do is start saving your money. By coming up with a significant down payment for your loan, you can allow creditors to overlook your bad credit rating and approve your loan. This is good because the risk that lenders bear when you have a large down payment is decreased significantly. (more…)

Today’s mortgage lending environment is becoming more and more difficult for borrower to get approved for mortgage refinance traction. Since the housing market began to turn lenders have started to tighten up their underwriting standards making it harder for borrower to get approved. Fortunately, for veteran borrowers they have two very flexible transaction options to ease the approval process through their own VA home loan program.

VA Interest Rate Reduction Loan (IRRL)

The 1st option is something called a VA Interest Rate Reduction Loan (IRRL). This is a loan where the veteran borrower already has a VA home loan and would like to refinance down to a lower interest rate given the current market interest rates. The amazing benefit of this loan is that it’s incredibility easy to get approved. There are no appraisals required so value is not of a concern. There are no minimum credit scores; however, some investors and large banks have started requiring minimum credit scores recently.

The paperwork needed to process these loans is minimal at best. There are no paystubs, W2s, or bank statements required. One thing to watch at for is with such easy credit standards veterans become very susceptible to unscrupulous lenders that are more than willing to take advantage of borrower. The majority of my previous clients are receiving unprecedented amount mailers that make it seem that VA rates are lower than that actually are. So please watch out for your closing costs when proceeding with caution with such a transaction. (more…)

Standard Bank Home Loans: Can you approach the bank directly and still get a home loan.

The short answer would be yes, but is it that easy?

People have been approaching the banks for years and years for home loans, what’s changed?

Well, the process of getting a home loan approved is still the same, except that in the past you could just approach your bank manager and arrange everything in a reasonably short space of time.

The Standard Bank offers 3 options that are available.

Standard Bank Home Loans Option 1 – Apply over the phone or internet

You can apply telephonically or via the internet for a home loan. This process takes slightly longer as you first do the application and then you have to fax your documentation, which has to be tied up to each other.

Chances are good that you will be asked to re-fax your documents as there are so many applications that it is easy to lose documents and not find the right application to marry it up with. (more…)