First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com

Part 2 (Excerpt)

How having the Seller pay your closing costs can quadruple your money

On the other hand if you roll that into the loan it’s going to take you 160 months to break even on that. 160 months which is a little over 13 years, that is the antithesis of the Velocity of Money that we talk about on the show every week, so I am not convinced that its the right deal for the masses, but something that should be considered is what is the opportunity cost of taking the money out of Account X and the type of account you taking it out of has some impact too. If it’s from a brokerage account then you experience the market loss in that account and youre selling at these low price levels, I think the markets are going to turn and the opportunity costs over 160 months, youre talking about a substantial amount of money. And the additional mortgage payment is insignificant.

Obviously no one is going to allow you to pay more than the house is worth, that’s not what were suggesting. What were suggesting is merely to look at instead of simply making a lower offer than you would normally make, I’m suggesting that you consider the closing costs and what the real closing costs are in this example.

Assuming that the house is already attractively priced, one of the things that this buyer in this example should consider instead of making a lowball offer on a house that’s already priced rather attractively in this marketplace, it might make sense to consider exactly what you’re describing now. And that would be take that money or that difference and ask the seller to include those costs as part of the deal to sell the house, versus why lowball offer the house when you already know the house is the right price.

That’s exactly right and one of the other points here is in a lot of cases the closing costs dont need to be quite that high. So there is the opportunity for the home buyer to buy down, for instance, use 1% of the loan amount to buy the interest rate down. I did a calculation here today, the cost of funds changes all the time, in fact we had four price changes today. Four mortgage rate changes today, just in one day. This doesn’t apply in every scenario, but that’s why you use a certified mortgage planner, that’s why they use a FHA certified mortgage firm to do the loan to make sure that it’s the right thing to do but here’s the example of today. 1%, paying 1 point to buy the interest rate down will lower your mortgage payment, on this example of a $300,000 house, would lower your mortgage payment by $118 a month.

It’s not simple it’s not just like going to your local bank and having them give you a quote on the rate, there is so much more to it these days. I think that one of the things you’re pointing out right now is the fact that this type of negotiating exists and should be considered when making this purchase. And I know that you have already espoused that youre not a realtor in that sense, but your realtor should be talking to you about these options. If they are not, you may want to consider finding one who knows about that stuff.

They absolutely do and I’m not suggesting to anyone that they go out and find another realtor because yours is not working out for you. The reality of it is if your realtor doesn’t believe in the concept it may only be that they just don’t understand the concept. Have them give us a call, we can explain it to them. And I have simple illustrations we can share with them, how we would structure it financially, and they can, the realtor can set the price. That’s what their job is, but what our job is to make sure that you use every penny available to you to the best of your ability.

I have a question for you Brett, if you took $9000 and didnt take it out of your savings, 401K, or whatever, what will it turn into with today’s market? What would that be like?

Depending on the way the money is allocated, invested in a fixed income investment, or an interest-bearing account in a bank or whatever, what I can tell you is over the same amount of time, that $9000, over 160 months, youre probably talking about quadrupling the money. I would say that that is relatively easy and I’m not talking about taking on significant stock market risk. What I’m talking about is just compounding interest in some kind of interest-bearing account. I mean it could be a bank CD.

The other thing to do is we have this book called the Short Sale Playbook written by Ron Quinterro that we have available to anyone who is interested in it…

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http://www.MortgageSelfDefense.com

Jim Cramer is RIGHT about the mortgage meltdown. We both saw the mortgage meltdown coming but nobody would listen!

I was 25 years in the mortgage banking world and the mortgage market meltdown was a long time coming.

But, when “The Billionaire Boyz Club” is raking in BILLIONS, who cares about a stinking mortgage meltdown?

Homeless homeowners? So what.
Crushed families? Interest Only ARM getting ready to POP? So what.
Pay me… pay me… pay me. By the way Mr. & Mrs. Homeless Homeowner, where should we send all your belongings?

Jim Cramer is a total advocate for the innocent bystanders caught in the mortgage market meltdown.

So many homeowners got caught in the mortgage market meltdown that the eventual cost of this mortgage market meltdown is unclear.

Too many homeowners now in foreclosure should have been informed of their dangerous mortgage.
Too many homeowners are now homeless because of the mortgage market meltdown.

Jim Cramer is absolutely DEAD ON when he SCREAMS about where exactly to place the blame. The mortgage market meltdown at his level is absolutely the product of one of the seven deadly sins – Greed.

At our level, John Q. Public, the mortgage market meltdown was shoved down everyone’s throats. Can’t qualify for a home mortgage? No worries, let’s make something up. Forget that your mortgage payment is more than half your monthly salary…mortgage interest rates will fall and you can then refinance.

Right… Greedy investors, greedy home builders and greedy Wall Street funds flooded real estate markets artificially skyrocketing real estate values.

THAT’S when the mortgage market meltdown writing was on the wall. When those same real estate values fell faster than a free-falling safe.

Those of us on the inside saw it heading for us like an oncoming freight train and SCREAMED at the mortgage servicers and investors to STOP the madness, but it was too late…

If you’ve been watching Jim Cramer for any length of time, you understand his passion for protection of the average American.

Don’t EVER be a victim of a Mortgage Market Meltdown. Protect you and your family by getting your FREE Mortgage Self Defense course RIGHT NOW at:

http://www.MortgageSelfDefense.com

*****
jim cramer
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First Time Home Buyer Mortgage Program with $8000 Tax Credit, Low Down Payment and Fixed Interest Rates on Government FHA Loans. Financing Assistance at Cheap Rates. Go To http://RealEstateMarketingThisWeek.com

Part 3 (Excerpt)

$8,000 tax credit the government is paying you to buy a home with a very low down payment

We have back in the studio today Mr. Dan Havey. Dan and I have worked together in the mortgage industry for about 14 years and we are happy to have him back. He has seen a lot of changes in the market and thanks again for being here.

Michael, here is a question I wanted to ask you, there is so much misconception in the marketplace today as far as what is still available for financing. I think a lot of people have this idea that it is impossible to finance a loan or get a mortgage or that you have to be able to put 20% down or have a 720 FICO score. Can you let people know whats really going on out there?

Well you know a lot of things have gone away. There are a lot of those old loan programs that were fancy ways to sell money and finance real property and a lot of thats gone. The reality of it is, if a person has a minimal amount of money down, there is absolutely financing through the Federal Housing Administration with 3.5% down. You can buy up to about $358,000 with only 3.5% down. Now with Fannie Mae and Freddie Mac, we actually do have a few investors that will allow us to only put 5% down with those and that loan amount maximum is $417,000. So there is still plenty of financing for primary residences.

Now in regard to looking at investment properties believe it or not there are actually still some stated income loans out there, but the stated income loan is for a non owner occupied property, the interest rates are very high and you know what, if you can put 20 to 25% down and prove your income you are better off using conventional financing, it is absolutely still available.

Now if you are a first time home buyer living in an apartment and you are getting kind of tired of it, you are looking at low interest rates, you are looking at the property values have come down over 50%, FHA is generally going to be the direction that person is going to want to go, right?

Absolutely and you know Dan with the $8000 first time home buyer tax credit you know that is a check that the government sends you for up to 10% of the sales price of the home up to $80,000. Its capped at 10%, you are not going to get more than $8,000 back and you may get less if you buy for less than $80,000, but whats really interesting about this is you can, if you have already filed your 2008 tax return, you can file a 1040X and get that credit sooner. You dont have to wait until April 15th of 2010 to get your tax credit. You put the money down today, close on the mortgage, move in, file your 1040x, there is a form that is called the 5405 but thats not all that important, and you can have that money back in your pocket right away.

So I know that was part of the plan that came out today and just to make it a little bit clearer for peoplelets just take an example. Lets say you buy yourself a $150,000 house and you buy it as an FHA, it doesnt really matter how much money down or how you buy the house but if you buy a $150,000 house, you are going to get an automatic $8,000 tax credit that you can take off of the taxes that you owe the government. So lets take an example where you are a W-2d employee and you pretty much break even at the end of the year, you dont owe the government any money and they dont owe you any money the government will actually write you a check for $8,000 for that tax credit and if you buy it this year you can amend your tax return for 2008 and get a check from the government for $8,000.

And thats not including the other tax write offs that you get for writing off the taxes on the house writing off the interest on the house, so again with a $150,000 house with 6% interest roughly you are going to be looking at another $10,000 worth of write offs on top of that. Now that is a write off not a tax credit, like the other one so you are going to save whatever your tax rate is. So lets say your tax rate is 30%, that is another $3,000 in taxes saved. So if you buy a house this year you are going to put an extra $11,000 in your pocket.

So if you buy a $150,000 house and you have to put 3.5% down, Thats what? Lets just say roughly $5,000, you just made $6,000 and you get to own a house. ($11,000 tax savings minus $5,000 down payment) And your mortgage payment is more than likely less than or equal to what you are paying for rent and you own it.

Exactly and you get the benefits of having your own house…

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Low $ down and $0 down payment loans are still available. Watch for the information you will need to get your low / $0 down mortgage and a free e-book of homes that qualify!

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(Click “More Info” to see full video script!)
http://www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http://www.60minuteloanmodification.com/members

Cheat me once, shame on you. Cheat me twice SHAME ON ME! Do you really want to use one of those former sub-prime brokers for ANYTHING? Do you really want to pay for a forensic audit when you just need an application filled-out and some advice? No, dont try to pay your way out of this one. You might as well flush that money down the toilet. Mortgage Modifications are better done yourself with insider information to make it good and fast! Here are 4 reasons why:.

You Already Have Help
A ton of tax money has gone toward helping homeowners get mortgage modifications. Lenders and the federal and state agencies involved have staffed and contracted to make the process easy and readily available to you. Dozens of community-based non-profits have staffed to meet the challenge. Also, many first-rate private companies (such as the Collection Agency Resolve Corporation and the debt counseling company Greenpath Debt Solutions) have contracted with the lenders to facilitate the process. Some of these resources are truly helpful.

These well-intentioned organizations are, for the most part, helpful. Thats the good news.

No one Loves You more than You?
Not the non-profits – Like most government or bureaucratic efforts, the non-profits provide way too much information and no tactics to benefit you! If you want to write a term paper on mortgage modifications, youve hit the mother lode. If you want to get a winning mortgage modification, its better to look further.

Not the Lenders – The lenders are clearly your adversaries. Not in the sense that they want to thwart your efforts, but they try to get you to accept the best deal for them. After all, the Loss part of the Loss Mitigation Department does not refer to YOUR loss!

Not the for-profit loan mod companies! For-profit loan modification companies are in it for the money. They maximize the number of clients they start and minimize the time and expenses spent on each one. Many of these companies are out-of-work former sub-prime loan brokers.

And finally, none of the lenders, non-profits, or loan modification companies take much of the work off your plate.

Relax, its not Rocket Science!
The process is simple, though its not easy. With our experience to guide you, you can submit a powerful application in as little as 60 Minutes. You CAN do it and you SHOULD do it.

You Can Make it Personal
Business is personal people to people. Youll be more effective if you understand that and work with people. After all, the clerks and customer service representatives, negotiators, and supervisors youll contact are folks just like you working blokes with mortgages of their own! Connect with them if you can. Not only will it help your cause but it will also make the whole process more pleasant.

Your personal involvement in your loan modification will speed the approval and result in a better financial deal for you. Just like any DIY project, with good plans and good tools you can do it, and we can help! Lets modify something together!

Learn about my loan mod solution on a free CD called 60 Minute Loan modification Secrets.. get it at http://www.60-MinuteLoanModification.com.

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Congress agree to add a component to HR 3221, SEC. 2113. CASH INVESTMENT REQUIREMENT AND PROHIBITION OF SELLER-FUNDED DOWN PAYMENT ASSISTANCE. This sneaky, underhanded, despicable, hurtful, lousy addition to the BILL not only stripped away all forms of DPA (Down Payment Assistance program help for the FHA buyer, but… to add some salt to the already bleeding pool of potential home buyers, our brain dead House of Representatives, also saw fit to increase the minimum FHA down payment requirement from 3% to…

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This home can be purchased for No down payment as the Bank will cover the buyers down payment plus pay all of the buyers closing costs.

Previous Owner paid $330,000 (2006).
Bank is in the home for $325,000.
Current sales show the home is very easily worth $240k to $250k

Can be purchased, below market, $230k with $6500 down payment assistance from bank and $6500 closing cost assistance from bank or a NET purchase of $217,000. To qualify: 590 or better fico score, income must be fully documented, payment cannot exceed 29% of your gross monthly income.

To view home or financing questions:

Peter Medal
Listing Broker
Allegiance Realty
602-469-7400 direct
888-523-7400 toll free
medal@allegiancerealty.com
www.allegiancerealty.com

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http://www.bruceoliver.com,mortages for people with bad credit,mortgages for people with poor credit,mortgages and bad credit,mortgage counseling,mortgage late payments, foreclosure prevention,

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A superb resource: Stop Foreclosure In Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

• Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
• Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
• Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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