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Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a very complex process, often causing them to give up before their application is ever reviewed by their mortgag e company. Certified housing counselors for CredAbility, a national nonprofit credit counseling and education agency, speak daily with hundreds of homeowners seeking a loan modification or other solutions to keep their homes. The organization has several tips for people that will help them increase the chances that their application is reviewed as quickly as possible. A homeowner needs to collect and send several documents that tell the mortgage company why you need a modification, and it needs to be done in a timely, organized manner. Once a homeowner has submitted these documents, they need to stay in regular contact with the company. With hundreds of thousands of applications under consideration, homeowners must take matters i

The restoration of the ingle-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate this week and is on its way to President Obama. Rural Development's Single Family Housing Programs provide homeownership opportunities to low- and moderate-income rural Americans through several loan, grant, and loan guarantee programs. The programs also make funding available to individuals to finance vital improvements necessary to make their homes decent, safe, and sanitary. This is great news for home buyers who want to buy a home while the rates and prices are still low. And it is a huge relief for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax. To learn more about a USDA home loan program, click here . Visit my website's Mortgage Center for more helpful mortgage loan information.

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). In the last three years, home buyer interest in FHA loans has gone from practically zero to upwards of 87 percent. However, many buyers still do not fully understand the benefits of these loans. So, in an effort to change that, here are seven things you should know: 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. Borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are truly able to afford their future homes. 2. FHA Loans Are Not Only For First-Time Buyers. Many people believe FHA

Home Affordable Refinancing Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. Home Affordable Modification Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.

As a real estate broker, I have a lot of people approach me with questions regarding how the Homeowner Affordability and Stability Plan impacts their specific situation. Below you will find Q&A from President Obama's blog. You may find this helpful when trying to determine what options are available for you. Borrowers Who Are Current on Their Mortgage Are Asking: What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value? Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities. I owe more than my