loan borrowers
Home loan demand to build up in 2010
January 5, 2010 by paragjani · Leave a Comment
The year 2009 was a good one for home loan borrowers. Banks rolled out the goodies for them in the f
loan borrowers
Equity Now – How to Use Federal First Time Buyer Tax Credit as Down Payment
September 9, 2009 by Atrain · Leave a Comment
The Utah Housing Corp has created a way for the $8,000 federal first time buyer tax credit money to be used towards down payment and closing costs.
The new “Equity Now” program essentially allows first time buyers to get a small Utah Housing Loan that will be paid back using the $8,000 in grant money.
The Equity Now loan isn’t limited to just $8,000 either. It can actually be used for up to 6% of the amount of the primary loan. It is really just a second mortgage and has almost nothing to do with the tax credit.
Some of the rules to get the equity now loan include:
- Buyer must file an amended tax return and claim the credit. The buyers can then use this money to pay for the equity now loan.
- Borrowers must be First Time Buyers (haven’t owned a property in atleast 3 years).
- Must have a Fico Credit score minimum of 660.
- Must meat Utah Housing Corp Income limits.
- Must use a participating lender who then contacts Utah Housing in regards to getting a Utah Housing first time buyer and Equity Now loan.
- The second, “Equity Now” loan has an interest rate of 7%, at a 30 year fixed rate.
- The borrowers will get a $100 credit for paying the full $8,000 tax credit towards the equity now loan.
This is a great way to help cash strapped qualified buyers buy Utah Homes.
loan borrowers
Factors of HELOC Borrowing
September 3, 2009 by Mortgage Align · Leave a Comment
For some analysts especially in the mortgage market, the Home Equity Line of Credit or the HELOC is a growth sector because of several perceived factors. Such factors may differ in states like Rhode Island, but generally the standards are the same. Mortgage loan borrowers and those seeking refinancing may encounter the following factors:
First among the factors that propel the growth rate of HELOC is the rise in retail sales channels that connects mortgage, a refinance home loan and other loan products to the public. Second, the trend in home values is also following an upward surge. This is significant because the equity’s worth also rises. Thirdly, the prevailing trend features a combination of low rates and modern inflation. Also, because of tax-deduction for mortgage loan it also became more attractive to loan borrowers in California, Massachusetts and elsewhere.
loan borrowers
Factors Of Home Equity Lines Of Credit
September 2, 2009 by Mortgage Align · Leave a Comment
For some analysts, especially in the mortgage market, the Home Equity Line of Credit or the HELOC is a growth sector because of several perceived factors. Such factors may differ in states like Rhode Island, but generally the standards are the same. Refinance home loan borrowers and those seeking refinancing may encounter the following factors:
First among the factors that propel the growth rate of HELOC is the rise in retail sales channels that connects mortgage, refinance home loans and other loan products to the public. Second, the trend in home values is also following an upward surge. This is significant because the equity’s worth also rises. Thirdly, the prevailing trend features a combination of low rates and modern inflation. Also, because of tax-deduction for home loan it also became more attractive to loan borrowers in California, Massachusetts and elsewhere.
loan borrowers
HDFC Bank reduces floating interest rate on home loans
December 24, 2008 by paragjani · Leave a Comment
Home loan borrowers of HDFC Bank may see a reduction in their EMIs as the bank has reduced floating
