fyi
*********************EXCERPT********************
Wednesday - March 25, 2009
Home Possible Mortgage
Home Possible Mortgage If you're tired of renting but don't think you can afford to buy your own home... think again! Our latest mortgage loan option may help you achieve your dream of home ownership. It's called Home Possible Mortgage. Whether you're buying a home for the first time, or you've purchased a home in the past, Home Possible Mortgage offers you an affordable option. It is especially designed for potential homebuyers who cannot meet the strict income and credit requirements, down payment and closing costs of a more conventional home loan.
Seller can pay closing costs - Up to 6% Gift money can pay closing costs - (Family member only) NOT credit score driven Up to a 40-year term and options for initial interest-only period NO minimum borrower contribution NO cash reserves required Nontraditional credit allowed (only need three lines of credit verified) i.e.. rent, utilities, cell phone... Not just for the first time homebuyer Available for purchases and rate and term refinances (No cash-out) Choose a fixed rate or an ARM if you don't plan on being in the home for long 40 Yr fixed, 30 Yr fixed, 5/1, 7/1 or 10/1 arm available Borrowers must be at or below median area income limits to qualify (Tampa area - $54,400) Maximum loan amount - $417,000 PLEASE NOTE: If property is in a FNMA Florida neighborhood, borrowers can EXCEED HUD Median income. We would require a Florida address of the property to know.
|
Another ping. I am getting tired of pinging :(
Obama is trying to slip another one under the radar...
Nevada: Our Role State by State, 2008 - Freddie Mac
Not sure what it shows....just found it.,
- - - - - - - -
Ping!
********************************
**********************EXCERPT*****************************
David Stevens president and chief operating officer of Long & Foster, may soon head the Federal Housing Administration. source: Long & Foster, through The Washington Post
By DIANA GOLOBAY
March 23, 2009 9:03 AM CST
[Update 1 reflects HUD's announcement.]
Wells Fargo Home Mortgage veteran David Stevens is expected to face an appointment later Monday to head the Federal Housing Administration. Anonymous sources told The Washington Post that Stevens, with a solid history in mortgage financing, was an attractive candidate for the administration and has been undergoing routine background checks.
Stevens worked as a banker before joining Freddie Mac (FRE: 0.8555 -0.52%) in 1999 and running the single-family business there for six years. After a brief post at Wells Fargo Home Mortgage, where he worked with mortgage brokers on the wholesale channel, Stevens joined Washington-based real estate firm Long & Foster in 2006.
The administration did not confirm the reports to the Post, but sources told the pub Stevens background makes him a prime candidate. They needed someone with a deep knowledge of the mortgage industry because of the challenges facing the country and the FHA in particular, and he fits the bills, one source told the Post.
Oooo more CHANGE! I can hardly wait.
The secret is out: You can buy a home with very little down [2005 article]
.
My liberal NYC sister’s short comment on Fannie Mae - Freddie Mac - Hussein II mortgages:
“No down payment and no background/income checks? That’s insane!”
.
Astounding at the lack of quality of obozo employees.
Yesterday, the Obama administration announced the appointment of David Stevens to run the Federal Housing Administration (FHA). The appointment got little attention from the media, but his Senate confirmation hearing might prove more interesting. Stevens will have to explain his work for Freddie Mac in the years when the mortgage giant fueled a lending frenzy, mostly through Stevens' own work on a program called Home Possible. Stevens' experience at Freddie Mac should prove instructive. The Home Possible program that Stevens launched practically gives a blueprint for the housing-bubble collapse and the government's role in it...