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Juliet No down payment zero down mortgage, Hermitage, Old Hickory, Madison, Shelbyville No down payment, Dickson zero down mortgage, Manchester No down payment, McMinnville, Sparta, Springfield No down payment, Baxter, Crossville, Hartsville, Gainesboro, Columbia zero down mortgage, Lewisburg No down payment, Lynchburg, Livingston, Fayetteville, Pulaski No down payment, Hohenwald, Chattanooga zero down mortgage, Hixson, Red Bank, East R No down payment idge, Lookout Mountain No down payment, Signal Mountain No down payment, Soddy Daisy, Knoxville No down payment zero down mortgage, Maryville, Alcoa, Farragut , Oak Ridge No down payment, La Follett, Memphis zero down mortgage, Atoka, Bartlett, Cordova No down payment, Collierville zero down mortgage, Germantown, Millington No down payment, Dyersburg, Jackson, Bolivar, Humboldt, Selmer, Lafayette, Dayton, Winchester, Woodbury, TN zero down mortgage, TN No down payment , Tennessee zero down mortgage, Tennessee No down payment Mortgage KY zero down mortgage, KY No down payment, Kentucky Zero down Mortgage, Kentucky No down payment, Posted 01-03-06 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AT A GLANCE: 2006 Discretionary Budget Authority: $28.5 billion (Decrease from 2005: 11 percent) Major Programs: • Section 8 Rental Assistance • Federal Housing Administration • Public Housing • HOME Improvement Partnerships Program • Homeless Assistance Programs • Housing for the Elderly and Disabled MEETING PRESIDENTIAL GOALS Promoting Economic Opportunity and Ownership • Supporting the President’s ambitious agenda for expanded homeownership by assisting approximately 40,000 low-income families with the downpayment on their first home. • Preparing families for homeownership, identifying predatory lending practices, and helping current homeowners avoid default. • Proposing two new mortgage programs that would help more than 250,000 families achieve homeownership. • Supplying tax credits to increase the supply of single family affordable homes. Supporting a Compassionate Society • Working to end chronic homelessness through innovative local strategies to move chronically homeless individuals from the street to permanent supportive housing. • Helping ex-offenders get a second chance at employment. Making Government More Effective • Reforming Housing Vouchers to improve results and better serve two million low-income households. • Expanding outreach to faith-based and community organizations to level the playing field for the Department of Housing and Urban Development’s formula and competitive grants. • Reducing improper payments in rental assistance programs. PROMOTING ECONOMIC OPPORTUNITY AND OWNERSHIP More Americans have achieved the dream of homeownership than at any time in our Nation’s history: Sixty-nine percent of households own their homes. For the first time ever in 2004, a majority of minority households own their own homes. The 2006 Budget supports ambitious goals to: • Add 5.5 million new minority homeowners by 2010 (goal set in 2002)—1.9 million new minority homeowners were added by 2004; and • Increase the supply of affordable homeownership units by seven million over the next 10 years (goal set in 2004). American Dream Downpayment Initiative Saving enough cash for the downpayment and closing costs is the greatest obstacle to homeownership for many. To help overcome this obstacle, the President proposed new Department of Housing and Urban Development (HUD) funding to help low-income families purchase their first homes. On December 16, 2003, President Bush signed the American Dream Downpayment Act. Six months later, HUD distributed $161.5 million in downpayment funds to over 400 State and local Governments. These funds have already helped over 4,000 families purchase their first homes; 50 percent of those families are minorities. The 2006 Budget provides $200 million to continue this initiative. On December 16, 2003, President Bush signed the American Dream Downpayment Act. As a result of this initiative, on October 29, 2004, Taryn Ramos was able to purchase her first home with the downpayment assistance grants administered by Fresno, California. Housing Counseling The Budget proposes $40 million for Housing Counseling to prepare families for homeownership, identify predatory lending practices, and help current homeowners avoid default. In 2006, HUD will assist approximately 800,000 families to become homeowners or avoid foreclosure, using faith-based and community organizations in this effort. Ensuring Government-Sponsored Enterprises Promote Affordable Housing Government-sponsored enterprises (GSEs) were chartered to help low- and moderate-income families secure mortgages. HUD recently published a rule that requires Fannie Mae and Freddie Mac to increase their purchases of mortgages for low- and moderate-income households and underserved communities. These new goals will push the GSEs to genuinely lead the market in creating homeownership opportunities for less advantaged Americans. In addition to increasing the annual housing goals through 2008 (see accompanying chart), HUD’s rule establishes new home purchase sub-goals in each of the three goal areas. This is intended to focus the GSE’s efforts on purchases of homes rather than refinancings. HUD projects that over the next four years, the GSEs will purchase an additional 400,000 home loans that meet these new and more aggressive goals as a result of the new rule. FHA Zero Down Payment and Payment Incentives To remove two large barriers to homeownership—the down payment and impaired credit—the Budget proposes two mortgage programs. The Zero Down Payment mortgage allows first-time buyers with a strong credit record to finance 100 percent of the home purchase price and closing costs. For borrowers with limited or weak credit histories, a second program, Payment Incentives, initially charges a higher insurance premium and reduces premiums after a period of on-time payments. In 2006, these new mortgage programs would assist more than 250,000 families achieve homeownership. Single Family Homeownership Tax Credit The President proposes a new Single Family Homeownership Tax Credit that will increase the supply of single family affordable homes by up to an additional 50,000 homes annually. Under the President’s plan, builders of affordable homes for middle-income purchasers will receive a tax credit. State housing finance agencies will award tax credits to single family developments located in a census tract with median income equal to 80 percent or less of area median income and will be limited to homebuyers in the same income range. The credits may not exceed 50 percent of the cost of constructing a new home or rehabilitating an existing property. Each State would have a homeownership credit ceiling adjusted for inflation each year and equal to the greater of $1.75 times the State population or $2 million. In total, the tax credit will provide $2.5 billion over five years. Homeownership Vouchers The Homeownership Voucher program, while still new, has successfully paved a path for low-income Americans to become homeowners. Strong and committed collaboration among public housing agencies, local non-profits, and lenders, as well as pre- and post-homeownership counseling for families has proven essential in making the program work. The greatest challenge to the success of the program is finding lenders who are willing to participate. Although the Homeownership Voucher program is voluntary, a Program Assessment Rating Tool analysis completed on the program shows that it has over-achieved its annual goals consistently since the program began. In its first four years, the program helped over 2,000 low-income families that were renting through the Section 8 program to become homeowners. In 2006, the program plans to assist 5,000 families achieve homeownership. Neighborhood Reinvestment Corporation The Budget increases funding for the Neighborhood Reinvestment Corporation to $118 million. The Corporation, a public nonprofit organization chartered by the Congress in 1978 and independent of HUD, is also working to expand minority homeownership. The Corporation is pledging to provide direct assistance to over 170,000 families in 2006 through affordable mortgage and rehabilitation lending, comprehensive homebuyer education, and counseling services. 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First time homebuyer programs are designed to help borrowers with moderate or low incomes and first time buyers make No down payment on their first home in the Nashville,Memphis,Knoxville,Chattanooga MSA area or to assist them in paying the related closing costs on a mortgage. The programs that we offer to qualified first time buyers can make attaining a mortgage possible. There are even programs specifically for residents of Tennessee which provide governmental help such as addi grants community second programs ask your Nashville Mortgage PRO about these programs. First time homebuyers often can include those who have not owned a home for the past three years or sometimes as little as 12 months depending on the program. Even if you have owned a home in the past you should check with a home loan representative at Nashville Mortgage PRO determine which first time Tennessee homebuyer programs you may qualify for. 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Juliet, Hermitage, Old Hickory, Madison, Shelbyville, Dickson, Manchester, McMinnville, Sparta, Springfield, Baxter, Crossville, Hartsville, Gainesboro, Columbia, Lewisburg, Lynchburg, Livingston, Fayetteville, Pulaski, Hohenwald, Chattanooga, Hixson, Red Bank, East Ridge, Lookout Mountain, Signal Mountain, Soddy Daisy, Knoxville, Maryville, Alcoa, Farragut, Oak Ridge, La Follett, Memphis, Atoka, Bartlett, Cordova, Collierville, Germantown, Millington, Dyersburg, Jackson, Bolivar, Humboldt, Selmer, Lafayette, Dayton, Winchester, Woodbury, TN, Tennessee, MORTGAGE GUIDELINES FOR FHA,VA,CONVENTIONAL AND JUMBO LOAN PROGRAMS Maximum Loan Amounts Conventional Conforming Loan - $322,700 (Loans in excess of $322,700 are referred to as Jumbo or Non-Conforming loans. Contact me for loan limits and terms for Jumbo loans.) FHA Loan - The maximum loan amount varies by geographic area. FHA-FHA-HOME-MORTGAGE-LOAN-LIMITS-TENNESSEE-COUNTIES, Nashville FHA Mortgage, Nashville FHA home loans, Nashville FHA streamline refinance, nashville FHA first time homebuyers, Nashville FHA mortgage,Nashville bad credir mortgage,nashville mortgage after bankruptcy,Nashville mortgage after foreclosure,nashville mortgage,mortgage Nashville,Nashville zero down mortgage,Nashville Interest only mortgage,bad credit mortgage Nashville,nashville mortgage refinance,Nashville 100% mortgage, Dickson FHA Mortgage, Dickson FHA home loans, Dickson FHA streamline refinance, Dickson FHA first time homebuyers, Dickson FHA mortgage.Dickson bad creit mortgage, Springfield FHA Mortgage, Springfield FHA home loans, Sprigfield FHA streamline refinance, Springfield FHA first time homebuyers, Springfield FHA mortgage. Murfreesboro FHA Mortgage, Murfreesboro FHA home loans, Murfreesboro FHA streamline refinance, Murfreesboro FHA first time homebuyers, Murfreesboro FHA mortgage.Murfreesboro bad credit mortgage, Murfreesboro mortgage,Bad credit Mortgage Murfreesboro,Murfreesboro First time buyer,mortgage, murfreesboro,100,100%,No, Money,down, zero-0-0%-nothing- Memphis FHA Mortgage, Memphis FHA home loans, Memphis FHA streamline refinance, Memphis FHA first time homebuyers, Memphis FHA mortgage. Brentwood-Franklin FHA Mortgage, Brentwood-Franklin-FHA home loans, Brentwood-Franklin-FHA streamline refinance, Brentwood-Franklin-FHA first time homebuyers, Brentwood-Franklin-FHA mortgage Lebanon-Mt Juliet FHA Mortgage, Lebanon-Mt Juliet-FHA home loans, Lebanon-Mt Juliet-FHA streamline refinance, Lebanon-Mt Juliet-FHA first time homebuyers, Lebanon-Mt Juliet-FHA mortgage. Columbia-Spring Hill FHA Mortgage, Columbia-Spring Hill FHA home loans,Colunbia-Spring Hill FHA streamline refinance,Columbia-Spring Hill first time homebuyers,Columbia-Spring Hill FHA Mortgage,Columbia-Spring Hill Bad Credit Mortgage,Columbia-spring Hill Mortgage Clarksville FHA Mortgage, Clarksville FHA home loans, Clarksville FHA streamline refinance, Clarksville FHA first time homebuyers, Clarksville FHA mortgage. Hendersonville-Gallatin FHA Mortgage, Hendersonville-Gallatin-FHA home loans, Hendersonville-Gallatin-FHA streamline refinance, Hendersonville-Gallatin-FHA first time homebuyers, Hendersonville-Gallatin-FHA mortgage. Knoxville-Gatlinburg FHA Mortgage, Knoxville-Gatlinburg-FHA home loans, Knoxville-Gatlinburg-FHA streamline refinance, Knoxville-Gatlinburg-FHA first time homebuyers, Knoxville-Gatlinburg-FHA mortgage, Nashville VA Morgage, Nashville Va Loans-100%-NO MI-Mortgage-VA Loan-Nashville VA Mortgage-VA-Refinance-Nashville- Dickson VA Mortgage, Dickson VA loans-VA loans-100%-no-mi-Dickson VA Mortgage-Dickson- Clarksville-Ft Campbell VA Mortgage- Clarksville-Ft Campbell VA Loans-VA loan-Clarksville-Ft Campbell VA mortgage-VA-refinance-Clarksville-TN-FT Campbell- Murfreesboro VA Mortgage- Murfreesboro VA Loans-Mortgage-VA loan-Murfreesboro VA Mortgage-VA-refinance-Murfreesboro-TN- Chattanooga VA MOrtgage- Chattanooga VA loans-VA loan-Chattanooga VA mortgage-VA-refinance-refi-chattanooga-HIXSON-RED BANK-Signal Mountain- Knoxville VA Mortgage-Knoxville VA loans-VA loans-knoxville VA mortgage-VA-refinance-refi-Knoxville- Memphis VA Mortgage-Memphis VA Loans-VA loan- Memphis VA mortgage-VA-refinance-refi-Memphis- VA Loan - The maximum loan amount is $203,000 with no down payment. The maximum loan amount with down payment is $300,700 provided the veteran's loan guaranty( max of $60,000 ) plus down payment is equal to 25% of the loan amount applied for not to exceed $300,700. Example: SP $325,000 - $300,700 VA max loan = $24,300 Down Payment. This would be acceptable because the down payment of $24,300 plus the max VA guaranty of $60,000 equals $84,300. $84,300/$325,000 = 25.94% Down Payment Conventional Conforming Loan - 5% minimum (FNMA offers a 3% minimum called the FNMA 97 Flex Loan. In addition, programs are available with 0% down depending upon special guidelines such as credit scores, interest rate, and term of loan.) FHA Loan - If the sales price is $50,000 or more, the down payment required is 2.25%. If the sales price is less than $50,000, the down payment is 1.25%. VA Loan - No down payment is required if the veteran has full guaranty benefits provided his loan amount is no greater than $203,000. Don't forget that veterans can use their benefits more than once. For loan amounts greater than $203,000, please follow guidelines shown in Maximum Loan Amounts above. Call for details. Funds Needed to Close Often, the most serious problem facing the buyer is coming up with the funds needed to close (down payment, closing costs, and prepaid items). The following is a list of sources that are often overlooked: Gifts (Ameridream, Nehemiah, Catholic Charities, Etc…) Loans against an asset owned by the borrower, i.e., 401K or savings plan at work IRA accounts under certain conditions Loans against stock or bond accounts Grants are sometimes available Closing Costs and Prepaid Items Since closing costs and prepaid expenses vary between lenders, contact me for a good faith estimate of costs that are common and customary for the loan product you have chosen. Non-Occupant Co-Borrower , a borrower's income may fall short of meeting the required debt to income ratio. A non-occupant co-borrower may be used to assist meeting these ratios under the following conditions: Conventional loan - A non-occupant co-borrower should be a blood relative and the primary borrower must still meet debt to income ratios which are no more than 5% above standard FNMA guidelines before assistance from the non-occupant's income. FHA loan - A non-occupant co-borrower should usually be a blood relative or someone with a clearly defined relationship. All income and debts of both are combined to meet FHA's debt ratios. VA loan - any co-borrower must be an occupant and be the spouse of the veteran or be another veteran. Credit Scores A lender must obtain a credit report on each borrower involved in the loan application. This report is drawn from three data sources and will contain three credit scores for each borrower. These credit scores can determine the availability and terms of your mortgage. It is extremely important to determine these score as soon as possible. Please refer to the On Line Pre-Qualification section. Mortgage Insurance Lenders reduce their exposure to loan defaults by obtaining mortgage insurance. The amount and cost depend on the type of loan chosen. Conventional Loan - If the purchaser is making less than a 20% down payment, the lender requires the loan to be insured by a private mortgage insurance company. The amount of mortgage insurance is added to the monthly payment. Insurance costs are determined by down payment, term of the loan, and the PMI program you choose. (PMI may be eliminated entirely with the use of second lien financing). Contact me for help in selecting the best program for you. Example: 5% Down / Loan Amount $100,000 / 30 year fixed rate loan =100,000 X .78%= $780 / 12 mos.= $65 added to monthly payment for PMI insurance. FHA Loan - The federal government insures loans against default through the Federal Housing Administration. This agency insures 100% of the principal on loans made under their guidelines. FHA insured loans have an up front premium which is usually typically added to the loan amount and also a monthly premium which is added to the borrowers total payment. Calculating the Up Front Mortgage Insurance Premium: 30 Year / Fixed Rate Loan = 1.50% X Loan Amount = Premium 15 Year / Fixed Rate Loan = 1.50% X Loan Amount = Premium Calculating the Monthly Premium: 30 Year / Fixed Rate Loan = .50% X Loan Amount = Annual / 12 mos. = monthly premium added to your mortgage payment 15 Year / Fixed Rate Loan = .25% X Loan Amount = Annual / 12 mos. = monthly premium added to your loan amount VA Loan - The Veterans Administration guarantees a veteran's loan against default. Although the VA does not have an insurance premium, it charges the veteran a Funding Fee that is 2% of the loan amount or 3% if the veteran is using his benefits for the second or more times. The fee may be paid in cash at closing or added to the loan amount. Fixed Rate Loan vs. Adjustable Rate Loan A fixed rate loan implies that the interest and principal portion of your payment remains constant for the life of the loan while an adjustable rate loan implies periodic changes to your interest rate and of course your payment. In choosing an adjustable rate loan, you must determine the frequency of rate changes and the amount. The following should assist you in asking the right questions regarding an adjustable rate: Adjustment Period - This refers to how often your loan can be adjusted. You'll commonly hear these loans referred to as 1/1, 5/1, 7/1, 10/1, etc.. A 1/1 loan means that it adjusts once every year for the life of the loan. A 5/1 loan means that the loan will remain at the initial rate for the first 5 years and thereafter adjust every 1 year for the remainder of the loan. Initial Rate - The rate at which the loan begins Market Index - The benchmark rate that is used each time your loan comes up for adjustment( 1 year T-bill, Cost of Funds Index, etc. ) Margin - The lender adds a pre-determined amount (margin) to the market index to arrive at the new rate for your loan Rate Change Limits - Each adjustable rate loan should have maximum change limits to the rate for each adjustment and a limit to the total change over the life of the loan When choosing an adjustable rate loan, you assume a degree of risk but it could still present you with a better choice than a fixed rate depending upon length of time you'll live in the home, the current rate environment, etc. CALL JERRY VINETT 1(888)503-8903 Sites of interest www.topusarealestate.com www.americanindependentmortgage.com www.local-mortgage-pro-home-loans.com National Mortgage Brokers Directory' target='_blank'>National Mortgage Brokers Directory OTHER SITES OF INTEREST www.yourlocalmortgagepro.com www.americanindependentmortgage.com www.tennesseemortgagepro.com www.clarksvillemortgagepro.com www.mortgages-mortgage.com www.memphismortgagepro.com www.louisvillemortgagepro.com Copyright © 2006 Nashville MortgagePRO A I MORTGAGE, INC. 417 WELSHWOOD DRIVE SUITE 210 NASHVILLE, TN 37211 LICENSE # 1516 REGISTRANT EXPIRATION DATE: 12/31/2005 |
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