http://www.203kforum.com/ Visit 203K Forum to discuss lending, consulting, contracting, buying, and selling home and property with the FHA 203K Loan. en Thu, 17 May 2012 23:32:00 GMT vBulletin 60 http://www.203kforum.com/images/misc/rss.png http://www.203kforum.com/ http://www.203kforum.com/showthread.php/1491-Home-Improvement-Idea-Versatile-Kids-Bedroom?goto=newpost Thu, 17 May 2012 21:05:00 GMT A cool kids bedroom design will make your children's room a safe haven and a great place for them to hang out, do homework and more. This kids room is awesome for a few reasons.
The old bunk bed style is thrown out the window in lieu of a modern design with one bed on wheels.
You can see there's a lot of storage space in this kids room as well. The tal cabinets can be used for toy or clothing storage. There's also a nice bookshelf near the top bunk. That's a great place for books or other bed time stuff.
The little desk at the end of the bed is a perfect place for homework, creative projects or a small TV. All in all this kids bedroom is a great home improvement project idea.
Find out more information about upgrades like this with "The Complete Guide to Spring Home Improvement Financing" at the button below. Whether it's light re-decorating you can do yourself or more major remoldeing you need financing for, this guide has some great tips and ideas.

(kids room creative commons photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1491-Home-Improvement-Idea-Versatile-Kids-Bedroom http://www.203kforum.com/showthread.php/1490-Housing-Market-Stability-Good-News-for-Foreclosure-Investments?goto=newpost Thu, 17 May 2012 15:51:58 GMT Image: http://blog.amerifirst.com/Portals/27489/images/housing-market-foreclosure-sign.jpg Recent news reports cite fewer US homes foreclosed on in... Recent news reports cite fewer US homes foreclosed on in April. This is great news for homeowners and lenders alike. Fewer foreclosures mean more people are keeping their homes in the current housing market. That said, there are still plenty of homes on the real estate market that are foreclosed, in-process or bank-owned. And these homes are often an investment opportunity for home buyers.
There is reason to celebrate for those who made foreclosure investments. The current housing market trends indicate that it is becoming more stable. Despite the fact that the market is still quite low, there are definite signs of revival in the sector of construction as well as in property prices and the number of sales being made.
Even modest improvements in the sector translate into good profits for foreclosure and short sale investors who can sell the properties they invested in when the market was low. The trend will benefit the entire market as people once again dip a toe into the real estate market even for new houses.
Apart from more profits from foreclosures, the positive housing market trends will give buyers more choices. Foreclosure investors took up as many properties as they could while they could in a low market so buyers have more options including of properties in prime locations that would otherwise have been out of their reach if the property was available as new.
Buyers should also take advantage of the beginning of the revival of the market to negotiate for the best rates possible. Those who are able to should put down deposits as soon as they find a house that they like. After the lull during which there were very low sales and investors putting money down for as many foreclosed properties as they could, they are eager to make sales. With time, the demand for houses will rise and the prices will creep up correspondingly.
Those who had planned to make investments on foreclosures with the aim of making income from renting out should also strike now while the iron is hot. This is the time to go for the still affordable foreclosures are going for, rehabilitate them if necessary and have them ready for renters. As the upswing continues and the housing market becomes more and more vibrant, the income for rental properties will also go up.
Different states are seeing different rates of revival. Even as you keep an eye on the current housing market trends, it would be wise to do so with a foot in the market. This is a good time to get in touch with a realtor or agent and inform them of the kind of foreclosed property you wish to buy. Get on their list so that they can start the search while the prices are still in your favor.
Whether you're looking at buying a foreclosed home or another house, your credit is a vital part of the equation. Learn more about how this affects your home buying experience with "Get Mortgage-Ready Credit." The free guide explains credit scores, credit history and how to make sure yours stacks up in the eyes of a lender. Get your free copy at the button below.

(housing market foreclosure sign photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1490-Housing-Market-Stability-Good-News-for-Foreclosure-Investments http://www.203kforum.com/showthread.php/1488-Remodeling-Realities?goto=newpost Thu, 17 May 2012 13:23:13 GMT The housing market is in a slump, which means this is the best time to remodel your home with an eye towards increasing its resale value, or you... The housing market is in a slump, which means this is the best time to remodel your home with an eye towards increasing its resale value, or you could remodel your home to simply enjoy it more! What is the return for remodeling? Thinking of revamping that old kitchen, updating your bathroom, adding an addition, [...]

More... ]]> General Discussion FHA203kGuy http://www.203kforum.com/showthread.php/1488-Remodeling-Realities http://www.203kforum.com/showthread.php/1486-Breathe-New-Life-Into-Your-Old-Home-With-the-203k?goto=newpost Thu, 17 May 2012 12:05:44 GMT Image: http://blog.amerifirst.com/Portals/27489/images/203k-kitchen-remodeling.jpg Any home can feel old and outdated after years of ignoring home... Any home can feel old and outdated after years of ignoring home improvements. No new paint in a decade or windows installed when Kennedy was president can make us want to run from even the greatest house. But in this market, do you want to sell your home? It's not impossible, and it may be the right thing for you to do. But if all you want is a bit of new life breathed into your home, then maybe a home improvement loan like the FHA 203k is your answer.
The 203k is a mortgage option through FHA that allows the borrower (new buyer or homeowner refinancing) to add the cost of home improvements into the same mortgage. The loan amount is based on the after-improved value of the house once the remodeling is done. In this way, the 203k is vastly different from a home equity loan. In fact the FHA 203k is the new HELOC replacment because so many home simply don't have the equity they once had.
You can make home improvements by using the funds for simple upgrades to your home like a kitchen or bath improvement. You could even go so far as to completely reconstruct a home that is presently unlivable, using some portion of the existing foundation. You can borrow up to 96.5% of the appraised value - based on the value when the improvements or repairs are completed.
With the FHA 203k you can:

• Replace or repair the roof
• Re-side the house
• Re-paint inside and outside of the house
• Replace appliances
• Put in new flooring
• Build or replace a deck/patio/porch
• Replace old windows
• Remodel the kitchen or a bathroom

Many of these home improvementprojects would breathe new life into any home. Learn more about the 203k and other remodeling options with "The Complete Guide to Spring Home Improvement Financing" at the button below. This free guide covers DIY ideas to help spruce up your home this spring. It also goes into detail on deeper remodeling ideas. Get your free copy today.

(kitchen photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1486-Breathe-New-Life-Into-Your-Old-Home-With-the-203k http://www.203kforum.com/showthread.php/1487-What-is-the-HARP-2-Refinance-Loan?goto=newpost Thu, 17 May 2012 12:05:44 GMT *Image: http://blog.amerifirst.com/Portals/27489/images/HARP-2-refinance-loan-help-sign.jpg HARP* is the short form for the home affordable refinance... HARP is the short form for the home affordable refinance program. It is a US federal Government initiative that was started in March 2009 with the goal of helping underwater home owners to refinance their mortgages.
It is different from Home Affordable Modification Program, HAMP which was created to rescue home owners from foreclosure. HARP is available only to home owners who are up to date with their monthly mortgage repayments but are not able to refinance their mortgage because of low home prices caused by the US housing market correction. On March 17, 2012 the government introduced the HARP 2.0 refinance program.
Alternatively called the Relief Refinance, the Obama Refi plan and the DU Refi plan, the HARP 2 re-finance loan is available to those who are underwater on their conforming, conventional mortgage. Applicants may be eligible to refinance without having to put down a principal amount and without being required to pay mortgage insurance.
Applicants must also satisfy certain criteria to qualify for the home affordable refinance program 2. One is that the loan must be backed up by Freddie Mac or Fannie Mae. One can verify whether they are eligible by using the look-up forms on the two websites. Also, the mortgage that one has at the time they are applying must have a serialization date that falls before June 1, 2009. Mortgages that are FHA, jumbo mortgages or USDA are not eligible.
Those who are eligible for the home affordable refinance program 2 need to get a recent mortgage statement and put down Freddie Mac or Fannie Mae on it to indicate which group is backing up their loan. This should then be presented one's lender when an application for HARP 2 is made.
Note that one may still get assistance even if their mortgage is not backed by either of the two groups. It is still possible for one to apply for a regular refinance loan which would be given at reduced rates. Those whose mortgages are insured by the FHA may also apply using the FHA Streamline Refinance program which also assists underwater homeowners.
When an application is successful,the bank will send a HARP rate quote. Do not just settle for this. Look around for better rates as they vary by significant margins from one bank to another. You can save a tidy amount of money in interest payable by taking the trouble to shop around first.
Learn more about your refinancing options if you owe more than what your home is worth. Talk to a HARP specialist today.

(help sign photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1487-What-is-the-HARP-2-Refinance-Loan http://www.203kforum.com/showthread.php/1484-Relax-with-Home-Improvements-Like-a-Rope-Hammock?goto=newpost Wed, 16 May 2012 20:55:08 GMT Image: http://blog.amerifirst.com/Portals/27489/images/rope-hammock-backyard.jpg One major job of a home is to help us relax. What better way to... One major job of a home is to help us relax. What better way to chill out than a rope hammock in a peaceful backyard? Check out this awesome space for a nap in a hammock.
I love the way it looks like an island getaway with the palm tree. Even if your climate doesn't support a tropical plant, you could still set up a great hammock in your yard and enjoy an afternoon snooze.
Landscaping can really turn a yard into something out of a magazine. Putting the right plants, trees and flowers in can do wonders for a home. And if you can't plant them in the ground, use pots like this photo here.
Imagine getting done with a long week and having this backyard to look forward to. It's relaxing just to look at!
Home improvements like this are a great way to make a house a home. Download "The Complete Guide to Spring Home Improvements" at the button below for some ideas. Whether it's do it yourself or a 'need financing' project, making a few changes can really spruce up your home.

(hammock photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1484-Relax-with-Home-Improvements-Like-a-Rope-Hammock http://www.203kforum.com/showthread.php/1482-Should-You-Sell-Your-Home-in-the-Current-Housing-Market?goto=newpost Wed, 16 May 2012 17:01:48 GMT Image: http://blog.amerifirst.com/Portals/27489/images/should-i-sell-my-home.jpg The current *housing market*... The current housing market in the U.S. is showing signs of recovery. Prices are stabilizing and sales figures have been looking good over the last few months. The economy as a whole is picking up and the revival, though slow, is informing the decision of many prospective home owners that perhaps it's time to make a move.
The real estate market is at best unpredictable with buyers and sellers relying on factors like trends and the state of the economy to make decisions. The current housing market is rather uneven with high margin month by month fluctuations. It is difficult to know whether selling would be a good idea at the moment but some key factors will guide one to a good decision.
Look at your reason for considering selling. Sometimes, the decision is out of one's hands such as relocating for work, a divorce or lost income. Other times, it may be wanting to downsize or upgrade or less urgent factors. Getting the real reason clear is important in making the right decision.
The other factor to consider is whether there are any alternatives. Look at all the possibilities, even the ones that seem unworkable. Think about waiting for a while, remodeling to get the extra space, taking in a paying lodger and all other alternatives that can buy time until the current housing market picks up and you can sell for a better rate.
It is also important to take a long view of things. The real estate market started to go down in 2006 before hitting an even plane in 2010. Signs of recovery then started to be seen at different paces in different states around the country. At the moment, the economy, including the real estate market is been on a delicate recovery path. Looking back at this, it looks like things are starting to pick up and one could sell at a better rate later than if one decided to sell at the moment.
All this said, it would do no harm to start scouting for buyers. With the expected economic recovery, people are starting to consider makes moves in the real estate market once again. More jobs are being created, people are starting to spend more and to consider larger investments like a house. Lenders are also becoming more approachable. Put your house on the market now and you could make a quick sale in the not too distant future.
As you get ready to sell, you'll likely be ready to buy. We have several guides in our mortgage resource library to offer for the home buying process. Click below to check them out!

(photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1482-Should-You-Sell-Your-Home-in-the-Current-Housing-Market http://www.203kforum.com/showthread.php/1480-Home-Repairs-Finance-the-Long-List-with-FHA-203k?goto=newpost Wed, 16 May 2012 14:38:08 GMT Image: http://blog.amerifirst.com/Portals/27489/images/fha-203k-long-list-repairs.jpg A few home repairs can take a weekend or maybe an evening to... A few home repairs can take a weekend or maybe an evening to complete. Add a little caulk to your bathtub, put a weatherstrip on your front door or paint a bedroom. These projects are easy for any amateur do-it-yourself homeowner. But sometimes that to-do list grows like a dandelion in early summer. And it's just as hard to knock down. This is why a home improvement loan like the FHA 203k exists: to help homeowners finance long lists of repairs and remodeling ideas.
Let's face it: we're all busy. Kids in sports, dance or music lessons; overtime hours; family dinners and other activites keep us going all hours of the day. Those to-do lists around the house tend to get longer every year. Maybe we have time to fix a leaky faucet or a quick room painting, but the more in-depth repairs and renovations are probably on the back burner.
So what happens when that list gets as logn as your arm? One of the best solutions may be to hire a professional to get the work done for you. A trusted contractor or handyman service can plan and execute repairs for you, if you don't mind paying for the service. Of course, even if you do the work yourself you'll pay in materials and time. So either way you're opening up your wallet. If you're willing and wanting to pay a professional to do the work, then the FHA 203k can help.
Here's a look at repairs eligible for 203k financing:

• Window replacement & weatherization
• House painting
• Roof repair
• New flooring (carpet, tile, laminate, harwood)
• Kitchen remodel
• Bathroom renovation
• Basement waterproofing/finishing
• Furnace replacement (including a geo-thermal furnace)
• Water heater replacement
• Driveway repair

When your list grows to include several of these repairs, you're probalby looking at a professional to help get them done. And you're probably looking at financing that work. This is why the FHA 203k is so important to understand. You can refinance your current mortgage into a 203k and pay for these repairs.
Learn more about the 203k and what's involved in the mortgage loan process with "The FHA 203k Survival Guide." You can download the free guide at the button below. You'll learn about the 203k process from mortgage pre-approval to completed projects and everything in between.

(long list photo creative commons credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1480-Home-Repairs-Finance-the-Long-List-with-FHA-203k http://www.203kforum.com/showthread.php/1479-Inside-the-Mortgage-Pre-Approval-Process?goto=newpost Wed, 16 May 2012 12:34:48 GMT It's always great to get an insider's view on things. It's why "Behind the Music" is such a popular show. But it's also a great to better understand an important process like buying a house. The first step in the home buying process should be mortgage pre-approval. Let's get an insider's look at the mortgage pre-approval process.
Pre-Qualification

If you are interested in looking for a home, you begin the process by filling out an application with a mortgage consultant. You will have to divulge sensitive information regarding your income employment and credit history. Based on the information given the lender will give you a good faith estimate, that indicates the estimates of the expenditure costs you are likely to incur. Therefore it is advisable to prepare in advance the following:

• W2 statements for the past couple of years
• The last two years Federal tax returns
• Previous Bank statements
• Proof of other income
• Documentation indicating investment income

It is sensible to note that information from these documents is subject to change based on the property tax and interest rates increases. In any case it gives you a good sign of your capability to finance the mortgage.
Mortgage Pre-Approval

The lender will then send you a mortgage pre-approval letter which is used to process two things. First, the lender uses it to determine if you are qualified for a home loan to determine whether you have met the minimum criteria that will enable you to get a maximum loan. Second, you get an approval letter to use during the house hunting and negotiation process. Since a mortgage pre-approval is a strong indicator of a home buyers credit worthiness, a selling agent sees you as a more powerful buyer.
Keep in mind that pre-approval letters are not legally binding, and they are time sensitive. They are good for 60-90 days. Should your fiscal position change before this expiry date your agent will re evaluate your state of affairs and change your standing.
Mortgage Loan Approval

This is the final approval by the lender and takes place after you have chosen a home and made an offer. The lender requires a copy of the purchase agreement and home appraisal. If you do this process online you will doubtless follow up with additional documents.
You can get started on this process by downloading "The Essential Guide to Buying Your First Home" at the button below. The free guide covers the pre-approval process and other parts to the home buying process. You can also simply get pre-approved here if you'd like.

(first home photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1479-Inside-the-Mortgage-Pre-Approval-Process http://www.203kforum.com/showthread.php/1477-Easy-Home-Improvement-Idea-Add-Color-to-Your-Bedroom?goto=newpost Tue, 15 May 2012 20:37:48 GMT Image: http://blog.amerifirst.com/Portals/27489/images/bedroom-interior-design.jpg Adding a bit of color to a room can go a long way towards making... Adding a bit of color to a room can go a long way towards making it feel new. If you're normally a subdued color person, adding bright colors into the mix can make a room feel completely different, like the bedroom in this photo.
Another great home improvement in this bedroom is the use of small mirrors on the wall above the headboard. It gives the room a fun feel and helps brighten it up a bit with light reflection.
You can see this is a smaller bedroom, so space is limited. A corner shelving unit is great for showing pictures and knick-knacks. Plus it puts dead-space to use, where you may not usually have anything sitting.
The shelf above the dresser also adds some decorative space to this room, with simple plants up there. The whole design looks modern and tasteful.
Not all home improvements need financing. In fact our free eBook "The Complete Guide to Spring Home Improvement Financing" offers ideas for the do-it-yourself crowd as well as the full-blown remodeling audience. Get your copy at the button below.

(creative commons photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1477-Easy-Home-Improvement-Idea-Add-Color-to-Your-Bedroom http://www.203kforum.com/showthread.php/1474-The-Current-Housing-Market-Perfect-for-Ditching-a-Renters-Nightmare?goto=newpost Tue, 15 May 2012 14:14:51 GMT It's the perfect climate for ditching a renters nightmare. The current housing market is ripe for picking a perfect house (or a house to turn into the perfect home) and wrapping it up in a bow. With low interest rates and low home prices, buyers can find great deals and get low house payments. Another great opportunity in today's market is the fixer-upper.
A lot of houses for sale today have been vacant for awhile. Whether they're foreclosed, bank-owned or simply left behind these homes are often in need of repair. Sometimes they're missing a furnace or wiring. Other times the homeowners who left either took major items with them or trashed the house before leaving. Or the house has simply lacked regular maintenance. Whatever the case, these fixer-uppers need some TLC. As a buyer, you can find good deals for your budget with these kinds of properties.
Whether it's low interest rates or good deals, it's definitely a buyer's market. This means it's great for renters looking to leave the apartment behind and get a home of their own. The current housing market is great for buyers of all varieties. First time home buyers, step-up buyers, homeowners looking for a smaller house...these are all great. But it's especially a great market for ending a renters nightmare.
Here's an example: Ever have one of those neighbors that just takes it "too far"? That's one of the challenges of renting, you just never know who's going to step out on the balcony and join you for lunch. If this has happened to you, it may be time to think about getting a home of your own! This funny video shows just how awkward a neighbor can make your lunch.

You can see the above video here as well - Renters Nightmare: The "Speedo"
Download "The Essential Guide to Buying Your First Home" at the button below. The free eBook will help you get on the right track when it comes to ending your renters nightmare and buying your first house.



Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1474-The-Current-Housing-Market-Perfect-for-Ditching-a-Renters-Nightmare http://www.203kforum.com/showthread.php/1472-Your-Home-Can-Really-Shine-with-a-Refinance-Mortgage-and-Upgrades?goto=newpost Tue, 15 May 2012 13:30:40 GMT If you're looking to make your house shine like it did when you first bought it, you're probably looking at using cash (if you hav it) or a home equity line of credit (if you have equity) or maybe some kind of home improvement store credit. But there's another option you may not know about: a refinance mortgage for upgrades.
When you first bought your house you probably saw all kinds of potential. Maybe you got right to work on home improvements and decorating. Those first few years that house was everything you hoped for. But over the years you've become busy. Maybe your family grew and now that house feels little and cluttered and just "not right." Your first thought might be to move into a new home and start over.
But what about the memories in that house? Maybe it's where your first child was born. Maybe that home is where you were married. Maybe a beloved pet is buried in the back yard. Whatever the reason, that house is a home with memories and a history. What if you could refinance the mortgage and make some home improvements that turn that house back into the home you love?
If you need more room, you can add bedrooms or bathrooms, or even a bigger kitchen. You can upgrade your plumbing and bathrooms to make them more environmentally-friendly. House re-painting, new flooring and new windows are all eligible for financing. Maybe your old kitchen has you wanting to go out for dinner every night. You can remodel a kitchen - including new appliances - with a refinance mortgage option.
If you're like so many Americans and have little-to-no equity in your home right now, you can still have home improvements done to your house. You just have to better-understand your options like this. Sure, some of the spruce-up projects are perfect for the do-it-yourself crowd and won't require and financial help. But sometimes that house needs a bit more.
You can begin to figure out whether this is the right option for you with "The Complete Guide to Spring Home Improvement Financing." the free guide covers DIY projects that can be done in a weekend with no financing, as well as bigger remodeling ideas perfect for a refinance mortgage. Get your free guide at the button below.

(refinance mortgage upgrade house: Flickr user Infrogmation)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1472-Your-Home-Can-Really-Shine-with-a-Refinance-Mortgage-and-Upgrades http://www.203kforum.com/showthread.php/1473-Obama-Refinance-Plan-Encourages-Homeowners-to-Get-Lower-Interest-Rate?goto=newpost Tue, 15 May 2012 13:30:40 GMT Image: http://blog.amerifirst.com/Portals/27489/images/Official_Portrait_of_Barack_Obama.jpg As many real estate agents and Realtors know, the... As many real estate agents and Realtors know, the housing bubble bursting has made the passion for selling houses a little less enjoyable. With more homes for sale than number of people interested in buying property, many Realtors and agents must become savvier to make the sale. There may be help on the way though.
Approximately three years ago, the Obama Administration tried its hand at aiding the housing market recovery with the Home Affordable Modification Program, or HAMP, and the Home Affordable Refinance Program (HARP). To date, the programs have helped a couple of million Americans retain their homes. The latest Obama refinance plan seeks to resolve the housing market crisis.
Who Benefits From the Obama Refinance Plan?
The previous plans concentrated on Americans with government-backed home loans from Fannie Mae and Freddie Mac. For example, the HAMP program sought to prevent further foreclosures which are currently fueling the housing market crisis. However, the 2012 plan looks to help property owners with non-government backed, private bank loans.
The same borrowers who could not qualify for the HARP program, which assisted homeowners who owed more money than their homes were worth, can receive help. Now, the Administration encourages borrowers in the same position (owing more than the value of their homes) to lower their mortgage interest rates. The homeowners must not be in or close to defaulting on their mortgages. Eligibility requirements include:

• No missed payments within six months prior to applying
• Previous six months (prior to six months of current payments) a minimum of one late payment
• Credit score of at least 580
• Own and occupy the property
• Be within the same limits for the government-back loans in their neighborhoods ($271,050 to $729,250)

Borrowers, who qualify, could substantially lower their month mortgage payments. The plan also includes another refinance option. A homeowner could choose to refinance her 30-year mortgage into a 20-year loan. Although this won’t lower her interest rate, it allows her to pay off the mortgage 10 years earlier than the original loan.
Who “Pays” for Lowering Interest Rates?
The proposal, outline in February, is estimated to cost about $10 billion. Under the Obama refinance plan, imposing a fee on large banking institution shoulders the burden of lowering interest rates, not the deficit. The ultimate goal of encouraging homeowners to lower interest rates is to boost the housing market and economy.
You can learn more about this option for homeowners looking for some relief by talking to one of our mortgage consultants. Click the button below to fill out a form and get in touch with a HARP specialist.

(creative commons photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1473-Obama-Refinance-Plan-Encourages-Homeowners-to-Get-Lower-Interest-Rate http://www.203kforum.com/showthread.php/1471-What-Home-Improvements-Have-the-Best-Resale-Value?goto=newpost Tue, 15 May 2012 11:59:56 GMT More... (http://203kexperts.com/what-home-improvements-have-the-best-resale-value/) More... ]]> General Discussion FHA203kGuy http://www.203kforum.com/showthread.php/1471-What-Home-Improvements-Have-the-Best-Resale-Value http://www.203kforum.com/showthread.php/1468-What-Does-the-Current-Housing-Market-Mean-for-Young-Couples?goto=newpost Mon, 14 May 2012 21:52:10 GMT Image: http://blog.amerifirst.com/Portals/27489/images/current-housing-market-young-couple.jpg The *current housing market* is showing slow but... The current housing market is showing slow but definite signs of coming to life. It is nowhere near being as vibrant as it once was but it is definitely on the path to recovery. As people begin to buy property, they will do so warily. They will first go for low cost property and these are the properties that were foreclosed on.
Young couples are mostly first time home buyers. Many of them put off the plan to purchase a house with the economic downturn that resulted in massive job losses. A few of them might have opted for a short sale to avoid foreclosure.
The time is just right for such couples to get into the market once again. Those who invested on foreclosed properties while they were available at low rates are now eager to see returns on their investments. This means that they are willing to sell at relatively low rates as they wait for the real estate market to get better and better.
This is also the right time for young couples to buy because foreclosed property investors and also lenders are being quite fair with their lending terms. They have less stringent requirements like the amount they would want to be put down as deposit. As the market improves and there are more buyers, lenders may become more stringent about who they will lend to.
The current housing market is also favorable to young couples because they have a longer time to pay off their mortgage. This means couples can borrow with favorable terms such as a longer time to repay , lower monthly repayments and lower interest rates.
Lenders and foreclosure investors also tend to look favorably on couples compared to single parent homes where the household brings in two incomes. Chances of defaulting are lower as there would still be income coming in should there be a setback such as one partner falling ill and being unable to work or losing their source of income.
This is also a good time for young couples looking to upgrade. They should consider renting out the home they own or putting their house on the market with the view to buying a bigger or better house or one that is at a better location.
It would be a mistake and a costly one at that for young couples to hold off and not to take the plunge while the market trends are favoring them.
If you'd like to learn more about the housing market and what it takes to be a first time home buyer, download the "First Time Home Buyers Kit" at the button below. From down payments and credit scores to a glossary of industry terms, it's all in there.

(creative commons photo credit)


Read More Here... ]]> Amerifirst Home Mortgage AmeriFirst http://www.203kforum.com/showthread.php/1468-What-Does-the-Current-Housing-Market-Mean-for-Young-Couples