4 Steps to Take Before Looking for a House

So, you’re thinking about buying your first home or upgrading from your current house? It’s easy to head out and look right away, but jumping the gun sets you behind all of the other competitive buyers out there in the market. Do you know the steps to take before looking for a house? When you start […]

Mortgage Alternatives- Can You Buy Sooner with Non-Traditional Options?

In light of recent economic years, many people have experienced adverse events in their lives- short sales, bankruptcy, foreclosure… This post describes typical waiting periods to be able to qualify for a loan again: http://bluepicketrealestate.com/can-i-buy-a-home-again-after-a-short-sale-foreclosure-or-bankruptcy/ But, researching a bit further and getting creative, there are a few other options out there (although definitely not as desirable […]

FHA easing rules for some credit-impaired applicants

Borrowers with “extenuating circumstances” may qualify sooner to buy another home after a foreclosure, short sale,   bankruptcy, or deed in lieu of foreclosure. FHA is taking a slightly different approach to “extenuating circumstances” that may have triggered steep drops in an applicants’ credit scores. FHA historically has been more willing to consider the contributing factors […]

Finance Changes Coming in 2014

From everything I am reading, it seems that if anyone is “on the fence” about buying a home; it MIGHT be better to do it sooner  rather than later. (if it involves the buyer obtaining a new loan) More specifically, prior to January 10th, 2014. Here are a few potential reasons: The Consumer Financial Protection Bureau […]

Can I Buy A Home Again After Foreclosure?

Since 2007, when homes began to depreciate, and  with the ensuing mortgage problems,  a lot of homeowners went through a foreclosure, short-sale or bankruptcy.  The question for those people that went through one of those events, is “When can I buy a home again?” The answer is always “it depends on how have you managed […]

FHA Loans Are Going To Get Expensive

Although no specific date has been set for a change coming from FHA, it is certain that sometime in 2013, all new FHA loans will require mortgage insurance for the life of the loan. Currently, FHA loans allow borrowers to cancel the annual mortgage insurance premium (MIP) when their unpaid balance reaches 78% of the […]