Diamond Mortgage Blog

For all the people that were wondering how the Economic Stimulus Package is going to help Us. ( 1^st Time Home Buyers) out. The Los Angeles Department of Housing has received these funds. The funds are only for you to buy an REO which is a property owned by the bank. The city will give you down payment and closing cost money. They will also include $50,000 dollars for reasonable repairs. So you would only need to come in with 1% of the down payment.

http://lahd.lacity.org/nsp

A 1^st Time Buyer, someone who has not been on title for 3 years can purchase. There is also an income requirement that you have to fall in with number of people in the household. There are also certain areas around Los Angeles.

My company is not on the list but will on at the end of the month. The last time we were on the lender list was 3 years ago when the city had 1^st time buyer funds. It’s a great program, plus you get the $8,000 Tax Credit. Take Advantage of these programs.

Making Home Affordable was what I've been waiting for since Obama made his big speech on March 4th about helping homeowners refi to the lower rates, which have been hovering around 4.875%. Ive been telling clients that we have to wait till April 1st for the guildelines and now they are out. I have 2 loans on my desk with 740+ credit score that want to refi. Well let me tell you they can't refi just try to modify.

1st you have to check to see if their current loan is a Fannie or Freddy loan. If not, they are out of luck. Both loans were done through Countrywide which were not Fannie or Freddy loans. They were just package up and sold to some investor in iceland.

Now, no lender will not do a loan if it does not if its not approved ny Fannie or Freddy.

www.makinghomeaffordable.gov