In late June, the U.S. Department of Housing and Urban Development (HUD), in conjunction with NeighborWorks® America, launched the Emergency Homeowners’ Loan Program to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico; in the Northern Virginia area, funds are being disbursed via VHDA, which expects to be able to help about 1200 homeowners via interest free loans which pay a portion of their monthly mortgage for up to two years (capped at $50,000). The deadline for applications is 7/22/11, so homeowners in distress are encouraged to apply ASAP. Read the rest of this entry »

Are you looking to finance construction of a church or refinance an existing church? Ethical Homes has partnered with a variety of wholesale lenders who focus on church loans, and can provide a wide array of financing options for churches needing mortgage financing, including many with features that most other lenders might not provide. Read the rest of this entry »

In late 2009, HUD announced a new process for approving condo developments to be eligible for FHA financing on the units contained in them; unfortunately, a lot of people aren’t aware of the details of how the new system works, causing issues for sellers, buyers, agents, and condo associations alike. Here is a quick overview of how interested parties can get a condo development FHA-approved, including ways that the Ethical Homes team can help to expedite the process. Read the rest of this entry »

Fannie Mae is trying to reduce their inventory of foreclosed homes, so to increase buyer demand, they are offering buyers up to 3.5% in closing costs assistance on all offers on HomePath-eligible post-foreclosure sales through June 30, 2011. Read the rest of this entry »

Just as a reminder, FHA will be increasing the mortgage insurance premiums that they charge on FHA-insured loans, beginning April 18, 2011. Read the rest of this entry »

At the Ethical Homes team at HomeFirst Mortgage Corp, we know that most good buyer agents out there already have relationships with lenders; we have agents on our team as well, so we know how important those relationships are, and wouldn’t want to step on them. We also broker our loans through dozens of wholesale lenders, though, so for many agents, we can supplement the offerings that their current lending partners provide, and help them close more transactions. Read the rest of this entry »

The US Deparment of Housing and Urban Development has announced yet another increase in the mortgage insurance premiums charged for FHA loans. Read the rest of this entry »

The White House released initial plans to “wind down” Fannie Mae and Freddie Mac over the next decade; although it’s a prudent proposal, the move will almost definitely result in higher mortgage rates and lower home affordability in the long run. Read the rest of this entry »

Sarah Bloom Raskin, member of the Federal Reserve board of governors, criticizes the mortgage servicing industry for operating on a “flawed business model that creates misaligned incentives” that are “hindering our economy’s ability to rebound”. Read the rest of this entry »

Kojo Nnamdi recently hosted an interesting discussion of the ongoing redevelopment plans for the Southwest Waterfront area of DC. Read the rest of this entry »