Posts Tagged Financing

Solar Home Financing

Making Homes Affordable

Don’t Get Kicked Out, Lease From the Federal Government

First Time Home Buyer Tax Credit Extended!!!!

New Loan -to Value Ceiling

Small Business Assistance

Financing Renewable Energy

Nov 19

Posted by Terryp in Uncategorized | 2 Comments

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Our consumer website, www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration’s program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.

We hope that you will find this website informative and useful as we all work together to solve our nation’s housing crisis and put our country on the path to a lasting economic recovery.

Tags: Financing, Foreclosure, Government, Real Estate, Refinance

Nov 18

Posted by Terryp in Uncategorized | 2 Comments

Tags: Fannie Mae, Financing, Foreclosure, Government, Refinance

Nov 16

Posted by Terryp in Uncategorized | No Comments

The Worker, Home-ownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

Tags: Financing, First Time Home Buyer, Government, Real Estate

Nov 11

Posted by Terryp in Uncategorized | 1 Comment

	Fannie Mae Implementing New Loan-to-Value Ceiling for Home Affordable Refinance Program; Loans Eligible for Delivery September 1 WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that the company is providing information to servicers regarding changes to the Home Affordable Refinance Program (HARP) that permits refinancing of existing Fannie Mae loans with loan-to-value (LTV) ratios up to 125 percent. The loans will be eligible for delivery on or after September 1, 2009. “This step aims to reach even more borrowers who would benefit from a lower payment,” said Michael J. Williams, President and Chief Executive Officer. “Many borrowers in good standing have been shut out from the benefits of refinancing due to significant declines in property values across the country. By broadening the scope of the initiative, more borrowers will experience savings on their monthly mortgage payments and have a better chance of sustaining homeownership over the long term.” Previously, HARP allowed for refinancing of Fannie Mae loans with LTVs up to 105 percent. With the expansion, loans with LTVs above 105 percent and up to 125 percent will be eligible for refinancing through the company’s Refi Plus™ manual underwriting option. For loans with LTVs above 105 percent, borrowers must refinance through their existing servicer and the new loans must be fully amortizing fixed-rate mortgages with terms greater than 15 years up to 30 years. In conjunction with the LTV eligibility expansion, Fannie Mae will offer a special .50 percent reduction in the loan-level price adjustment charged for loans with LTVs above 105 percent and loan terms of 20 and 25 years. The reduction is intended to incent borrowers to select shorter terms and build positive equity in their homes sooner than with a typical 30-year mortgage. HARP is part of the Administration’s Making Home Affordable plan aimed at stabilizing the housing market, helping Americans reduce their mortgage payments to more affordable levels, and preventing avoidable foreclosures. For more information, visit www.makinghomeaffordable.gov.

Tags: Fannie Mae, Financing, Foreclosure, Refinance

Nov 9

Posted by Terryp in Uncategorized | 3 Comments

Lenders Can Help America’s Small Businesses Recover
with SBA’s ARC Loans
Lenders play a critical role in the health of the American economy, and are especially vital to small businesses. The U.S. Small Business Administration is implementing a special, temporary loan program you can use to help struggling American small businesses while reducing your risk during these tough economic conditions.
Under authority provided in the American Recovery and Reinvestment Act (signed Feb. 17, 2009), SBA has
designed a deferred-payment loan program to help small businesses make payments on existing debt.
Sectin 506 of the Recovery Act authorized SBA to help viable small businesses make payments on existing
small business debt. The America’s Recovery Capital, or ARC Loan Program, is designed to give viable small businesses facing immediate financial hardship some temporary financial relief so they can keep their doors open, refocus and get their cash flow back on track. ARC loans are available through SBA-approved small
business lenders and have been authorized through Sept. 30, 2010, or until the appropriated funds run out, whichever comes first.
Non-SBA lenders can become ARC lenders. Contact your local SBA district office for information and training. You can find the nearest SBA district office at www.sba.gov/localresources/index.html.
Loan structure
• An ARC loan is a deferred-payment loan of up to $35,000.
• ARC loans will be used to make up to six months of principal and interest payments on qualifying loans
for existing viable for-profit small businesses in the United States.
• Disbursement period (up to six months) is followed by 12 months with no repayment of the ARC loan
principal, followed by a repayment period of five years. SBA pays monthly interest to the bank.
How lenders benefit
• Reduced Risk: 100 percent guaranty provides greater security and confidence to lend.
• Guaranteed Interest: SBA will pay monthly interest to the lender at reasonable rates throughout the term
of the loan.
• Conventional, commercial business loans (and SBA-guaranteed loans made on or after Feb. 17, 2009) are
an eligible use for ARC loan proceeds.
• Proceeds may be used to pay on mortgages, secured and unsecured loans, lines of credit and credit cards
if the debt was used for eligible business purposes under the program.
• SBA turnaround on non-delegated loan applications – expected within five to ten business days.
• Access to E-Tran, SBA’s electronic application process available to SBA delegated lenders.
• Existing SBA lenders are eligible to make ARC loans and delegated lenders may make ARC loans on a
delegated basis.
How the community benefits
• SBA loans help build and retain community businesses, create jobs and stimulate economic activity.
How small business owners benefit
• ARC loans are interest-free to the borrower, have deferred payments for 12 months, and have no SBA
fees associated with them.
• ARC loans will allow borrowers to redirect cash flow from making loan payments to investing in their
businesses.
• Banks will begin investing in small businesses again, making credit more readily available for those
businesses that need it.
• Streamlined applications by SBA.
SBA loan programs now provide greater incentives to you the lender, are more affordable for small business owners, and help to drive economic recovery in your community.

Tags: Business, Financing, Government

Fannie Mae Announces Deed for Lease™ Program

WASHINGTON, DC — Fannie Mae (FNM/NYSE) is implementing the Deed for Lease™ Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.

“The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications,” said Jay Ryan, Vice President of Fannie Mae. “This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities.”

The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.

To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.

Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.

For additional information about the Deed for Lease Program, including full details on program eligibility, please review the Guide Announcement on www.efanniemae.com.